RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2023

Oct 3, 2023

ASX ANNOUNCEMENT

4 October 2023

RED MOUNTAIN MINING LTD

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Phase II Drilling to Commence at Mustang Lithium Project

HIGHLIGHTS

• Experienced & reputable Nevada based drilling company, Alloy Drilling LLC, engaged to complete phase II drilling program consisting of 11 holes

• Reverse Circulation (RC) drill rig on-route to Mustang site with drilling expected to commence in coming days

• Drilling to continue throughout October with fast tracked assay results expected toward mid-November

Red Mountain Mining Limited (“ RMX ” or the “ Company ”) is pleased to announce that the Bureau of Land Management Nevada has granted permit approval for phase II drilling program at the Company’s 100% Mustang Lithium Project in Nevada, USA.

Nevada based drilling company, Alloy Drilling LLC, has been engaged to undertake Mustang’s drill program, consisting of eleven (11) holes (Figure 1 below) targeting a maximum depth of 150m per hole for lithium bearing clay horizons.

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Figure 1: Red Mountain’s Mustang Project with 11 Proposed Drill Holes (Phase II)

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The Reverse Circulation (RC) drill rig is currently on-route to Mustang site with drilling expected to commence in coming days. Upon completion of phase II drill program, samples will be sent to Reno based American Assay Laboratories (AAL) for fast-tracked assaying. Pending efficient completion of drilling, Red Mountain expects assays to be received toward mid November.

Authorised for and on behalf of the Board,

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Mauro Piccini

Company Secretary

About Red Mountain Mining

Red Mountain Mining Limited is an ASX-listed (ASX: RMX) mineral exploration and development company. Red Mountain has a portfolio of critical minerals including lithium, rare earth, gold and base metal projects, located in the USA and Australia. The Company’s flagship projects are based in Nevada USA, prospective for lithium claystone mineralisaton. Other projects include the Monjebup Rare Earths Project and the Koonenberry Gold Project.

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