GATEWAY MINING LIMITED — Capital/Financing Update 2023

May 4, 2023

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ASX Announcement ASX: GML

5 May 2023

Lithium exploration farm-in agreement conditions achieved at Montague

SensOre to commence funding of up to $4.5 million in lithium-focused exploration over 4.5years to earn 80% of the lithium rights at the Montague Gold Project

HIGHLIGHTS

• All conditions precedent to the farm-in agreement have now been satisfied or waived.

• SensOre to commence lithium exploration at the Montague Project.

• Farm-in Agreement represents a new and exciting strategic channel for Gateway, providing possible future exposure to the battery metals market.

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Figure (1): Montague Gold Project with tenements subject to the SensOre Lithium Exploration Agreement.

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Further to its announcement of 23 January 2023, Gateway Mining Ltd (ASX: GML) ( Gateway or Company ) is pleased to announce that its Farm-in Joint Venture agreement ( Agreement ) with ASX-listed specialist exploration group SensOre Ltd (ASX: S3N) ( S3N ) has now been completed following the satisfaction of all conditions precedent. As a result, S3N is now able to commence active lithium-focused exploration across Gateway’s Montague Gold Project in the Murchison Region of Western Australia.

The Agreement was executed between Gateway, Gateway’s wholly-owned subsidiary Gateway Projects WA Pty Ltd ( Gateway Projects ) and Exploration Ventures AI Pty Ltd ( EXAI , a wholly-owned subsidiary of S3N) over selected tenements at the Montague Project.

Under the Agreement, SensOre (via EXAI) has the right to acquire up to an 80% interest in the lithium rights (and related by-products) within the Montague tenements listed in Appendix 2 ( Tenements ).

Gateway will retain its existing rights to all other minerals within the Tenements, including precious and base metals. Gateway also retains a right to clawback its interest in the lithium rights to 30% at its discretion at the completion of the earn-in period.

Gateway continues to actively explore the Montague Project for step-change gold discoveries, with the aim of significantly increasing the existing 526,000oz[1] Mineral Resource already defined at the Project.

S3N is a geoscience technology disruptor which plans to utilise the proprietary SensOre DPT[©] artificial intelligence tool to generate targets within the Tenements to explore for lithium. This exploration will be undertaken in parallel with Gateway’s ongoing gold exploration activities. To date, no lithium exploration activities have been undertaken at the Montague Gold Project.

For further details please refer to the Company’s announced released on 23 January 2023.

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

1 10,073,000t @ 1.6g/t Au for 526,000oz Indicated and Inferred. GML attributable 507,000oz Indicated and Inferred. See ASX Release dated 27 September 2022.

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Competent Person Statement

The information in this announcement that relates to Exploration Results and Mineral Resources has been extracted from various Gateway ASX announcements and are available to view on the Company’s website at www.gatewaymining.com.au or through the ASX website at www.asx.com.au (using ticker code “GML”).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

APPENDIX (1)

About the Montague Gold Project

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Montague Gold Project Tenement Location Diagram

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APPENDIX (2)

Tenements subject to the SensOre Ltd Farm-in Agreement

Tenement No.	Type	Holder Details
E 57/405	EXPLORATION LICENCE	GATEWAY MINING LIMITED 100%
E 57/687	EXPLORATION LICENCE	GATEWAY MINING LIMITED 100%
E 57/823	EXPLORATION LICENCE	GATEWAY MINING LIMITED 100%
E 57/824	EXPLORATION LICENCE	GATEWAY MINING LIMITED 100%
E 57/875	EXPLORATION LICENCE	GATEWAY MINING LIMITED 100%
E 57/888	EXPLORATION LICENCE	GATEWAY MINING LIMITED 100%
M 57/217	MINING LEASE	GATEWAY MINING LIMITED 100%
M 57/48	MINING LEASE	GATEWAY MINING LIMITED 100%
M 57/98	MINING LEASE	GATEWAY MINING LIMITED 100%
M 57/99	MINING LEASE	GATEWAY MINING LIMITED 100%
P 57/1409	PROSPECTING LICENCE	GATEWAY PROJECTS WA PTY LTD 100%
P 57/1410	PROSPECTING LICENCE	GATEWAY PROJECTS WA PTY LTD 100%
P 57/1411	PROSPECTING LICENCE	GATEWAY PROJECTS WA PTY LTD 100%
P 57/1413	PROSPECTING LICENCE	GATEWAY PROJECTS WA PTY LTD 100%

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