Oberzeiring Polymetallic Project Exploration Update

TORONTO, Aug. 25, 2021 - Richmond Minerals Inc. ("Richmond" or the "Company") (TSXV: RMD) is pleased to provide an update for on-going fieldwork at the Company's Oberzeiring Polymetallic Project (the "Project") located in the Styria mining district of central Austria.

Grab sampling during recent prospecting and mapping have identified two newly mineralized areas. The first is located on the southwest side of Mount Gerschkogel at an elevation of 1,231 m and consists of ancient mine tailings with associated underground adits occupying an area of approximately 7 ha. The age of these workings is unknown. Adits were in excellent condition allowing for geologists to collect underground chip samples of observed mineralized vein systems within the adits (see below samples 14565 - 14568). Additionally one sample was taken at a prominent tailings pile in front of an old mine portal.

The second location of the sampling campaign was in adits of the Matthiasbaue medieval mine east of the town of Oberzeiring. Rock chip samples (samples 14569 to 14573) were collected at several underground locations in the observed vein systems. Results are provided below (note: all values reported in ppm):

Chip samples were sent to the ALS Laboratory in Ireland for analysis using multi-Element Super Trace (ME-MS41L). Sample 14569 and 14573 had more than 1 % Pb and were analysed using method Pb-OG62. Sample 14569 was analysed for silver using method OG46.

The geochemical data indicates at least 2 different (Pb-Zn) mineralization types. The high grade type is associated with enriched lead, zinc, silver and antimony. Random chip samples of this type reach silver contents up to 131 ppm, lead content of 7.51 %, and antimony values in excess of 10,000 g/tonne. The low grade type shows lead values up to 3880 ppm lead but zinc enrichments up to 8740 ppm.

Also of significance is that the latest underground sampling results continue to confirm data reported in historical reports.

Next Steps to be done in September/October 2021:

• Further detailed underground mapping of Matthiasbaue
• Re-evaluation of existing geophysical exploration results
• Development of a preliminary 3 D Model of Purgstallofen area
• Definition of targets for drilling
• Establishment of strong stakeholder relationships according to Richmond´s CSR ethics.

Warren Hawkins, P.Eng in his capacity as Qualified Person under National Instrument Policy 43-101 has reviewed and approved the technical information contained within this press release. Mr. Hawkins is not considered to be independent of Richmond Minerals Inc. as he owns securities in the Company.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Richmond's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in general economic conditions and conditions in the financial markets; the ability of Richmond to raise funds pursuant to future offerings; risks related to infectious diseases such as COVID-19; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, and those risks set out in Richmond's public documents filed on SEDAR. Although Richmond believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Richmond disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Richmond Minerals Inc.