GATEWAY MINING LIMITED

ABN: 31 008 402 391 Level 11, 52 Phillips Street Sydney NSW 2000 GPO Box 225 Sydney NSW 2001 Tel: 61 2 8316 3998 Fax: 61 2 8316 3999 Website: www.gatewaymining.com.au LinkedIn: @gateway-mining Twitter: @gateway_mining

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ASX Announcement: 29 November 2021

SHALLOW OXIDE ZONE EXTENDED AT ACHILLES NORTH

Extensions to be included in the upcoming Mineral Resource upgrade at Gidgee

HIGHLIGHTS

Extensional Reverse Circulation drilling at Achilles North has intersected significant mineralisation up to 250m north of previous drilling. New results include:
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
Systematic RC drill coverage has now been extended at Achilles North by a further 200m, to over 500m along strike from the historic Rosie open pit.
Results are consistent with previous intersections including[1] :
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*

* Historical Drilling Results

These new results will be incorporated with historic RC drilling results to underpin a maiden Mineral Resource Estimate (MRE) for the Achilles North target.
Achilles North is one of several exciting targets being progressed by Gateway, as part of its strategy of growing its Resource inventory within a 5km radius of the Montague Granodiorite

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to report results from shallow Reverse Circulation ( RC ) drilling designed to extend coverage of the Achilles North target area at its 1,000km[2] Gidgee Gold Project within the Murchison gold district of Western Australia.

The new results are from an RC drilling campaign completed in September which was designed to increase the systematic drill coverage of the Achilles North target area, to enable completion of a maiden Mineral Resource Estimate as part of the Company’s Project-wide Mineral Resource update scheduled for December 2021.

A total of 15 holes for 1,536m of RC drilling were completed on a nominal 50m x 25m drill pattern. Drilling successfully extended the nominal RC grid at Achilles North by a further 200m from previous Gateway RC holes. As a result, shallow oxide mineralisation has now been intersected for over 500m north of the historic Rosie open pit.

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

The Achilles North target is located directly along strike from the historic Rosie open pit mined by Herald Resources Ltd in the early-1990’s (Figure 1). The mineralisation targeted by Gateway predominately consists of shallow 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 2). Several significant shallow 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

A full table of significant intersections is included in Table 1 of this release, with details of the drilling provided in the JORC (2012) Table 1 included as an appendix.

These results are consistent with those returned from previous drilling campaigns conducted by Gateway between 2018 and 2020[2] , which extended this 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*

* Historical Drilling Results

All RC results returned to date will now be utilised to undertake a maiden Mineral Resource estimate of the Achilles North area. This estimate will be incorporated in the upcoming project-wide revision of the Mineral Resources at Gidgee, due for completion in December 2021.

Management Comment

Gateway’s Managing Director, Mr Mark Cossom, said: “We now have systematic drill coverage of the Achilles North area over a 500m strike length from the historic open pit and we are looking forward to delivering our firstever Mineral Resource Estimate for this area.

“This will form one of four individual resource estimates to be announced next month as part of the project-wide resource update.

“The successful RC program completed at Achilles North in September continues our successful strategy of pursuing very targeted, discrete drill programs that allow us to efficiently and effectively utilise our resources and drilling capacity in the current environment in the exploration industry in WA.”

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

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Figure (1): Achilles North RC drilling plan view with recent RC drilling and previous RC drilling significant intercepts.

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Figure (2): Achilles North RC drilling section 6965450mN with recent RC drilling and significant intercepts.

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Figure (3): Achilles North RC drilling Location Plan

Exploration Update

Results are still pending for RC drilling conducted in September 2021 in the area adjacent to Achilles North, which included holes designed to test for further extensions to the granodiorite-hosted mineralisation at the MontagueBoulder deposit, and extensions to the north of the Evermore deposit.

Work is continuing on the project-wide Mineral Resource update, which includes maiden estimates for Evermore and Achilles North, as well an updated estimate for the Montague-Boulder deposit.

An RC drill rig has recently mobilised to site, to complete a short program of extensional holes at the Julias target area, where Gateway recently announced a series of exciting air-core results (see ASX release dated 21 October 2021). The RC rig will also be utilised to conduct a short program of holes at the Kashmir target area. Both programs are consistent with Gateway strategy of advancing several target areas within 5km of the Montague Granodiorite.

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of

Competent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Stuart Stephens who is a full-time employee of Gateway Mining Ltd and is a current Member of the Australian Institute of Geoscientists. Mr Stephens owns options in Gateway Mining Ltd. Mr Stephens has sufficient experience, which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Stephens consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Investors Media Mark Cossom Nicholas Read Managing Director Read Corporate T: 02 8316 3998 T: 08 9388 1474 or Kar Chua Company Secretary T: 02 8316 3998

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TABLE (1): ACHILLES NORTH RC DRILLING SIGNIFICANT INTERCEPT TABLE

Hole ID	MGA_E	MGA_N	RL	Hole Depth (m)	Dip/Azi	From (m)	To (m)	Width (m)	Au (g/t)
GRC721	751355	6965300	504	114	-60/270	78	79	1	1.9
						89	90	1	1.7
						100	101	1	1.5
GRC722	751395	6965296	504	126	-60/270	41	43	2	2.2
						80	81	1	1.1
GRC723	751437	6965299	504	120	-60/270	43	44	1	1.9
						58	59	1	1.2
						80	81	1	4.3
GRC724	751476	6965297	504	108	-60/270	64	65	1	1.6
GRC725	751360	6965350	503	96	-60/270	25	30	5	1.2
						90	91	1	1.5
GRC726	751400	6965351	504	102	-60/270	93	94	1	2.7
GRC727	751440	6965348	504	120	-60/270	48	54	6	1.2
						104	105	1	5.3
GRC728	751482	6965347	504	108	-60/270	84	85	1	1.0
GRC729	751303	6965395	503	90	-60/270	45	46	1	1.2
GRC730	751340	6965398	504	90	-60/270				NSA
GRC731	751302	6965446	503	90	-60/270				NSA
GRC732	751339	6965447	504	90	-60/270				NSA
GRC733	751380	6965448	504	78	-60/270	2	13	11	1.1
						23	24	1	1.3
						43	53	10	1.2
GRC734	751418	6965448	504	90	-60/270	2	4	2	2.0
						70	71	1	1.4
						85	86	1	6.7
GRC735	751456	6965448	504	114	-60/270	86	87	1	1.2
						107	112	5	3.0

Notes:

All coordinates located in MGA (GDA94) Zone 50. Azimuth is magnetic degrees
RL’s are nominal
Samples are 1m in length
Significant intersections are calculated based on a minimum of 1m greater than 1.0g/t Au with a maximum of 6m of internal dilution
Au assayed by 50g Fire Assay with AAS finish at ALS Laboratories Brisbane and Perth
NSA – No Significant Assay

APPENDIX (1)

About the Gidgee Gold Project

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Gidgee Gold Project Tenement Location Diagram

APPENDIX (2): ACHILLES RC DRILLING SEPTEMBER 2021 JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
*Sampling* *techniques*	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• RC drilling (GRC prefix) - 2kg - 3kg samples were split from dry 1m bulk samples. The sample was initially collected from the cyclone in an inline collection box. Once the metre was completed the sample was dropped under gravity thorough a Metzke cone splitter, with the 1m split for assay collected in a calico bag. • The bulk reject from the sample was collected in wheelbarrows and dumped into neat piles on the ground. • RC Field duplicates were collected at a ratio of 1:50 and collected at the same time as the original sample through the B chute of the cone splitter. OREAS certified reference material (CRM) was inserted at a ratio of 1:50. The grade ranges of the CRM’s were selected based on grade populations and economic grade ranges.
*Drilling* *techniques*	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	• RC – Challenge Drilling drill rig was used. The rig consisted of a truck mounted RC rig with on board compressor, an on board Booster, and a truck mounted auxiliary compressor. •
*Drill* *sample* *recovery*	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximize sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• During the RC sample collection process, the sample sizes were visually inspected to assess drill recoveries • The majority of samples were of good quality with ground water having minimal effect on sample quality or recovery. • From the collection of recovery data, no identifiable bias exists.
*Logging*	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation,	• RC chips were washed and stored in chip trays in 1m intervals for the entire length of each hole. Chips were visually inspected and logged to record lithology,weathering,alteration,mineralisation,veiningand structure.

Criteria	JORC Code explanation	Commentary
	mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged.	• Data on rock type, deformation, colour, structure, alteration, veining, mineralisation and oxidation state were recorded. • Logging is both qualitative and quantitative or semi quantitative in nature.
*Sub-sampling* *Techniques* *and* *sample* *preparation*	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• RC Samples were split from dry, 1m bulk sample via a cone splitter directly from the cyclone. • The QC procedure adopted through the process includes: • Field duplicates were collected at a rate of 1:50, these were collected during RC drilling at the same time as the primary sample. • OREAS certified material (CRM) was inserted at a rate of 1:50, the grade ranges of the CRM’s were selected based on grade populations. • 0.8-3kgs of sample was submitted to the laboratory. • Samples oven dried then pulverized in LM5 mills to 85% passing 75micron. • All samples were analysed for Au using the Au-AA26 technique which is a 50g lead collection fire assay.
*Quality* of *assay* *data* *and* *Laboratory* *tests*	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Drill samples were submitted to ALS (Perth). All samples were analysed by a 50g fire assay (AAS finish) which is a total digest assay technique. Due to industry-wide pressure on fire-assay capacity, some prepped samples were transported to ALS Brisbane for fire assay. • RC Field duplicates were collected at a rate of 1:50 with CRM’s inserted at a rate of 1:50 also. The grade ranges of the CRM’s were selected based on grade populations.
*Verification of* *sampling and* *assaying*	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Drilling results are cross checked by company geologists. • Data is recorded digitally at the project within MicroMine Geobank software, assay results are received digitally. • All data is stored within DataShed SQL Database.
*Location* of *datapoints*	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral	• Initial drill hole location is initially recorded with a handheld Garmin GPS (+/- 3m). A Reflex EZ North SeekingGyro is used to record the deviation of the drill

Criteria	JORC Code explanation	Commentary
	Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	holes (+/- 1deg). All collars were surveyed post-drilling utilsiing RTK-GPS.
*Data spacing* *and* *distribution*	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Refer to tables within text for data spacing. • Holes drilled within this program are considered to be of suitable data spacing. for use in an Inferred Mineral Resource estimation.
*Orientation of* *data in relation* to *geological* *structure*	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The drilling was orientated perpendicular to the perceived strike of the mineralised structures, with holes testing east-dipping structures drilled to the west. Inclined holes (-60°) are considered to be appropriate to the dip of the mineralised structure creating minimal sampling bias.
*Sample* *security*	• The measures taken to ensure sample security.	• Calico samples are sealed into green/poly weave bags and cable tied. These are then sealed in bulka bags and transported to the laboratory in Perth by company staff or contractors or established freight companies.
*Audits* or *reviews*	• The results of any audits or reviews of sampling techniques and data.	• Drilling results are cross checked by company geologists.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
*Mineral* *tenement and* *land* *tenure* *status*	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• M5748 and M57/98. These tenements are held under Gateway Mining Ltd 100%. • No Native Title claims are lodged over the tenements.
*Exploration* *done by other* *parties*	• Acknowledgment and appraisal of exploration by other parties.	• Gold was discovered in the district during the gold rush era, first records of gold won from small-scale, high-grade workings include the Montague Mining Centre (1904-13). Renewed interest in the late 1960's included base metal exploration carried out within exposed stratigraphy of the Montague Ranges (Bungarra Ranges), exploration interest that broadened with the release of the Sandstone 1:250,000 aeromagnetic sheet in 1970 resulting in the staking of favourable magnetic anomalies by exploration companies. • Early explorers in the Montague Ranges included Anaconda Australia Inc. (1966-67), followed by International Nickel Australia (1971-75) evaluating a Gabbro - banded differentiated basic complex believed prospective for copper and/or nickel such as the Dulith Gabbro, USA. Strong geophysical and mineralised anomalism was encountered, however, copper-zinc enrichment was also encountered in adjacent felsic stratigraphy at Ed's Bore prospect, which was followed-up by CRA Exploration (1983-1990) to intersect polymetallic VMS enrichments at Bevan prospect (not substantively pursued). • At Montague, Western Mining Corporation (1976) conducted investigations for copper and gold including soil sampling and IP surveying, which was followed by CRA Exploration (1984-89) working concurrently with AMOCO Minerals Australia Company (1984) and Clackline Refractories Ltd (from 1985 - to later become Herald Resources) assessing/purchasing historic mine areas from Mr W.J. Griffiths of Sandstone. RAB drilling penetrating transported cover resulted in the virgin discoveries of NE Pit by AMOCO and Whistler deposit by CRA. Later noted explorers included Dalrymple Resources NL (1987-1990) intersecting gold at the Armada (Twister) prospect, and Arimco Mining (1990- 98) intersecting gold at Lyle prospect, Victory West prospect, and copper at The Cup prospect (not substantively pursued). • The Montague Mining Centre produced approximately 150,000oz of gold commencing in 1986 at Caledonian and NE Pits (Clackline), and continued at Montague Boulder from 1988 (Herald), and was to close in 1993 after completion of the Rosie Castle open cut (Herald). Whistler open cut was mined from November 1990 (Polaris Pacific NL) and ore toll treated through the Herald mill. Little attention was paid to mineralisation other than gold. Gateway Mininginjointventurewith HeraldResources continued explorationofthe

Criteria	JORC Code explanation	Commentary
		Montague Mining Centre, Gateway also targeting poly-metallic intrusion related - VMS models in the district from 2006. • Airport, Airport Sth, S Bend, Rosie Nth, Rosie Sth mineralisation was discovered by Gateway Mining between 2007 and 2011 in RAB drilling and later defined by RC drilling.
*Geology*	• Deposit type, geological setting and style of mineralisation.	• Gateways’s Gidgee Project is located in the Gidgee district in the Archean Yilgarn Craton of Western Australia approximately 630km NE of Perth and 70km north from the township of Sandstone on the eastern central portion of the Gum Creek Greenstone Belt, of the Southern Cross Province. Metamorphic grade of the Gum Creek Greenstone Belt is estimated to be low- grade greenschist facies. • Project lithology includes basalt/ash tuff/dolerite/gabbro, the Montague Granodiorite sub-volcanic intrusion (calc-alkaline - FI), dacite volcanic flow/s (FI), volcaniclastic sequences of felsic composition and epiclastic conglomerates, ultramafic intrusives and external orogenic granite plutons. Key regional characteristics of a Volcanic Arc Extensional Basin include calc- alkaline bimodal volcanic sequences associated with extensive iron formations. Later ENE-WSW orogenic compression event is characterised by NNW regional scale faults/unconformities, NNW shearing and folding, slaty cleavage has developed within sediments near a tight syncline fold closure within the NE area of the project.
*Drill* *hole* *Information*	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: `o` easting and northing of the drill hole collar `o` elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar `o` dip and azimuth of the hole `o` down hole length and interception depth `o` hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Exploration drill results from recent drilling, and associated details are contained in Table 1 of this release. Historic intersections mentioned in this release have been previously released by Gateway in various ASX releases, which can be accessed on the Gateway Mining Ltd website.
*Data* *aggregation* *methods*	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and	• Significant intersections are calculated as a minimum of 1m greater than 1.0g/t Au with a maximum of 4m of internal dilution. • No high-grade cut-off has been applied.

Criteria JORC Code explanation	Criteria JORC Code explanation	Commentary
	longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
*Relationship* *between* *mineralisation* *widths* *and* *intercept* *lengths*	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg‘down hole length, true width not known’).	• The drilling was orientated perpendicular to the perceived strike of the mineralised structures targeted. Inclined RC holes (-60°) are perpendicular to the dip of the mineralised structure creating minimal sampling bias.
*Diagrams*	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps are included in the announcement.
*Balanced* *reporting*	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is considered to be a balanced report with a suitable cautionary note.
*Other* *substantive* *exploration* *data*	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• The area has been covered by detailed ground gravity and airborne magnetic surveys. The Montague Dome system was recently covered by a systematic fine-fraction soil sampling program which highlighted a series of anomalies corresponding to the mineralisation intercepted by this drilling.
*Further work*	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further step-out RC drilling is planned to the north. Existing data will be utilised to complete an initial Mineral Resource estimate.

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GATEWAY MINING LIMITED Regulatory Filings 2021