RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2023

Mar 6, 2023

ASX ANNOUNCEMENT

07 March 2023

RED MOUNTAIN MINING LTD

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Red Mountain Lithium Project Activities Update

Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to provide an update regarding activities at the Company’s suite of lithium assets.

Mustang & Lithic Lithium Projects - Nevada, USA

Following the maiden discovery of anomalous surface lithium at Mustang, the Red Mountain exploration team has proceeded to conduct reconnaissance surface sampling at the Lithic prospect. Recent unusual blizzards and extreme weather in the Nevada region has slowed down the sampling process. To improve efficiency, samples have been sent for laboratory analysis as they are obtained. This initiative will be ongoing over the next several weeks. The pending assay results will provide key indications on target area for the upcoming planned drill program.

Charlotte Lithium Project - Northern Territory

Following the grant of EL33346 in January, Red Mountain has begun preparation for commencement of fieldwork at the end of this month. Initial activities will include geological mapping and soil / rock chip sampling to develop prospective targets for drilling. Geophysical surveys may also be undertaken to assist in identifying lithium-rich pegmatitic zones under cover.

Further asset opportunities

Red Mountain continues to seek further project opportunities to enhance its asset portfolio, particularly in the battery minerals sector. The Company will endeavour to provide further updates to the market as required.

Authorised for and on behalf of the Board,

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Mauro Piccini

Company Secretary

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