GATEWAY MINING LIMITED — Capital/Financing Update 2021

Feb 7, 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

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ASX Announcement: 8 February 2021

GATEWAY TO DIVEST NON-CORE SANDSTONE TENEMENT E57/1108 AS IT MAINTAINS GIDGEE FOCUS

Transaction with ASX-listed Alto Metals consistent with Gateway’s focus on rapidly advancing its flagship Gidgee Gold Project

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that it has entered into a binding terms sheet for the sale of its exploration tenement E57/1108 ( Tenement ) located in the Sandstone region of Western Australia Edjudina. This divestment is part of the Company’s strategy of crystallising value from its portfolio of noncore exploration assets while maintaining a strong focus on gold exploration and development at its flagship 100%owned Gidgee Gold Project.

The Company has entered into a binding terms sheet ( Transaction ) with ASX-listed Alto Metals Limited (ASX: AME) ( Alto ) under which Alto has agreed to acquire an 100% interest in the Tenement ( Tenements )( Terms Sheet ).

As consideration for acquiring an 100% ownership interest in the Tenement, Alto will provide to Gateway the following consideration:

• $50,000 in Alto shares (based on the 10-day volume weighed average price ending on the day before the date of execution of the Terms Sheet); and

• The grant of a 1% net smelter revenue royalty over the Tenement ( Royalty ). Alto have the right to extinguish the royalty by paying Gateway A$2.5 million at decision to mine.

MANAGEMENT COMMENT

Gateway’s Managing Director, Mark Cossom, said the agreement with Alto to divest E57/1108 was consistent with its continued focus on unlocking the potential of a large-scale gold system at the Gidgee Gold Project.

“The transaction crystallises value, from the divestment of this non-core tenement, while preserving exposure for our shareholders to future upside from exploration success through a future production royalty, and shares in Alto. The divestment allows us to continue to focus our resources on our flagship Gidgee Project which we are really excited about. ”

“Alto is a well-established ASX-listed explorer with a successful exploration history in the Sandstone area,” he said.

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of GATEWAY MINING LIMITED

Investors Mark Cossom Managing Director T: 02 8316 3998 or	MediaNicholas ReadRead CorporateT: 08 9388 1474

Kar Chua Company Secretary T: 02 8316 3998