GATEWAY MINING LIMITED — Capital/Financing Update 2022

Jul 17, 2022

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ASX Announcement ASX: GML

18 July 2022

Proposed Consolidation of Capital

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) advises that the Board will seek shareholder approval at an Extraordinary General Meeting of its shareholders ( EGM ) on 15 August 2022 to consolidate the issued capital of the Company through the conversion of every ten (10) existing shares into one (1) Share ( Consolidation ), with a corresponding Consolidation of all other securities on issue. Fractional entitlements will be rounded up to the nearest whole security.

The Consolidation is being undertaken to reduce the number of Shares currently on issue from 2,260,106,367 to approximately 226,010,637, and effectively increase the value of the Company’s assets per Share by a factor of ten.

Similarly, in in accordance with ASX Listing Rules 7.22.1, all Options currently on issue by the Company will be consolidated in the same ratio as Shares, and the exercise price of the Options will be amended in inverse proportion to that ratio as directed by the ASX Listing Rules.

Accordingly, as the Consolidation applies equally to all security holders, it will have no material effect on the percentage shareholding interest of each individual shareholder.

The Consolidation is expected to deliver a more effective capital structure and a more appropriate share price for a wider range of investors.

Commenting on the move, Gateway’s Managing Director, Mr Mark Cossom, said : “Over the past two years, we have successfully repositioned Gateway as a WA-focused gold explorer and developer, and this marks another important step in that journey.

“We have relocated operations to Perth, divested non-core assets to refine our focus and, importantly, increased our gold Resource base at Gidgee to 449,000oz by making several new discoveries, with more to come.

“With key additions to our board announced earlier today, and by now moving to consolidate our capital structure, we believe that Gateway will be well placed to reap the benefits of future exploration and drilling success, continued growth in our resource inventory and the opportunity to unlock value for our shareholders through prudent corporate activity.”

A Notice of Meeting has been announced concurrently with this announcement that outlines the background and details of the proposed Consolidation.

The indicative timetable, if the Consolidation is approved by shareholders, is as follows:

Gateway Mining Ltd B1/431 Roberts Road Subiaco WA 6008

LinkedIn: @gateway-mining Twitter: @gateway_mining www.gatewaymining.com.au

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	Event	Date	Date
	Company announces consolidation	18 July 2022
	Company sends out notices for shareholders’ meeting	18 July 2022
	Shareholders pass resolution to approve Consolidation	15 August 2022
	Effective date of Consolidation	18 August 2022
	Last day for trading in pre-consolidation securities	19 August 2022
	Tradin in ost-consolidation securities commences on a deferred	22 Auust 2022
	g psettlement basis	g
	Record date	23 August 2022
	First day for entity to update its register and to send holdingstatements to security holders reflecting the change in the number ofsecurities they hold	24 August 2022
	Last day for entity to update its register and to send holdingstatements to security holders reflecting the change in the number of	30 August 2022
	securities they hold and to notify ASX that this has occurred.

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of

GATEWAY MINING LIMITED

Investors Mark Cossom Managing Director T: 08 6383 9969 or Kar Chua Company Secretary T: 02 8316 3998

Media

Nicholas Read Read Corporate T: 08 9388 1474

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Follow us on: LinkedIn: @gateway-mining Twitter: @gateway_mining

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