ENOVA MINING LIMITED — Capital/Financing Update 2023

Oct 18, 2023

19th October 2023

ASX: ENV

Bulk Sampling Programme Completed

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Enova Mining Limited ABN: 64 087 595 980 Reg. Office: Level 26, 360 Collins Street, Melbourne VIC 3000, Australia Tel: +61398677199, Fax: +61398678587 Email: contact@enovamining.com Mail: PO Box 783, Berwick, VIC 3806 www.enovamining.com

Market Announcement Platform ASX Limited

Highlights

• Bulk sample drilling completed at Cattle creek.

• Enova secures lease of warehouse to facilitate sample preparation and ongoing test work

• Enova has funding and resources to expediate the development of Charley Creek

Charley Creek Project bulk sampling for Heavy Mineral Concentrate test work is complete

Enova Mining Limited (“Enova” or “the Company”) is pleased to announce the completion of their bulk sampling programme at Cattle Creek. This is the first step toward completing the long-awaited metallurgical test programme needed for the Company to renew the Charley Creek Project Scoping Study and Resource Estimate. The sampling programme spans the Cattle Creek area to obtain representative samples of material, primarily for validation of the alluvial heavy mineral separation process and to obtain samples of saprolite for leach test work.

Drilling was undertaken mid-September, followed by rehabilitation of drill sites and tracks. All field work was completed in September with freight of selected bulk bags to Alice Springs and sample logging. With good planning and an experienced team, the programme was efficient, safe and well executed.

The primary objective was to recover bulk samples of alluvial sands, with three holes continued at depth to recover saprolite samples passing through the scandium and rare earth rich clay zones. Five (5) holes (940mm diameter) were drilled totalling 103.5m using the bucket drilling method. Each bucket advanced about 0.4m vertically. Due to the overwhelming amount of sample created, every third bulk sample was collected, representing one hole every 1.2m downhole. Samples (10 to 20kg in weight) were retained for most buckets (205 sub-samples) and photographed. About 30 to 40 tonnes of samples was collected, consisting of 91 bulk bags, each with estimated weights of 200 to 600 kg. Bucket drilling produces remarkable samples that allow superior viewing of material composition and downhole lithology, compared to air core drilling.

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Above: Drilling with bucket drill, telehandler awaits discharge of bucket

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Above: Discharging the contents of the bucket into receiving bulk bags

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Above: Bulk bags at Milton Park depot awaiting further processing

Before dispatching the bulk samples to the metallurgical process test facility in Brisbane (Royal IHC), mineral character of each bag will be assessed to ensure the fit of the test work method. Enova leases a 255 sq.m warehouse in outer Melbourne for easier access to samples; for the storage of bulk bags, sample preparation and further mineral characterisation. By November 2023, alluvial bags will be dispatched to Brisbane for heavy mineral separation tests. This is a key step toward completing the updated Scoping Study. The facility will also be used to process outstanding assays for infill samples generated from the 34 holes drilled in 2019. Returned assays from the composited infill will be added to the resource database model then processed by SRK Perth.

In addition to advancement of the alluvial project, the Company now has saprolite/clay samples for leach testing. The warehouse will be used to prepare these samples for leach testing.

Enova has funding and resources to expediate the development of the Charley Creek Project. The Company will update the market regularly upon further developments at Charley Creek. We invite shareholders and interested parties to sign up to the investor hub to follow our progress, receive announcements directly via email, ask questions, and post their feedback. The Enova team will respond to all queries posted on the investor hub.

Sign up to the Enova Mining investor hub here: https://announcements.enovamining.com/auth/signup

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Approved for release by the Board of Enova Mining Limited,

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Eric Vesel CEO / Director Enova Mining Limited

Contact details:

Eric Vesel, CEO/ Executive Director Enova Mining Limited

email: eric@enovamining.com mobile: +61 419 802839

www.enovamining.com