RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2023

Feb 16, 2023

Announcement Summary

Entity name

RED MOUNTAIN MINING LIMITED

Date of this announcement

Friday February 17, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

ASX +securitycode	Security description	Total number of+securities to beissued/transferred	Issue date
New class - codeto be confirmed	Class A Performance Rights	102,564,103	17/02/2023
New class - codeto be confirmed	Class B Performance Rights	102,564,103	16/02/2023

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of entity

RED MOUNTAIN MINING LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

Registration number 40119658106

1.3 ASX issuer code RMX

ABN

1.4 The announcement is

New announcement

1.5 Date of this announcement

17/2/2023

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

securities issued as part of Lithic Lithium LLC acquisition.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

does not have an existing ASX security code ("new class")

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX

in an Appendix 3B

New +securities

ASX +security code	+Security description
New class - code to be confirmed	Class A Performance Rights

+Security type

ISIN code

Other

Date the +securities the subject of this notification were issued

17/2/2023

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02617620-6A1130530?access\_token=8 3ff96335c2d45a094df02a206a39ff4

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

they were Appendix 3B dated 7 Dec 2022.

Issue details

Number of +securities

102,564,103

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

consideration

Purpose of the issue

To pay for the acquisition of an asset

Additional Details

Name of company or asset being acquired

Lithic Lithium LLC

New +securities

ASX +security code	+Security description
New class - code to be confirmed	Class B Performance Rights

+Security type

ISIN code

Other

Equity Securities

Date the +securities the subject of this notification were issued

16/2/2023

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02617620-6A1130530?access\_token=8 3ff96335c2d45a094df02a206a39ff4

Any other information the entity wishes to provide about the +securities the subject of this notification

Please provide any further information needed to understand the circumstances in which you are notifying the

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

they were Appendix 3B dated 7 Dec 2022.

Issue details

Number of +securities

102,564,103

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

consideration

Purpose of the issue

To pay for the acquisition of an asset

Additional Details

Name of company or asset being acquired

Lithic Lithium LLC

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities ofthe entity will comprise:(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than oneapplication for quotation/issuance currently with ASX for processing.)
4.1 Quoted +Securities (Total number of each +class of +securities quoted)
ASX +security code and description	Total number of+securities on issue
RMX : ORDINARY FULLY PAID	2,092,363,858
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of

ASX +security code and description	+securities on issue
RMXAE : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	160,224,606
RMXAAA : OPTION EXPIRING 11-FEB-2023 EX $0.009	555,000
New class - code to be confirmed : Class A Performance Rights	102,564,103
New class - code to be confirmed : Class B Performance Rights	102,564,103

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1?

Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 1/2/2023