GATEWAY MINING LIMITED — Capital/Financing Update 2025

Dec 18, 2025

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ASX Announcement ASX: GML

• 19 December 2025

EXTENSIVE GOLD SYSTEM EMERGING AT MUSTANG

INITIAL AIRCORE RESULTS IDENTIFY A SERIES OF HIGH-PRIORITY TARGETS ACROSS THE PONY-MUSTANG TREND

HIGHLIGHTS

• Extensive gold system emerging at the Mustang-Pony Trend – multiple targets have been generated in highly favourable structural settings from the first three wide-spaced reconnaissance aircore lines (Figure 1).

• The largest target generated (Colt) has been defined over a strike length of at least 1.4km and up to 600m wide: All targets generated to date remain entirely open along strike and at depth.

• Anomalous gold mineralisation is interpreted to be associated with large-scale structural flexures around a series of intrusions.

• Detecting significant gold mineralisation along flexured shear zones around the Pony and Colt Intrusions bodes very well for drilling around the Haflinger Intrusion to the south, where larger-scale look-a-like structural settings are apparent in geophysical imagery.

• In addition to the intrusion structural domain, the favourable mafic-intermediate contact (host to the high-grade gold mineralisation at Horse Well) has been intersected on the third line and has returned significant results that confirm this position as a high priority target.

• These areas represent compelling targets for both infill aircore and follow-up RC drill testing after the current program is completed in early 2026.

• Drilling is now wrapping up for the year – programs will recommence late February 2026.

• Gateway remains well capitalised to undertake planned 2026 exploration, having approximately $13.1m (cash and liquid ASX securities) at the end of the September quarter, as well as having completed an additional $22.5m capital raising post September quarter.

Management Comment

Gateway’s Executive Chairman, Mr Andrew Bray, said: “ Initial results from the first three air core lines indicate the emergence of an extensive gold system at Mustang, as anticipated.

Multiple mineralised structures are beginning to be identified across these wide-spaced, reconnaissance aircore lines, which further drilling to the south continues to intersect. These highly anomalous zones represent strong follow-up targets for RC drilling in the new year, where the primary mineralised shear zone will be tested (see Figure 2, for example). Given these holes have also been drilled on what we interpreted as the outer margins of the Mustang system, it bodes very well for future results as drilling moves south into the main part of the system.

The highest priority mafic-intermediate contact was not tested on the first two lines – the contact is further east than anticipated and drilling has now been expanded to drill several more holes to cover off the targeted zone. Importantly, on the third line it was intersected (and the shear zone located) in the easternmost holes (Figure 2), with highly encouraging results. The AC drilling program has continued to test this to the south. This represents a high-priority target for follow-up RC drilling in the new year. We would expect the prospectivity of this part of the system to further increase as drilling moves south into areas of greater structural complexity.

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

Gateway Mining Ltd B1/431 Roberts Road Subiaco WA 6008

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Drilling is currently wrapping up on site for 2025, with a large number of assays pending. Results will be progressively released to the market as they come to hand in the new year. The two stratigraphic holes at Great Western have also just been completed, and the results will help inform a large-scale RC program covering the mineralised corridor commencing as soon as possible in 2026.

The aeromagnetic survey at our Glenburgh South project is nearing completion – results expected to be released to the market in late January.

Further updates will be provided in due course.”

Introduction

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to provide an update on its Yandal Gold Project in Western Australia.

Yandal Gold Project

The assays from the first three aircore lines across the Pony-Mustang trend have highlighted multiple gold targets associated with flexures of key splay structures around the margins of the Colt and Pony intrusions. Mineralisation for all identified targets remains open along strike to the north and south.

The target zones are comprised of a series of stacked mineralised gold lodes along the sheared contacts between intermediate volcanics, mafic volcanics and intrusive margins (Figure 1).

The detection of significant gold mineralisation within flexured shear zones around the Pony and Colt intrusions further highlights the prospectivity southward from the current extents of received assay results, where geophysical imagery indicates that the flexures in shear zones around the Haflinger Intrusion are of a much larger scale than currently drill tested by the ongoing aircore program.

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Figure 1: Topographic map highlighting aircore intercepts (Au ppm) received to date, in relation to major shear zones and planned drilling across the Pony-Mustang Trend.

Furthermore, the Haflinger Intrusion is located at the intersection of the Celia and Mustang Shear Zones, adding further complexity to the structural architecture.

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In addition to the flexure targets around the intrusive margins, the third drill line of aircore holes intercepted oxide gold mineralisation associated with the sheared contact between mafic and intermediate volcanics.

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Figure 2: Cross section highlighting the mafic-intermediate contact at Mustang-Pony and the untested targeted shear zone.

The mafic-intermediate contact is recognised as a favourable horizon for gold mineralisation, with all high-grade lodes at the Horse Well Gold Camp being hosted within this key contact. The aircore program will be expanded further east than the current planned grid to ensure adequate coverage along the 6km+ strike of the mafic-intermediate contact.

All gold mineralised targets are directly associated with northwest-trending splay structures from the main Celia and Mustang shear zones, which is directly analogous to the mineralised structures identified at the Horse Well Gold Camp.

Given the current program of aircore holes were planned at 100 metre spacings (east-west) and 400m spacing (north-south), and mineralisation extends to Bottom of Hole (BOH) in places, it represents promising targets for both infill aircore and deeper follow-up RC. These results also demonstrate that Gateway is now effectively testing a complex structural setting, and that previous drilling across this region can now be fundamentally classed as ineffective.

The average depth of historic drilling across the Pony-Mustang trend is 30 metres, with the current average depth that Gateway is achieving with this aircore program around 100 metres.

Given the increased depth achieved by Gateway during this aircore program, approximately 60% of the program remains to be drill tested. The aircore rig will return in early 2026 to continue testing across the Mustang-Pony Trend, as well as complete the extended program to the east, and additional drill lines to the north of the current grid.

Great Western

The stratigraphic diamond drilling at Great Western has also been completed, providing crucial structural data and lithological information for the first time at the prospect. To further assist with drill target testing across Great Western, a high resolution (50 metre spaced) ground gravity survey has now been completed along the Great Western ‘Splay’ Structure. This data, in conjunction with the surface geochemistry gold anomalism and diamond drilling data, will be used to map the key structural trends and aid in the planning of an extensive RC drill program set to commence in the new year.

Results from this drilling will be released to the market in due course.

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Figure 3. GML Yandal Project area in relation to known gold mines, road infrastructure and regional greenstone terrains (light green).

This release has been authorised by:

Andrew Bray Executive Chairman

Investors Media Andrew Bray Nicholas Read Executive Chairman Read Corporate T: 08 6383 9969 T: 08 9388 1474

or

Kar Chua Company Secretary T: 02 8316 3998

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Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr Richard Pugh who is Gateway Mining Limited’s Chief Executive Officer and is a current Member of the Australian Institute of Geoscientists (AIG). Mr Pugh 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 Pugh consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this announcement that relates to 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 and that all material assumptions and technical parameters underpinning the Mineral Resources in the relevant market announcement continue to apply and have not materially changed. 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.

Forward Looking Statement

This announcement may contain certain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate ( Forward-Looking Statements ). Forward-Looking Statements can generally be identified by the use of forward-looking words such as "anticipate", "estimates", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also Forward Looking Statements.

Persons reading this announcement are cautioned that such statements are only predictions, and that actual future results or performance may be materially different. Forward-Looking Statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. Forward-Looking Statements are provided as a general guide only and should not be relied on as a guarantee of future performance.

No representation or warranty, express or implied, is made by Gateway that any Forward-Looking Statement will be achieved or proved to be correct. Further, Gateway disclaims any intent or obligation to update or revise any Forward-Looking Statement whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

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APPENDIX A: AC Table of Significant Intercepts

												Intercept
		Hole Details
Hole ID
		Coordinates (MGA94 Zone 51)
	Easting (m)	Northing (m)	RL (m)	Dip (°)	Azimuth (°)	Max Depth (m)	Hole Type	From (m)	To (m)	Interval (m)	Grade (Au g/t)	Interval
MPAC0002	268004	7136989	545	-60	250	66	AC	52	53	1	1.2	2 metres @ 0.7g/t Au from 52 metres (including 1 metre @ 1.2g/t Au)
							AC	53	54	1	0.1
MPAC0011	268866	7137253	545	-60	250	51	AC	16	20	4	0.2	8 metres @ 0.9g/t Au from 16 metres (incl. 4 metres @ 1.5g/t Au)
							AC	20	24	4	1.5
MPAC0013	269053	7137314	545	-60	250	100	AC	36	40	4	0.2	4 metres @ 0.2g/t Au from 36 metres
MPAC0015							AC	112	116	4	0.1	8 metres @ 0.4g/t Au from 112 metres
											0.6
	269247	7137375	545	-60	250	131	AC	116	120	4
							AC	130	131	1	0.1	1 metre @ 0.1g/t Au from 130m to EOH
MPAC0017	269437	7137438	545	-60	250	111	AC	40	41	1	0.1	1 metre @ 0.1g/t Au from 40 metres
							AC	96	97	1	0.4	3 metres @ 0.4g/t Au from 96 metres
							AC	97	98	1	0.4
							AC	98	99	1	0.4
MPAC0021	269822	7137558	545	-60	250	64	AC	52	53	1	0.4	2 metres @ 0.3g/t Au from 52 metres
							AC	53	54	1	0.1
MPAC0022							AC	41	42	1	0.4	3 metres @ 0.4g/t Au from 41 metres
											0.5
	269915	7137588	545	-60	250	61	AC	42	43	1
							AC	43	44	1	0.2
MPAC0024							AC	60	61	1	0.3	1 metre @ 0.3g/t Au from 60 metres
							AC	63	64	1	0.1	2 metres @ 0.2g/t Au from 63 metres
											0.2
	270106	7137655	545	-60	250	75	AC	64	65	1
							AC	69	70	1	0.2	1 metre @ 0.2g/t Au from 69 metres
							AC	72	73	1	0.1	1 metre @ 0.1g/t Au from 72 metres
MPAC0025	270207	7137690	540	-60	250	61	AC	55	56	1	0.3	1 metre @ 0.4g/t Au from 55 metres
MPAC0026	270293	7137720	540	-60	250	80	AC	32	36	4	0.1	4 metres @ 0.1g/t Au from 32 metres
MPAC0027							AC	36	37	1	0.3	2 metres @ 0.2g/t Au from 36 metres
							AC	37	38	1	0.2
							AC	46	47	1	0.2	5 metres @ 0.2g/t Au from 46 metres
											0.2
	268210	7136624	545	-60	250	52	AC	47	48	1
							AC	48	49	1	0.1
							AC	49	50	1	0.1
							AC	50	51	1	0.3
MPAC0028	268304	7136655	545	-60	250	60	AC	58	59	1	0.2	1 metre @ 0.2g/t Au from 58 metres
MPAC0030	268495	7136713	545	-60	250	80	AC	20	21	1	0.5	1 metre @ 0.5g/t Au from 20 metres
MPAC0031	268591	7136743	545	-60	250	98	AC	56	57	1	0.5	1 metre @ 0.5g/t Au from 56 metres
							AC	61	62	1	0.4	1 metre @ 0.4g/t Au from 61 metres
							AC	67	68	1	0.4	5 metres @ 0.2g/t Au from 67 metres
							AC	68	69	1	0.1
							AC	69	70	1	0.2

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												Intercept
		Hole Details
Hole ID
		Coordinates (MGA94 Zone 51)
	Easting (m)	Northing (m)	RL (m)	Dip (°)	Azimuth (°)	Max Depth (m)	Hole Type	From (m)	To (m)	Interval (m)	Grade (Au g/t)	Interval
							AC	70	71	1	0.2
							AC	71	72	1	0.1
MPAC0032	268686	7136776	545	-60	250	88	AC	80	81	1	0.2	2 metres @ 0.2g/t Au from 81 metres
							AC	81	82	1	0.2
MPAC0033	268782	7136806	545	-60	250	91	AC	88	89	1	0.1	1 metre @ 0.1g/t Au from 88 metres
MPAC0038	269257	7136960	545	-60	250	94	AC	36	37	1	0.2	4 metres @ 0.5g/t Au from 36 metres
							AC	37	38	1	0.1
							AC	38	39	1	1.0
							AC	39	40	1	0.6
							AC	84	85	1	0.3	2 metres @ 0.4g/t Au from 84 metres
							AC	85	86	1	0.4
							AC	88	89	1	0.1	6 metres @ 0.4g/t Au from 88 metres to EOH
							AC	89	90	1	0.9
							AC	90	91	1	0.4
							AC	91	92	1	0.4
							AC	92	93	1	0.5
							AC	93	94	1	0.2
MPAC0040	269446	7137020	545	-60	250	107	AC	78	79	1	0.1	4 metres @ 0.3g/t Au from 78 metres
							AC	79	80	1	0.7
							AC	80	81	1	0.2
							AC	81	82	1	0.1
MPAC0041							AC	34	35	1	1.1	2 metres @ 1.1g/t Au from 34 metres
											1.2
	269545	7137049	545	-60	250	96	AC	35	36	1
							AC	94	95	1	0.1	1 metre @ 0.1g/t Au from 94 metres
MPAC0043	269735	7137110	545	-60	250	94	AC	63	64	1	0.2	1 metre @ 0.2g/t Au from 63 metres
MPAC0044	269830	7137140	545	-60	250	101	AC	94	95	1	0.3	1 metre @ 0.3g/t Au from 94 metres
MPAC0046	270021	7137201	545	-60	250	88	AC	47	48	1	0.2	1 metre @ 0.2g/t Au from 47 metres
							AC	49	50	1	0.2	1 metre @ 0.2g/t Au from 49 metres
							AC	52	53	1	0.1	2 metres @ 0.2g/t Au from 52 metres
							AC	53	54	1	0.2
							AC	55	56	1	0.2	5 metres @ 0.3g/t Au from 55 metres
							AC	56	57	1	0.4
							AC	57	58	1	0.2
							AC	58	59	1	0.3
							AC	59	60	1	0.3
							AC	61	62	1	0.2	1 metre @ 0.2g/t Au from 61 metres
							AC	69	70	1	0.2	4 metres @ 0.2g/t Au from 69 metres
							AC	70	71	1	0.1
							AC	71	72	1	0.1

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												Intercept
		Hole Details
Hole ID
		Coordinates (MGA94 Zone 51)
	Easting (m)	Northing (m)	RL (m)	Dip (°)	Azimuth (°)	Max Depth (m)	Hole Type	From (m)	To (m)	Interval (m)	Grade (Au g/t)	Interval
							AC	72	73	1	0.3
							AC	84	85	1	0.1	1 metre @ 0.1g/t Au from 84 metres
							AC	86	87	1	0.3	1 metre @ 0.3g/t Au from 86 metres
MPAC0047							AC	52	53	1	0.1	1 metre @ 0.1g/t Au from 52 metres
							AC	61	62	1	0.5	2 metres @ 0.4g/t Au from 61 metres
							AC	62	63	1	0.2
							AC	64	65	1	0.1	4 metres @ 0.2g/t Au from 64 metres
							AC	65	66	1	0.2
											0.1
	270116	7137231	545	-60	250	80	AC	66	67	1
							AC	67	68	1	0.3
							AC	71	72	1	0.1	4 metres @ 0.2g/t Au from 71 metres
							AC	72	73	1	0.2
							AC	73	74	1	0.2
							AC	74	75	1	0.2
MPAC0048							AC	55	56	1	0.2	1 metre @ 0.1g/t Au from 55 metres
												1 metre @ 0.2g/t Au from 57 metres
	270211	7137262	545	-60	250	64	AC	57	58	1	0.2
							AC	60	61	1	0.2	1 metre @ 0.2g/t Au from 60 metres
MPAC0050							AC	27	28	1	0.2	2 metres @ 0.2g/t Au from 27 metres
							AC	28	29	1	0.2
							AC	31	32	1	0.1	2 metres @ 0.2g/t Au from 31 metres
											0.2
	270402	7137323	545	-60	250	68	AC	32	33	1
							AC	37	38	1	0.2	1 metre @ 0.1g/t Au from 37 metres
							AC	44	45	1	0.1	1 metre @ 0.1g/t Au from 44 metres
							AC	63	64	1	0.2	1 metre @ 0.2g/t Au from 63 metres
MPAC0055	268690	7136353	545	-60	250	43	AC	42	43	1	0.9	1 metre @ 0.9g/t Au from 42 metres to EOH
MPAC0057	268880	7136414	545	-60	250	53	AC	49	50	1	0.2	4 metres @ 0.2g/t Au from 49 metres to EOH
							AC	50	51	1	0.3
							AC	51	52	1	0.1
							AC	52	53	1	0.1
MPAC0058	268975	7136444	545	-60	250	70	AC	48	52	4	0.1	21 metres @ 0.1g/t Au from 48 metres
							AC	52	56	4	0.1
							AC	56	60	4	0.1
							AC	60	64	4	0.1
							AC	64	68	4	0.1
							AC	68	69	1	0.2
MPAC0064	269547	7136626	545	-60	250	124	AC	17	18	1	0.5	1 metre @ 0.5g/t Au from 17 metres
							AC	19	20	1	0.1	1 metre @ 0.1g/t Au from 19 metres
							AC	37	38	1	0.1	3 metres @ 0.2g/t Au from 37 metres
							AC	38	39	1	0.2

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												Intercept
		Hole Details
Hole ID
		Coordinates (MGA94 Zone 51)
	Easting (m)	Northing (m)	RL (m)	Dip (°)	Azimuth (°)	Max Depth (m)	Hole Type	From (m)	To (m)	Interval (m)	Grade (Au g/t)	Interval
							AC	39	40	1	0.2
							AC	54	55	1	0.4	1 metre @ 0.4g/t Au from 54 metres
MPAC0067	269833	7136717	545	-60	250	105	AC	69	70	1	0.3	1 metre @ 0.3g/t Au from 69 metres
MPAC0068	269928	7136747	545	-60	250	97	AC	59	60	1	0.4	1 metre @ 0.4g/t Au from 59 metres
MPAC0069	270024	7136778	545	-60	250	108	AC	86	87	1	0.2	2 metres @ 0.4g/t Au from 86 metres
							AC	87	88	1	0.5
MPAC0071							AC	73	74	1	0.1	7 metres @ 0.4g/t Au from 73 metres
							AC	74	75	1	0.1
							AC	75	76	1	1.0
											0.3
	270214	7136838	545	-60	250	91	AC	76	77	1
							AC	77	78	1	0.6
							AC	78	79	1	0.5
							AC	79	80	1	0.2
MPAC0073							AC	48	52	4	0.1	4 metres @ 0.1g/t Au from 48 metres
							AC	53	54	1	0.1	2 metres @ 0.3g/t Au from 53 metres
											0.4
	270405	7136899	545	-60	250	91	AC	54	55	1
							AC	56	57	1	0.1	2 metres @ 0.2g/t Au from 56 metres
							AC	57	58	1	0.2
MPAC0075	270595	7136960	545	-60	250	78	AC	60	61	1	0.2	4 metres @ 0.2g/t Au from 60 metres
							AC	61	62	1	0.2
							AC	62	63	1	0.3
							AC	63	64	1	0.1
							AC	70	71	1	0.1	2 metres @ 0.1g/t Au from 70 metres
							AC	71	72	1	0.2
MPAC0076	270691	7136990	545	-60	250	69	AC	32	33	1	0.2	1 metre @ 0.2g/t Au from 32 metres
							AC	36	37	1	0.1	10 metres @ 0.4g/t Au from 36 metres (including 2 metres @ 1.0g/t Au)
							AC	37	38	1	0.2
							AC	38	39	1	0.6
							AC	40	41	1	0.5
							AC	41	42	1	0.1
							AC	42	43	1	0.3
							AC	43	44	1	1.1
							AC	44	45	1	0.8
							AC	45	46	1	0.4
MPAC0077	270786	7137020	545	-60	250	59	AC	43	44	1	0.9	9 metres @ 0.3g/t Au from 43 metres
							AC	44	45	1	0.5
							AC	45	46	1	0.3
							AC	46	47	1	0.1
							AC	47	48	1	0.1

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												Intercept
		Hole Details
Hole ID
		Coordinates (MGA94 Zone 51)
	Easting (m)	Northing (m)	RL (m)	Dip (°)	Azimuth (°)	Max Depth (m)	Hole Type	From (m)	To (m)	Interval (m)	Grade (Au g/t)	Interval
							AC	48	49	1	0.0
							AC	49	50	1	0.1
							AC	50	51	1	0.1
							AC	51	52	1	0.3

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APPENDIX B: JORC TABLE 1 – YANDAL PROJECT

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•All drilling (prefix MPAC) and sampling was undertaken in an industry
techniques	specific specialised industry standard measurement tools	standard manner.
	appropriate to the minerals under investigation, such as down hole
		•AC hole samples were collected on a 1 metre basis from a gravity-fed
	gamma sondes, or handheld XRF instruments, etc). These
		rotary splitter below the drill rig cyclone.
	examples should not be taken as limiting the broad meaning of
	sampling.	•For each metre drilled, ‘A-bag’ splits (roughly 10% of the total sample)
	• Include reference to measures taken to ensure sample representivity	was collected directly from the splitter chute in pre-numbered calico
	and the appropriate calibration of any measurement tools or systems	bags, with the remaining bulk sample being collected in a bucket below
	used.	the splitter and ground dumped in rows of 20 metres.
	• Aspects of the determination of mineralisation that are Material to
		•Each ground-dumped metre was scoop sampled using and placed in
	the Public Report.
		a pre- numbered SKA* prefixed calico bag in 4 metre composites.
	• In cases where ‘industry standard’ work has been done this would be
		Four metre composite samples ranged in weight from 2.5-3kg.
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m
	samples from which 3 kg was pulverised to produce a 30 g charge for	•The 1m A-bag splits were tied and stored in water-proof green bags at
	fire assay’). In other cases more explanation may be required, such as	the drill pad for use in the case of re-splitting, additional QAQC
	where there is coarse gold that has inherent sampling problems.	analysis, or if the at-rig geologist determined 1m samples are to be
	Unusual commodities or mineralisation types (eg submarine nodules)	preferentially sent to the lab instead of SKA* 4m composites. When
	may warrant disclosure of detailed information.	1m A-bag splits were submitted to the laboratory, an SKR* prefix
		calico bag was used.
		•Certified reference material was inserted into the sample sequence at
		a 1:50 ratio (i.e., every SKA/SKR00 and SKA/SKR50 calico bag).
		Duplicate samples were collected at a 1:50 ratio (i.e., every
		SKA/SKR25 and SKA/SKR75) to give an overall QAQC ratio of
		1:25 for all sampling.
		•The independent laboratory pulverises the entire sample for analysis
		as described below.

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Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Aircore drilling utilising the Bostech Aircore Core System (85- 87mm).
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
		•Rotary polycrystalline diamond composite (PDC) drill bits were utilized
	or standard tube, depth of diamond tails, face-sampling bit or other
		at the top of fresh rock, or where ground was too hard for the standard
	type, whether core is oriented and if so, by what method, etc).
		aircore bit to penetrate.
		•Rotary hammer drill bits were used sparingly where veining prevented
		both the PDC and standard AC drill bits from penetrating.
Drill sample	• Method of recording and assessing core and chip sample	•AC samples were visually assessed for recovery.
recovery	recoveries and results assessed.
		•Samples were considered representative with generally good
	• Measures taken to maximise sample recovery and ensure
		recovery. Sample recovery was recorded per metre drilled.
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade	•Samples were dry. Sample condition is recorded per metre drilled.
	and whether sample bias may have occurred due to preferential
		•No sample bias is observed.
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Aircore holes were logged qualitatively and quantitatively on a 1m basis.
	geotechnically logged to a level of detail to support appropriate
		•Qualitative: lithology, alteration, structure.
	Mineral Resource estimation, mining studies and metallurgical
	studies.	•Quantitative: vein percentage; mineralisation (sulphide) percentage.
	• Whether logging is qualitative or quantitative in nature. Core (or
		•All holes were logged for the entire length of hole.
	costean, channel, etc) photography.
	• The total length and percentage of the relevant intersections	•All drilled metres for each AC hole were chipped, archived and
	logged.	photographed.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core taken.	•AC chips were rotary split, sampled dry and recorded at the time of
sampling	• If non-core, whether riffled, tube sampled, rotary split, etc and	logging.
techniques	whether sampled wet or dry.
		•OREAS certified reference material (CRM) was inserted at a ratio of
and sample	• For all sample types, the nature, quality and appropriateness of the
		1:50 throughout sampling. The grade ranges of the CRMs were
preparation	sample preparation technique.
		selected based on grade populations and economic grade ranges. The
	• Quality control procedures adopted for all sub-sampling stages to
		reference material type was selected based on the geology,
	maximise representivity of samples.
		weathering, and analysis method of the sample.
	• Measures taken to ensure that the sampling is representative of the
	in situ material collected, including for instance results for field	•Field Duplicates and CRMs were submitted to the lab using unique
	duplicate/second- half sampling.	Sample IDs at a ratio of 1:50 throughout sampling.
	• Whether sample sizes are appropriate to the grain size of the material
		•The entire 2.5-3kgAC 4m composite or 2.5-3kg1m split was sent to

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Criteria	JORC Code explanation	Commentary
	being sampled.	Intertek Laboratory, Maddington WA. All samples were sorted and
		dried at 105 C, crushed to ~3 mm and linearly split, ensuring jars are
		filled to 85 % full. Samples were then analysed by Photon-Assay
		(PAAU002) method with detection limits of 0.02-350 ppm.
		•Intertek separately analysed 1 CRM in every 50 samples as well as 1
		duplicate assay in every 50 samples as part of standard QAQC
		protocol for Photon analysis.
		•The sample size was appropriate for the grain size of sampled
		material.
Quality of	• The nature, quality and appropriateness of the assaying and	•Photon Assay is an appropriate technique adopted for gold analysis.
assay data	laboratory procedures used and whether the technique is
		•QA samples were inserted at a combined ratio of 1:25 throughout.
and	considered partial or total.
		Field duplicates were collected at a 1:50 ratio. OREAS certified
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,
		reference material (CRM) was inserted at a ratio of 1:50. The grade
tests	the parameters used in determining the analysis including instrument
		ranges of the CRMs were selected based on grade populations and
	make and model, reading times, calibrations factors applied and their
		economic grade ranges. The reference material type was selected
	derivation, etc.
		based on the geology, weathering, and analysis method of the sample.
	• Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels of	•All samples were sorted and dried at 105 C, crushed to ~3 mm and
	accuracy (ie lack of bias) and precision have been established.	linearly split, ensuring jars are filled to 85 % full. Samples were then
		analysed by Photon-Assay (PAAU002) method with detection limits of
		0.02-350 ppm.
		•Intertek separately analyse 1 CRM in every 50 samples as well as 1
		duplicate assay in every 50 samples as part of standard QAQC
		protocol for Photon analysis.
		•Magnetic Susceptibility measurements were collected at one metre
		intervals utilizing a KT-10 instrument. At the start of each hole, the KT-
		10 instrument was calibrated/checked against a reference material
		before collecting 1m interval data from sample piles.
		•A handheld Olympus Vanta XRF instrument was utilised to aid the at-
		rig geologist determining downhole lithologies. The instrument was
		calibrated at the start of each analysis session, with a QC reading
		taken on alternatingCertified Reference Materials(Blank and

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Criteria	JORC Code explanation	Commentary
		OREAS45d) at a ratio of 1:20 samples. Handheld XRF readings were
		taken on pulverized material from dry bottom of hole samples
		systematically, and from dry samples throughout a hole where the
		geologist determined geochemical data was necessary to determine
		lithology.
Verification	• The verification of significant intersections by either	•Logging and sampling were recorded directly into LogChief, utilising
of sampling	independent or alternative company personnel.	lookup tables and in-file validations, on a Toughbook by a geologist at
and	• The use of twinned holes.	the rig.
assaying	• Documentation of primary data, data entry procedures, data
		•Logs, handheld XRF geochemical data, Magnetic Susceptibility data
	verification, data storage (physical and electronic) protocols.
		and sampling were imported daily into Micromine for further validation
	• Discuss any adjustment to assay data.
		and geological confirmation.
		•When received, assay results were plotted on section and verified
		against neighbouring drill holes.
		•From time to time, assays will be repeated if they fail company QAQC
		protocols.
		•All sampling was routinely inspected by senior geological staff.
		Significant intersections were inspected by senior geological staff and
		Gateway corporate staff.
		•Data was validated daily by the Gateway Database Administrator, with
		import validation protocols in place. Data was exported daily to Mitchell
		River Group and externally validated and imported to the SQL
		database.
		•No adjustments have been made to assay data.
		•Data is managed and hosted by Mitchell River Group.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Drill collars were surveyed using a GARMIN GPSMap64 with
data points	down- hole surveys), trenches, mine workings and other locations	expected relative accuracy of approximately 3m.
	used in Mineral Resource estimation.
		•Holes are located in MGA Zone 51.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.	•RLs were assigned a nominal value of 570m during drilling and
		corrected during data import by draping on the DGPS-generated
		surface DTM. Datapoints for creation of the surface topographywere

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Criteria	JORC Code explanation		Commentary
			collected by DownUnder Surveys in 2022 on a 50m grid spacing
			across the entire Horse Well Region.
			•Collar locations are to be updated at a later date by DGPS.
Data	• Data spacing for reporting of Exploration Results.		•Aircore holes were completed on a 100 metre (East-West) by 400
spacing	• Whether the data spacing and distribution is sufficient to establish		metre (North-South) grid spacing.
and	the degree of geological and grade continuity appropriate for the
			•Each drill hole was positioned to an Azimuth of 250 degrees at a dip of
distribution	Mineral Resource and Ore Reserve estimation procedure(s) and
			-60 degrees and drilled to blade refusal.
	classifications applied.
	• Whether sample compositing has been applied.		•1 metre split samples were collected from the rotary splitter located
			directly below the drill rig cyclone and stored at the drill pad.
			•4 metre composite samples were collected throughout each hole.
			•Significant intercepts were based on 4 metre composites grading
			greater than 0.1g/t Au. However, where samples were taken at or near
			bottom of hole, significant intercepts were based on sample intervals
			less than 4 metres (either single metres BOH splits or 2 or 3 metre
			composite samples), depending on the final depth. These intercepts
			were still deemed significant if they graded greater than 0.1g/t Au
Orientation	• Whether the orientation of sampling achieves unbiased sampling of		•Further drilling is required to fully evaluate the initial aircore drilling
of data in	possible structures and the extent to which this is known, considering		results.
relation to	the deposit type.
			•Drilling has been conducted perpendicular to interpreted regional
geological	• If the relationship between the drilling orientation and the orientation
			structures.
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.		•Drilling has been spaced at 100 metres (East-West) to ensure adequate
			coverage across regional structures.
			•The orientation of drilling is not considered to introduce a sampling bias.
Sample	• The measures taken to ensure sample security.		Gateway Drilling:
security
			•Sampling was recorded in both hardcopy and digital format. These
			were collected by company personnel and delivered directly to the
			laboratory via GML personnel.

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Criteria	JORC Code explanation		Commentary
			Pre-Gateway Drilling:
			•The data was originally maintained by Doray Minerals Ltd.
Audits or	• The results of any audits or reviews of sampling techniques and data.		•Sampling procedures throughout the drilling process were monitored
reviews			and supervised by senior geological staff.
			•Historic data has been validated by the Mitchell River Group and is
			deemed accurate and precise.
			•All results reported by the Laboratory and data exported by Gateway
			Mining Ltd is externally validated by the Mitchell River Group prior to
			importing into the database.
			•Monthly QAQC reports and recommendations are generated for all
			drilling, geochemical and assay data by Mitchell River Group.

Section 2: Reporting of Exploration Results

(Criteria listed in section 1, also apply to this section)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Mustang-Pony trend is located on 100% owned Gateway tenure
tenement	agreements or material issues with third parties such as joint	(tenement ID’s) E69/1772 and E69/2765.
and land	ventures, partnerships, overriding royalties, native title interests,
		•MW Royalty Co Pty Ltd holds a 1% gross revenue royalty over the
tenure status	historical sites, wilderness or national park and environmental
		above tenure.
	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.

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Criteria	JORC Code explanation	Commentary
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Exploration prior to Alloy Resources in the region was minimal and
done by		limited to shallow RAB and air-core drilling completed in the mid –
other parties		1990s, all of which had been sampled, assayed, and logged and
		records held by the Company. This early work, including aeromagnetic
		data interpretation, was focused on gold and provided anomalous
		samples which was the focus of this period of exploration.
Geology	• Deposit type, geological setting and style of mineralisation.	•Archaean aged gold prospects with common host rocks and
		structures related to mesothermal gold mineralisation as found
		throughout the Yilgarn Craton of Western Australia
Drill hole	• A summary of all information material to the understanding of the	•Refer to tabulations in the body of this announcement.
Information	exploration results including a tabulation of the following information for
		•Both historic and Gateway drillhole details with assays >0.1g/t Au over
	all Material drill holes:
		4 metre composite and 1 metre split samples are summarised in
	o easting and northing of the drill hole collar
		Appendix A.
	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.
Data	• In reporting Exploration Results, weighting averaging techniques,	•No top-cuts have been applied when reporting results.
aggregation	maximum and/or minimum grade truncations (eg cutting of high
		•The primary gold determination is reported where any secondary
methods	grades) and cut-off grades are usually Material and should be stated.
		assaying does not differ significantly from the primary.
	• Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used	•The AC intervals are taken as values >0.1g/t Au with maximum internal
	for such aggregation should be stated and some typical examples of	dilution of 4 metres.
	such aggregations should be shown in detail.
		•No metal equivalent values are used for reporting exploration results.
	• The assumptions used for any reporting of metal equivalent
	values should be clearly stated.	•No diamond drilling results are reported in this announcement.

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Criteria	JORC Code explanation	Commentary
Relationship	• These relationships are particularly important in the reporting of	•Further drilling is required to fully evaluate these initial AC drill
between	Exploration Results.	intercepts.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole
		•AC drilling has been conducted perpendicular to regional structures.
widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported,	•AC drilling has been spaced at 100 metres (East-West) to ensure
lengths	there should be a clear statement to this effect (eg ‘down hole	adequate coverage across regional structures.
	length, true width not known’).
		•Downhole AC intercept lengths are reported.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Please refer to the main body of the announcement.
	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.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•A summary of exploration results are contained within Appendix A.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be	•All meaningful and material information has been included in the body
substantive	reported including (but not limited to): geological observations;	of the announcement.
exploration	geophysical survey results; geochemical survey results; bulk
data	samples – size and method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	•Further aircore and RC drilling to further define and test this
	extensions or depth extensions or large-scale step-out drilling).	emerging gold system.
	• Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

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