GATEWAY MINING LIMITED — Capital/Financing Update 2019

Nov 25, 2019

ABN: 31 008 402 391 Level 11, 52 Phillips Street Sydney NSW 2000 GPO Box 225 Sydney NSW 2001 Tel: 61 2 8316 3998 Fax: 61 2 8316 3999 Website: www.gatewaymining.com.au

ASX Announcement: 26 November 2019

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GATEWAY COMPLETES SALE OF EDJUDINA PROJECT

Sale of non-core exploration project to Syndicated Metals crystallises value and maintains Gateway’s focus on its flagship Gidgee Gold Project

Further to its announcement of 6 November 2019, Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that it has completed the divestment of its non-core Edjudina Exploration Project in the Laverton region of Western Australia to ASX-listed Syndicated Metals (ASX: SMD) ( SMD ) following the satisfaction of the conditions precedent to the Tenement Sale Agreement.

Under the Tenement Sale Agreement, between the Company’s wholly-owned subsidiary, Gateway Projects WA Pty Limited ( Gateway Projects ) and SMD, SMD has agreed to acquire an 80% interest in E39/1765, E39/1882, E31/1150 and E31/1134 ( Tenements )( Tenement Sale Agreement ).

As consideration for selling an 80% ownership interest in the Tenements, Gateway has received the following consideration:

• $50,000 cash;

• $200,000 in SMD shares with an issue price of $0.0076 per share (based on the 5-day VWAP at the date of execution of the Tenement Sale Agreement); and

• The grant of a 1.5% gross revenue royalty over the Tenements (payable after the first 200,000 ounces of gold or equivalent mineral product has been recovered from the Tenements).

MANAGEMENT COMMENT

Gateway’s Non-Executive Chairman, Trent Franklin, said the divestment of the Edjudina Project was consistent with the Company’s strategy of crystallising value from its portfolio of non-core exploration assets while maintaining a strong focus on gold exploration and development at its flagship 100%-owned Gidgee Gold Project – where a major 11,000m drilling program is continuing.

Trent Franklin

Non-Executive Chairman

For and on behalf of GATEWAY MINING LIMITED