GATEWAY MINING LIMITED — Capital/Financing Update 2021

May 31, 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: 1 June 2021

==> picture [146 x 89] intentionally omitted <==

SIGNIFICANT NEW GOLD MINERALISATION DISCOVERED BETWEEN MONTAGUE-BOULDER AND NORTHEAST PITS

Shallow, high-grade mineralisation intersected over ~400m as systematic drilling continues to uncover exciting new growth opportunities at the Gidgee Gold Project

HIGHLIGHTS

• Gateway’s systematic approach to exploration along the highly prospective Northwest Margin of the Montague Granodiorite continues to uncover new zones of gold mineralisation.

• Drilling between the historic Montague-Boulder and Northeast open pits has returned several highgrade intersections within a newly defined shallow, steeply-dipping zone of mineralisation:

• GRC679: 26 metres @ 2.1g/t Au from 64m, including: 5 metres @ 7.9g/t Au from 76m

• GRC671: 4 metres @ 4.5g/t Au from 32m; and 2 metres @ 5.9g/t Au from 11m

• This new zone of mineralisation, which has been intersected by RC drilling over a strike length of ~400m to date. The mineralised structure correlates to the historic “Main Lode” workings immediately to the north that continue for a further 250m. Historic drilling of this interpreted structure to the north has been ineffective, with vertical holes drilled to an average depth of 1m, resulting in the potential strike extension remaining open.

• The steep-dipping orientation of the high-grade mineralisation is consistent with Gateway’s recent observations from RC drilling at the Evermore Prospect to the north. Recognition of the multiple mineralised orientations provides further evidence of the large, prospective gold system that is present along the entire Northwest margin of the Montague Granodiorite.

• In addition to this new high-grade discovery, RC drilling down-dip of the shallow Northeast pit (last mined in 1992) has intersected a significant zone of mineralisation, demonstrating the potential of this position:

• GRC661: 9 metres @ 2.6g/t Au from 59m

• This shallow mineralisation down-dip of the Northeast pit is consistent with the moderately westdipping shear zone interpreted to persist along the entire 2.5km strike length of the Northwest Margin of the Montague Granodiorite, and which hosts the majority of mineralisation at the 120,000oz Inferred Montague-Boulder Mineral Resource[1] .

• These excellent results continue to validate the exploration strategy executed since August 2020, which has now resulted in multiple new discoveries, including the exciting Evermore prospect between the Montague-Boulder and Whistler open pits, where further assay results are awaited.

1 1,700,000 tonnes at 2.23 g/t for 120,000 ounces. See ASX announcement dated 3 October 2019

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to report significant new high-grade assay results from systematic Reverse Circulation ( RC ) drilling between the historic Montague-Boulder and Northeast open pits, part of its 100%-owned Gidgee Gold Project in Western Australia.

The results in holes GRC679 (26m at 2.1g/t Au from 64m including 5m at 7.9g/t Au) and GRC671 (4m at 4.5g/t Au from 32m and 2m at 5.9g/t Au from 11m) appear to be related to a steep-dipping mineralised structure that hosts several historic underground shafts further to the north (see Figure 1). This steep-dipping structure is located to the west of the main moderately dipping Montague shear system at the contact of the Montague Granodiorite dome. Meanwhile, the mineralisation intersected in GRC661 (9m at 2.6g/t from 59m) is consistent with the downdip projection of moderately dipping mineralisation mined in the Northeast open pit.

These RC holes were drilled as part of the recently completed RC and diamond drill campaign targeting both the Evermore Prospect, as well as systematic RC testing of the margin of the Montague Granodiorite between the Montague-Boulder Mineral Resource and the historic Northeast open pit.

Drilling between Montague-Boulder and the Northeast open pit consisted of a series of nominal 80m spaced sections targeting the southern continuation of the moderately dipping Montague shear zone that hosts the majority of the mineralisation at Montague-Boulder. This strategy is the same as that implemented north of Montague-Boulder, which resulted in the discovery of the Evermore Prospect. Recently released high-grade results from Evermore have also highlighted the importance of steep-dipping controls on mineralisation[2] .

A total of 25 holes for 4,154m of RC drilling were completed between Montague-Boulder and the Northeast pit, as well as one EIS diamond hole for 588.9m. It should be noted that holes GRC680 – GRC682 were drilled for stratigraphic purposes within the granodiorite and were not targeting potential mineralisation. Assay results are still pending for seven holes.

A full description of significant intersections received to date is included as Table 1 and 2, with drill program details documented in the JORC (2012) Table 1 included as Appendix 2.

KEY POINTS:

• RC drilling of the corridor between Montague-Boulder and Northeast pits was undertaken as part of a major RC and diamond drilling program completed recently by Gateway. Systematic RC drilling was completed on nominal 80m spaced sections to explore the basalt sequence in proximity to the contact with the Montague Granodiorite (see Figure 3). This systematic strategy was successfully applied north of the Montague-Boulder open pit, resulting in the recent Evermore discovery.

• Drilling was notionally targeting the potential for moderately west-dipping shears within the basalt sequence. These west-dipping shears host the majority of the mineralisation within the Montague-Boulder Mineral Resource, as well as the ore mined historically within the NE open pit.

• The targeted moderately dipping shear zone was intersected in most holes, with a significant intersection returned down-dip of the NE open pit:

• GRC661: 9 metres @ 2.6g/t Au from 59m

• Recently completed EIS hole GDDD023 is interpreted to have intersected the depth extensions of the moderately-dipping Montague Shear (see Figure 4) at a depth of over 200m below surface, demonstrating that this is a significant mineralised fluid pathway. Assay results for this EIS hole are pending.

• Mineralisation within this moderately-dipping shear north of the NE open pit appears to be disrupted by an interpreted north-east trending fault. Mineralisation is present within the shear around this fault but is patchy and inconsistent. Assays from several holes testing this shear closer to the Montague-Boulder Mineral Resource are still pending (see Figure 3).

• Significant mineralisation was returned from two holes on sections spaced approximately 360m apart. This mineralisation is located above the moderately-dipping shear system and correlates with lines of historic workings situated along a steep-dipping structure with quartz veining (see Figures 4 and 5). Significant intersections include:

• GRC679: 26 metres @ 2.1g/t Au from 64m, including 5 metres @ 7.9g/t Au from 76m

• ▪ GRC671: 4 metres @ 4.5g/t Au from 32m, and 2 metres @ 5.9g/t Au from 11m

2 See ASX announcement dated 21 May 2021

2

• Mineralisation is hosted within chlorite and biotite altered shearing, with associated quartz veining and disseminated pyrite.

• Due to the steep-dipping nature of the mineralisation, it remains relatively untested by holes drilled in this campaign. Historic drilling around the old workings has been sporadic, with shallow holes positioned directly under around old shafts, and very shallow (~1m deep) vertical holes along strike to the north.

• Further results are still pending from this Montague-Boulder to NE drilling. In addition, results are still pending for the last phase of RC drilling at Evermore to the north, as well as all samples from diamond drilling at Evermore as well as the stratigraphic holes drilled as part of the WA State Government Exploration Incentive Scheme (EIS).

An extensive +20,000m air-core drilling program has been planned and permitted, with the rig due to arrive on site in the second half of June. The initial target for air-core drilling will be the northern extensions of this more westerly structural trend, which is defined by significant gold-in-soil anomalism. Air-core drilling will then proceed to extend coverage of the Achilles South trend toward the southern tenement boundary, as well as several earlier stage prospects within the Gidgee Project area.

==> picture [433 x 460] intentionally omitted <==

Figure (1): Recently completed Northwest Corridor RC and diamond drill program, highlighting holes drilled into the Montague-Boulder to Northeast pit trend, with existing drill results in holes greater than 50m deep

3

==> picture [482 x 342] intentionally omitted <==

Figure (2): Montague-Boulder to Northeast pit systematic RC drilling program, with significant intersections and interpreted mineralised trends

==> picture [482 x 312] intentionally omitted <==

Figure (3): RC drill cross-section 6,966,200mN

4

==> picture [482 x 312] intentionally omitted <==

Figure (4): RC drill cross-section 6,965,840mN

MANAGEMENT COMMENT

Gateway’s Managing Director, Mr Mark Cossom, said: “Our systematic approach to exploring the Northwest Margin is continuing to pay dividends and enhance our understanding of the different orientations of the mineralisation at Gidgee. The latest assay results from the recent RC drill program have defined significant new zones of high-grade mineralisation between the historic Montague-Boulder and Northeast open pit pits, outlining a steeply-dipping mineralised position similar to the one we see at Evermore to the north. The presence of these multiple mineralised orientations is further evidence of the large, prospective gold system that is present along the entire Northwest Margin of the Montague Granodiorite

“This opens up another significant opportunity to target the steeply-dipping mineralised positions with appropriately angled RC drilling, particularly as historic drilling of the interpreted structure to the north has been ineffective. We are looking forward to receiving more results from the recent RC drilling, which should continue to flow through over the coming weeks – helping to refine the best opportunities for us to advance the Gidgee Project to the next stage.”

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of GATEWAY MINING LIMITED

5

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 Mark Cossom Managing Director T: 02 8316 3998 or Kar Chua Company Secretary T: 02 8316 3998

Media Nicholas Read Read Corporate T: 08 9388 1474

6

TABLE (1): MONTAGUE-BOULDER TO CALEDONIAN NE RC DRILLING SIGNIFICANT INTERCEPT TABLE

Hole ID	MGA_E	MGA_N	RL	Hole Depth (m)	Dip/Azi	From (m)	To (m)	Width (m)	Au (g/t)	Comment
GRC661	750980	6965760	503	120	-60\90	14	15	1	1.4
						25	26	1	2.7
						59	68	9	2.6
GRC663	750820	6965759	503	200	-60\090				NSA
GRC664	751242	6965837	504	120	-60\270	42	43	1	1.8
GRC665	751320	6965841	504	120	-60\270				NSA
GRC666	751399	6965842	504	134	-60\270	25	26	1	3.7
						47	48	1	2
GRC671	750980	6965839	503	144	-60\090	11	13	2	5.9
						32	36	4	4.5
GRC672	750902	6965838	503	210	-60\90				NSA
GRC673	751057	6965920	504	140	-60\90	64	66	2	1
GRC674	750906	6965920	504	216	-60\090	175	176	1	1.7
GRC675	751047	6966081	504	168	-60\090	92	93	1	1.3
						113	114	1	2.4
GRC676	751190	6966080	512	168	-60\270	88	89	1	1.6
GRC677	751188	6966081	505	210	-60\90				NSA
GRC678	750951	6966080	505	200	-60\90				NSA
GRC679	750998	6966200	505	192	-60\90	64	90	26	2.1	inc.5m @ 7.9g\t Au
GRC680	750897	6966200	505	120	-60\270				NSA	Stratigraphic Hole
GRC681	751269	6966199	505	150	-60\270	47	48	1	1.4	Stratigraphic Hole
GRC682	751348	6966201	505	120	-60\270				NSA	Stratigraphic Hole
GRC683	751428	6966201	505	120	-60\90				NSA	Stratigraphic Hole
GRC684	751069	6966702	507	234	-90\360					Assays Pending
GRC695	751060	6966808	507	192	-60\270					Assays Pending
GRC696	751107	6967084	508	200	-60\270					Assays Pending
GRC697	750921	6966319	505	168	-60\90					Assays Pending
GRC698	750840	6966319	505	220	-60\90					Assays Pending
GRC699	750868	6966398	505	138	-60\90					Assays Pending
GRC700	751002	6966320	505	150	-60\90					Assays Pending

Notes:

• All coordinates located in MGA (GDA94) Zone 50. Azimuth is magnetic degrees

• RL’s are nominal

• Significant intersections are calculated based on a minimum of 1m greater than 1.0g/t Au with a maximum of 4m of internal dilution

• Au assayed by 50g Fire Assay with AAS finish at ALS Laboratories Perth and Kalgoorlie

• NSA – No Significant Assay

7

TABLE (2): MONTAGUE-BOULDER TO CALEDONIAN EIS DIAMOND DRILLING SIGNIFICANT INTERCEPT TABLE

Hole ID	MGA_E	MGA_N	RL	Hole Depth (m)	Dip/Azi	From (m)	To (m)	Width (m)	Au (g/t)	Comment
G22023	750602	6966240	504	588.9	-60\90					Assays Pending

Notes:

• All coordinates located in MGA (GDA94) Zone 50. Azimuth is magnetic degrees

• RL’s are nominal

• Significant intersections are calculated based on a minimum of 1m greater than 1.0g/t Au with a maximum of 4m of internal dilution

• Au assayed by 50g Fire Assay with AAS finish at ALS Laboratories Perth and Kalgoorlie

8

APPENDIX (1)

About the Gidgee Gold Project

==> picture [516 x 388] intentionally omitted <==

Gidgee Gold Project Tenement Location Diagram

9

APPENDIX (2): MONTAGUE-BOULDER to NORTHEAST PIT RC DRILLING JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. 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 (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g 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 (e.g. submarine nodules) may warrant disclosure of detailed information.	• RC drilling (GRC prefix) - 2kg - 3kg samples were split from dry 1m bulk samples. The sample was initially collected from the cyclone in an inline collection box. Once the metre was completed the sample was dropped under gravity thorough a Metzke cone splitter, with the 1m split for assay collected in a calico bag. • The bulk reject from the sample was collected in wheelbarrows and dumped into neat piles on the ground. • Field duplicates were collected at a ratio of 1:50 and collected at the same time as the original sample through the B chute of the cone splitter. OREAS certified reference material (CRM) was inserted at a ratio of 1:50. The grade ranges of the CRM’s were selected based on grade populations and economic grade ranges.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).	• RC – Challenge Drilling drill rig was used. The rig consisted of a truck mounted RC rig with on board compressor, an on board Booster, and a truck mounted auxiliary compressor.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximize 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 to preferential loss/gain of fine/coarse material.	• During the RC sample collection process, the sample sizes were visually inspected to assess drill recoveries • The majority of samples were of good quality with ground water having minimal effect on sample quality or recovery. • From the collection of recovery data, no identifiable bias exists.
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.	• RC chips were washed and stored in chip trays in 1m intervals for the entire length of each hole. Chips were visually inspected and logged to record lithology, weathering, alteration, mineralisation, veining and structure. • Data on rock type, deformation, colour, structure, alteration, veining, mineralisation and oxidation state were recorded. • Logging is both qualitative and quantitative or semi quantitative in nature.

Criteria	JORC Code explanation	Commentary
	• The total length and percentage of the relevant intersections 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.	• Samples were split from dry, 1m bulk sample via a cone splitter directly from the cyclone. • The QC procedure adopted through the process includes: • Field duplicates were collected at a rate of 1:50, these were collected during RC drilling at the same time as the primary sample. • OREAS certified material (CRM) was inserted at a rate of 1:50, the grade ranges of the CRM’s were selected based on grade populations. • 2-3kgs of sample was submitted to the laboratory. • Samples oven dried then pulverized in LM5 mills to 85% passing 75micron. • All samples were analysed for Au using the Au-AA26 technique which is a 50g lead collection fire assay.
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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Drill samples were submitted to ALS (Perth). All samples were analysed by a 50g fire assay (AAS finish) which is a total digest assay technique. Due to industry-wide pressure on fire-assay capacity, some prepped samples were transported to ALS Kalgoorlie for fire assay. • Field duplicates were collected at a rate of 1:50 with CRM’s inserted at a rate of 1:50 also. The grade ranges of the CRM’s were selected based on grade populations.
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 storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Drilling results are cross checked by company geologists • Data is recorded digitally at the project within MicroMine Geobank software, assay results are received digitally. • All data is stored within DataShed SQL Database.
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.	• Initial drill hole location is initially recorded with a handheld Garmin GPS (+/- 3m). Holes have been surveyed by RTK-GPS system following completion. A Reflex EZ North Seeking Gyro is used to record the deviation of the drill holes (+/- 1deg)

11

Criteria	JORC Code explanation	Commentary
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.	• Refer to tables within text for data spacing. • Holes drilled within this program are not considered to be of suitable data spacing for use in Mineral Resource or Ore Reserve 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.	• The drilling was orientated perpendicular to the perceived strike of the mineralised structures, with holes testing west-dipping structures in the mafic and layered intrusive units drilled to the east, and those testing near the interpreted east-dipping granodiorite contact drilled to the west. Inclined RC holes (-60°) are considered to be appropriate to the dip of the mineralised structure creating minimal sampling bias.
Sample security	• The measures taken to ensure sample security.	• Calico samples are sealed into green/poly weave bags and cable tied. These are then sealed in bulka bags and transported to the laboratory in Perth by company staff or contractors or established freight companies.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Drilling results are cross checked by company geologists

12

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 inthe area. _	• M57/217, M57/98 and E57/888. These tenements are held under Gateway Mining Ltd 100%. • No Native Title claims are lodged over the tenements
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Gold was discovered in the district during the gold rush era, first records of gold won from small-scale, high-grade workings include the Montague Mining Centre (1904-13). Renewed interest in the late 1960's included base metal exploration carried out within exposed stratigraphy of the Montague Ranges (Bungarra Ranges), exploration interest that broadened with the release of the Sandstone 1:250,000 aeromagnetic sheet in 1970 resulting in the staking of favourable magnetic anomalies by exploration companies. • Early explorers in the Montague Ranges included Anaconda Australia Inc. (1966-67), followed by International Nickel Australia (1971-75) evaluating a Gabbro - banded differentiated basic complex believed prospective for copper and/or nickel such as the Dulith Gabbro, USA. Strong geophysical and mineralised anomalism was encountered, however, copper-zinc enrichment was also encountered in adjacent felsic stratigraphy at Ed's Bore prospect, which was followed-up by CRA Exploration (1983-1990) to intersect polymetallic VMS enrichments at Bevan prospect (not substantively pursued). • At Montague, Western Mining Corporation (1976) conducted investigations for copper and gold including soil sampling and IP surveying, which was followed by CRA Exploration (1984-89) working concurrently with AMOCO Minerals Australia Company (1984) and Clackline Refractories Ltd (from 1985 - to later become Herald Resources) assessing/purchasing historic mine areas from Mr W.J. Griffiths of Sandstone. RAB drilling penetrating transported cover resulted in the virgin discoveries of NE Pit by AMOCO and Whistler deposit by CRA. Later noted explorers included Dalrymple Resources NL (1987-1990) intersecting gold at the Armada (Twister) prospect, and Arimco Mining (1990- 98) intersecting gold at Lyle prospect, Victory West prospect, and copper at The Cup prospect (not substantively pursued). • The Montague Mining Centre produced approximately 150,000oz of gold commencing in 1986 at Caledonian and NE Pits (Clackline), and continued at Montague Boulder from 1988 (Herald), and was to close in 1993 after completion of the Rosie Castle open cut (Herald). Whistler open cut was mined from November 1990 (Polaris Pacific NL) and ore toll treated through the Herald mill. Little attention was paid to mineralisation other than gold. Gateway Mining in joint venture with Herald Resources continued exploration of the MontagueMining Centre, Gateway also targeting poly-metallicintrusion

13

Criteria	**JORC Code explanation **	Commentary
		related - VMS models in the district from 2006. • Airport, Airport Sth, S Bend, Rosie Nth, Rosie Sth mineralisation was discovered by Gateway Mining between 2007 and 2011 in RAB drilling and later defined by RC drilling.
Geology	• Deposit type, geological setting and style of mineralisation.	• Gateways’s Gidgee Project is located in the Gidgee district in the Archean Yilgarn Craton of Western Australia approximately 630km NE of Perth and 70km north from the township of Sandstone on the eastern central portion of the Gum Creek Greenstone Belt, of the Southern Cross Province. Metamorphic grade of the Gum Creek Greenstone Belt is estimated to be low- grade greenschist facies. • Project lithology includes basalt/ash tuff/dolerite/gabbro, the Montague Granodiorite sub-volcanic intrusion (calc-alkaline - FI), dacite volcanic flow/s (FI), volcaniclastic sequences of felsic composition and epiclastic conglomerates, ultramafic intrusives and external orogenic granite plutons. Key regional characteristics of a Volcanic Arc Extensional Basin include calc- alkaline bimodal volcanic sequences associated with extensive iron formations. Later ENE-WSW orogenic compression event is characterised by NNW regional scale faults/unconformities, NNW shearing and folding, slaty cleavage has developed within sediments near a tight syncline fold closure within the NE area of the project.
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. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Exploration drill results from recent drilling, and associated details are contained in Table 1 of this release. Historic intersections mentioned in this release have been previously released by Gateway in various ASX releases, which can be accessed on the Gateway Mining Ltd website
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	• Significant intersections are calculated based on a minimum of 1m greater than 1.0g/t Au with a maximum of 4m of internal dilution • No high-grade cut-off has been applied

14

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • 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’).	• The drilling was orientated perpendicular to the perceived strike of the mineralised structures targeted. Inclined RC holes (-60°) are perpendicular to the dip of the mineralised structure creating minimal sampling bias. However, recent evidence from drilling indicates a steep easterly dipping component to mineralisation which has not been adequately tested by recent easterly orientated RC drilling.
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.	• Appropriate maps are included in the announcement
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.	• The accompanying document is considered to be a balanced report with a suitable cautionary note.
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.	• The area has been covered by detailed ground gravity and airborne magnetic surveys. The Montague Dome system was recently covered by a systematic fine-fraction soil sampling program which highlighted a series of anomalies corresponding to the mineralisation intercepted by this drilling.
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.	• Follow-up RC and diamond drilling targeting the steep structure down dip and along strike of high-grade gold intercepts. Systematic air-core drilling of the footprint of potential mineralisation suggested by gold-in-soil anomalism is planned.

15