Toronto, Ontario, January 27, 2020 – Richmond Minerals Inc. (TSX-V: RMD) (“Richmond”) is pleased to announce that it has completed a first tranche (the “First Tranche”) of its non-brokered private placement (the “Offering”). The First Tranche consisted of the sale of 6,000,000 (“Units”) at a price of C$0.05 per Unit for aggregate gross proceeds of C$300,000. Richmond expects to close a second tranche for up to an additional $100,000 of gross proceeds on or around February 5, 2020.

Each Unit consists of one (1) common share in the capital stock of Richmond (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one common share at a price of C$0.10 per common share until the date which is eighteen (18) months following the date of issuance.

The securities issued and issuable pursuant to the First Tranche will be subject to a four month and one day statutory hold period.

The net proceeds from the Offering will used to fund the Phase 1 work program on the proposed purchase of 99 mineral claim units (the “Transaction”) located in the province of Styia, Austria from Silbermine Zeiring Gmbh, and for costs related to completion of the proposed Transaction.

For more details related to the proposed Transaction, please see the press releases of Richmond dated November 7, 2019 and January 15, 2020, as well the technical report filed on SEDAR entitled: “Technical Report for Richmond Minerals Inc. on the Oberzeiring Polymetallic Property, Zeiring Polymetallic Mining District, Styria, Austria” with an effective date of November 7, 2019.

Closing of the Transaction, which is a fundamental acquisition, remains subject to final approval of the TSXV and certain other closing conditions customary in transactions of this nature. Closing of the Transaction is anticipated to occur on or about February 5, 2020.

An insider of Richmond subscribed for 200,000 Units pursuant to the First Tranche. Any issuance of Units to an insider (“Insider Participation“) will be considered to be a “related party transaction” (within the meaning of Multilateral Instrument 61-101 (“MI 61-101”)). Richmond has relied on exemptions from the “formal valuation” and “minority approval” requirements of MI 61-101 in respect of any Insider Participation.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For information, please contact:

Franz Kozich, President Warren Hawkins, P. Eng. Exploration Manager

E: warren@richmondminerals.com Tel: 416-603-2114

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, including successful completion of the Transaction. There is no guarantee that the Transaction will be completed on the terms announced in this press release or at all. 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, including the second tranche of the Offering; 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.