GATEWAY MINING LIMITED — Capital/Financing Update 2019

Apr 2, 2019

ASX ANNOUNCEMENT

3 April 2019

Option to Acquire Gold Project in the Highly Endowed Laverton District of Western Australia

Several kilometres of gold in soil anomalies and transition zones remain untested

HIGHLIGHTS

• Option secured over four granted tenements – approximately 280km[2] in very fertile, highly endowed Laverton Region of Western Australia

• Hornet Prospect:

• 5km[2] of surface and transition gold anomalies remain open and poorly tested

• Transition gold anomalism > 1 g/t gold in two shallow aircore holes with associated gold bearing plume stretching several hundred metres laterally and along strike

• Phantom Prospect:

• Surface and transition gold anomalies over approximately 6km remain unexplained and poorly tested

• Targets have a similar geochemical signature to the Tropicana Gold Project (>6M oz Au), suggestive of potential to host a major gold deposit

• Drilling to commence during Q2 2019

• Meeting scheduled to discuss the grant of the Lawnhill Project tenure with Traditional Owners re-scheduled for late May 2019

Trek Metals Limited (“Trek” or “Company”) is pleased to announce that it has entered into an option agreement ( Option Agreement ) with Omni Projects Pty Ltd ( Omni ), a wholly owned subsidiary of Gateway Mining Limited (ASX:GML) (“GML”) on Omni’s Edjudina Gold Project in the Laverton District of Western Australia ( Project ).

Under the Option Agreement, Trek will have an exclusive six month option to acquire Omni’s interests in the Project ( Acquisition ).

Several of Western Australia’s largest gold mines are present in the Laverton region including the multimillion ounce Granny Smith, Sunrise Dam and Carosue Dam Projects.

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Commenting on the Acquisition, Trek’s Managing Director, Bradley Drabsch, said:

“With new thinking and new ideas, we often see in mineral exploration, that discoveries are made where previous workers have moved on for various reasons. Be these economic or management changes, they present opportunities for future work to bear fruit. We see the opportunity at Edjudina as being one such example, particularly when it can be acquired and our exploration concepts tested for a relatively low cost. Open targets like these are rare and warrant investigation, especially in a time where relatively thin cover can mask truly giant ore bodies.”

Figure 1. Edjudina Gold Project tenement location

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Edjudina Gold Project

The Edjudina Gold Project is located in the highly mineralised Eastern Goldfield Province of the Yilgarn Craton and is considered prospective for gold and nickel-copper mineralisation (Figure 1). The core of the project covers a strike extent of approximately 29km within the Linden Terrain east of the Pinjin Fault over a north-northwest trending sequence of prospective greenstone and is immediately along strike of Matsa Resources Limited’s Fortitude Gold Project (>385,000oz Au). The region is also subject to significant exploration interest from a number of major resource companies including St Barbara Limited, Saracen Minerals Holding Limited and AngloGold Ashanti Australia Limited

Previous work on the Edjudina tenure, mostly during the 1980’s and 1990’s included soil sampling, geophysics (both airborne and ground based), AC drilling and minimal RC drilling.

Several gold-in-soil anomalies were identified by previous workers, in particular, at two prospect locations, Hornet and Raptor (Figures 1, 2 and 5). Both areas of soil anomalism were the subject of shallow AC drilling to the base of weathered rock and both demonstrated significant, lateral and strike extensive, unexplained transition gold anomalies directly related to the surface geochemical anomalism.

Much of this exploration effort was undertaken at a time when the gold price was less than US$300/oz and therefore the hurdles to mining were much higher than today where gold trades at about US$1,300/oz.

Figure 2. Hornet Prospect soil geochemistry with historic AC and RC drill collars

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Figure 3. Hornet Prospect section 6,716,650mN

Of particular interest is the Hornet Prospect, where two intervals at the transition from weathered rock to fresh rock, within what is logged as a mafic rich variant of basement, remain open and unresolved (Figure 4). A small program of ineffective RC drilling was completed at Hornet but the holes drilled were testing a geophysical anomaly and missed the more prospective geochemical/geological targets. The more prospective transition anomaly intersections included:

• 4m @ 1.3 g/t Au (from 41.0m to EOH in hole 1650/7250),including 1.0m @ 4.6 g/t Au ; and

• 1.0m @ 2.0 g/t Au (from 47.0m in hole 1650/7247)

These two intersections, in context, present as very similar in nature to the early intersections at the multi-million ounce Tropicana gold deposit further east. Tropicana also exhibited a very similar soil anomaly to that present at Hornet and Raptor.

Figure 4 provides an example of an early drill section and soil anomaly from Tropicana. It is worth noting the same gold depletion within the saprolite as that present at both Hornet and Raptor and a very similar tenor and size soil anomaly derived from sampling sand dominated regolith was present at Tropicana. It wasn’t until drilling was conducted beneath the base of complete weathering at Tropicana (the region shown as more transparent in the figure) that the true nature and extent of the primary mineralisation was understood. Prior to the deeper drilling, a very similar scenario to that which is present at both Hornet and Raptor existed.

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Figure 4. Early exploration from Tropicana – Initial Soil Geochemistry (Top) Early Drilling Section (Bottom)

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Shallow aircore drill testing at the Raptor prospect (Figure 3) demonstrated a direct relationship between surficial soil and transition bedrock gold anomalism with shallow AC drilling along the anomaly failing to penetrate below the transition into true fresh rock and failing to explain adequately the source of what is a very large, very continuous gold anomaly.

Figure 5. Raptor Prospect soil geochemistry with historic AC collars

Forward Program

The Company aims to begin drill testing at both Hornet and Raptor during Q2 2019.

Key terms of the conditional Option Agreement include:

• Non-refundable cash payment of $10,000 within 14 days of signing;

• Trek to commit to a minimum of $100,000 of expenditure, including drilling commencement within 3 months of signing;

• Cash payment of $50,000 upon option exercise;

• Issue of $200,000 worth of Trek CDI’s upon option exercise (5 day VWAP);

• Grant of a 1.5% NSR to GML (payable after first 200,000oz Au production);

• Cash payment of $1M million upon declaration of JORC Indicated Resources of >400,000oz Au; and

• Cash payment/Issue of Trek CDI’s (at Trek’s election) equivalent to $3 million at a decision to mine (5 day VWAP).

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Completion of the acquisition will be subject to the following Conditions Precedent:

• Purchase Due Diligence: Trek conducting due diligence enquiries on the Project and Trek giving written notice to Omni that it is satisfied with its due diligence enquiries, within 14 days after the date of execution of the option agreement;

• Mining Information: Trek giving written notice that it is satisfied that Omni has provided all relevant mining information and other material required to enable completion of the acquisition;

• Tenement Extension of Term and Tenements in Good Standing: Trek giving written notice that it is satisfied that Omni has obtained any extension of term documentation as required for the tenements and that the tenements are in good standing;

• Option Exercise Notice: As at the completion date, provision by Trek that the representations and warranties of Omni are true and correct in all respects.

Completion will take place 5 business days after all of the Conditions Precedent have been satisfied or waived by the parties ( Completion ).

During the option period and in the event of exercise of the option, then until Completion, Trek shall be solely responsible for:

• maintaining the Project in good standing in accordance with all applicable laws including the $100,000 minimum expenditure; and

• all rehabilitation of the project including all costs relating to rehabilitation of the Project. Trek will only be responsible for rehabilitation of the works carried out by it on the Project pursuant to the terms of the Option Agreement.

Bradley Drabsch

MANAGING DIRECTOR

COMPETENT PERSONS STATEMENT

The information in this report that relates to exploration results is based on information compiled by Mr Bradley Drabsch, Member of the Australian Institute of Geoscientists (“AIG”) and Managing Director of Trek Metals Limited. Mr Drabsch has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a competent person as defined in the JORC Code 2012. Mr Drabsch consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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ABOUT TREK METALS LIMITED

Trek Metals Limited is an Australian listed (ASX:TKM) base metals explorer focused on delivering World Class discovery opportunities from parts of the world that have seen limited exploration. The Companys’ flagship project is the Kroussou Zinc-Lead Project located in Gabon in West Africa. The Kroussou Project was acquired in 2016 and has been largely unexplored since the late 1970’s when the Bureau de Recherches Géologiques et Minières (BRGM) discovered significant, near surface mineralisation there. Trek is determined to deliver to shareholders the best possible outcome by leveraging itself to genuine opportunities for discovery.

REGISTERED OFFICES

Australia Suite 5/56 Kings Park Rd WEST PERTH WA 6005

Bermuda Trinity Hall 43 Cedar Avenue HAMILTON HM12

Postal Address P.O. Box 1796 WEST PERTH WA 6872

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg 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. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • 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 1 m samples from which 3 kg 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.	Historic Drilling • Due to the historic nature of the drilling results reported herein, it is not possible to comment on the quality of the sampling used to produce the results described. Results were obtained from historic reports submitted to the Western Australian Geological Survey.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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). _	Historic Drilling • Drilling was completed using standard aircore and RC methods.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse	Historic Drilling • Due to the historic nature of the drilling results reported herein, it is not possible to comment on the recoveries achieved at the time. Only sporadic reference to recovery was made in historic logs.

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Criteria	JORC Code explanation	Commentary
	material.
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. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged.	Historic Drilling • All drilling was logged in detail. • Qualitative: Lithology, alteration, mineralisation etc. • All holes for their entire length appear to have been logged.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • 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. • Whether sample sizes are appropriate to the grain size of the material being sampled.	Historic Drilling • Due to the historic nature of the drilling results reported herein, it is not possible to comment on the method of sampling, sampling techniques and sample preparation methodology.
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. • 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. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision have been established.	Historic Drilling • Due to the historic nature of the drilling results reported herein, it is not possible to confirm the method of assay or analytical technique however it is assumed that industry standard methods were used. • No description of specific QAQC protocols are provided in the historic reports.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data	Historic Drilling • Due to the historic nature of the drilling results reported herein, it is not possible to verify any of the results.

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Criteria	JORC Code explanation	Commentary
	storage (physical and electronic) protocols. • Discuss any adjustment to assay data.
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. • Specification of the grid system used. • Quality and adequacy of topographic control.	Historic Drilling • Drillholes were located using handheld GPS.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • 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 estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	Historic Drilling • Due to the historic nature of the drilling results reported herein, they will not be suitable for use in a Mineral Resource estimation.
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. • 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.	Historic Drilling • The drilling is described is early stage and it is considered appropriately oriented.
Sample security	• The measures taken to ensure sample security.	Historic Drilling • Due to the historic nature of the drilling results reported herein, it is not possible to comment on sample security.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	Historic Drilling • No audits are possible on the results but a full review of the historic data package is underway.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• 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. • 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 owned by Omni Projects Pty Ltd, a wholly owned subsidiary of Gateway Mining Limited (ASX:GML)
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Exploration has been undertaken by several companies over time including but not limited to Dominion Mining, Arimco Mining Limited and Delta Gold. This work was largely limited to surface geochemistry, surface geophysics and shallow aircore and RAB drilling with only minor deeper RC drillingbeingundertaken.
Geology	• Deposit type, geological setting and style of mineralisation.	• Exploration is for shear hosted gold and komatiitic nickel deposits typical of the Yilgarn Region of Western Australian
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: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	N/A
Data aggregation methods	• In reporting Exploration Results, weighting averaging 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 some typical examples of such aggregations should be shown in detail.	N/A

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Criteria	JORC Code explanation	Commentary
	• The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineral- isation widths 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’).	Historic Drilling • Mineralisation is is poorly understood and no comments on it’s nature can be made with confidence at this stage.
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.	• Refer to figures and tables in report.
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.	N/A
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 meaningful and material information is reported.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out 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.	• Drilling is planned to test deeper targets.

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