BEACON MINERALS LIMITED — Capital/Financing Update 2021

Feb 8, 2021

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ASX ANNOUNCEMENT

9 February 2021

JAURDI GOLD PROJECT JANUARY PRODUCTION UPDATE

• 2,556 ounces of gold produced in January 2021

• 47,083 dry tonnes were milled in January 2021

• Mill Recovery 89%

• Gold sales for the month of January were 2,742 ounces at an average sale price of $2,403/oz for sale receipts of $6.59 million

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

Production figures for last four quarters:

Production	Units	Mar 2020	Jun 2020	Sept 2020	Dec 2020
Ore Milled	DMT	124,685	138,192	129,784	139,530
Gold Produced	oz	6,905	6,711	7,453	7,870
Gold Sales	oz	5,033	6,731	7,619	8,212
Average Gold Price	p/oz	2,346	2,474	2,571	2,518
Gold Sales	$mill	11.80	16.65	19.59	20.68

Corporate Structure

OrdinaryShares on issue	2,873,232,777
Listed Options on issue**	897,883,486
Unlisted Options on issue*	70,000,000
Market capitalisation	$106.078 million($0.037 shareprice)
Cash on hand(31 January)	$16.09 million
Bullion on hand/In Transit(31 January)	1,664 ozs
Debt(31 January)	Nil

• Various exercise prices and dates

• **During the month of January 2021 6,269,601 Listed Options were exercised

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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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:

• 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

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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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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