GATEWAY MINING LIMITED — Capital/Financing Update 2021

Sep 16, 2021

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: 17 September 2021

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REVERSE CIRCULATION DRILLING RESUMES AT GIDGEE

Drilling designed to in-fill key areas ahead of maiden Resource estimates

HIGHLIGHTS

• 4,000m Reverse Circulation (RC) drilling program underway at Achilles North and Evermore.

• Drilling will test northern extensions of the Evermore discovery, which remains open.

• Footprint of the Achilles prospect to be extended ahead of maiden Mineral Resource.

• 22,000m air-core program completed across new target areas – assays pending.

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that a new program of Reverse Circulation (RC) drilling has commenced at its 100%-owned Gidgee Gold Project in the Murchison district of WA.

The 4,000m program is designed to in-fill ~350m of the northern strike extent of the Achilles North prospect in order to extend the footprint for the upcoming maiden Mineral Resource Estimate. Drilling will also test the northern extensions of the Evermore deposit, which remains open.

The program is expected to take approximately three weeks to complete, with the results to feed into the current Mineral Resource estimations being undertaken for five key deposits at Gidgee.

Assay results are imminent from the recently completed 22,000m air-core drilling program. The air-core program targeted several exciting early-stage targets proximal to the existing Resource areas along the margin of the Montague Granodiorite.

These included the Plymouth gold-in-soil anomaly immediately west and parallel to the Montague-Evermore trend; the southern continuation of the Achilles South trend to the tenement boundary; and extensions to previously identified oxide mineralisation at the Julia’s prospect, 3-km to the west of the Montague-Evermore trend. It is anticipated that the first batches of results will be available over in the next 1-2 weeks.

Work is continuing on the update to the Project Mineral Resources, including updated Montague-Boulder and Whistler Mineral Resources, and maiden Resources for the Evermore, Achilles North and Airport deposits. The Mineral Resource update is on track to be delivered during the December 2021 Quarter.

Management Comment

Gateway’s Managing Director, Mr Mark Cossom, said: “We are pleased to have a rig back in the field at Gidgee to finish off some important in-fill and extensional drilling at the Achilles North and Evermore prospects. This will allow us to complete the work required to upgrade our Mineral Resource inventory before the end of the year.

“We are also expecting a large volume of assay results over the coming weeks from the recently completed 22,000m air-core program. This should provide us with some important insights into the next-generation of targets that will provide our next horizon of resource growth.”

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Figure (1): Gidgee Gold Project prospect locations for upcoming work programs.

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of GATEWAY MINING LIMITED

Competent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Stuart Stephens who is a full-time employee of Gateway Mining Ltd and is a current Member of the Australian Institute of Geoscientists. Mr Stephens owns options in Gateway Mining Ltd. Mr Stephens has sufficient experience, which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Stephens consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Investors Media Mark Cossom 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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APPENDIX (1)

About the Gidgee Gold Project

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Gidgee Gold Project Tenement Location Diagram