BEACON MINERALS LIMITED — Capital/Financing Update 2021

Dec 14, 2021

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ASX ANNOUNCEMENT

15 December 2021

JAURDI GOLD PROJECT OCTOBER/NOVEMBER PRODUCTION UPDATE

• 5,338 ounces of gold produced in the period

• 137,728 dry tonnes (record) milled for the two months (annualised throughput rate of approximately 826,000 tpa)

• M16/561 Native Title Agreement executed with Mining Approvals advancing

• Solar Farm evaluation underway

• Beacon poured its second tonne of gold from the Jaurdi Gold Project in November 2021

JAURDI GOLD PROJECT

Beacon Minerals Limited (ASX: BCN) is pleased to provide an update of activities at the 100% owned Jaurdi Gold Project.

Production Update

Gold production is on track to exceed guidance for the December 2021 quarter with 5,338 oz’s produced for the 2 months.

Optimisation of the Jaurdi Plant continues with 67,396 dmt milled in October and a record throughput of 70,332 dmt was achieved in November. These throughput improvements relate to a higher percentage of low‐grade Lost Dog silcrete in the blend and a reduction in the sag mill feed size.

Native Title Resolution

The Company would like to advise that a Native Title compensation agreement between the Marlinyu Ghoorlie Group and Beacon Mining Pty Ltd has been signed for tenement M16/561. Mining approvals for the Lost Dog Panel 3 (eastern panel) can now be advanced in the coming months.

BEACON MINERALS LIMITED ACN 119 611 559 Registered Address 144 Vivian Street, Boulder, WA 6432 Website www.beaconminerals.com Phone 08 9093 2477

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Figure 1: Beacon’s General Manager Darren Gaby with Traditional Owners (Marlinyu Ghoorlie Group)

Renewable Energy

Alongside Kalgoorlie based business partners Pacific Energy (KPS) Pty Ltd, Beacon Minerals are investigating ways to embrace renewable energy and reduce the carbon fuel sources at the Jaurdi Gold Project. A proposal has been submitted for the integration of a Solar Farm and Battery Energy Storage System (BESS) to the existing diesel power station.

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Figure 2: Schematic of the potential Solar Farm location at the Jaurdi Gold Project

BEACON MINERALS LIMITED ACN 119 611 559 Registered Address 144 Vivian Street, Boulder, WA 6432 Website www.beaconminerals.com Phone 08 9093 2477

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Corporate Structure

OrdinaryShares on issue	3,591,259,992
Listed Options on issue*	199,856,271
Unlisted Options on issue**	180,000,000
Market capitalisation(13 December 2021)	$111.32 million($0.031 shareprice)
Cash on hand(13 December 2021)	$15.38 million
Bullion on hand/In Transit(13 December 2021)	992 ozs
Debt(13 December 2021)	Nil
FullyFranked Dividend Paid(29 October 2021)	$0.00125per share
Interim Dividend Paid(24 March 2021)	$0.002per share
Special Dividend Paid(24 March 2021)	$0.005per share
Acquisition of MacPhersons Project(24 August 2021)	$14.0 million

*Exercisable at $0.025 on or before 17 August 2022 ** Exercisable at $0.053 on or before 3 August 2023

Authorised for release by the Board of Beacon Minerals Limited

For more information contact:

Graham McGarry Geoffrey Greenhill Managing Director/Chairman Non‐Executive Director Beacon Minerals Ltd Beacon Minerals Ltd M: 0459 240 379 M: 0419 991 713

Disclaimer

This ASX announcement (Announcement) has been prepared by Beacon Minerals Limited (“Beacon” or “the Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this Announcement.

This Announcement contains summary information about Beacon, its subsidiaries and their activities which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Beacon.

By its very nature exploration for minerals is a high risk business and is not suitable for certain investors. Beacon’s securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Beacon and of a general nature which may affect the future operating and financial performance of Beacon and the value of an investment in Beacon including but not limited to economic conditions, stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel.

Certain statements contained in this announcement, including information as to the future financial or operating performance of Beacon and its projects, are forward‐looking statements that:

BEACON MINERALS LIMITED ACN 119 611 559 Registered Address 144 Vivian Street, Boulder, WA 6432 Website www.beaconminerals.com Phone 08 9093 2477

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• may include, among other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions;

• are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Beacon, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and,

• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.

Beacon disclaims any intent or obligation to update publicly any forward‐looking statements, whether as a result of new information, future events or results or otherwise. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward‐looking statements.

All forward looking statements made in this announcement are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. No verification: Although all reasonable care has been undertaken to ensure that the facts and opinions given in this Announcement are accurate, the information provided in this Announcement has not been independently verified.

BEACON MINERALS LIMITED ACN 119 611 559 Registered Address 144 Vivian Street, Boulder, WA 6432 Website www.beaconminerals.com Phone 08 9093 2477

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