RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2023

Sep 11, 2023

ASX ANNOUNCEMENT

12 September 2023

RED MOUNTAIN MINING LTD

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RED MOUNTAIN RAISES $596,900 THROUGH SHARE PURCHASE PLAN

Red Mountain Mining Limited ( ASX:RMX ) (the, Company ) is pleased to announce that it has raised $596,900 (before costs) pursuant to the Company’s Share Purchase Plan ( SPP ) that closed on 8 September 2023.

The SPP offered eligible shareholders registered on the Record Date the opportunity to subscribe for new fully paid ordinary shares up to a maximum value of $30,000 per eligible shareholder on the same terms as the Placement to sophisticated investors conducted by the Company in July 2023 ( New Shares ).

The SPP was well received, demonstrating healthy support of almost 80% uptake from shareholders. The Company will issue 149,225,000 New Shares at an issue price of $0.004 per share. The New Shares will be issued as per the timetable of the SPP.

The Company maintains the flexibility to place any Shortfall under the SPP Offer within 3 months of the closing date.

On 31 July 2023, the Company lodged the SPP documentation with ASX stating each participant in the SPP will be entitled to receive one free attaching option for every two SPP shares issued to them under the SPP (exercisable at 0.8c per share, expiring 3 years from the date of issue). Subject to ASX requirements, the Company intends to seek quotation of the attaching options under the Placement and the SPP. The attaching options will not be issued under the SPP Offer document – they will be issued under a separate disclosure document which will be lodged in the near term.

The funds raised from the Placement and the SPP will be directed towards further exploration of RMX’s two strategic lithium exploration projects located in Nevada, US and the recent farm-in of Liontown Resources (LTR) Monjebup Rare Earth Project. In addition, some funds will be directed towards exploration on RMX’s existing asset portfolio, review of potential new ventures and for working capital purposes.

Red Mountain would like to thank shareholders for their continued support.

Authorised for and on behalf of the Board,

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Mauro Piccini, Company Secretary

Web: www.redmountainmining.com.au

ASX: RMX