GATEWAY MINING LIMITED — Capital/Financing Update 2020

Nov 23, 2020

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

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ASX Announcement: 24 November 2020

GATEWAY RECEIVES $150,000 EXPLORATION INCENTIVE SCHEME GRANT FOR DIAMOND DRILLING AT GIDGEE

Successful application for WA Government Exploration Incentive Scheme to co-fund stratigraphic diamond drilling to enhance understanding of the Montague Granodiorite Dome

Key Points:

• Successful application for the WA Government Exploration Incentive Scheme to co-fund stratigraphic diamond drilling around the Montague Granodiorite Dome

• Funds will be used to drill four +600m deep diamond holes

• Holes will generate invaluable data on the nature of the Dome, to help guide long-term exploration targeting of the gold-rich system

• Drilling to be undertaken in H1 CY2021

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that it has successfully applied for co-funding of a deep diamond drilling program at the Montague Granodiorite Dome, part of its 1,000km[2] Gidgee Gold Project in Western Australia. The funds are available as part of the WA Government Exploration Incentive Scheme.

This deep diamond drilling will be undertaken in the first half of the 2021 calendar year, as part of a broader Reverse Circulation and diamond drilling program to follow up on recently announced high-grade intersections on the Northwest margin of the Montague Granodiorite Dome[1] , including:

▪ GRC550: 15 metres @ 3.0g/t Au from 104m and; 10 metres @ 9.2g/t Au from 140m ▪ GRC538: 10 metres @ 2.5g/t Au from 114m

The deep drilling to be undertaken will generate significant data on the nature of the Granodiorite intrusion, and the mafic volcanic host stratigraphy. This co-funding enables Gateway to drill much deeper holes to generate valuable exploration framework data than would ordinarily be undertaken. This data will enable Gateway to increase its understanding of the intrusion and controls on the mineralisation, and will significantly influence the continued exploration along the highly prospective granodiorite margin.

Gateway’s systematic drilling of the Montague Granodiorite dome has highlighted the prospectivity of this system. The success in obtaining this grant, which is assessed by independent geologists on behalf of the State Government, again demonstrates that the technical basis for its exploration targets is highly prospective.

1 See ASX Release dated 20 November 2020

This release has been authorised by:

Peter Langworthy Managing Director

For and on behalf of GATEWAY MINING LIMITED

Investors Media Peter Langworthy Nicholas Read Managing Director Read Corporate T: 02 8316 3998 T: 08 9388 1474 or Kar Chua Company Secretary T: 02 8316 3998

Competent Person Statement

The information in this announcement that relates to Exploration Results and Mineral Resources has been extracted from various Gateway ASX announcements and are available to view on the Company’s website at www.gatewaymining.com.au or through the ASX website at www.asx.com.au (using ticker code “GML”)

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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