GATEWAY MINING LIMITED — Capital/Financing Update 2020

Jul 20, 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: 21 July 2020

GATEWAY EXPANDS DRILLING PROGRAM AT GIDGEE GOLD PROJECT

Up to 25,000m of RC and air-core drilling to be undertaken over the next six months following highly successful $7m capital raising

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that it has significantly expanded the recently commenced drilling program 100%-owned Gidgee Gold Project in Western Australia as part of its strategy to fast-track exploration and resource growth.

Following its recent strongly supported $7 million capital raising, the Company is positioned to undertake continuous programs of drilling that over the next six months will see at least 15,000m of Reverse Circulation (RC) and 10,000m of air-core (AC) drilling completed at priority targets around the Montague Dome. A similar approach to drilling is expected to be maintained into 2021.

Key points include:

• The current RC drilling program has now been expanded to 4,500m and is scheduled to be completed at the end of July 2020.

• To date, 26 holes (1,907m) have been completed at the Whistler South, Whistler West and Achilles Prospects, with samples for these holes submitted to the assay laboratory. Initial results are expected next month.

• Samples for the remaining seven holes currently being drilled will be submitted in batches as the program advances, ensuring strong news-flow over the coming weeks.

• An air-core rig is currently being sourced to complete a planned 10,000m program, which will commence once the initial RC drilling program is complete.

• A significantly expanded RC and diamond drilling program is scheduled to commence around September 2020, following the air-core program, and will continue through until the end of the year.

RC drilling priorities will continue to focus on high-priority targets along the north-western margin of the extensively mineralised Montague Dome including:

• The immediate southern extension to the 120,000oz Inferred Whistler Resource[1] , following up on a previous RC intersection of 13m @ 1.6g/t Au from 58m which, combined with a series of historical RAB and air-core intersections, indicate that the deposit is still open for up to 500m in this direction[2] .

• The definition of the shallow, extensively mineralised structure to the north of the Achilles Prospect, which remains open for up to 600m to the historical Caledonian NE open pit. The previous RC program at Achilles returned intersections of 21m @ 2.1g/t Au from 32m, 13m @ 3.4g/t Au from 5m and 11m @ 3.0g/t Au from 32m within the northernmost sections of RC drilling completed to date[3] .

• Along-strike extensions immediately north of the Caledonian open pit, where a number of high-grade historical intersections remain untested.

• The re-commencement of resource extension drilling at the 120,000oz Inferred Resource at Montague[1] .

• An initial test of the Kashmir geochemical target, which is located over a 1.8km strike length on the eastern margin of the Montague Dome.

1 Refer to ASX announcement 3rd October 2019

2 Refer to ASX announcement 29th January 2020

3 Refer to ASX announcement 12th December 2019

The air-core drilling program will commence systematic testing of the 4km long southern corridor of the western margin of the Montague Dome, both to confirm a series of existing targets and generate new ones.

MANAGEMENT COMMENT

Gateway’s Managing Director, Mr Peter Langworthy, said that, with a strengthened balance sheet and outstanding pipeline of targets which had been firmed up in recent months, the Company was now in an outstanding position to fast-track exploration and resource growth programs at the Gidgee Project.

“We have positioned the Company to the point we can effectively accelerate our drilling programs to unlock the true potential of what we believe to be an emerging large-scale gold system. Having sufficient funding in place means that we can maintain a fast pace of drilling activity, with drill programs set to be maintained continuously right through to the end of the year and into 2021.

“We intend to build on the existing resource base, which we consider to have major upside, and identify new positions that have potential to develop into significant new discoveries,” he added.

“The current program of RC drilling is making excellent progress and already approaching the halfway point of the expanded 4,500m of drilling. This will be followed by one of our biggest programs of air-core drilling to date, before we embark on what will be a crucial program of RC and diamond drilling through to the end of the year.

“Once we settle into a steady rhythm of drilling and sample submission, shareholders can look forward to steady news-flow with assay results anticipated every 2-3 weeks. This should kick off sometime next month with results from the first 26 holes now in the laboratory.”

This release has been authorised by Peter Langworthy Managing Director

For and on behalf of GATEWAY MINING LIMITED

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.

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

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Figure (1): Gidgee Gold Project, Montague Granodiorite system with prospect areas

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