GATEWAY MINING LIMITED — Interim / Quarterly Report 2022

Mar 10, 2022

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GATEWAY MINING LIMITED ABN 31 008 402 391 INTERIM FINANCIAL REPORT FOR SIX MONTHS ENDED 31 DECEMBER 2021

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

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Contents

CORPORATE DIRECTORY ......................................................................................................................... 3 DIRECTORS’ REPORT ................................................................................................................................ 4 AUDITOR INDEPENDENCE DECLARATION ............................................................................................ 22 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ..... 23 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ..................................................................... 24 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ..................................................................... 25 CONSOLIDATED STATEMENT OF CASH FLOWS .................................................................................. 26 NOTES TO THE FINANCIAL STATEMENTS ............................................................................................. 27 DIRECTORS' DECLARATION .................................................................................................................... 35 INDEPENDENT AUDITOR'S REVIEW REPORT ....................................................................................... 36

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

CORPORATE DIRECTORY

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Directors:

• Mr Mark Cossom (Managing Director)

• Mr Trent Franklin (Non-Executive Director)

• Mr Scott Brown (Non-Executive Director)

• Ms Debra Fullarton (Non-Executive Director)

Company Secretary:

• Mr Kar Chua

Registered Office:

B1/431 Roberts Road Subiaco WA 6008

Telephone: +61 2 8316 3998 Facsimile: +61 2 8316 3999 Email: info@gatewaymining.com.au

Share Registry:

Automic Registry Services Level 5, 126 Phillip Street Sydney NSW 2000

Telephone: 1300 288 664

Auditors:

Crowe Sydney Chartered Accountants Level 15 1 O’Connell Street Sydney NSW 2000

Solicitors:

Enrizen Lawyers Pty Ltd Level 11 52 Phillip Street Sydney NSW 2000

Securities Exchange Listing:

The Group is listed on the Australian Securities Exchange under code GML

Website:

www.gatewaymining.com.au

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Your directors submit the financial report of the Group consisting of Gateway Mining Limited ( Gateway or the Company) and its controlled entities (Collectively, the Group) ) for the half-year ended 31 December 2021.

DIRECTORS

The names of directors who held office during the year:

• Mr. Mark Cossom (Managing Director)

• Mr. Trent Franklin (Non-Executive Director)

• Mr. Scott Brown (Non-Executive Director)

• Ms. Debra Fullarton (Non-Executive Director)

PRINCIPAL ACTIVITIES

The activities of the Group during the financial year were in the mineral exploration industry principally exploration for gold and base metals. There were no significant changes in the nature of the activities of the Group that occurred during the period.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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OPERATIONS REVIEW

The Company has established a high-quality exploration landholding at it’s Gidgee Gold Project, located in the Murchison goldfields of Western Australia. This Project is the sole focus of all of the Company’s exploration funding and activities. The Company still maintains an interest in several former projects through a series of Farm-out and Joint Venture Agreements that leave Gateway exposed to discovery opportunities through leveraged third-party expenditure.

GIDGEE GOLD PROJECT - INTRODUCTION

Gateway’s Gidgee Gold Project is located approximately 70km north of the township of Sandstone, Western Australia. The Gidgee Project comprises a consolidated area of ~1,000km[2] covering the southern extension of the Archaean aged Gum Creek Greenstone Belt.

The Project is easily accessible from Perth via major sealed and well-formed gravel roads, with the town of Sandstone providing limited logistics support. The Project is centrally located within a ~120km radius of six operational gold treatment facilities.

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Figure (1): Gidgee Gold Project Location Plan

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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MONTAGUE GRANODIORITE DOME

MINERAL RESOURCE UPDATE

The Gidgee Gold Project Mineral Resource has been updated to 8,165,000t @ 1.7g/t Au for 449,000oz Au, classified as Indicated and Inferred (Table 1) and reported in accordance with the JORC Code (2012).

This updated Mineral Resource represents an increase of 87% from the maiden Mineral Resource announced on 3 October 2019. The updated Total Mineral Resource consists of the previously announced estimate for the Whistler deposit, an updated estimate for the Montague-Boulder deposit, and maiden estimates for the Evermore and Achilles North/Airport deposits (Figure 2).

The new resource estimates for the Montague-Boulder, Evermore and Achilles North/Airport deposits were undertaken by Elizabeth Haren of Haren Consulting Pty Ltd, based on a drill database and mineralisation interpretations compiled by Gateway geological staff and Omni GeoX consultants.

The Whistler Mineral Resource was not re-estimated as part of this process. Full details of the Whistler Mineral Resource were provided in the ASX Release dated 3 October 2019. For full details of the updated Mineral Resource please refer to ASX announcement dated 14 December 2021.

Table 1. Gidgee Gold Project – December 2021 Mineral Resource Estimate Summary

	Indicated	Inferred	Total
	Tonnes (t) Au (g/t) Au (oz)	Tonnes (t) Au (g/t) Au (oz)	Tonnes (t) Au (g/t) Au (oz)
Montague-Boulder Whistler Evermore Achilles Nth/Airport	522,000 4.0 67,000 - - - - - - 221,000 2.0 14,000	2,556,000 1.2 96,000 1,700,000 2.2 120,000 1,319,000 1.6 67,000 1,847,000 1.4 85,000	3,078,000 1.7 163,000 1,700,000 2.2 120,000 1,319,000 1.6 67,000 2,068,000 1.5 99,000
Total	743,000 3.4 81,000	7,422,000 1.5 368,000	8,165,000 1.7 449,000

*Notes: Montague-Boulder, Evermore and Achilles Nth/Airport Mineral Resources reported above 0.6g/t Au

Whistler Mineral Resource reported above 0.5g/t Au for open pit and 2.0g/t Au for underground Rounding errors may occur

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Figure (2): Gidgee Gold Project – Deposit Location Diagram

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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MONTAGUE BOULDER RESOURCE EXTENSION RC DRILLING

During the reporting period, assay results returned from RC drilling immediately adjacent to the Montague-Boulder Mineral Resource included significant intersections within the margin of the granodiorite immediately adjacent to the Resource. Significant intercepts returned included:

 GRC583: 5m @ 2.7g/t Au from 115m (previously reported)[1]  GRC696: 7m @ 3.0g/t Au from 84m; and 7m @ 1.5g/t Au from 113m

The newly-discovered mineralised structure remains largely untested along strike to the north and south. The quality of the mineralisation intersected in this drilling – and its close proximity to the current Resource – provides the opportunity to significantly upgrade the Resource with additional drilling.

GRC696 was drilled ~75m up-dip of the intersection in GRC583, confirming the presence of multiple lenses of continuous flat-lying mineralisation over a dip extent of at least 125m. The strength of the mineralisation also provides a strong vector down-dip to where the structure intersects the mafic lithologies. This position is considered to be an additional high-priority target for future drill testing.

Additional potential for shallow extensions to the granodiorite-hosted mineralisation has also been identified to the south of the current Resource and existing open pit. Drilling by Gateway[2] intersected significant shallow mineralisation in GRC623 (6m @ 1.3g/t Au) in an area of sparse historical drilling (including GRB1518: 8m @ 3.9g/t Au). There is significant potential to test this trend at depth for additional stacked lodes.

MONTAGUE BOULDER PIT TO NORTHEAST PIT RC DRILLING

During the reporting period, final results were received from RC drilling completed between the historic Montague-Boulder and Northeast Open Pits. Assay results indicated a new high-grade zone of gold mineralisation that is interpreted as an extensive, moderately-dipping structure, with a series of steep “Link Structures” (Figure 3). These linking structures have only recently been identified and represent a highly prospective new target. Significant high-grade gold intersections (located ~300m apart) reported include:

• GRC698: 3m @ 11.5g/t Au from 177m

• GDD023: 3.2m @ 5.0g/t Au from 314m

Subsequent interpretation of these results indicates that they correspond to the Gordon’s Lode, part of the current Mineral Resource at Montague Boulder. There is no effective drilling of this structure between the two positions. Previously reported high-grade intersections from the Gordon’s Lode include[3] :

 GRC330: 4m @ 24g/t Au from 241m  GRC603: 2m @ 5.6g/t Au from 178m

These intersections, from sections spaced approximately 80m apart, have stepped out approximately 550m to the south of those intersections within the Montague-Boulder Mineral Resource area. The intersections represent a down-dip extent of over 300m and remain open along strike and down-dip. The high-grade tenor of these intercepts, returned from sparse deeper drilling over a wide area, is significant in that it points to the potential for substantial high-grade domains to be present along this structure south of the Montague-Boulder Mineral Resource.

1 ASX announcement 18 December 2020.

2 ASX announcement 11 January 2021.

3 ASX Releases dated 10 July 2018 and 18 December 2020.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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In addition, a series of the “Link Structures”, which appear to coincide with extensive lines of historic shafts, have now been identified over a strike length of approximately 500m. Initial RC drilling results from these structures were reported during the June 2021 Quarter[4] . Results now returned to date include:

 GRC679: 26m @ 2.1g/t Au from 64m, including 5m @ 7.9g/t Au[5]  GRC671: 2m @ 5.9g/t Au from 11m and 4m @ 4.5g/t Au from 32m[6]  GRC698: 1m @ 3.2g/t Au from 18m  GDD023: 4m @ 1.6g/t Au from 23m

This work has been critical to understanding the “live” structures present and identifying the controls on the high-grade components. There is clear potential to delineate further economic mineralisation within a system that has seen five open pits mined historically over those areas where mineralisation has outcropped. Work to date has identified significant mineralisation away from these pits in relatively shallow positions, over a strike length of over 2.5km, and localised areas of substantial high grades.

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JULIAS AIR-CORE DRILLING

During the reporting period, results were received from a 27-hole, 1,991m air-core program completed at the Julias target. Julias is located on a highly prospective litho-structural corridor approximately 5km to the west of the Mineral Resources of the Gidgee Gold Project and immediately north of the previously defined gold mineralisation at Flametree. The results continue to demonstrate the wider potential of the Gidgee Project, and support Gateway’s strategy of systematically developing and drill testing targets within this 5km radius

4 See ASX Release dated 1 June 2021.

5 See ASX Release dated 1 June 2021.

6 See ASX Release dated 1 June 2021.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Significant near-surface oxide gold mineralisation was intersected at Julias over a strike length of ~1.2km, building on and enhancing a series of significant historical intersections (Figure 4). Results include:

	GWAC0971:	13m @	4.0g/t Au from	30m
	GWAC0972:	3m @	7.2g/t Au from	26m
	GWAC0974:	14m @	1.1g/t Au from	37m
	GWAC0978:	7m @	1.6g/t Au from	22m; and
		1m @	8.6g/t Au from	41m
	GWAC0965:	24m @	1.4g/t Au from	16m
	GRC294:	17m @	1.3g/t Au from	54m7
	GRC196:	14m @	2.9g/t Au from	67m8
	GRC180:	25m @	1.5g/t Au from	65m9

The results also extend towards the Flametree target zone, located approximately 500m along trend to the south, where significant zones of near-surface oxide gold mineralisation have previously been defined by Gateway.

Significant results include[10] :

	GWAC0267:	5m @	10.4g/t Au from	52m
	GWAC0256:	4m @	3.8g/t Au from	20m
	GWAC0257:	9m @	1.1g/t Au from	17m
	GWAC0247:	5m @	3.8g/t Au from	23m
	GWAC0246:	3m @	3.5g/t Au from	44m

The extensive zone of oxide gold mineralisation is located on a sheared contact between sedimentary siltstones and overlying volcanic-derived sediments. This coherent zone of mineralisation appears to correspond to a gossan representing a weathered pyrite-rich zone within the shear.

Existing geophysical datasets suggest that this corridor extends for a further 1.5km north along strike, with no effective drill testing. Extensional air-core drilling is planned to test this corridor to the north.

7 ASX announcement 21 July 2014.

8 ASX announcement 23d April 2008.

9 ASX announcement 19 October 2005 .

10 ASX announcement 4 March 2020.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Figure (4): Julias air-core drilling maximum down-hole gold, with historic drilling >40m depth

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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PLYMOUTH AIR-CORE DRILLING

During the reporting period, results were returned from an initial 91-hole, 6,888m air-core drilling program designed to test the Plymouth target, a large gold anomaly located 850m west of and parallel to the key Montague-Boulder to Evermore trend that was defined by fine-fraction soil sampling conducted in 2020.

Drilling intersected a wide shear zone within the basalt unit that hosts mineralisation at MontagueBoulder and Evermore, and associated volcaniclastic units. The weathered oxide zone at Plymouth averaged approximately 60m below surface, with weathering noticeably deeper over the shear zone, down to depths of over 100m below surface.

A coherent anomalous supergene gold “blanket” was intersected, at the base of the saprolite zone within the weathering profile. The saprolite anomaly was intersected over a 2km strike length (Figure 5) and remains open to the south. Several higher-grade intersections were returned, which is highly encouraging for first-pass air-core drilling. These intersections include:

 GWAC0645: 10m @ 0.8g/t Au from 52m, including 4m @ 1.8g/t Au  GWAC0637: 12m @ 0.5g/t Au from 36m, including 4m @ 1.0g/t Au  GWAC0644: 12m @ 0.4g/t Au from 48m  GWAC0647: 6m @ 0.5g/t Au from 48m

In addition, a channel of surficial laterite style mineralisation was intersected across several traverses, correlating to gravels that have been the focus of historic dry blower activities.

Significant intersections were returned at surface in several holes, including:

 GWAC0593: 12m @ 0.6g/t Au from 0m, including 4m @ 1.4g/t Au

Further drilling will be planned to extend coverage to the south and in-fill within the existing anomaly.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Figure (5): Plymouth air-core drilling maximum down-hole gold

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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ACHILLES NORTH REVERSE CIRCULATION DRILLING

During the reporting period, results were returned from a shallow 15-hole, 1,536m RC drilling program designed to extend the strike coverage at the Achilles North target, a shallow zone of oxide gold mineralisation extending over 500m north of the historic Rosie open pit mine.

The mineralisation targeted by Gateway consists predominantly of oxide mineralisation broadly associated with the sheared margin of the Montague Granodiorite. Mineralisation persists at shallow depths, in places immediately below the thin layer of transported overburden (Figure 6). Several significant intersections were returned, including:

 GRC733: 11m @ 1.1g/t Au from 2m, and 10m @ 1.2g/t Au from 43m  GRC735: 5m @ 3.0g/t Au from 107m  GRC725: 5m @ 1.2g/t Au from 25m

These results are consistent with those returned from previous drilling campaigns conducted by Gateway between 2018 and 2020[11] , which extended the unmined, near-surface extensions to mineralisation north of the historic open pit. Previously released intersections include:

 GRC507: 14m @ 1.0g/t Au from 3m  GRC508: 7m @ 2.5g/t Au from 61m, and 6m @ 1.5g/t Au from 45m  GRC501: 4m @ 2.9g/t Au from 64m  GRC446: 21m @ 2.1g/t Au from 32m  GRC447: 13m @ 3.4g/t Au from 5m  GRC430: 11m @ 3.0g/t Au from 32m

All RC results were utilised in the maiden Mineral Resource estimate for the Achilles North target, as detailed above. Further RC drilling will be conducted during 2022 with an aim of further extending the zone of mineralisation north.

11 See ASX Announcements dated 17 September 2020 and 12 December 2019.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Figure (6): Achilles North RC drilling section 6965450mN with recent RC drilling and significant intercepts

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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EVERMORE NORTH REVERSE CIRCULATION DRILLING

During the reporting period, Gateway completed a 6-hole, 770m RC drilling program designed to test the northern and north-eastern extents of the Evermore deposit, which was discovered by Gateway in 2020. The drilling focused both on extending the main host shear at Evermore to the north, as well as testing for extensions around the “nose” of the Montague Granodiorite towards the Whistler deposit (120,000oz Inferred Resource) to the east (Figure 7).

The drill program was completed on two separate drill sections. One section was drilled on a northsouth orientation and was designed to test the “nose” of the granodiorite dome between Evermore and Whistler. The second, orientated east-west, was drilled to step-out 50m north of the previous extents of drilling to test the main moderately-dipping shear structure at Evermore.

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Figure (7): Oblique view towards north showing the “nose” of the Montague Granodiorite dome, highlighting the existing Montague-Boulder, Evermore and Whistler deposits and recent drill intersections

Diamond drilling completed by Gateway in 2021, part-funded by the WA Government’s Exploration Incentive Scheme, indicated that the northern end of the granodiorite dome is plunging steeply to the south. As such, a section of RC holes orientated from south to north were drilled to adequately test this “nose” area. Excitingly, drilling intersected silicified and bleached granodiorite with trace pyritechalcopyrite sulphides, with the following significant intersections returned:

 GRC717: 21m @ 1.7g/t Au from 132m including 2m @ 9.3g/t Au; and 3m @ 1.1g/t Au from 163m (EOH)

The entire northern end of the Montague Granodiorite remains an exciting exploration target, being a prime geological setting immediately proximal to two established gold deposits, and with the majority of drilling being shallow and orientated in an east-west direction.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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In addition, a series of RC holes were drilled to step-out to the north of the previous limit of drilling on the main Evermore host structure. These holes were designed to scope the potential for shallow strike extensions to the current 67,000oz Inferred Resource. These holes successfully intersected the moderately west-dipping, biotite-altered shear zone within the western basalt sequence, and returned a significant oxide zone intersection of:

• GRC718: 8m @ 1.8g/t Au from 42m

This intersection opens the northern strike extent of the Evermore deposit, where no drilling has been undertaken to sufficient depth to test for mineralisation (Figure 8). Further drilling to test the strike potential of the Evermore deposit will be undertaken in early 2022.

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Figure (8): Evermore North recent RC drilling and significant intercepts

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Golden Mile Farm-In

During the reporting period, the Company provided an update in relation to its strategic Earn-In Agreement with Golden Mile Resources Ltd (ASX: G88) ( Golden Mile ) that significantly increases the footprint of the Company’s Gidgee Gold Project in Western Australia to over 1,000km[2] as announced on 23 July 2020 ( Earn-In Agreement ).

The Earn-In Agreement was conditional upon Golden Mile obtaining appropriate exemptions under the Mining Act 1978 (WA) in relation to the expenditure conditions on the tenements comprised in the EarnIn Agreement ( Condition Precedent ).

The Condition Precedent has now been met, granting Gateway the right to acquire up to an 80% interest in the Gidgee Project (refer to ASX announcement 23 July 2020).

Gateway has recently accelerated exploration efforts on the Earn-In Agreement tenure with the collection of a series of core geophysical datasets, heritage and environmental studies and Program of Work (PoW) applications for future drilling.

REGIONAL PROJECTS

Edjudina Joint Venture (Gateway 20%, Discovex Resources Ltd 80%)

No work on the Joint Venture tenements was reported by Discovex.

Bryah Basin Joint Venture (Gateway 15 %, Auris Minerals Ltd 85%)

No work on the Joint Venture tenements was reported by Auris.

Mining Tenements

The consolidated tenement holdings of the Group held at the end of the reporting period are as follows:

Project	Tenement	Owner
GIDGEE	E53/2108*	Gateway Mining Ltd
GIDGEE	E57/1039	Golden Mile Resources Ltd, Currently earning up to 80% interest, however, currently owns 0%
GIDGEE	E57/1040	Golden Mile Resources Ltd, Currently earning up to 80% interest, however, currently owns 0%
GIDGEE	E57/1057	Gateway Projects WA Pty Ltd
GIDGEE	E57/1060	Gateway Mining Ltd 80%, Element 25 Ltd 20%
GIDGEE	E57/1067	Gateway Projects Pty Ltd
GIDGEE	E57/1144	Gateway Mining Ltd
GIDGEE	E57/1145	Gateway Mining Ltd
GIDGEE	E57/1147	Gateway Mining Ltd
GIDGEE	P57/1409	Gateway Projects WA Pty Ltd
GIDGEE	P57/1410	Gateway Projects WA Pty Ltd
GIDGEE	P57/1411	Gateway Projects WA Pty Ltd
GIDGEE	P57/1413	Gateway Projects WA Pty Ltd
GIDGEE	P57/1449	Gateway Mining Ltd
GIDGEE	P57/1455	Gateway Mining Ltd
GIDGEE	P57/1456	Gateway Mining Ltd
GIDGEE	P57/1457	Gateway Mining Ltd

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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Project	Tenement	Owner
GIDGEE	P57/1458	Gateway Mining Ltd
GIDGEE	P57/1459	Gateway Mining Ltd
GIDGEE	P57/1460	Gateway Mining Ltd
GIDGEE	P57/1461	Gateway Mining Ltd
GIDGEE	P57/1494*	Gateway Mining Ltd
GIDGEE	P57/1495*	Gateway Mining Ltd
GIDGEE	P57/1496*	Gateway Mining Ltd
KALUWIRI	E57/1171	Gateway Mining Ltd
KALUWIRI	E57/1178*	Gateway Mining Ltd
KALUWIRI	P57/1475	Gateway Mining Ltd
KALUWIRI	P57/1476	Gateway Mining Ltd
MONTAGUE	E57/0405	Gateway Mining Ltd
MONTAGUE	E57/0417	Gateway Mining Ltd
MONTAGUE	E57/0687	Gateway Mining Ltd
MONTAGUE	E57/0688	Gateway Mining Ltd
MONTAGUE	E57/0793	Gateway Mining Ltd 75%, Estuary Resources Pty Ltd 25%
MONTAGUE	E57/0807	Gateway Mining Ltd
MONTAGUE	E57/0823	Gateway Mining Ltd
MONTAGUE	E57/0824	Gateway Mining Ltd
MONTAGUE	E57/0874	Gateway Mining Ltd
MONTAGUE	E57/0875	Gateway Mining Ltd
MONTAGUE	E57/0876	Gateway Mining Ltd
MONTAGUE	E57/0888	Gateway Mining Ltd
MONTAGUE	E57/0945	Gateway Mining Ltd
MONTAGUE	E57/1004	Gateway Mining Ltd
MONTAGUE	E57/1005	Gateway Mining Ltd
MONTAGUE	M57/0048	Gateway Mining Ltd
MONTAGUE	M57/0098	Gateway Mining Ltd
MONTAGUE	M57/0099	Gateway Mining Ltd
MONTAGUE	M57/0217	Gateway Mining Ltd
MONTAGUE	M57/0429	Gateway Mining Ltd 75%, Estuary Resources Pty Ltd 25%
MONTAGUE	M57/0485	Gateway Mining Ltd 75%, Estuary Resources Pty Ltd 25%
MOUNT MARION	E57/1113	Gateway Mining Ltd
OLD GIDGEE	E57/1095	Gateway Mining Ltd
EDJUDINA	E39/1765	DiscovEx Resources Ltd 80% Gateway Projects Pty Ltd 20%
EDJUDINA	E39/1882	DiscovEx Resources Ltd 80% Gateway Projects Pty Ltd 20%
BRYAH BASIN	E52/3248	Auris Minerals Ltd 85% Gateway Projects Pty Ltd 15%
BRYAH BASIN	E52/3291	Auris Minerals Ltd 85% Gateway Projects Pty Ltd 15%

*Tenement application, approval pending

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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CORPORATE ACTIVITIES

Capital Raising

During the reporting period, the Company announced it successfully completed a capital raising of A$6 million (before costs) ( Placement ) to institutional, professional and sophisticated investors.

The Placement, which comprised the issue of 352,941,355 shares at an issue price of $0.017 per share ( New Shares ), was overwhelmingly supported by existing and new investors including the Company’s Directors.

Participants in the Placement received free-attaching options ( New Options ) on a one (1) for two (2) basis, with each New Option being exercisable at $0.03 and expiring on 15 December 2024.

The Placement was Co-Lead Managed by Enrizen Capital and JP Equities ( Lead Manager ).

The Directors committed their support for the Placement. Mark Cossom, Trent Franklin and Scott Brown (and or their nominees) have agreed to invest a collective total of $272,625 under the Placement being 16,036,784 New Shares.

The New Shares issued under the Placement are fully-paid ordinary shares and will rank equally with the shares currently on issue.

Use of Funds

The proceeds of the Placement will underpin the next phase of drilling at the Company’s 100%-owned Gidgee Gold Project. The proceeds will also be used for further technical studies, including first-pass metallurgical and geotechnical test work.

Key upcoming exploration activities will include programs to target both along strike extensions to identified shallow mineralisation as well as first-pass testing of significant new areas of the Montague granodiorite contact:

• Further in-fill drilling along strike of the Achilles North target, including initial metallurgical testwork;

• Systematic drilling prioritising the evaluation of the exciting air-core results from the Julias target. RC drilling to commence in late November and further air-core drilling early next year to continue testing along strike to the northeast;

• RC drill testing of the Kashmir target, directly along strike from the 204koz Howards deposits (ASX: HRN), with a 2.5km long soil anomaly and first-pass RC results of 2m @ 7.9g/t Au and 1m @ 8.8g/t Au, as well as extensions along the almost 8km of strike of the eastern margin of the Montague Granodiorite;

• RC drilling to test the Monarch anomaly, with extensive historic workings and rock chip samples up to 17.8g/t Au;

• Drilling along strike south of the Montague-Boulder Mineral Resource; and

• Air-core and RC drilling to test the resource potential and extensions around the historic Caledonian open pit.

The proceeds will also be used for corporate and general working capital purposes.

Financial Results

The loss of the Group for the half-year to 31 December 2021 was $745,050 compared to a loss of $1,135,342 for the previous comparative half-year.

The Group incurred exploration expenditure of $2,209,008 during the current half-year to 31 December 2021 compared to $2,660,152 for the prior half-year to 31 December 2020.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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The Group’s cash and cash equivalents at 31 December 2021 was $6,170,500 (June 2021: $3,574,249). The total net assets of the Group at 31 December 2021 stands at $26,431,483 (June 2021: $19,823,954) of which investment in exploration expenditure accounts for $16,827,306 (June 2021: $14,618,298).

The Group is a mining exploration entity, and as such does not earn income from the sale of product. No dividends have been declared or paid during the year.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS DURING THE FINANCIAL YEAR AND AFTER THE END OF THE REPORTING PERIOD

Change of Registered Address

Subsequent to the reporting period, the Company announced that effective from 1 March 2022, its registered office, principal place of business and postal address has changed to:

B1/431 Roberts Road Subiaco WA 6008

Expiry of Options

Subsequent to the reporting period on 1 March 2022, the Company announced that the following options had expired:

• 6,666,667 unlisted options expiring 28 February 2022 with exercise price $0.017;

• 6,666,667 unlisted options expiring 28 February 2022 with exercise price $0.018; and

• • 6,666,666 unlisted options expiring 28 February 2022 with exercise price $0.02.

COVID-19 Response

The Company continued to implement several measures in response to the COVID-19 pandemic subsequent to the reporting period, including prudent cost saving measures such as reduction in administrative costs.

As intra-state travel restrictions within Western Australia have been lifted, the Company made the decision to continue drilling operations and exploration at the Gidgee Project as part of the Company’s strategy to expand on its Mineral Resources estimates and accelerate exploration across the project.

The impact of the COVID-19 pandemic is ongoing and, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matter or circumstance has arisen since the reporting date that has significantly affected or may significantly affect the Group’s operations, the results of those operations or the Group’s state of affairs in future financial years.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS’ REPORT

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AUDITOR INDEPENDENCE DECLARATION

The auditor’s independence declaration under Section 307C of the Corporations Act 2001 for the halfyear ended 31 December 2021 is enclosed and forms part of this interim financial report.

This report is signed in accordance with a resolution of the Board of Directors.

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Trent Franklin

Non-Executive Chairman Dated this 11th of March 2022

Mark Cossom Managing Director

21

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Crowe Sydney ABN 97 895 683 573 Level 15, 1 O’Connell Street Sydney NSW 2000 Main +61 (02) 9262 2155 Fax +61 (02) 9262 2190 www.crowe.com.au

Auditor’s Independence Declaration Under Section 307C of the Corporations Act 2001 to Directors of Gateway Mining Limited

As lead auditor for the review of the interim financial report of Gateway Mining Limited for the halfyear ended 31 December 2021, I declare that to the best of my knowledge and belief, that there have been:

• (i) no contraventions of the auditor independence requirements of the Corporations Act 2001 relation to the review; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

Yours sincerely

Crowe Sydney

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Suwarti Asmono

Partner

11 March 2022

Liability limited by a scheme approved under Professional Standards Legislation.

The title ‘Partner’ conveys that the person is a senior member within their respective division, and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is external audit, conducted via the Crowe Australasia external audit division and Unison SMSF Audit. All other professional services offered by Findex Group Limited are conducted by a privately owned organisation and/or its subsidiaries.

Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Sydney, an affiliate of Findex (Aust) Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation.

© 2022 Findex (Aust) Pty Ltd

22

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

Interest received Other income Realised losses on sale of investments Employee benefits expenses Professional services expenses Directors’ remuneration Consulting fees Travel expenses Depreciation expenses Share registry fees Exploration expenditures written off Office and administrative expenses Public relations exenses Loss before income tax Income tax expense Loss for the half-year Other comprehensive income: Other comprehensive income for the half-year, net of tax Total comprehensive income/(loss) for the half-year attributable to owners of the company Earnings per share Basic earnings per share (cents) 10 Diluted earnings per share (cents) 10	31 Dec 2021 31 Dec 2020 $ $ 4,038 12,261 - 50,000 - (183,240) (304,478) (109,081) (121,355) (194,311) (60,000) (60,000) (45,000) - - (119) (27,604) (3,658) (61,250) (52,731) - (458,264) (72,885) (51,104) (56,516) (85,095)
	(745,050) (1,135,342)
	- -
	(745,050) (1,135,342)
	1,669,958 497,377
	1,669,958 497,377
	924,908 (637,965)
	(0.04) (0.06) (0.04) (0.06)

The accompanying notes form part of these financial statements.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

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Note ASSETS CURRENT ASSETS Cash and cash equivalents 4 Trade and other receivables 5 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Financial assets 6 Deferred exploration and evaluation expenditure 7 Property, plant and equipment Right of use assets Other assets 5 TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and other payables 8 Lease liability 12 Provisions for employee benefits TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Provision for Make Good Lease liability 12 Provisions for employee benefits TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 9 Share based payment reserve 9 Financial assets reserve 9 Accumulated losses TOTAL EQUITY	31 Dec 2021 30 June 2021 $ $ 6,170,500 3,574,249 134,956 159,495
	6,305,456 3,733,744
	3,624,722 2,127,672 16,827,306 14,618,298 37,634 45,250 99,943 119,931 14,800 14,800
	20,604,405 16,925,951
	26,909,861 20,659,695
	306,354 670,947 21,041 33,092 53,314 35,977
	380,709 740,016
	4,881 4,857 90,120 90,120 2,668 748
	97,669 95,725
	478,378 835,741
	26,431,483 19,823,954
	55,826,498 50,143,877 793,959 621,051 2,071,804 574,754 (32,260,778) (31,515,728)
	26,431,483 19,823,954

The accompanying notes form part of these financial statements.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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Balance at 1 July 2020 Loss for the period Other comprehensive income / Loss for the period Total comprehensive income / (loss) for the period Transactions with owners in their capacity as owners Shares issued in period Cost of share issues Balance at 31 December 2020 Balance at 1 July 2021 Loss for the period Other comprehensive income / Loss for the period Total comprehensive income / (loss) for the period Transactions with owners in their capacity as owners Shares issued in year Cost of share issues Balance at 31 December 2021	Issued Capital Accumulated losses Share based payments reserve Financial assets reserve Total $ $ $ $ 41,771,899 (29,925,659) 380,872 237,630 12,464,742
	- (1,135,342) - - (1,135,342) - - 220,583 276,794 497,377
	- (1,135,342) 220,583 276,794 (637,965)
	9,066,000 - - - 9,066,000 (616,486) - - - (616,486)
	50,221,413 (31,060,998) 601,455 514,424 20,276,294
	50,143,877 (31,515,728) 621,051 574,754 19,823,954
	- (745,050) - - (745,050) - - 172,908 1,497,050 1,669,958
	- (745,050) 172,908 1,497,050 924,908
	6,060,000 - - - 6,060,000 (377,379) - - - (377,379)
	55,826,498 (32,260,778) 793,959 2,071,804 26,431,483

The accompanying notes form part of these financial statements.

25

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

CONSOLIDATED STATEMENT OF CASH FLOWS

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FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

ONSOLIDATED STATEMENT OF CASH FLOWS OR THE HALF-YEAR ENDED 31 DECEMBER 2021
NOTE CASH FLOWS FROM OPERATING ACTIVITIES Payments to suppliers and employees Other income Interest received NET CASH USED IN OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Payment for exploration and evaluation NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Payments for capital raising costs NET CASH FROM FINANCING ACTIVITIES NET INCREASE IN CASH HELD Cash and cash equivalents at beginning of financial period CASH AND CASH EQUIVALENTS AT END OF FINANCIAL PERIOD 4	31 Dec 2021 31 Dec 2020 $ $ (587,083) (552,291) - 37,500 4,038 12,261
	(583,045) (502,530)
	- (17,441) (2,443,325) (2,604,263)
	(2,443,325) (2,621,704)
	6,000,000 9,000,000 (377,379) (395,903)
	5,622,621 8,604,097
	2,596,251 5,479,863
	3,574,249 1,257,375
	6,170,500 6,737,238

The accompanying notes form part of these financial statements.

26

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 1: SIGNIFICANT ACCOUNTING POLICIES

a. Basis of Preparation

The financial statements are general purpose interim financial statements that have been prepared in accordance with Australian Accounting Standard AASB 134: Interim Financial Reporting and the requirements of Corporations Act 2001.

The interim financial report is intended to provide users with an update on the latest annual financial statements of Gateway Mining Limited and its controlled entities. It is therefore recommended that this financial report to be read in conjunction with annual financial statements of the group for the year ended 30 June 2021, together with any public announcements made during the following half-year.

Except for the cash flow information, the financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

b. Accounting Policies

The financial statements are general purpose interim financial statements that have been prepared in accordance with Australian Accounting Standard AASB 134: Interim Financial Reporting and the requirements of Corporations Act 2001. The Group is a for-profit entity for financial reporting purposes under Australian Accounting Standards.

c. Critical Accounting Estimates and Significant Judgments Used in Applying Accounting Policies

The critical estimates and judgments are consistent with those applied and disclosed in the June 2021 annual report.

d. New, revised or amending Accounting Standards and Interpretations adopted

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

e. Going Concern

The directors believe that the going concern basis is appropriate for the preparation and presentation of the financial statements, notwithstanding continued operating losses, negative operating cash flows, and no ongoing revenue streams, as the Directors believe that the Group has sufficient cash and liquid assets or can access cash to continue operations. The cash is managed through:

a) tight control of administrative expenses;

b) raising additional share capital, for which the Company has a history of raising funds; and c) by reducing the exploration program to maintain cash flow.

The Directors have prepared a forecast for the foreseeable future reflecting the above mentioned expectations and their effect on the Group.

27

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 2: CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Exploration and evaluation costs

Exploration and evaluation costs have been capitalised on the basis that the Group will commence commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made.

NOTE 3: OPERATING SEGMENTS

Identification of reportable operating segments

The Group is organised into one operating segment, being exploration operations. This operating segment is based on the internal reports that are reviewed and used by the Directors (who are identified as the Chief Operating Decision Makers ( CODM ) in assessing performance and in determining the allocation of resources.

The CODM reviews operating expenses in relation to the exploration activities and the Group’s cash position. The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.

The information reported to the CODM is on at least a monthly basis. Information is presented on a consolidated cash flow basis. Cash flow funding is treated as one pool of liquid assets noting relevant terms of any maturity or exercise of any investments for the purpose of funding exploration.

Types of products and services – The principal products and services of this operating segment are in exploration operations predominately in Australia.

NOTE 4: CASH AND CASH EQUIVALENTS	31-Dec-21	30-Jun-21
	$	$
Cash and cash equivalents	6,170,500	3,574,249

Interest is on a variable rate. The group is not sensitive to interest rate movement.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 5: TRADE AND OTHER RECEIVABLES

NOTE 5: TRADE AND OTHER RECEIVABLES
CURRENT GST receivables Prepayments Total trade and other receivables NON-CURRENT Bank Guarantee Total trade and other receivables NOTE 6: FINANCIAL ASSETS NON-CURRENT Financial assets at fair value through other comprehensive income: Shares in listed corporations-at fair value Opening fair value Additions Revaluation increment Shares in unlisted corporations-at fair value Opening fair value Additions Disposal Total financial assets at fair value through other comprehensive income Term deposit Total financial assets	31-Dec-21 30-Jun-21 $ $ 126,306 149,883 8,650 9,612 134,956 159,495 31-Dec-21 30-Jun-21 $ $ 14,800 14,800 14,800 14,800 31-Dec-21 30-Jun-21 $ $ 1,615,992 777,420 - 713,378 1,497,050 125,194
	3,113,042 1,615,992 481,928 481,928 - 150,000 - (150,000)
	481,928 481,928 3,594,970 2,097,920
	29,752 29,752
	3,624,722 2,127,672

Fair Value

The fair values of listed investments have been valued at the fair value predominantly being the quoted market bid price at the end of the reporting period.

Fair value hierarchy

The following tables detail the Group’s assets and liabilities, measured or disclosed at fair value, using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: Unobservable inputs for the asset or liability.

All financial assets held by the Group are assessed as Level 1 and Level 2 financial assets.

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GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 6: FINANCIAL ASSETS (CONTINUTED)

	Level 1 Level 2 Level 3 Total
	$ $ $ $
Consolidated – Dec 2021 Assets Ordinary shares - listed investments Ordinary shares - unlisted investments Total assets Consolidated – June 2021 Assets Ordinary shares - listed investments Ordinary shares - unlisted investments Total assets	3,113,042 - - 3,113,042 - 481,928 - 481,928
	3,113,042 481,928 - 3,594,970 1,615,992 - - 1,615,992 - 481,928 - 481,928
	1,615,992 481,928 - 2,097,920

NOTE 7 - EXPLORATION AND EVALUATION EXPENDITURE

NOTE 7 - EXPLORATION AND EVALUATION EXPENDITURE
NON-CURRENT ASSET Capitalised expenditure in respect of areas of interest at the beginning of the period Expenditures during the period Disposals Written off Capitalised exploration expenditure at the end of the period	31-Dec-21 30-Jun-21 $ $ 14,618,298 10,032,088 2,209,008 5,580,125 - (535,651) - (458,264)
	16,827,306 14,618,298

The recoverability for the carrying amount of exploration assets is dependent upon further exploration and exploitation of commercially viable mineral deposits.

Exploration and evaluation expenditure for areas of interest for which rights of tenure are current is carried forward as an asset where it is expected that the expenditure will be recovered through the successful development of an area or by its sale; or exploration activities are continuing in an area and activities have not reached a stage which permits a reasonable estimate of the existence of economically recoverable reserves. Where a project or an area has been abandoned, the expenditure incurred thereon is written off in the year in which the decision is made.

In order to maintain current rights of tenure to exploration tenements, the Group is required to comply with the minimum expenditure obligations under the Mining Act. These obligations have been met. The future obligations which are subject to renegotiation when an application for a mining lease is made and at other times are not provided for in the financial statements.

NOTE 8: TRADE AND OTHER PAYABLES

CURRENT Trade and other payables	31-Dec-21 30-Jun-21 $ $ 306,354 670,947

30

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS

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FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

NOTE 9: ISSUED CAPITAL

NOTE 9: ISSUED CAPITAL a. Ordinary shares fully paid Balance at the beginning of the year Share Buyback Shares issued in the period Capital raising costs Balance at the end of the year b. Movements in ordinary shares on issue At the beginning of the financial year Shares issued 21 July 2020 at 1.6 cents Shares issued 26 August 2020 at 1.6 cents Shares issued 26 August 2020 at 1.6 cents Shares issued 24 November 2020 at 1.6 cents Shares buy back 3 February 2021 at 2.8 cents Shares issued 01 Nov at 1.7 cents Shares issued 17 Dec at 1.7 cents Closing balance c. Reserve Share based payment reserve Financial assets reserve Total Reserve NOTE 10: EARNINGS PER SHARE a. Reconciliation of earnings to profit or loss Loss used in the calculation of basic and dilutive earnings per share b. Weighted average number of ordinary shares outstanding during the year used in the calculation of basic earnings per share Basic Earnings Per Share (cents) Diluted Earnings Per Share (cents)	31-Dec-21 30-Jun-21 $ $ 50,143,877 41,771,899 - (73,473) 6,060,000 9,066,000 (377,379) (620,549)
	55,826,498 50,143,877
	31-Dec-21 30-Jun-21 Number Number 1,903,635,600 1,339,616,036 - 332,063,099 - 125,000,000 - 105,436,901 - 4,125,000 - (2,605,436) 336,904,571 - 19,566,196 -
	2,260,106,367 1,903,635,600
	31-Dec-21 30-Jun-21 $ $ 793,959 621,051 2,071,804 574,754
	2,865,763 1,195,805
	31-Dec-21 31-Dec-20 $ $ (745,050) (1,135,342) No. of shares No. of shares 2,018,993,715 1,800,923,561 (0.04) (0.06) (0.04) (0.06)

31

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 11: CONTINGENT LIABILITIES, CAPITAL EXPENDITURE AND MINING TENEMENT COMMITMENTS

The Board of Directors believe that there are no contingent liabilities or capital equipment commitments up to or subsequent to the 31[st] December 2021 (30 June 2021: nil) for either the parent company or its subsidiaries. The mining tenement commitment as at the 31[st] December 2021 is $1,687,600 (30 June 2021: $1,870,100).

Native Title and Aboriginal Heritage

Native title claims have been made with respect to areas which include tenements in which the Company has an interest. The Company is unable to determine the prospects for success or otherwise of the claims and, in any event, whether or not what extent the claims may significantly affect the Company or its prospects. An Agreement is being reached with various native title claimants in relation to Aboriginal Heirtage issues regarding certain areas in which the Company has an interest.

NOTE 12: LEASE LIABILITIES

NOTE 12: LEASE LIABILITIES
Lease Liabilities (current) Lease Liabilities (non-current) Total lease liabilities	31-Dec-21 30-Jun-21 $ $ 21,041 33,092 90,120 90,120
	111,161 123,212

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

Interest expenses Depreciation expenses Total	31-Dec-21 30-Jun-21 $ $ 1,773 1,950 19,988 19,988
	21,761 21,938

32

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 13: EVENTS SUBSEQUENT TO REPORTING DATE

Change of Registered Address

Subsequent to the reporting period the Company announced that effective from 1 March 2022, its registered office, principal place of business and postal address has changed to:

B1/431 Roberts Road Subiaco WA 6008

Expiry of Options

Subsequent to the reporting period on 1 March 2022, the Company announced that the following options had expired:

• 6,666,667 unlisted options expiring 28 February 2022 with exercise price $0.017;

• 6,666,667 unlisted options expiring 28 February 2022 with exercise price $0.018; and

• 6,666,666 unlisted options expiring 28 February 2022 with exercise price $0.02.

COVID-19 Response

The Company continued to implement several measures in response to the COVID-19 pandemic subsequent to the reporting period, including prudent cost saving measures such as reduction in administrative costs.

As intra-state travel restrictions within Western Australia have been lifted, the Company made the decision to continue drilling operations and exploration at the Gidgee Project as part of the Company’s strategy to expand on its Mineral Resources estimates and accelerate exploration across the project.

The impact of the COVID-19 pandemic is ongoing and, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided.

No other matter or circumstance has arisen since the reporting date that has significantly affected or may significantly affect the Group’s operations, the results of those operations or the Group’s state of affairs in future financial years.

NOTE 14: RELATED PARTY TRANSACTIONS

a. Directors and Key Management Persons

Key Management Persons Position Trent Franklin Non-Executive Chairman Mark Cossom Managing Director Scott Brown Non-Executive Director Debra Fullarton Non-Executive Director

b. Directors loans

No directors or any key personnel have received any loans from the Group.

33

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

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NOTE 14: RELATED PARTY TRANSACTIONS (CONTINUTED)

c. Other

During the year, the Group entered into the following transactions with related parties:

• (i) Omni GeoX Pty Ltd which is a related party of Scott Brown (non-executive director) was paid $370,242 (December 2020: $421,585) for Geological services.

• (ii) Related parties of Trent Franklin, a non-executive chairman of the Group including Enrizen Capital Pty Ltd received $180,000 (December 2020: $40,000) for capital raising and underwriting services; Enrizen Lawyers Pty Ltd received $30,720 (December 2020: $68,693) for legal services; Enrizen Pty Ltd received $12,460 (December 2020: $2,165) for insurance services; Enrizen Service Pty Ltd received $985 (December 2020: $2,540). Enrizen Accounting Pty Ltd received $61,995 (December 2020: $60,000) for company secretarial and accounting services.

NOTE 15: COMPANY DETAILS

The registered office & sole principal place of business of the Group is:

Gateway Mining Limited B1/431 Roberts Road Subiaco WA 6008 Australia

34

GATEWAY MINING LIMITED and its controlled entities ABN: 31 008 402 391

DIRECTORS DECLARATION

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In the directors’ opinion:

• 1 the financial statements and notes, as set out on pages 23 to 34 are in accordance with the Corporations Act 2001, the Corporations Regulations 2001 and other mandatory professional reporting requirements:

• (a) comply with Accounting Standard AASB 134: Interim Financial Reporting; and

• (b) give a true and fair view of the financial position as at 31 December 2021 and of the performance for the half-year ended on that date of the Group;

• 2 in the directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

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Trent Franklin Non-Executive Chairman Dated this 11th of March 2022 Sydney

Mark Cossom

Managing Director

35

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Crowe Sydney

ABN 97 895 683 573

Level 15, 1 O’Connell Street Sydney NSW 2000 Main +61 (02) 9262 2155 Fax +61 (02) 9262 2190 www.crowe.com.au

Independent Auditor’s Review Report to the Members of Gateway Mining Limited

Conclusion

We have reviewed the half-year financial report of Gateway Mining Limited (the Company) and its controlled entities (the Group), which comprises the statement of financial position as at 31 December 2021, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including:

• (a) giving a true and fair view of the Group’s financial position as at 31 December 2021 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Basis of Conclusion

We conducted our review in accordance with ASRE 2410 Review of Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Liability limited by a scheme approved under Professional Standards Legislation. The title ‘Partner’ conveys that the person is a senior member within their respective division, and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is external audit, conducted via the Crowe Australasia external audit division and Unison SMSF Audit. All other professional services offered by Findex Group Limited are conducted by a privately owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe Sydney, an affiliate of Findex (Aust) Pty Ltd. Liability limited by a scheme approved under Professional Standards Legislation.

© 2022 Findex (Aust) Pty Ltd

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Gateway Mining Limited

Independent Auditor’s Report

Responsibility of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2021 and its performance for the halfyear ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Crowe Sydney

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Suwarti Asmono Partner

11 March 2022

© 2022 Findex (Aust) Pty Ltd

www.crowe.com.au

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