RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2024

Mar 24, 2024

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ASX ANNOUNCEMENT

25 March 2024

NON-RENOUNCEABLE ENTITLEMENT OFFER

Red Mountain Mining Ltd (ASX: RMX) ( Company ) is pleased to provide an update in relation to its upcoming pro-rata non-renounceable entitlement issue of one (1) share ( New Share ) for three (3) existing shares held by eligible shareholders at an issue price of $0.001 per New Share to raise up to $891,192 (before costs), together with one (1) free-attaching option (exercisable at $0.002 and expiring on or before the date that is three (3) years from the date of issue) ( New Options ) for every two (2) New Shares subscribed for and issued ( Offer ), as announced by the Company on 22 March 2024 ( Previous Announcement ).

As set out in the Previous Announcement, the Offer is being partially underwritten by Still Capital Pty Ltd (ABN 33 647 521 603) (AFSL 519872) ( Underwriter ).

The Company is pleased to announce that the underwritten component of the Offer has been increased from $550,000 to $750,000 pursuant to an underwriting agreement between the Company and the Underwriter ( Underwriting Agreement ) on the following terms:

• the Underwriter (or its nominee) will receive up to 250,000,000 New Options ( Underwriter Options ) as consideration for partially underwriting the Offer, which represents one (1) New Option for every three (3) New Shares underwritten. The Underwriter Options will be issued under the Company’s existing Listing Rule 7.1 placement capacity;

• the Underwriter and Company may appoint sub-underwriters to sub-underwrite the Offer. The Underwriter will be responsible for any fees payable to any sub-underwriters or other parties involved in the Offer introduced by the Underwriter or the Company; and

• the obligations of the Underwriter to partially underwrite the Offer are subject to satisfaction of certain conditions precedent that are customary for an agreement of this nature. If those conditions are not satisfied or if certain termination events occur, the Underwriter may terminate the Underwriting Agreement.

The Underwriter has entered into a sub-underwriting agreement with professional and sophisticated investors to sub-underwrite the Offer up to the value of $750,000 (being up to 750,000,000 New Shares and 375,000,000 New Options) ( Sub-Underwriting Agreement ).

Please refer to the Previous Announcement for details of the proposed use of funds raised under the Offer and the Company’s engagement of Xcel Capital Pty Ltd to act as lead manager to the Offer.

Timetable

As set out in the Previous Announcement, the proposed timetable for the Offer is set out below:

	Event		Date
	Announcement of the Offers and lodgement of Appendix 3B		Friday, 22 March 2024
	with ASX
	Lodgement of Prospectus with ASIC and ASX		Monday, 25 March 2024
	Ex date		Thursday, 4 April 2024

Event	Date
Record Date for determining Shareholders entitled to	Friday, 5 April 2024
participate in the Offer
Prospectus and Entitlement and Acceptance Form dispatched	Wednesday, 10 April 2024
to Eligible Shareholders, and Company announces that this has
occurred
Opening date of the Offer	Wednesday, 10 April 2024
Last day to extend Closing Date of the Offer	Tuesday, 16 April 2024
Closing Date (5:00pm WST)*	Friday, 19 April 2024
Securities quoted on a deferred settlement basis	Monday, 22 April 2024
ASX and Underwriter/Sub-Underwriter notified of under	Tuesday, 23 April 2024
subscriptions
Underwriter subscribes for Shortfall under terms of	Tuesday, 23 April 2024
Underwriting /Sub-Underwriting Agreement
Issue date and lodgement of Appendix 2A with ASX applying	By no later than Monday, 29 April 2024
for quotation of the Securities	(before noon Sydney time)
Quotation of Securities issued under the Offer	By no later than Monday, 29 April 2024
	(before noon Sydney time)

Notes:

• The Directors may extend the Closing Date of the Offers by giving at least three (3) Business Days’ notice to ASX prior to the

Closing Date. As such the date the Securities are expected to commence trading on ASX may vary.

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

For further information contact:

mp@miradorcorporate.com

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 mineralisaton. The Company’s other projects include the Monjebup Rare Earths Project and the Koonenberry Gold Project.