ARROW MINERALS LTD — Capital/Financing Update 2022

Feb 23, 2022

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ASX: AMD

24 February 2022

DRILLING EXTENDS DASSA GOLD SYSTEM AT VRANSO PROJECT, BURKINA FASO

HIGHLIGHTS

• Strike length of gold bearing system at the Dassa Prospect extended by 1,000m

• Drilling at two other prospects confirmed gold mineralisation and validate targets

• Airborne magnetic survey to commence shortly at the Vranso Project

Arrow Minerals Limited (ASX: AMD ) ( Arrow or the Company ) is pleased to report the results of its recently completed 35 hole, 3,472m reverse circulation (RC) drilling programme conducted on three priority prospects, Dassa, Guido and Semapoun, at the Vranso Project, Burkina Faso.

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Figure 1. Significant intercepts from RC drilling at Dassa, Guido and Semapoun Prospects on the Vranso Project.

Arrow Minerals Limited Suite 5, 63 Hay Street, Subiaco WA 6008 ABN 49 112 609 846

Tel +61 (8) 9383 3330 Page 1

Dassa Prospect

The Dassa Deposit, shown in Figures 1 and 2 , is a near-surface, shallow-dipping, mostly oxidised gold mineralised system extending over 3km in a NE-SW direction which remains open along strike and at depth. Six shallow RC holes were drilled totalling 424m to test for a further southern extension of the Dassa mineralised system.

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Figure 2. Interpreted mineralized envelope at the Dassa Prospect that remains open to the South and East.

Gold analytical results from holes DW_RC_21_109, 110 & 111, drilled 1km further south from the nearest previous drillhole, confirmed the continuation of the mineralised system at the Dassa Prospect. Hole DW_RC_21_110 intersected 1.41g/t Au over 5m from 59 metres.

This result increases the interpreted strike of the known shallow oxide mineralised system to more than 4km. The deposit comes to surface, extends more than 300m downdip, and ranges from 2 to 15m in thickness. Further exploration drilling is required to clearly define the extent and magnitude of the Dassa Deposit.

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Arrow Minerals Limited

Guido Prospect

At the Guido Prospect, ( Figure 1 ) Arrow undertook a 19-hole RC drilling program (2,288m). Nearsurface gold mineralisation at the Guido Prospect is hosted by two NNE-SSW trending structures extending over 3 km of strike.

Significant gold mineralisation intercepted as part of the Arrow drilling program included:

• 1.06 g/t Au over 17m from 21 metres (GUD_RC_21_001)

• 2.17 g/t Au over 8m from 83 metres (GUD_RC_21_010)

• 0.92 g/t Au over 11m from 145 metres (GUD_RC_21_011)

Semapoun Prospect

The Semapoun Prospect lies within the structural corridor defined by the main Boromo Shear Zone North of the Guido Prospect ( Figure 1 ). Arrow drilled 10 RC holes (760m) to test for gold mineralisation. The best result reported at Semapoun was 1.06 g/t Au over 6m from 31 metres.

Work at Semapoun including detailed geology, structural studies, mapping and sampling is being undertaken.

Vranso Project

The Vranso Project, located 100km west of the capital of Burkina Faso, Ouagadougou, consists of ten semi-contiguous exploration permits extending for over 80 km along the main NE-SW trending Boromo Shear Zone, host to numerous multimillion-ounce gold deposits including Bissa, Bouly, Poura and Batie West. The Vranso Project encompasses 1,300 km[2] of the richly gold endowed Paleoproterozoic Birimian Greenstone Belt, the majority of which is yet to be evaluated using modern gold exploration techniques ( Figure 3 ).

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Arrow Minerals Limited

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Figure 3 Vranso Project, central Burkina Faso, under explored gold bearing Paleoproterozoic Birimian Greenstone Belt

Announcement authorized for release by Howard Golden, Managing Director of Arrow Minerals.

For further information visit www.arrowminerals.com.au or contact:

Arrow Minerals Limited

Mr Howard Golden

Managing Director

• E: info@arrowminerals.com.au

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Howard Golden who is a Member of the Australian Institute of Geoscientists. Mr Golden is a full-time employee of the Company and has more than five years’ experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves”. Mr Golden consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Additionally, Mr Golden confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

Arrow Minerals Limited

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About Arrow Minerals

Arrow Minerals Limited is a West African gold exploration company with a principal focus on Burkina Faso, Africa’s fastest emerging gold producing country. The Company is rapidly progressing a portfolio of high-quality exploration projects with a record of recent discoveries made within a short space of time. We apply three critical components to exploration success

1. Capable and experienced team.

2. High quality projects

3. Aggressive modern systematic exploration techniques

Arrow is committed to supporting the communities in which we work and protecting the environment.

Arrow Minerals Limited

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	Appendix A: Significant	Appendix A: Significant	Appendix A: Significant
	RC Drill Intersections ( 0.8g/t Au)
Hole ID	From (m)	To (m)	Grade (g/t Au)	Width (m)
DW_RC_21_109	5	6	2.09	1
DW_RC_21_109	33	34	3.06	1
DW_RC_21_110	59	64	1.41	5
DW_RC_21_111	39	40	1.24	1
DW_RC_21_111	70	72	1.42	2
GUD_RC_21_001	19	38	0.98	19
GUD_RC_21_002	58	59	1.41	1
GUD_RC_21_002	99	110	1.15	2
GUD_RC_21_004	56	60	0.92	4
GUD_RC_21_006	12	15	1.06	3
GUD_RC_21_007	11	13	0.91	2
GUD_RC_21_009	36	37	0.90	1
GUD_RC_21_010	76	78	2.24	2
GUD_RC_21_010	83	91	2.17	8
GUD_RC_21_011	145	156	0.92	11
GUD_RC_21_011	165	166	0.81	1
GUD_RC_21_012	51	52	1.01	1
GUD_RC_21_013	129	130	0.97	1
SPN_RC_21_014	4	5	2.75	1
SPN_RC_21_014	18	19	2.48	1
SPN_RC_21_017	22	25	1.06	3
SPN_RC_21_019	14	15	0.80	1
SPN_RC_21_019	31	37	1.06	6
SPN_RC_21_020	41	42	1.57	1

Drill type: Reverse circulation All intersection widths are downhole widths 0.3g/t Au cut-off, showing intersections of >0.8g/t Au

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Arrow Minerals Limited

	Append	ix B: RC Drill Hole Information
Hole ID	Easting	Northing RL Dip	Azimuth	EOH
DW_RC_20_075 DW_RC_20_076 DW_RC_20_077 DW_RC_20_078 DW_RC_20_079 DW_RC_20_080 DW_RC_20_081 DW_RC_20_082 DW_RC_20_083 DW_RC_20_084 DW_RC_20_085 DW_RC_20_086 DW_RC_21_087 DW_RC_21_088 DW_RC_21_089 DW_RC_21_090 DW_RC_21_091 DW_RC_21_092 DW_RC_21_093 DW_RC_21_094 DW_RC_21_095 DW_RC_21_096 DW_RC_21_097 DW_RC_21_098 DW_RC_21_099 DW_RC_21_100 DW_RC_21_101 DW_RC_21_102 DW_RC_21_103	523382 523407 523154 523227 523555 523590 523426 523427 523468 523545 523455 523481 523540 523532 523336 523231 523612 523581 523648 523382 523407 523154 523227 523555 523590 523426 523427 523468 523545	1368410 279 -60° 1367631 261 -60° 1367391 263 -60° 1367440 265 -60° 1367635 260 -60° 1367799 266 -60° 1368196 265 -60° 1368271 277 -60° 1368264 277 -60° 1368205 296 -60° 1368370 285 -60° 1368428 300 -60° 1368395 300 -60° 1368592 300 -60° 1368431 267 -60° 1368287 280 -60° 1368567 290 -60° 1369152 277 -60° 1369117 271 -60° 1368410 279 -60° 1367631 261 -60° 1367391 263 -60° 1367440 265 -60° 1367635 260 -60° 1367799 266 -60° 1368196 265 -60° 1368271 277 -60° 1368264 277 -60° 1368205 296 -60°	300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300° 300°	80m 80m 91m 97m 103m 91m 109m 127m 103m 130m 139m 127m 151m 157m 145m 175m 157m 139m 181m 205m 193m 193m 223m 157m 95m 70m 205m 133m 151m

Drill type: Reverse circulation Coordinates are reported in UTM WGS84 Zone 30

Arrow Minerals Limited

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ASX: AMD

24 February 2022

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised	• The RC drill chip samples are collected directly from the drill rig cyclone into 50 litre plastic
	industry standard measurement tools appropriate to the minerals under investigation, such	bags at 1 metre downhole intervals.
	as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should	• The contents of the bags are riffle split to produce a representative 2.5kg sample that is
	not be taken as limiting the broad meaning of sampling.	collected in splitting tray and transferred into a marked calico sample bag.
	• Include reference to measures taken to ensure sample representivity and the	• The samples were dispatched ALS Burkina SARL, Ouagadougou Burkina Faso for sample
	appropriate calibration of any measurement tools or systems used.	preparation (CRU-31, SPL-21, PUL-31, ) and analysis for Au using 50g fire assay for total
	• Aspects of the determination of mineralisation that are Material to the Public Report.	separation of gold using the ALS BGS Au-AA26 technique.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g.	• Historical results refer to AMD ASX Announcements made 26 June 2019, 17 September
	‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised	2019, 28 April 2021 & 17 May 2021
	to produce a 30 g charge for fire assay’). In other cases more explanation may be required,	•
	such as where there is coarse gold that has inherent sampling problems. Unusual
	commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of
	detailed information.
Drilling techniques	• Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger,	• Reverse Circulation (RC) drilling was used to collect 1m pulverised rock samples using
	Bangka, sonic, etc.) and details (e.g., core diameter, triple or standard tube, depth of	a face sampling hammer.
	diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what
	method, etc.).
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed.	• Visual estimates of recovery were made and there were significant differences in
	• Measures taken to maximise sample recovery and ensure representative nature of	volumes of chip samples collected.
	the samples.	• Overall sample recovery is considered good, and in line with normal expectations for this
	• Whether a relationship exists between sample recovery and grade and whether sample	type of drilling.
	bias may have occurred due to preferential loss/gain of fine/coarse material.

Suite 5, 63 Hay Street, Subiaco WA 6008

Tel +61 (8) 9383 3330

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Arrow Minerals Limited ABN 49 112 609 846

Criteria	JORC Code explanation	Commentary	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of	•	RC drill chips have been geologically logged to a level that is considered relevant
	detail to support appropriate Mineral Resource estimation, mining studies and metallurgical		to the style of mineralization under investigation. All relevant intervals with
	studies.		potential for gold and other mineralisation of interest have been sampled
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.)	•	Lithological and structural information was captured digitally directly into an excel
	photography.		spreadsheet using a Toughbook computer. Data captured included lithology,
	• The total length and percentage of the relevant intersections logged.		mineralogy, mineralization, weathering, colour and other appropriate features
			using a geological legend appropriate for West African geology. All data was
			subsequently transferred into a digital database.
		•	All logging is qualitative.
		•	Selected chip samples from each hole were washed and placed into plastic chip
			trays for future reference.
Sub-sampling techniques	• If core, whether cut or sawn and whether quarter, half or all core taken.	•	The sample material from the RC drilling is collected by passing the drill spoil through a
and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.		riffle splitter after passing through the drill rig cyclone at 1m intervals to collect an
	• For all sample types, the nature, quality and appropriateness of the sample		approximate 2.5kg sample in a plastic bag.
	preparation technique.	•	Standard gold reference material was submitted at a rate of 1 to every 30 samples
	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material		submitted.. Blank material was submitted at a frequency of 1 to every 50 samples and field duplicates were collected with every 50thsample. This was considered appropriate given the stage reconnaissance nature of the program.
	collected, including for instance results for field duplicate/second-half sampling.	•
	• Whether sample sizes are appropriate to the grain size of the material being sampled.
Quality of assay data and	• The nature, quality and appropriateness of the assaying and laboratory procedures used	•	ALS Burkina SARL, Ouagadougou Burkina Faso was contracted to carry out the sample prep
laboratory tests	and whether the technique is considered partial or total.		and analysis.
	• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used	•	1m Samples were analysed using 50g fire assay for total separation of gold using the ALS
	in determining the analysis including instrument make and model, reading times,		BGS Au-AA26 technique.
	calibrations factors applied and their derivation, etc.	•	No umpire or third-party assay checks were completed.
	• Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external	•	Data is reviewed before being accepted into the database. Any batches failing QA/QC
	laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and		analysis resubmitted for check assays. Dataset QA/QC contains acceptable levels of
	precision have been established.		precision and accuracy. A third-party independent database administrator, Mitchell River Group, has been contracted for QA/QC control and data validation.
		•	a.
Verification of sampling	• The verification of significant intersections by either independent or alternative		• All assay results were received electronically from the laboratory and digitally merged
and assaying	company personnel.		with field logs, after which random manual checks were made to ensure this had been
	• The use of twinned holes.		completed correctly. No adjustments were necessary to the assay or logging data.
	• Documentation of primary data, data entry procedures, data verification, data		• No twinning of reverse circulation or air core drilling has been undertaken due
	storage (physical and electronic) protocols.		to the early stage of exploration.
	• Discuss any adjustment to assay data.		• No adjustments or calibrations are made to the assay data reported.

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Arrow Minerals Limited

Criteria	JORC Code explanation	Commentary	Commentary
Location of data points	• Accuracy and quality of surveys used to locate drillholes (collar and down-hole	•	Collar positions of the reverse circulation holes were located with handheld GPS (+/-
	surveys), trenches, mine workings and other locations used in Mineral Resource		2m), and drillhole azimuth at the collar was determined with compass readings.
	estimation.	•	Downhole surveys were undertaken for all reverse circulation holes by the drill
	• Specification of the grid system used.		contractor utilizing a Reflex EZ-Shot downhole survey instrument and by single shot
	• Quality and adequacy of topographic control.		Eastman Cameras. Survey intervals of 30m and end of hole were routinely collected. No
			strongly magnetic rock units are present within the deposit which may upset magnetic
			based readings.
		•	Coordinates are reported in this document using WGS84 Zone 30N.
		•	Topographic control is established usinghandheld GPS(+/- 2m)
Data spacing and	• Data spacing for reporting of Exploration Results.	•	Drillholes were targeting basement beneath surface geochemical anomalies as part of 1st
distribution	• Whether the data spacing and distribution is sufficient to establish the degree of		pass exploration and concept evaluation program. Drill lines were between 100 and
	geological and grade continuity appropriate for the Mineral Resource and Ore Reserve		120m spacing with two and occasionally three holes per line at approximately 40m
	estimation procedure(s) and classifications applied.		centres.
	• Whether sample compositing has been applied.	•	Drilling was not sufficient to establish good geological understanding of stratigraphy,
			intrusions, and veining orientations within the prospect area.
		•	The density of data is insufficient to be used in the derivation of a mineral resource or to
			determine the economic potential of mineralisation intersected
		•	No sample compositingwas applied.
Orientation of data in relation to geological	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	•	The drilling is early stage and not adequately spaced to determine identification of the key geological features with high confidence, orientation is intended to cross
structure	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and		mineralisation as close to perpendicular as possible and is revised following each subsequent drill programme.
	reported if material.	•	No orientation based bias can be determined at this time and true widths are not
			determined at this time.
		•
Sample security	• The measures taken to ensure sample security.	•	Samples are removed from the field immediately upon collection and stored in a secure
			compound for subsampling and preparation for laboratory dispatch. Samples are then
			delivered to the laboratory directly from the field. Sample submission forms are sent in
			hardcopy, as well as electronically, to the laboratories
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	•	Databases were reviewed for obvious discrepancies and validated by a third-party
			database administrator, however no audits were completed on these early exploration
			results.

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Arrow Minerals Limited

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land	• Type, reference name/number, location and ownership including agreements or	• The Vranso Project, located in west-central Burkina Faso,	comprises 10 separate permits
tenure status	material issues with third parties such as joint ventures, partnerships, overriding	that are either owned by Arrow or involved in joint ventures or under purchase option. The
	royalties, native title interests, historical sites, wilderness or national park and	permit details and their ownership are listed below:
	environmental settings.	o Divole East
	• The security of the tenure held at the time of reporting along with any	Renewed 2020/08/20 Arrêté17/249/MMC/SG/DGCM Gold Square Resources
	known impediments to obtaining a licence to operate in the area.	o Divole West
		Renewed 2020/08/19 Arrêté20/192/MMC/SG/DG	Gold Square Resources
		o Markio
		Granted 2020/08/19 Arrêté20/190/MMC/SG/DG	Gold Square Resources
		o Dyapya
		Granted 2019/10/05 Arrêté19/047/MMC/CG/DGCM Farafina Resources
		o Kikio
		Granted 2020/06/02 Arrêté20/117/MMC/SG/DG	Sanguie Exploration
		o Semapoun
		Granted 2020/06/02 Arrêté20/118/MMC/SG/DG	Sanguie Exploration
		o Viveo
		Granted 2019/07/19 Arrêté19/155/MMC/SG/DG	Nantou Exploration
		o Kordie
		Granted 2020/06/02 Arrêté20/119/MMC/SG/DG	Nantou Exploration
		o Pilimpikou
		Granted 2019/07/19 Arrêté19/156/MMC/SG/DG	Nantou Exploration
		o Tombi-Ouest
		Granted 2029/05/23 Arrêté19/082/MMC/SG/DG	Agri-Bio SARL
		• Arrow has entered into a Joint Venture agreement with Trevalli Mining (Kikio, Semapoun,
		Viveo, Kordio and Pilimpikou Permits) which provides for	a 51%-49% split on any zinc
		deposits identified on these permits.
		• Arrow has entered into an option to purchase 100% of the Tombi-Ouest Permit from Agri-
		Bio SARL
		• Arrow is the 100% beneficial owner through Burkina Faso subsidiaries of the Divole East,
		Divole Ouest, Markio and Dyapya Permits
		• All Permits aregranted and are currentlylive and ingood	standing.
Exploration done by other	• Acknowledgment and appraisal of exploration by other parties.	• This report refers to data generated by Arrow Minerals.
parties		Historical exploration of the project area has been discussed in previous ASX announcements
Geology	• Deposit type, geological setting and style of mineralisation.	• The geology of the area is typical of the West African Paleoproterozoic/Archean
		Birimian crust which consist of tholeiitic to calc-alkaline mafic volcanic,
		volcanosedimentary complexes and broadly coeval granitoids.

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Arrow Minerals Limited

Criteria	JORC Code explanation	Commentary	Commentary
			• This geological setting is prospective for orogenic style gold systems hosted by
			quartz veins associated with regional shear zones.
Drillhole Information	• A summary of all information material to the understanding of the exploration	•	The drill hole data referred to in this document has been summarised in Appendices A and
	results including a tabulation of the following information for all Material drillholes:		B.
	-easting and northing of the drillhole collar
	-elevation or RL (Reduced Level – elevation above sea level in metres) of the
	drillhole collar
	-dip and azimuth of the hole
	-down hole length and interception depth
	-hole length.
	• If the exclusion of this information is justified on the basis that the information is
	not Material and this exclusion does not detract from the understanding of the
	report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.	•	The significant gold assay intersections from reverse circulation drill results have been reported using a 0.30ppm Au lower cut off with an average grade of above 0.80ppm Au over at least one metre.
	• Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated	•	Intercepts are length weight averaged.
	and some typical examples of such aggregations should be shown in detail.	•	No maximum cuts have been made.
	• The assumptions used for any reporting of metal equivalent values should be clearly	•	No metal equivalent values reported.
	stated.	•
Relationship between	• These relationships are particularly important in the reporting of Exploration Results.	•	Drill holes have been oriented as close as possible to perpendicular to the interpreted
mineralisation widths and intercept lengths	• If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.		strike orientation of the mineralisation, although at this early stage of the project this orientation is uncertain.
	• If it is not known and only the down hole lengths are reported, there should be a	•	Reported intersections are downhole widths. Exploration at the prospects is at an early
	clear statement to this effect (e.g., ‘down hole length, true width not known’).		stage and insufficient information is currently available to infer true widths.
		•
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be	•	Summary maps are provided in this document.
	included for any significant discovery being reported These should include, but not be
	limited to a plan view of drillhole collar locations and appropriate sectional views.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable,	•	Further exploration activities are required to allow assessment of potential target size and
	representative reporting of both low and high grades and/or widths should be practiced		will be provided when Arrow Minerals progresses work and data validation.
	to avoid misleading reporting of Exploration Results.
Other substantive exploration	• Other exploration data, if meaningful and material, should be reported including (but not	•	Nil.
data	limited to): geological observations; geophysical survey results; geochemical survey
	results; bulk samples – size and method of treatment; metallurgical test results; bulk
	density, groundwater, geotechnical and rock characteristics; potential deleterious or
	contaminating substances.

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Arrow Minerals Limited

Criteria	JORC Code explanation	Commentary
Further work	• The nature and scale of planned further work (e.g., tests for lateral extensions or	• Further exploration work will occur across the Vranso Project utilising fit for purpose
	depth extensions or large-scale step-out drilling).	techniques that may include, reverse circulation and diamond drilling, ground and
	• Diagrams clearly highlighting the areas of possible extensions, including the main	airborne geophysics to investigate anomalies that, incorporating all data available,
	geological interpretations and future drilling areas, provided this information is not	warrant further work to determine if economic mineralisation exists.
	commercially sensitive.

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Arrow Minerals Limited