DUNDAS MINERALS LIMITED - Capital/Financing Update 2024

ASX ANNOUNCEMENT

Confirmation of High Grade Gold intercept at Windanya

D undas M inerals L imited

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Directors

Non-Executive Chairman Mark Chadwick

Managing Director Shane Volk

Non-Executive Director

Tim Hronsky

Company Secretary Shane Volk

Issued Capital (ASX: DUN)

Ordinary Shares: 84,628,046 Unlisted Options: 40,000,000

Highlights

9.5 g/t Au (146m – 147m) assay from resample of the final six metres in drill hole 24WDRC015
Drill hole to be extended beyond its current depth of 150m
Two deep drill holes to test for primary gold mineralisation west of 24WDRC015, in the northern portion of the Aquarius gold prospect
Drilling scheduled to commence in September 2024

Dundas Minerals Limited (ASX: DUN) (“Dundas Minerals”, “Dundas” or “the Company”) is actively exploring for gold at the Windanya and Baden-Powell projects, located adjacent the Goldfields Highway ~60km north of Kalgoorlie, Western Australia.

– Assay results from 1 meter sample intervals Windanya

The receipt of assay results for six separate one metre sample intervals relating to the previously reported 4 meter and 2 metre composite samples from drill hole 24WDRC015, at the Company’s Windanya project, has confirmed the intercept of high grade gold mineralisation.

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Baden-Powell &
Windanya gold
projects
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The final six metres of the drill hole was resampled (144 metres to 150 metres). For the 146m – 147m interval the assay result was 9.5 grams per tonne (g/t) gold (Au), and for the preceding interval (145m – 146m), 0.725 g/t Au. Refer to Table 1 for the assay results for each 1 metre interval sampled.

Encouraged by the results, the Company is planning to extend the hole beyond its current length of 150 metres (approximately 130m below surface), to up to 300m.

Also, two additional RC drill holes, each to a planned depth of up to 300 metres are to be drilled southwest of 24WDRC015, in the northern part of the Aquarius gold prospect (Figure 1). At Aquarius, in November 2023, the Company reported very high grade gold in auger sample anomalies (including: 696ppb Au; 493ppb Au and 483ppb Au). Refer to ASX Announcement dated 2 November 2023 for complete details of the auger sampling results.

The Program of Work (PoW) for the additional drilling has been approved. Drilling is expected to commence in September 2024, weather conditions (rainfall) permitting.

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Suite 13, 100 Railway Road
Suite 13, 100 Railway Road
Subiaco, WA 6008
Subiaco, WA 6008
[email protected]
[email protected] www.dundasminerals.com
www.dundasminerals.com
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Page 2

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RC Drillhole collar (2024)
ML Application Boundary
Capricorn EL Boundary
Gold Deposit
Aquarius
Gold Prospect
Target area
for RC drilling
(2 holes)
Scorpio Gold
Prospect
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Figure 1: Windanya RC drill collar locations (2024), plus the location of the Capricorn gold deposit, and the Aquarius and Scorpio gold prospects (background: regional bedrock geology)

Table 1: 24WDRC015 Assay Results from 1 metre samples

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(Au 50g sample fire assay, all other elements Aqua Regia 25g sample. Refer to Table 1 for additional details)

In the Company’s ASX Announcement of 4 July 2024, it was reported that the end-of-hole 2 metre composite sample (148m-150m) returned an assay of 2m @ 3.142 g/t Au. It has since been determined that this result is for the preceding 4m interval (144m-148m), with the error caused by the misnumbering of the sample on submission to the assay laboratory. Refer to Table 2 for the corrected details for the assay results published by the Company on 4 July 2024.

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Suite 13, 100 Railway Road
Subiaco, WA 6008
[email protected]
www.dundasminerals.com
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Page 3

Table 2: 24WDRC015 Composite Assay Results 4 July 2024 (updated)

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(All elements Aqua Regia 25g sample)

Hole ID	Depth	East	North	Azimuth	Dip
24WDRC015	150	332828	6640063	270 o	-60 o

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Suite 13, 100 Railway Road
Subiaco, WA 6008
[email protected]
www.dundasminerals.com
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Page 4

Authorised by: Shane Volk – Managing Director

About Dundas: Dundas Minerals Limited (ASX: DUN) is a battery-minerals and gold focussed exploration company exploring in the gold-rich Kalgoorlie region, and southern Albany-Fraser Orogen, Western Australia. In the Kalgoorlie region the Company has an option agreement with ASX listed Horizon Minerals Limited (ASX: HRZ) to acquire an 85% interest in two gold projects, Windanya (25,000oz Au inferred gold resources), and Baden-Powell (23,000oz Au inferred gold resources), and in the southern Albany-Fraser the Company holds various exploration licences and exploration rights for gold, copper and nickel.

Capital Structure: Ordinary shares on issue (DUN): 84,628,046; Unlisted Options: 15,000,000 (Exp. 16-06-29 Ex. $0.033); 15,000,000 (Exp. 16-06-29 Ex. $0.0374); 3,000,000 (Exp. 3-11-24 Ex. $0.30); 5,000,000 (Exp. 1-7-26 Ex. $0.25 & $0.30); 2,000,000 (Exp. 10-11-26 Ex. $0.25 & $0.30)

COMPETENT PERSONS STATEMENTS

The information in this announcement that relate to the Windanya soil sampling program are extracted from the ASX Announcement titled “Exceptionally High Grade Gold in Soils Anomalies at Windanya Project” published on 2 November 2023 . The report is available to view on the Company’s web site: www.dundasminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX Announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented in this report, have not been materially modified from the original ASX market announcement.

The exploration program and results reported in this Announcement was completed by Mr David Thompson, a Member of the Australian Institute of Geoscientists. Mr Thomson has sufficient experience relevant to the style of mineralisation and to the type of activity described in this Announcement to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Thompson is a consultant to Dundas Minerals Limited and consents to the inclusion in this Announcement of the matters based on his information in the form and content in which it appears.

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", “target”, "anticipate", “forecast”, "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.

The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about Dundas and the industry in which it operates. They do, however, relate to future matters and are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of Dundas is no guarantee of future performance.

None of Dundas’s directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forwardlooking statements in this announcement reflect views held only as at the date of this announcement.

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Suite 13, 100 Railway Road
Subiaco, WA 6008
[email protected]
www.dundasminerals.com
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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling	•Nature and quality of sampling (e.g., cut channels, random chips, or	•1m cuttings were collected in buckets and put on the ground in rows of 20
techniques	specific specialised industry standard measurement tools appropriate to	piles. Samples were taken by aluminium scoop from the 1m piles on the
	the minerals under investigation, such as down hole gamma sondes, or	ground and put into numbered calico sample bags.
	handheld XRF instruments, etc.).	•Regular cleaning by air and by hand was done to avoid contamination by
	•Include reference to measures taken to ensure sample representivity and	sticky clay material.
	the appropriate calibration of any measurement tools or systems used. •Aspects of the determination of mineralisation Material to the Public	•Reverse circulation drilling was used to obtain 1m cuttings from which a representative sample was collected by handheld aluminium scoop.
	Report.
Drilling	•Drill type and details (e.g. core diameter, triple or standard tube, depth	•Slimline (4½ in diameter) RC drilling was used with a face-sampling
techniques	of diamond tails, face-sampling bit or other type, whether core is oriented	hammer bit.
	and if so, by what method, etc.).	•It was a truck mounted drill rig (X300 4 x 4 MAN) that is a modified X150
		with a 1050/350 compressor and a 636 Hurricane booster.
Drill sample	•Method of recording and assessing sample recoveries and results.	•Sample volumes were visually assessed, no anomalous volumes were
recovery	•Measures taken to maximise sample recovery and ensure representative	observed. Samples were generally dry, but in rare cases damp samples
	nature of the samples.	were noted, mostly the meter after rod changes.
	•Whether a relationship exists between sample recovery and grade and	•Regular cleaning of the cyclone, to avoid build-up of clayey material.
	whether sample bias may have occurred due to preferential loss/gain of	•Sample recovery was generally good; no sample bias was observed.
	fine/coarsematerial.
Logging	•Whether core and chip samples have been geologically and	•Chips were collected in chip tray and logged qualitatively by the geologist.
	geotechnically logged to a level of detail to support appropriate Mineral	•Logging was qualitative in nature.
	Resource estimation, mining studies and metallurgical studies. •Whether logging is qualitative or quantitative in nature.	•The complete holes were logged in full.
	•The total lengthand percentage oftherelevantintersectionslogged.
Sub-sampling	•If core, whether cut or sawn and whether quarter, half or all core taken.	•Samples were collected from the 1m sample piles by aluminium scoop. In
techniques and	•If non-core, split type, and whether sampled wet or dry.	the case of composite, up to 4 scoops were combined into one sample for
sample	•For all sample types, the nature, quality and appropriateness of the	assaying. The whole sample was pulverised in the laboratory and a 50g
preparation	sample preparation technique.	charge taken for fire assay, and/or 25g sample in the case of Aqua Regia.
	•Quality control procedures adopted to maximise representivity of	•The sample preparation is considered appropriate for the type of sampling.
	samples.	•Certified Reference Materials and field duplicates were inserted in the
	•Measures to ensure that the sampling is representative of the in-situ	sample submission at a rate of 1 in 25. In addition, internal standards and
	material collected, including for instance results for field duplicate/second- half sampling. •Whether sample sizes are appropriate to the grain size of the material	repeat assays were used by the laboratory. •The sample sizes were considered appropriate for the grain size of the material.
	sampled.

Criteria	JORC Code explanation	Commentary
Quality of assay	•The nature, quality and appropriateness of the assaying and laboratory	•Samples were submitted to the Intertek Genalysis laboratory in Kalgoorlie
data and	procedures used and whether the technique is considered partial or total.	for assaying by method AR25/MS33 (25g sample, reading by ICP-MS),
laboratory tests	•For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	and for gold by method FA50/MS (50g sample, fire assay ICP-MS). Both are standard industry practice and AR25/MS33 is considered a total assay technique. •Not applicable.
	•Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy and precision have been established.	•Laboratory QA/QC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of the in- house procedures. QC results (blanks, duplicates, standards) were in line withcommercialprocedures,reproducibility and accuracy.
Verification of	•The verification of significant intersections by either independent or	•The results have been reviewed by the Company.
sampling and	alternative company personnel.	•No twinning of drillholes has been undertaken.
assaying	•The use of twinned holes.	•Data were collected in_Logchief_and later transferred to the Company’s
	•Documentation of primary data, data entry procedures, data verification,	independently managed database.
	data storage (physical and electronic) protocols.	•No adjustments were made.
	•Discuss any adjustment to assay data.
Location of	•Accuracy and quality of surveys used to locate drill holes (collar and	•Drillhole collars were surveyed with handheld GPS with horizontal
data points	down-hole surveys), trenches, mine workings and other locations used in	accuracy of ±3m. Data are recorded in UTM coordinates, zone 51S
	Mineral Resource estimation.	Geocentric Datum of Australia 1994 (GDA-94).
	•Specification of the grid system used.	•Elevation was estimated to the nearest metre from Geoscience Australia
	•Quality and adequacy of topographic control.	DTM, which is more accurate than handheld GPS elevation data.
		Downhole surveys were undertaken by gyro with readings taken every 5m
		along the drill trace.
		• Topographic control is considered adequate at this stage. Should the data
		be subsequently used in a Mineral Resource Estimation, the collars can
		be surveyed byDGPS.
Data spacing	•Data spacing for reporting of Exploration Results.	•Drillholes were irregularly spaced, as this was a reconnaissance program,
and distribution	•Whether the data spacing and distribution is sufficient to establish the	targeting various under-cover areas for gold mineralisation.
	degree of geological and grade continuity appropriate for the Mineral	•No attempt is made at this stage to undertake Mineral Resource or Ore
	Resource and Ore Reserve estimation procedure(s) and classifications	Reserve estimations.
	applied.	•1 metre samples have been taken for hole 24WDRC015.
	•Whether sample compositinghas been applied.
Orientation of	•Whether the orientation of sampling achieves unbiased sampling of	•Holes were angled 60° towards 270°, roughly perpendicular to the regional
data in relation	possible structures and the extent to which this is known, considering the	strike and interpreted structures, but there is considerable uncertainty
to geological	deposit type.	about the attitude of possible structures.
structure	•If the relationship between the drilling orientation and the orientation of	•At this stage, there is insufficient data to assess the possibility of sampling
	key mineralised structures is considered to have introduced a sampling	bias.
	bias, this should be assessed andreportedif material.
Sample security	•The measures taken to ensure sample security.	•Samples were collected in calico bags, in turn placed into larger bags that
		were delivered to the Intertek laboratory in Kalgoorlie by a consultant to
		the Company.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Audits or reviews	•The results of any audits or reviews of sampling techniques and data.		•None.
Section 2 Reporting of Exploration Results
(Criterialistedin	the preceding sectionalso apply to this section)
Criteria		JORC Code explanation	Commentary
Mineral tenement and		•Type, reference name/number, location and ownership	•The results reported in this Announcement are from granted Licence
land tenure status		including agreements or material issues with third parties such	P24/5059. The licence is 100% owned by Black Mountain Gold Limited, a
		as joint ventures, partnerships, overriding royalties, native title	wholly owned subsidiary of Horizon Minerals Limited (ASX: HRZ). Dundas
		interests, historical sites, wilderness or national park and	Minerals has an option to acquire an 85% joint venture interest in the
		environmental settings.	tenement on or before 29 August 2025 (refer ASX Announcement dated 30
		•The security of the tenure held at the time of reporting along with	August 2023 for complete details).
		any known impediments to obtaining a licence to operate in the	•The tenement is in good standing and there are no known impediments to
		area.	the security of, and access to the tenements.
Exploration by other		•Acknowledgment and appraisal of exploration by other parties.	•Horizon Minerals Limited has undertaken substantial previous exploration
parties			on the tenements since 2017, including soils sampling, air core and RC
			drilling, and published an inferred Mineral Resource estimation for the
			Capricorn prospect within P24/5057. Previous exploration has also been
			undertaken by Heron Resources Limited (2006-10), and Vale (2008).
Geology		•Deposit type, geological setting and style of mineralisation.	•The exploration target is Archaean lode gold on the western limb of the
			Bardoc-Broad Arrow syncline.
Drillhole Information		•A summary of all information material to the understanding of	•Tabulated in the main text.
		the exploration results including a tabulation of the following
		information for all Material drill holes:
		`o`easting and northing of the drill hole collar
		`o`elevation or RL of the drill hole collar
		`o`dip and azimuth of the hole
		`o`down hole length and interception depth
		`o`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 thisis the case.
Data aggregation		•In reporting Exploration Results, weighting averaging	•Not applicable.
methods		techniques, maximum and/or minimum grade truncations (eg
		cutting of high grades) and cut-off grades are usually Material
		and should be stated.
		•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 and

Criteria	JORC Code explanation	Commentary	Commentary
	some typical examples of such aggregations should be shown
	in detail.
	•The assumptions used for any reporting of metal equivalent
	values.
Relationship between	•These relationships are important in the reporting of Exploration	•	Down hole length, true width not known.
mineralisation widths	Results.
and intercept lengths	•If the geometry of the mineralisation with respect to the drill hole
	angle is known, its nature should be reported.
	•If it is not known and only the down hole lengths are reported,
	there should be a clear statement to this effect (eg ‘down hole
	length,true width not known’).
Diagrams	•Appropriate maps and sections (with scales) and tabulations of	•	Included in the main text.
	intercepts should be included for any significant discovery being
	reported. These should include, but not be limited to a plan view
	ofdrill hole collar locations and appropriate sectional views.
Balanced reporting	•Where comprehensive reporting of all Exploration Results is not	•	Not applicable.
	practicable, representative reporting of both low and high
	grades and/or widths should be practiced to avoid misleading
	reporting of Exploration Results.
Other substantive	•Other exploration data, if meaningful and material, should be	•	Not applicable, no other material exploration data.
exploration data	reported including (but not 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.
Further work	•The nature and scale of planned further work (e.g. tests for	•	Follow-up work may include drilling extending the depth of drill hole
	lateral extensions or depth extensions or large-scale step-out		24WDRC015 and RC drilling in an as yet untested area south of the
	drilling).		Capricorn Gold deposit.
	•Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling
	areas, provide this information is not commercially sensitive.

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DUNDAS MINERALS LIMITED Capital/Financing Update 2024

64798_rns_2024-08-20_a7253cc9-2d21-423b-9447-b39548612507.pdf

ASX ANNOUNCEMENT

Confirmation of High Grade Gold intercept at Windanya