RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2025

May 15, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Announcement Summary

Entity name

RED MOUNTAIN MINING LIMITED

Date of this announcement

Friday May 16, 2025

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Convertible Notes - May 2025 400,000 15/05/2025 to be confirmed

Refer to next page for full details of the announcement

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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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 ACN 119568106

1.3 ASX issuer code

RMX

1.4 The announcement is

New announcement

1.5 Date of this announcement

16/5/2025

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Other

Please specify

Issue of convertible notes

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")

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Part 3C - number and type of +securities the subject of this notification (new class)

New +securities

ASX +security code		+Security description
New class - code to be confirmed		Convertible Notes - May 2025
+Security type		ISIN code
+Convertible debt securities
Date the +securities the subject of this notification were		issued
15/5/2025
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
TBA
+Convertible debt securities Details
Type of +security
Convertible note or bond
+Security currency	Face value	Interest rate type
AUD - Australian Dollar	AUD 1.00000000	Fixed rate
Frequency of coupon/interest payments per year		First interest payment date
Annual		15/5/2026
Interest rate per annum		Is the interest rate per annum estimated at this time?
10.00 %		No
s128F of the Income Tax Assessment Act status applicable to the +security
s128F exemption status unknown
Is the +security perpetual (i.e. no maturity)?		Maturity date
No		16/11/2026
Select other feature(s) applicable to	the +security
Simple
Is there a first trigger date on which	a right of conversion, redemption, call
or put can be exercised (whichever is first)?
No

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Details of the existing class of +security that will be issued if the securities are converted, transformed or exchanged

RMX : ORDINARY FULLY PAID

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

The Company released an Appendix 3B on 2 May 2025 for the proposed issue of 66,666,667 shares. This is the maximum number of shares issued under the Company¿s placement capacity upon conversion of the convertible notes, calculated by dividing the cash value of the convertible notes ($400,000) by the floor price ($0.006).

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

N/A

Issue details

Number of +securities

400,000

Were the +securities issued for a cash consideration?

Yes In what currency was the cash consideration being What was the issue price per +security? paid? AUD - Australian Dollar AUD 1.00000000

Purpose of the issue

To raise additional working capital

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
RMX : ORDINARY FULLY PAID	464,957,796
RMXOK : OPTION EXPIRING 14-SEP-2026	24,886,250
RMXO : OPTION EXPIRING 10-MAY-2027	123,000,079
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	6,522,463
New class - code to be confirmed : Convertible Notes - May 2025	400,000

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

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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? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? 66,666,667

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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