RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2024

May 6, 2024

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ASX ANNOUNCEMENT 7 May 2024

NON-RENOUNCEABLE ENTITLEMENT OFFER CLOSES AND NOTIFICATION OF SHORTFALL

Red Mountain Mining Ltd (ASX: RMX) ( Company ) is pleased to announce the results of its pro-rata nonrenounceable entitlement offer ( Offer ) as announced to ASX on 22 March 2024.

The Offer was made to eligible shareholders registered on 8 April 2024, who were offered to subscribe for one (1) Share for every three (3) Shares held by those Shareholders registered at the Record Date at an issue price of $0.001 per Share together with one (1) free New Option for every two (2) Shares applied for and issued to raise up to approximately $891,192 (based on the number of Shares on issue as at the Record Date) ( Offer ) as detailed in the Company’s prospectus lodged with ASIC on 26 March 2024.

The Offer was partially underwritten by Still Capital Pty Ltd (ABN 33 647 521 603) ( Underwriter ) in accordance with the underwriting agreement between the Company and the Underwriter ( Underwriting Agreement ).

The Offer closed at 5:00pm WST on Monday, 6 May 2024. The Company has received valid applications for 341,851,275 New Shares and 170,925,593 New Options, raising a total of $341,852.18 (before costs) under the Offer. A total of 549,339,690 New Shares together with associated free attaching New Options (collectively, the Shortfall Securities ) are available under the Shortfall. The Directors and the Underwriter reserve the right to issue Shortfall Securities at their absolute discretion, subject to any restrictions imposed by the Corporations Act and the Listing Rules.

The New Shares and New Options applied for by Eligible Shareholders under the Offer will be issued on Friday, 10 May 2024 in accordance with the revised timetable announced to ASX on 17 April 2024.

The Company has notified the Underwriter of the Shortfall. The Company will liaise with the Underwriter to determine the allocation of the remaining Shortfall Securities in accordance with the term of the Underwriting Agreement (and sub-underwriting agreements) and complete the allotment of the Shortfall Securities.

The Board would like to express appreciation to participating shareholders for their ongoing support to the Company.

This announcement is authorised by the Board of Red Mountain Mining Ltd

About Red Mountain Mining Ltd

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 and gold projects, located in the USA and Australia. The Company’s flagship project is based in Nevada USA, prospective for lithium claystone mineralisation. The Company’s other projects include the Monjebup Rare Earths Project and the Koonenberry Gold Project.

ASX: RMX Web: www.redmountainmining.com.au