GATEWAY MINING LIMITED — Capital/Financing Update 2022

Jan 16, 2022

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 LinkedIn: @gateway-mining Twitter: @gateway_mining

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ASX Announcement: 17 January 2022

SIGNIFICANT SHALLOW GOLD MINERALISATION INTERSECTED AT KASHMIR

First systematic RC drilling defines thick zones of mineralisation immediately north of the 204,000oz Howards Deposit

HIGHLIGHTS

• Reverse Circulation (RC) drilling over the southern portion of the Kashmir prospect, part of the 449,000oz[1] Gidgee Gold Project in WA, has confirmed the presence of significant shallow bedrock gold mineralisation over at least 2.5km beneath the targeted Kashmir gold-in-soil anomaly.

• Intersections within this large-scale shear zone now include:

• GRC764: 15m @ 1.0g/t Au from 15m

• ▪ GRC766: 5m @ 1.7g/t Au from 36m ▪ GRC770: 3m @ 3.2g/t Au from 7m ▪ GRC520: 2m @ 7.9g/t Au from 3m[2] ▪ GRC524: 1m @ 8.8g/t Au from 59m[3]

• Mineralisation is consistent to that encountered at Horizon Gold Ltd’s (ASX: HRN) 204,000oz Howards Deposit, located immediately along strike to the south, and the controlling structure for the mineralisation can clearly be identified on regional magnetic imaging.

• The results confirm the exciting potential for significant mineralisation to be discovered along the under-explored eastern margin of the Montague Granodiorite Dome.

• These results continue to build on the recent upgrade of the Company’s 449,000oz Mineral Resource base and, together with the emerging Julias and Evermore discoveries, demonstrate the large-scale potential of the Gidgee Gold Project.

• Further RC drilling to be undertaken at Kashmir during the March 2022 Quarter.

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that it has intersected significant bedrock gold mineralisation in initial wide-spaced Reverse Circulation ( RC ) drilling at the Kashmir target, part of its 1,000km[2] Gidgee Gold Project in the Murchison District of Western Australia.

Kashmir is a large (+2.5km) gold anomaly generated from soil sampling directly along strike from Horizon Gold Ltd’s (ASX: HRN) 204,000oz Howards Deposit. Importantly, Kashmir is located on the largely unexplored +8km eastern margin of the Montague Granodiorite and indicates the broader exploration potential of this margin. Kashmir is a key target which forms part of Gateways exploration pipeline within 5km of its existing Mineral Resources.

Gateway’s Managing Director, Mr Mark Cossom, said: “This is an exciting development coming hard on the heels of our recently-announced Mineral Resource upgrade to 449,000oz and a series of significant exploration results from around the wider Gidgee Project towards the end of last year. These results clearly represent the immediate northern extension of the 204,000oz Howards Gold Deposit and, based on our interpretation of the magnetic and geochemical data, has real potential to extend for at least 2.5km into our ground.”

1 8.165Mt at 1.7g/t Au for 449,000ozs. For full details see ASX announcement dated 14 December 2021. 2 See ASX Release dated 8 September 2020. 3 See ASX Release dated 8 September 2020.

“Additional drilling is planned to further test Kashmir in the near future and this will form part of a larger drilling initiative that will target high-priority targets including the expansion of the Evermore-Whistler and the emerging Julias-Flametree area.”

KEY POINTS:

• An 8-hole (398m) drilling program was designed to systematically test the southern extents of the Kashmir gold-in-soil anomaly, directly along strike from the Howards Deposit (Figure 1), with three 100m spaced sections completed. An additional 10 holes (751m) were drilled in a single traverse approximately 1.5km to the north to test a geophysical target along the eastern contact of the Montague Granodiorite.

• Howards is a large, unmined Mineral Resource that extends to surface immediately to the south of Gateway’s Gidgee Project tenure, with a current JORC (2012) Mineral Resource Estimate of 5.97Mt @ 1.1g/t for 204,000oz[4] .

• This program has built on wide-spaced, first-pass RC drilling conducted previously by Gateway which demonstrated the potential for shallow mineralisation over at least 2.5km strike.

• Significant results include (see Table 1 and Appendix A for detail):

• GRC764: 24m @ 0.7g/t Au from 24m, including 15m @ 1.0g/t Au from 31m

• • GRC766: 27m @ 0.7g/t Au from 19m, including 5m @ 1.7g/t Au from 36m • GRC770: 3m @ 3.2g/t Au from 7m • GRC769: 14m @ 0.5g/t Au from 16m • GRC520: 2m @ 7.9g/t Au from 3m[5] • GRC524: 1m @ 8.8g/t Au from 59m[6]

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Figure (1): Kashmir RC drilling significant intercepts with interpreted geology on 2[nd] Vertical Derivative magnetics and proximity to the Howards deposit (ASX: HRN)

4 Sourced from Horizon Gold Ltd (HRN) ASX release dated 12 February 2021. 5 See ASX Release dated 8 September 2020. 6 See ASX Release dated 8 September 2020.

• Drilling on all three sections intersected thick zones of gold mineralisation in a major steeply-dipping zone located within the eastern basalt sequence of the Montague Granodiorite dome. The structure corresponds to a discrete magnetic anomaly that is continuous from the Howards deposit immediately along strike to the south (Figure 1).

• The mineralisation is interpreted to extend to the near surface beneath a thin layer of transported cover.

• Importantly, this drilling also highlights the persistence of shallow mineralisation along the eastern contact of the Montague Granodiorite, north of the Howards deposit. This eastern margin has largely been ignored by historic exploration activities, although historic underground workings at Yale Lock, a further 3km to the north, indicate the extensive strike of prospective margin to be explored within Gateway’s tenure.

• Further RC drilling is planned for Kashmir as part of the extensive exploration drilling program planned to commence at Gidgee in late January/early February 2022. Drilling will continue to test the Kashmir structure north from these current results, as well as evaluate potential depth extensions to the mineralisation.

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Figure (2): Kashmir RC drilling cross section 6,961,350mN

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Figure (3): Montague Granodiorite dome target locations.

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Figure (4): Kashmir November 2021 RC drilling hole locations - south

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Figure (5): Kashmir November 2021 RC drilling hole locations – northern traverse

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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TABLE (1): KASHMIR 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
GRC764	753920	6961250	497	48	-60/090	8	9	1	1.1
						17	18	1	1.1
						24	48	24	0.7	inc. 15m @ 1.0g/t Au from 31m
GRC765	753900	6961250	497	60	-60/090	34	38	4	0.4
						45	53	8	0.2
GRC766	753920	6961350	497	46	-60/090	0	2	2	0.6	Mineralisation from surface
						9	10	1	1.0
						19	46	27	0.7	inc. 5m @ 1.7g/t Au from 36m, mineralisation at EOH
GRC767	753900	6961350	497	48	-60/090	25	38	13	0.3
						40	42	2	0.6
						45	48	3	0.4
GRC768	753880	6961350	497	48	-60/090	36	38	2	0.6
GRC769	753920	6961450	497	48	-60/090	10	11	1	1.1
						16	30	14	0.5	inc. 1m @ 1.4g/t Au & 1m @ 1.1g/t Au
GRC770	753900	6961450	497	50	-60/090	7	10	3	3.2	inc. 1m @ 8.9g/t Au
						30	31	1	0.7
GRC771	753880	6961450	497	50	-60/090				NSA
GRC772	753910	6963100	505	68	-60/270				NSA
GRC773	753980	6963100	505	86	-60/270				NSA
GRC774	754020	6963100	505	79	-60/270				NSA
GRC775	754060	6963100	505	78	-60/270	31	32	1	1.9
GRC776	754100	6963100	505	78	-60/270				NSA
GRC777	754140	6963100	505	78	-60/270				NSA
GRC778	754180	6963100	505	78	-60/270				NSA
GRC779	754220	6963100	505	78	-60/270				NSA
GRC780	754260	6963100	505	78	-60/270				NSA

Notes:

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

• RL’s are nominal

• Samples are 1m in length

• Significant intersections are calculated based on a minimum of 1m greater than 0.2g/t Au with a maximum of 4m of internal dilution

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

• NSA – No Significant Assay

APPENDIX (1)

About the Gidgee Gold Project

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Gidgee Gold Project Tenement Location Diagram

APPENDIX (2): KASHMIR DRILLING NOVEMBER 2021 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. • RC 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,	• 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,veiningand structure.

Criteria	JORC Code explanation	Commentary
	mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	• 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.
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.	• RC 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. • 0.8-3kgs 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 (Kalgoorlie). All samples were analysed by a 50g fire assay (AAS finish) which is a total digest assay technique. • RC 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 datapoints	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole _surveys), trenches, mine workings and other locations used in Mineral _	• Initial drill hole location is initially recorded with a handheld Garmin GPS (+/- 3m). A Reflex EZ NorthSeeking Gyrois used torecord the deviationofthe drill

Criteria	JORC Code explanation	Commentary
	Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	holes (+/- 1deg). All collars were surveyed post-drilling utilising RTK-GPS.
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 a Resource 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 drilled to the east. Inclined 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.

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 in the area.	• P57/1409, E57/405 and E57/823 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

Criteria	**JORC Code explanation **	Commentary
		Montague Mining Centre, Gateway also targeting poly-metallic intrusion 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.	• Gateway’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.	• Significant intersections are calculated as a minimum of 1m greater than 0.2g/t Au with a maximum of 4m of internal dilution. • No high-grade cut-off has been applied.

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	• 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 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.
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.	• Further step-out RC drilling is planned to the north.