Mr. David Ellis reports

RICHMOND MINERALS ELECTS ALTERNATE SLATE OF DIRECTORS

The slate of director nominees described in the management information circular of Richmond Minerals Inc. dated Aug. 11, 2023, did not obtain requisite shareholder support at its recent annual and special meeting of shareholders held on Sept. 25, 2023, and an alternative slate of directors was elected.

The directors elected include current president, chief executive officer and director, Franz Kozich-Koschitzky, together with the new directors David Ellis, Peter Lukesch, Thomas Unterweissacher and Philip Chong. Biographies of the new directors are set out herein.

David Ellis, a shareholder and newly appointed director of the company, stated: "We hope this action will help us unlock undiscovered value for Richmond Minerals. The new directors are comprised of several experienced individuals who have successfully led a number of other publicly traded companies. While no two companies are identical, we are excited for this next chapter of Richmond Minerals. We thank the outgoing directors for their service and wish them luck in their future endeavours."

David Ellis, Toronto, Ont.

Mr. Ellis has worked in junior mining for over 30 years providing investor relations for Triorigin, Conquest Resources, Canadian Zinc, Southwestern Resources, Kombat Copper, Harte Gold, Cogitore and Wallbridge Mining. He worked with Harge Gold for eight years and was involved in the financing, development and construction of the Sugar zone mine in White River, Ont. Most recently he walked as a consultant to Aurora Statagies Group advising on the takeover of Noront by Whloo Metals.

Peter Lukesch, Pissouri, Cyprus

Mr. Lukesch has been an investor and adviser for more than 40 years in various industries, predominately the raw materials as well as on-line education and other sustainable industries serving on the boards of privately and publicly owned companies in Canada, the United States and Europe. Most recently he has managed his family`s holding company Mr. Lukesch holds a doctorate in business and economic sciences from the Economic University in Vienna, Austria.

Thomas Unterweissacher, Austria

Mr. Unterweissacher is the founder and chief executive officer of GEO Unterweissacher GmbH, a European consultant geology firm. He has provided geological and mineral exploration services to a number of private and listed entities for 10-plus years. Mr. Unterweissacher is an exploration professional with significant experience in lithium, base and precious metals. During his career he intensively worked on vein type gold, magnesite and copper mineralization systems especially within the Eastern Alps. Mr. Unterweissacher is one the leading experts for historical mining in Austria. He holds a doctorate in applied geosciences from Montanuniversitat Leoben and is entitled as European geologist (EurGeol).

Philip Chong, Toronto, Ont.

Mr. Chong is a business entrepreneur with more than 33 years of international business experience in various industries, including financial investment, property development, manufacturing, clean energy, Internet, life science and food industry. He spent the first 10 years of his career in the banking industry in both Hong Kong and Toronto with responsibilities in project finance, corporate finance, trade finance, M&A (mergers and acquisitions) and investment banking. He has served on several public and private company boards.

The vote tallies for the directors elected are set forth in the attached table.

Other meeting business approved

Richmond Minerals also announces that except as described herein, all other business described in the circular, was approved by the shareholders present, including the consolidation of the existing common shares of the company on a one-for-five basis, with 95.8 per cent of the votes at the meeting in favour.

Appointment of new officers

The company also announces that following the initial meeting of the new board of directors, Mr. Ellis has been appointed as president, and Mr. Chong has been appointed as chief financial officer of the company.

About Richmond Minerals Inc.

Richmond Minerals is a mineral exploration company listed on the TSX Venture Exchange (TSX-V: RMD) which has been actively engaged since the early 1980s in exploration projects located in Ontario and Austria.

We seek Safe Harbor.