EVOLUTION MINING LIMITED — Regulatory Filings 2021

Oct 11, 2021

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ASX: MGV ASX: EVN

ASX RELEASE: 12 October 2021

Thick aircore intercepts enhance West Island Prospect - Cue Joint Venture, WA

• Follow-up aircore drilling at West Island on Lake Austin has identified more thick zones of regolith gold mineralisation over more than 1.6km of strike. This regolith mineralisation is over 150m wide in some areas and includes new aircore intersections:

• 68m @ 1.49g/t Au from 110m to EOH (21MOAC024) including: ▪ 12m @ 4.41g/t Au from 134m

• 53m @ 2.01g/t Au from 108m to EOH (21MOAC025) including: ▪ 27m @ 3.63g/t Au from 134m to EOH

• 67m @ 0.82g/t Au from 87m to EOH (21MOAC018) including: ▪ 44m @ 1.17g/t Au from 87m

• 67m @ 0.87g/t Au from 88m to EOH (21MOAC019) including: ▪ 12m @ 3.33g/t Au from 108m

• 20m @ 1.46g/t Au from 110m (21MOAC020)

• 20m @ 0.99g/t Au from 158m (21MOAC027)

• 36m @ 1.06g/t Au from 112m (21MOAC028)

• 18m @ 1.00g/t Au from 124m (21MOAC032)

• Diamond drilling to follow-up beneath these strong regolith aircore results has commenced

• Diamond drilling approximately 700m to the north at West Island has intersected further high-grade basement gold where it remains open to the north, south and at depth. Intersections include:

• 8.0m @ 3.0g/t Au from 212m (21MODD024) including:

  • 0.9m @ 19.7g/t Au from 214.8m

• Seven diamond drill holes have been completed at West Island in the current program with assays pending for 5 holes. Drilling is continuing

• The mineralisation is hosted within a differentiated dolerite and structural interpretation suggests the potential for multiple parallel basement gold lodes

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Musgrave Minerals Ltd (ASX: MGV ) (“Musgrave” or “the Company”) and Evolution Mining Ltd (ASX: EVN ) (“Evolution”) are pleased to report further assay results ( Table 1a ) from the current aircore and diamond drilling programs on the Cue Joint Venture over Lake Austin in Western Australia’s Murchison district. The aircore results have extended the large regolith gold mineralisation to over 1.6km at the West Island Prospect and are centred 700m south of the recent diamond drilling.

The West Island zone is part of a broader regional 7km-long anomalous gold corridor within the joint venture ( Figure 1 ). The mineralisation at West Island is hosted within a differentiated dolerite unit, similar to that hosting the high-grade Great Fingall and Golden Crown deposits 25km to the north at Cue.

The Great Fingall and Golden Crown deposits host a combined 4.4Mt @ 14.1g/t Au for 2.0Moz gold (Total Indicated and Inferred Resources and past production) (see Westgold Resources Ltd (WGX) ASX announcement 10 June 2020, “Investor Presentation June 2020 – ASX Release”, page 15).

Musgrave Managing Director Rob Waugh said: “This is an excellent result from aircore drilling and shows the extensive and thick nature of the regolith gold dispersion in this area. Diamond drilling has commenced in this new target zone 700m south of previous basement drilling and we look forward to providing the results as they come to hand. The diamond drilling will test for the possibility of multiple parallel basement gold lodes which have the potential to enhance the economics of a potential new discovery.”

Evolution’s Vice President Discovery and Business Development Glen Masterman said: “We are very pleased with the recent drilling results which have significantly increased the footprint of the mineral system we have identified on Lake Austin. The results reinforce our belief in the high-quality project we are delineating and validate the original area selection work by the Evolution team that led to the formation of our partnership with Musgrave. Evolution is well on its way to completing the 75% earn-in and we are developing plans with our partner to accelerate the drilling program over the next several months”.

Lake Austin Aircore Drilling Program Results

Under the Musgrave – Evolution Joint Venture ( Figure 1 ), two phases of regional aircore drilling have been completed on Lake Austin since October 2019 and a third phase of over 17,000m of drilling is currently underway. 141 drill holes for 13,799m of aircore drilling has been completed to date in the current phase of the program.

Assay results for the first 32 drill holes in the program have been received. Strong aircore results in the West Island area have extended the regolith gold anomalism to over 1.6km of strike where it remains open to the north and south. The regolith mineralisation is hosted within weathered Archaean dolerite below approximately 60-90m of Tertiary lake sediment cover. The regolith gold mineralisation is extensive and is over 150m wide on some sections ( Figure 4 ).

New aircore results include:

• 67m @ 0.82g/t Au from 87m to EOH (21MOAC018) including: ▪ 44m @ 1.17g/t Au from 87m

• 67m @ 0.87g/t Au from 88m to EOH (21MOAC019) including: ▪ 12m @ 3.33g/t Au from 108m

• 46m @ 0.72g/t Au from 96m (21MOAC020) including: ▪ 20m @ 1.46g/t Au from 110m

• 68m @ 1.49g/t Au from 110m to EOH (21MOAC024) including: ▪ 12m @ 4.41g/t Au from 134m

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• 53m @ 2.01g/t Au from 108m to EOH (21MOAC025) including: ▪ 27m @ 3.63g/t Au from 134m to EOH

• 41m @ 0.57g/t Au from 138m (21MOAC027) including:

• 20m @ 0.99g/t Au from 158m

• 69m @ 0.67g/t Au from 106m to EOH (21MOAC028) including:

• 36m @ 1.06g/t Au from 112m

• 42m @ 0.55g/t Au from 116m (21MOAC032) including:

• 18m @ 1.0g/t Au from 124m

The aircore results above are approximately 700m south of the existing diamond drilling at West Island (21MODD024) and are the strongest aircore intersections to date on Lake Austin. Diamond drilling to test the basement fresh rock below this new zone has commenced ( Figure 4 ). All new aircore drill hole collars with assay results above 100ppb Au are presented in Tables 2a and 2b.

Lake Austin Diamond Drilling Program Results

Nine diamond drill holes have been completed in the current program for 2,850m (of a planned total of 7,000m) with seven holes drilled at West Island. Assays have been received for the first two diamond holes with significant intercepts including:

• 8.0m @ 3.0g/t Au from 212m (21MODD024) including:

• 0.9m @ 19.7g/t Au from 214.8m

This diamond drill hole is approximately 700m north of the high-grade aircore results reported above.

The West Island diamond drill holes are interpreted to have intersected multiple parallel zones of basement gold mineralisation ( Figure 2 ), all hosted within differentiated dolerite, a favourable host unit that extends over multiple kilometres of strike ( Figures 2 and 4 ). The intersections are associated with extensive gold-in regolith mineralisation which aircore drilling has shown to extend for at least 1.6km of strike length at West Island. The West Island zone is part of a broader regional 7km-long anomalous gold corridor within the joint venture tenements ( Figure 1 ). The diamond drilling to date at West Island has only tested a small area of basement and the mineralisation remains open along strike and at depth. Diamond drilling at West Island is continuing.

All new diamond drill hole collars with assay results above 1g/t are presented in Tables 1a and 1b.

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Figure 1: Location plan showing EVN JV tenure, aircore drill hole locations (maximum gold in hole is presented as a gradational colour scheme at the hole collar) and diamond drill hole collars from the current diamond drilling program

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Figure 2: West Island location plan showing aircore drill hole locations (maximum gold in hole is presented as the gradational colour scheme at the aircore drill collar) and new diamond drill hole collars and hole traces with new drill hole assay results

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Figure 3: Cross section on approximate northing 6942730mN at West Island prospect showing gold mineralisation in diamond drill hole 21MODD001 and location of hole 21MODD025 (assays pending)

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Figure 4: Cross section on approximate northing 6942030mN at the West Island prospect showing gold mineralisation in regolith aircore drilling and current diamond drill hole

The Musgrave – Evolution Cue Joint Venture

In October 2019, Musgrave entered an Earn-In and Joint Venture Exploration Agreement with Evolution Mining Limited over a large area of Lake Austin and surrounds on the Cue Project in the Murchison District of Western Australia.

The Evolution JV lies to the north of and excludes all the current resources at Cue (including the Lena and Break of Day deposits), the new White Heat and Big Sky discoveries, and the Mainland option area.

Evolution can earn a 75% interest in the JV Area by sole funding A$18M on exploration over a fiveyear term. Evolution has currently spent approximately A$6M on the joint venture. Musgrave is currently the operator of the JV, with Evolution providing strong technical geoscientific input and managing the diamond drilling program.

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Ongoing Exploration

• Follow-up diamond drilling on Lake Austin is continuing. Diamond drilling to test the basement beneath the new regolith gold mineralisation identified in aircore drilling and described in this release has commenced.

• Assay results for five diamond drill holes at West Island are pending.

• The current aircore drilling is scheduled to be completed in late November. Assay results are pending for a further 109 aircore drill holes in the current program. Unfortunately lengthy delays are currently being experienced with assay turn-around.

Authorised for release by the Board of Musgrave Minerals Limited.

For further details please contact: Rob Waugh Angela East Managing Director Associate Director Musgrave Minerals Limited Media and Capital Partners +61 8 9324 1061 +61 428 432 025

Authorised for release by the Executive Chairman of Evolution Mining Limited.

For further details please contact: Martin Cummings Michael Vaughan General Manager Investor Relations Media Relations Evolution Mining Limited Fivemark Partners +61 2 9696 2900 +61 422 602 720

About Musgrave Minerals

Musgrave Minerals Limited is an active Australian gold and base metals explorer. The Cue Project in the Murchison region of Western Australia is an advanced gold project. Musgrave has had significant exploration success at Cue with the ongoing focus on increasing the gold resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to near-term development. Musgrave also holds a large exploration tenement package in the Ni-Cu-Co prospective Musgrave Province in South Australia.

About Evolution Mining

Evolution Mining is a leading, globally relevant gold miner. Evolution operates four wholly-owned mines, post completion of the divestment of Mt Carlton announced on 5 October 2021 – Cowal in New South Wales, Mungari in Western Australia, Mt Rawdon in Queensland, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper-gold mine in Queensland.

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Additional JORC Information

Further details relating to the information provided in this release can be found in the following Musgrave Minerals’ ASX announcements:

• 13 September 2021, “More thick intervals of near-surface gold at target 14 and Big Sky” • 16 August 2021, “Bonanza gold grades at White Heat” • 12 August 2021, “Big Sky delivers more near-surface gold” • 4 August 2021, “Company Presentation – Diggers and Dealers Mining Forum” • 30 July 2021, “Quarterly Activities and Cashflow Report” • 19 July 2021, “Significant gold intersections enhance Big Sky” • 30 June 2021, “High-grade gold at West Island target – EVN JV, Cue” • 18 June 2021, “Thick gold intersections in RC drilling at Big Sky” • 25 May 2021, “Further RC drill results from White Heat and Numbers prospects” • 17 May 2021, “Big Sky gold mineralisation strike length more than doubled” • 5 May 2021, “Sydney Resources Round-up, Cue Project Update” • 28 April 2021, “Quarterly Activities and Cashflow Report” • 21 April 2021, “New high-grade gold results at Target 14, Cue” • 8 April 2021, “New Big Sky target extends high-grade gold anomaly to >1.2km” • 19 March 2021, “High grades continue at White Heat, Cue” • 8 March 2021, “New Gold Corridor Identified at Cue” • 24 February 2021, “Outstanding high-grade gold at White Heat, Cue” • 16 February 2021, “RIU Explorers Conference - Company Presentation” • 4 February 2021, “Appointment of Non-executive Director” • 28 January 2021, “Quarterly Activities and Cashflow Report” • 27 January 2021, “New basement gold targets defined on Evolution JV” • 19 January 2021, “High-grade, near surface gold extended at Target 5, Cue” • 18 January 2021, “Results of SPP Offer” • 12 January 2021, “Share Purchase Plan closes early” • 18 December 2020, “Share Purchase Plan Offer Document” • 14 December 2020, “Investor Update Presentation” • 14 December 2020, “$18M raising to fund resource growth and commence PFS” • 9 December 2020, “High-grade near surface gold at Target 17, Cue” • 3 December 2020, “Scout drilling intersects high-grade gold and defines large gold zones under Lake Austin, Evolution JV” • 23 November 2020, “New White Heat discovery and further regional drilling success” • 19 November 2020, “AGM Presentation” • 11 November 2020, “Break of Day High-Grade Mineral Resource Estimate” • 4 November 2020, “Regional drilling hits more high-grade gold” • 2 November 2020, “Exceptional metallurgical gold recoveries at Starlight” • 27 October 2020, “Quarterly Activities and Cashflow Report” • 16 October 2020, “Annual Report to Shareholders” • 13 October 2020, “Starlight Shines – Diggers and Dealers Company Presentation” • 8 October 2020, “Drilling hits high-grade gold at new target, 400m south of Starlight” • 24 September 2020, “Infill drilling at Break of Day confirms high grades” • 19 August 2020, “Starlight gold mineralisation extended” • 31 July 2020, “Quarterly Activities and Cashflow Report” • 28 July 2020, “Bonanza gold grades continue at Starlight with 3m @ 884.7g/t Au” • 6 July 2020, “85m@11.6g/t gold intersected near surface at Starlight” • 29 June 2020, “New gold lode discovered 75m south of Starlight” • 9 June 2020, “Bonanza near surface hit of 18m@179.4g/t gold at Starlight” • 5 June 2020, “Scout drilling defines large gold targets at Cue, Evolution JV” • 3 June 2020, “12m@112.9g/t Au intersected near surface at Starlight” • 21 April 2020, “High grades confirmed at Starlight” • 1 April 2020, “More High-grade gold at Starlight Link-Lode, Break of Day” • 16 March 2020, “Starlight Link-lode shines at Break of Day” • 28 February 2020, “High-grade gold intersected Link-lode, Break of Day” • 17 February 2020, “Lena Resource Update” • 3 December 2019, “New high-grade ‘link-lode’ intersected at Break of Day, Cue Project” • 27 November 2019, “High-grade gold intersected in drilling at Mainland, Cue Project” • 18 November 2019, “Drilling commences at Lake Austin North, Evolution JV, Cue” • 9 October 2019, “High-grade gold intersected at Break of Day and ultra-high-grade rock-chip sample from Mainland, Cue Project” • 17 September 2019, “Musgrave and Evolution sign an $18 million Earn-In JV and $1.5M placement to accelerate exploration at Cue” • 28 May 2019, “Scout Drilling Extends Gold Zone to >3km at Lake Austin North” • 1 May 2019, “Drilling at A-Zone Continues to Deliver Thick, High-Grade Gold Intersections” • 6 March 2019, “Musgrave Secures More Key Gold Tenure at Cue” • 3 December 2018, “Diamond Drilling Confirms Significant Gold Discovery at Lake Austin North” • 29 October 2018, “High-Grade Extended at Lake Austin North, Cue” • 15 October 2018, “Annual Report” • 31 August 2018, “First RC drill hole hits 42m @ 3.2g/t Au at Lake Austin North, Cue” • 27 July 2018, “Lake Austin North target continues to deliver strong gold results, Cue Gold Project, WA” • 15 June 2018, “High-Grade Gold Intersected at Lake Austin North, Cue Gold Project, WA” • 18 May 2018, “New Drill Results Highlight Regional Discovery Potential at Cue Gold Project, WA” • 16 August 2017, “Further Strong Gold Recoveries at Lena”

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Competent Person’s Statement Exploration Results

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled and/or thoroughly reviewed by Mr Robert Waugh, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Member of the Australian Institute of Geoscientists (AIG). Mr Waugh is Managing Director and a full-time employee of Musgrave Minerals Ltd. Mr Waugh has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration 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 Waugh consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This document may contain certain forward-looking statements. Forward-looking statements include but are not limited to statements concerning Musgrave Minerals Limited’s (Musgrave’s) current expectations, estimates and projections about the industry in which Musgrave operates, and beliefs and assumptions regarding Musgrave’s future performance. When used in this document, words such as “anticipate”, “could”, “plan”, “estimate”, “expects”, “seeks”, “intends”, “may”, “potential”, “should”, and similar expressions are forward-looking statements. Although Musgrave believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Musgrave and no assurance can be given that actual results will be consistent with these forwardlooking statements.

Table 1a: Summary of New Diamond drill hole assay results from West Island

Drill Hole ID	Drill Type	Prospect	Sample Type	From (m)	Interval (m)	Au (g/t)	Comment
21MODD023A	Diamond	West Island	Geological	96	6	0.6	Lower saprolite
				132.4	9.6	1.8	Mineralisation in dolerite – Fresh Rock
				191.8	3.2	0.5	Weak mineralisation in dolerite
				205	8.0	1.9	Mineralisation in dolerite
21MODD024	Diamond	West Island	Geological	212	8.0	3.0	Gold mineralisation – Fresh dolerite
			Including	214.8	0.9	19.7
			Geological	299	7.0	0.4	Weak gold mineralisation in dolerite
			Geological	419	1.0	1.3

Notes to Table 1a and 1b

1. An accurate dip and strike and the controls on mineralisation are only interpreted and the true width of mineralisation is unknown at this time.

2. In Diamond (Diam) drilling, individual samples were collected at geological intervals with no individual sample smaller than 0.25m and none larger than 1.5m. All samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.005ppm detection limit) by Genalysis-Intertek in Maddington, Western Australia

3. g/t (grams per tonne), ppm (parts per million), ppb (parts per billion), X = below detection limit, NSI = no significant intercept above 100ppb Au

4. Intersections are generally calculated over >1m intervals >0.5g/t where zones of internal dilution are not weaker than 2m < 0.1g/t Au.

1. Drill type; Diam = Diamond

2. Coordinates are in GDA94, MGA Z50 using averaged GPS position

Table 1b: Drill hole details of diamond holes with assays shown above

Drill Hole ID	Drill Type	Prospect	Easting (m)	Northing (m)	Azimuth (deg)	Dip (deg)	RL (m)	Total Depth (m)	Assays
21MODD023A	Diamond	West Island	584307	6942797	105	-60	412	238m	Reported Above
21MODD024	Diamond	West Island	584177	6942822	105	-60	412	466m	Reported Above

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Table 2a: Summary of New Significant Aircore Drill Assay Results from West Island

Drill Hole ID	Drill Type	Prospect	Sample Type	EOH (m)	From (m)	Interval (m)	Au (g/t)	Comment
21MOAC001	Aircore	West Island	2m composites	47		NSI		Stripped regolith profile
21MOAC002	Aircore	West Island	2m composites	44		NSI		Stripped regolith profile
21MOAC003	Aircore	West Island	2m composites	47		NSI		Stripped regolith profile
21MOAC004	Aircore	West Island	2m composites	52		NSI		Stripped regolith profile
21MOAC005	Aircore	West Island	2m composites	60		NSI		Stripped regolith profile
21MOAC006	Aircore	West Island	2m composites	72	68	2	0.45	Regolith gold anomalism
21MOAC007	Aircore	West Island	2m composites	57	51 to EOH	6	0.16	Stripped regolith profile with gold anomalism to EOH
21MOAC008	Aircore	West Island	2m composites	45	42	2	0.10	Regolith gold anomalism
21MOAC009	Aircore	West Island	2m composites	33		NSI		Stripped regolith profile
21MOAC010	Aircore	West Island	2m composites	34		NSI		Stripped regolith profile
21MOAC011	Aircore	West Island	2m composites	46		NSI		Stripped regolith profile
21MOAC012	Aircore	West Island	2m composites	61	53 to EOH	8	0.31	Stripped regolith profile with gold anomalism to EOH
21MOAC013	Aircore	West Island	2m composites	54	51	2	0.12	Stripped regolith profile
21MOAC014	Aircore	West Island	2m composites	63	58 to EOH	5	0.12	Stripped regolith profile with gold anomalism to EOH
21MOAC015	Aircore	West Island	2m composites	43		NSI		Stripped regolith profile
21MOAC016	Aircore	West Island	2m composites	90	60	2	0.13	Regolith gold anomalism
					74	2	0.12	Regolith gold anomalism
					82 to EOH	8	0.35	Regolith gold anomalism to EOH
21MOAC017	Aircore	West Island	2m composites	83	76	4	0.14	Regolith gold anomalism
21MOAC018	Aircore	West Island	2m composites	154	87 to EOH	67	0.82	Regolith gold mineralisation to EOH
			Including		87	44	1.17
21MOAC019	Aircore	West Island	2m composites	153	88 to EOH	67	0.87	Regolith gold mineralisation to EOH
			Including		108	12	3.33
21MOAC020	Aircore	West Island	2m composites	152	86	2	0.22	Regolith gold anomalism
			And		96	46	0.72	Regolith gold anomalism
			Including		110	20	1.46	Regolith gold mineralisation
			And		148	2	0.33	Regolith gold anomalism to EOH
21MOAC021	Aircore	West Island	2m composites	102	96 to EOH	6	0.35	Regolith gold anomalism to EOH
21MOAC022	Aircore	West Island	2m composites	146	104	6	0.09	Regolith gold anomalism
			And		120	8	0.17	Regolith gold anomalism
			And		138	2	0.14	Regolith gold anomalism
21MOAC023	Aircore	West Island	2m composites	173	114	20	0.29	Regolith gold anomalism
21MOAC024	Aircore	West Island	2m composites	178	102	2	0.39	Regolith gold anomalism
					110 to EOH	68	1.49	Regolith gold mineralisation
			Including		134	12	4.41	Regolith gold mineralisation
21MOAC025	Aircore	West Island	2m composites	161	100	2	0.12	Regolith gold anomalism
					108 to EOH	53	2.01	Regolith gold anomalism to EOH
			Including		134 to EOH	27	3.63	Regolith gold anomalism to EOH
			Including		160	1	14.0	High-grade gold at EOH

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21MOAC026	Aircore	West Island	2m composites	141	92	2	0.22	Regolith gold anomalism
					126	4	0.17	Regolith gold anomalism
21MOAC027	Aircore	West Island	2m composites	179	138	41	0.57	Regolith gold anomalism
			Including		158	20	0.99	Regolith gold mineralisation
21MOAC028	Aircore	West Island	2m composites	175	106 to EOH	69	0.67	Regolith gold anomalism to EOH
			Including		112	36	1.06	Regolith gold mineralisation
21MOAC029	Aircore	West Island	2m composites	160	110	2	0.16	Regolith gold anomalism
					126	4	0.14	Regolith gold anomalism
21MOAC030	Aircore	West Island	2m composites	169	120	2	0.10	Regolith gold anomalism
					128	10	0.18	Regolith gold anomalism
			and		144	18	0.28	Regolith gold anomalism
21MOAC031	Aircore	West Island	2m composites	183	124	10	0.13	Regolith gold anomalism
			and		146	6	0.24	Regolith gold anomalism
			and		174	9	0.14	Regolith gold anomalism
21MOAC032	Aircore	West Island	2m composites	169	116	42	0.55	Regolith gold anomalism
			Including		124	18	1.0	Regolith gold mineralisation
			and		166	2	0.14	Regolith gold anomalism

Notes to Table 2a and 2b

7. An accurate dip and strike and the controls on mineralisation are only interpreted and the true width of mineralisation is unknown at this time.

8. In Aircore (AC) drilling, composite 2 metre samples were collected with smaller composites if end of hole reached within a 2m interval. One metre individual samples are submitted for priority analysis where 2m composite assays are greater than 100ppb Au. All samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.005ppm detection limit) by Genalysis-Intertek in Maddington, Western Australia

9. g/t (grams per tonne), ppm (parts per million), ppb (parts per billion), X = below detection limit, NSI = no significant intercept above 100ppb Au

10. Intersections are generally calculated over intervals >0.1g/t where zones of internal dilution are not weaker than 2m < 0.1g/t Au.

1. Drill type; AC = Aircore

2. Coordinates are in GDA94, MGA Z50 using averaged GPS position

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Table 2b: Drill hole details of New Aircore Drill Assay results from West Island

Drill Hole ID	Drill Type	Prospect	Easting (m)	Northing (m)	Azimuth (deg)	Dip (deg)	RL (m)	Total Depth (m)	Assays
21MOAC001	Aircore	West Island	584657	6943360	0	90	413	47	Reported Above
21MOAC002	Aircore	West Island	584609	6943374	0	90	413	44	Reported Above
21MOAC003	Aircore	West Island	584562	6943389	0	90	413	47	Reported Above
21MOAC004	Aircore	West Island	584514	6943403	0	90	413	52	Reported Above
21MOAC005	Aircore	West Island	584466	6943418	0	90	413	60	Reported Above
21MOAC006	Aircore	West Island	584396	6943344	0	90	413	72	Reported Above
21MOAC007	Aircore	West Island	584492	6943315	0	90	413	57	Reported Above
21MOAC008	Aircore	West Island	584587	6943286	0	90	413	45	Reported Above
21MOAC009	Aircore	West Island	584683	6943256	0	90	413	33	Reported Above
21MOAC010	Aircore	West Island	584613	6943179	0	90	413	34	Reported Above
21MOAC011	Aircore	West Island	584565	6943193	0	90	413	46	Reported Above
21MOAC012	Aircore	West Island	584518	6943208	0	90	413	61	Reported Above
21MOAC013	Aircore	West Island	584470	6943222	0	90	413	54	Reported Above
21MOAC014	Aircore	West Island	584422	6943237	0	90	413	63	Reported Above
21MOAC015	Aircore	West Island	584581	6943084	0	90	413	43	Reported Above
21MOAC016	Aircore	West Island	584486	6943113	0	90	413	90	Reported Above
21MOAC017	Aircore	West Island	584390	6943142	0	90	413	83	Reported Above
21MOAC018	Aircore	West Island	584304	6942213	107	60	413	154	Reported Above
21MOAC019	Aircore	West Island	584257	6942228	107	60	413	153	Reported Above
21MOAC020	Aircore	West Island	584209	6942242	107	60	413	152	Reported Above
21MOAC021	Aircore	West Island	584161	6942257	107	60	413	102	Reported Above
21MOAC022	Aircore	West Island	584261	6942011	107	60	413	146	Reported Above
21MOAC023	Aircore	West Island	584214	6942026	107	60	413	176	Reported Above
21MOAC024	Aircore	West Island	584166	6942040	107	60	413	178	Reported Above
21MOAC025	Aircore	West Island	584118	6942055	107	60	413	161	Reported Above
21MOAC026	Aircore	West Island	584058	6941970	107	60	413	161	Reported Above
21MOAC027	Aircore	West Island	584106	6941955	107	60	413	141	Reported Above
21MOAC028	Aircore	West Island	584154	6941941	107	60	413	179	Reported Above
21MOAC030	Aircore	West Island	584171	6941830	107	60	413	169	Reported Above
21MOAC031	Aircore	West Island	584124	6941845	107	60	413	183	Reported Above
21MOAC032	Aircore	West Island	584076	6941859	107	60	413	169	Reported Above

---ENDS---

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JORC TABLE 1 Section 1 Sampling Techniques and Data

Criteria	Explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	The drill hole sampling in this release has been carried out on Lake Austin as part of the Cue Joint Venture with Evolution mining Ltd. The aircore drill program comprises drill holes varying in depth from 5m to 190m. All drill holes were drilled at either -60o, -70oor -90oand at variable spacing but nominally 50m spacings along lines with traverse lines spaced 100m-200m apart. One metre aircore samples are laid out in rows of 20 on the ground and composite 2m samples collected by scoop sampling the one metre piles to produce a 2-3kg composite sample which is sent to the Genalysis laboratory in Maddington, Perth for analysis. The diamond drill program comprises diamond drill holes varying in depth from 350m to 420m. All drill holes were drilled at either -60o, or -55oand at variable spacings and azimuths. Sampling is undertaken using standard industry practices including the use of duplicates and standards at regular 30m intervals. Sample are sent to the Genalysis laboratory in Maddington, Perth for analysis. A Thermo Scientific Niton GoldD XL3+ 950 Analyser is available on site to aid geological interpretation. No XRF results are reported.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	All co-ordinates are in UTM grid (GDA94 Z50) and drill hole collars have been surveyed by handheld GPS to an accuracy of ~1.0m. The accuracy of historical drill collarspre-2009 is unknown.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g 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 (eg submarine nodules) may warrant disclosure of detailed information.	Aircore samples were collected as 2m composites for all drill holes in the current program. Samples weigh less than 3kg to ensure total preparation at the laboratory pulverization stage. The sample size is deemed appropriate for the grain size of the material being sampled. Samples are sent to the Genalysis –Intertek laboratory in Maddington. Samples are pulverized to 85% passing -75um and four metre composite samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.005ppm detection limit). Diamond samples were collected at geologically defined intervals (minimum sample length 0.25m, maximum sample length 1.5m) for all drill holes in the current program Samples are cut using an automated diamond saw and half core is submitted for analysis. Individual samples weigh less than 5kg to ensure total preparation at the laboratory pulverization stage. The sample size is deemed appropriate for the grain size of the material being sampled. Samples are sent to the Genalysis –Intertek laboratory in Maddington. Samples are pulverized to 85% passing -75um and four metre composite samples are analysed using a 50g fire assay with ICP-MS (inductively coupled plasma - mass spectrometry) finish gold analysis (0.005ppm detection limit). Individual one metre gold samples are analysed using a 50g fire assay with ICP-MS finish forgold.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	The aircore drilling program was undertaken by Ausdrill Ltd with a 3- inch drill pipe and blade (76mm) or hammer (76mm) using a KL150 track mounted aircore rig. The diamond drilling program reported here was undertaken by West Core Drilling Pty Ltd utilising a LF90D drill rig. PQ, HQ and NQ core is obtained. A combination of historical aircore, and diamond drilling has been undertaken by multiple companies over a thirty-year period across the broader project area. Details of historical aircore and Rotary Air Blast (RAB) drilling techniques used on Lake Austin are not clearly reported in the historical data although these drilling methods produce cut and air blasted regolith samples and not core.

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Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Aircore drill samples are usually dry but some wet samples exist where ground water pressure is high. The sample size and condition (wet, damp, dry) is recorded every metre. Generally, recovery is 80-100% but occasionally down to 30% on rare occasions when ground water pressure is very high. The cyclone is routinely cleaned to reduce the likelihood of cross sample contamination. Diamond core samples are considered dry. The sample recovery and condition is recorded every metre. Generally, recovery is 98-100% but occasionally down to 70% on rare occasions when ground is very broken. Bulk sample weights are observed and noted in a field Toughbook computer by MGV field staff. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Drillers use industry appropriate methods to maximise sample recovery and minimise downhole contamination. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	No significant sample loss or bias has been noted.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All geological, structural and alteration related observations are stored in the database. All pre 2009 historical drilling was intended with an exploration focus and not for Mineral Resource estimation or mining and metallurgical studies. Although drill chip samples have been historically logged for geological, structural and alteration related observations the drill holes have not been logged to a level that would support appropriate Mineral Resource estimation or miningand metallurgical studies.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging of lithology, structure, alteration, mineralisation, colour and other features of chips is undertaken on a routine 1m basis in aircore for all samples.
	The total length and percentage of the relevant intersections logged.	All drill holes are logged in full on completion.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Core is cut on site by an automated Almonte core saw and half core is analysed.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Aircore samples are routinely kept dry by the use of pressurised air. Minimal wet sampling occurred and only in areas of high ground water pressure. All diamond core samples are routinely kept dry. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	New aircore samples were collected as 2m composites for all drill holes in the current program using a scoop methodology. Diamond samples were collected at geologically defined intervals (minimum sample length 0.25m, maximum sample length 1.5m) for all drill holes in the current program Samples are cut using an automated diamond saw and half core is submitted for analysis. Drill sample preparation and base metal and precious metal analysis is undertaken by a registered laboratory (Genalysis – Intertek). Sample preparation by dry pulverisation to 85% passing 75 micron. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Field QC procedures involve the use of certified reference standards (1:50), duplicates (~1:30) and blanks at appropriate intervals for early- stage exploration programs. High, medium and low gold standards are used. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Sampling is carried out using standard protocols and QAQC procedures as per industry practice. Duplicate samples are inserted (~1:30) and routinely checked against originals. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate for grain size of sample material to give an accurate indication of geochemical gold dispersion. Samples are collected from full width of sample interval to ensure it is representative of the drillinginterval.

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Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	In aircore drilling all samples through the cover-basement contact and into the Archaean regolith are analysed as 2m composites. Analysis is by 50g fire assay with ICP-MS finish for gold. Multi-element analysis is undertaken on all end of hole samples. On all aircore samples, analysis is undertaken by Intertek-Genalysis (a registered laboratory), with 50g fire assay with ICP-MS finish undertaken for gold. In diamond drilling samples are analysed through potential gold mineralised zones. On all samples, analysis is undertaken by Intertek-Genalysis (a registered laboratory), with 50g fire assay with ICP-MS finish undertaken for gold. Internal certified laboratory QAQC is undertaken including check samples, blanks and internal standards. This methodology is considered appropriate for gold mineralisation at the exploration phase. For drilling pre 2009 analysis for gold was by aqua regia digest with AAS finish and considered appropriate for the type of exploration undertaken.
	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.	No geophysical tools were used to estimate mineral or element percentages. Musgrave utilise a Thermo Scientific Niton GoldD XL3+ 950 Analyser to aid geological interpretation.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Standards, duplicates, blanks, and repeats are utilised as standard procedure. Certified reference materials that are relevant to the type and style of mineralisation targeted are inserted at regular intervals. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Samples are verified by the geologist before importing into the main database (Datashed). Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
	The use of twinned holes.	No twin holes have been drilled by Musgrave Minerals Ltd during this program.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary data is collected using a standard set of templates. Geological sample logging is undertaken on one metre intervals for all RC drilling with colour, structure, alteration and lithology recorded for each interval. Data is verified before loading to the database. Geological loggingof all samples is undertaken.
	Discuss any adjustment to assay data.	No adjustments or calibrations are made to any MGV assay data reported. To our knowledge, no adjustments or calibrations were made to anyhistorical assaydata reported.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	All maps and drill hole locations are in UTM grid (GDA94 Z50) and have been surveyed or measured by hand-held GPS with an accuracy of >±1 metre.
	Specification of the grid system used.	Drill hole and sample site co-ordinates are in UTM grid (GDA94 Z50) and converted from localgrid references.
	Quality and adequacy of topographic control.	Historical drill hole collars and RL’s on Lake Austin were surveyed by hand-held GPS with an accuracy of >±5 metre. Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Variable drill hole spacings are used to adequately test targets and are determined from geochemical, geophysical and geological data together with historical drilling information. Regional aircore drill hole traverse spacing is variable from 100m to 200m and 50m to 100m along lines. Diamond drill holes are spaced at variable intervals based on geological interpretation. Variable drill hole spacings were used in historical drilling with drill traverses spaced between 100m and 1km apart.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	No mineral resources or ore reserves have been estimated based on the exploration data and information generated on the tenements that are subject to the Musgrave – Evolution joint venture agreement

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	Whether sample compositing has been applied.	Aircore samples were collected as 2m composites for all drill holes in the current program, unless EOH occurred on an odd number depth, using a scoop methodology from one metre sample piles. One metre individual samples are submitted for analysis where anomalous composite assays above 100ppb gold exist using a scoop methodology rom one metre sample piles. Composite sampling is undertaken using a stainless-steel spear (trowel) on one metre samples and combined in a calico bag for a combined weight of approximately 2-3kg. One metre individual samples were collected in mineralised zones on all pre 2009 historical drill holes. No sample compositingwas undertaken in diamond sampling.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Drilling is designed to cross the mineralisation as close to perpendicular as possible. Most drill holes are designed at a dip of approximately -55 to -60 degrees. The true width of drill intersections in fresh rock is not known at this time but gold dispersion mineralisation in the Archaean saprolite from aircore drillingis interpreted to be dominantlyflat lying.
	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 reported if material.	No orientation based sampling bias is known at this time.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by internal staff. Drill samples are stored on site and transported by a licenced reputable transport company to a registered laboratory in Perth (Genalysis-Intertek at Maddington). When at the laboratory samples are stored in a locked yard before being processed and tracked through preparation and analysis (Lab- Trak system). Pre 2009 drilling results noted in this report are historical and not reported in detail. As such these details are unknown.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	During the resource estimate an external review of the geological interpretation, data and modelling techniques was undertaken by CSA global. Open file reports confirm the historical mineralisation as reported.

Section 2 Reporting of Exploration Results

Criteria Mineral tenement and land tenure status Exploration done by other parties	Explanation	Commentary
	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	Musgrave Minerals has secured 100% of the Moyagee Project area (see MGV ASX announcement 2 August 2017: “Musgrave Secures 100% of Key Cue Tenure”). In October 2019 the Evolution Joint Venture commenced covering Lake Austin and some surrounding tenure. Evolution have a right to earn 75% in the project by spending $18M on exploration within 5 years. Joint venture tenements include; E21/129, E21/200, E21/194, E21/177, E21/204, E21/207, E21/208, P21/757, E58/507, M21/107 and the northern portion of M21/106. Musgrave will manage the JV for the initial period. The Break of Day, Lena, White Heat and Target 14 and Prospects are located on the southern portion of 100% MGV owned granted mining lease M21/106 and E58/335. The primary tenement holder is Musgrave Minerals Ltd. The Numbers and Big Sky Prospect are on E58/335 owned 100% by Musgrave Minerals Ltd. Lake Austin North is on M21/106 and E21/129. The Mt Eelya Prospect is located on granted exploration licence E20/608 and the primary tenement holder is Musgrave Minerals Ltd. The Cue project tenements consist of 39 licences. The tenements are subject to standard Native Title heritage agreements and state royalties. Third party royalties are present on some individual tenements.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements are in good standing and no known impediments exist.
	Acknowledgment and appraisal of exploration by other parties.	Historical drilling, soil sampling and geophysical surveys have been undertaken in different areas on the tenements intermittently by multiple third parties over a period of more than 30 years. At Break of Day and Lena historical exploration and drilling has been undertaken by a number of companies and most recently by Silver Lake Resources Ltd in 2010-11. Historical lake drilling from 1991-1999 was undertaken by Perilya Mines Ltd and from 2001-2006 by Mines and Resources Australia Pty Ltd. Prior to MGV, Silver Lake Resources Ltd also did historical drilling at Break of Day,Lena,Leviticus and Numbers between 2009 and 2011.

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Geology	Deposit type, geological setting and style of mineralisation.	Geology comprises typical Archaean Yilgarn greenstone belt lithologies and granitic intrusives. Two main styles of mineralisation are present, typical orogenic Yilgarn Archaean lode gold and volcanic massive sulphide (VMS) base metal and gold mineralisation within the Eelya Felsic Complex (northern tenure).
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length.	All relevant historical drill hole information has previously been reported by SLR and MGV and through open file reporting by previous explorers. All new drill holes completed and assayed by MGV & EVN with material results (>500ppb Au (0.5g/t Au)) are referenced in this release.
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.	All significant new drill hole assay data of a material nature are reported in this release. No cut-off has been applied to any sampling. All intervals have been length weighted.
	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 some typical examples of such aggregations should be shown in detail.	All significant new drill hole assay data are reported in this release. No cut-off has been applied to any sampling.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values have been reported. All intervals are down hole intervals with a minimum width of one metre and are not true widths.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. 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 _(e.g. ‘down hole length, true width not known’). _	All significant new drill hole assay data of a material nature are reported in this release. True widths are not confirmed but all drilling is planned close to perpendicular to interpreted targets. Gold intersections within the Archaean regolith are interpreted to intersect flat lying gold dispersion halos.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Diagrams referencing new and historical drill data can be found in the body of this release.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All material assays received to date from Musgrave’s drilling are reported in this release together with reference to historical drilling results of significance.
Other substantive exploration data	Other exploration data, if meaningful and material, should be 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.	All new meaningful data is reported in this release. All material results from geochemical and geophysical surveys and drilling related to these prospects has been reported or disclosed previously.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).	A range of exploration techniques will be considered to progress exploration including additional drilling.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to figures in the body of this announcement.

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