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GENESIS MINERALS LIMITED AGM Information 2021

Nov 18, 2021

64997_rns_2021-11-18_ba1fe63f-fa1a-4729-a266-d0a88dc67d9d.pdf

AGM Information

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Dawn of Australia’s next mid-tier gold Company

Annual General Meeting 19 November 2021

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Disclaimer

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Forward-Looking Statements

Some statements in this report regarding estimates or future events are forward looking statements. They include indications of, and guidance on, future matters. Forward looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward looking statements may be affected by a range of variables that could cause actual results to differ from estimated results and may cause the Company’s actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licenses, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for among other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rate, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward looking statements will prove to be correct. This announcement has been prepared in compliance with the JORC Code (2012) and the current ASX Listing Rules.

JORC Code

It is a requirement of the ASX Listing Rules that the reporting of (amongst other things) exploration results and mineral resources in Australia comply with the 2012 edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code mineral resources being "Mineral Resources"), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (the "SEC"). Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled by Mr. Michael Fowler, a Competent Person who is a full-time employee of the Company, a shareholder of Genesis Minerals Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Fowler has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Fowler consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Information in this report that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Paul Payne, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Payne Geological Services and is a shareholder of Genesis Minerals Limited. Mr Payne has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Full details of the Ulysses Mineral Resource estimate are provided in the Company’s ASX announcement dated 29 March 2021 and entitled “Ulysses Mineral Resource increases to 1.6 Million Ounces”. The Company confirms that it is not aware of any new information or data that materially affects the information included in that original market announcement dated 29 March 2021 and the Company confirms that all material assumptions and technical parameters underpinning the mineral resource estimates in that market announcement continue to apply and have not materially changed.

Release authorised by: Michael Fowler, Managing Director, Genesis Minerals Limited

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Investment Overview: Why Genesis?

  • Location – prime tenement holding in Eastern Goldfields of WA

  • Rapid growth – Resource has grown from 0.32Moz to 1.6Moz[1] in 3 years

  • Dollars in the ground we have invested $26m in exploration and feasibility study work since 2018

  • Strategic M&A – last year’s acquisition of the Kookynie tenements has proven to be a game-changer

  • Exceptional results – new shallow discovery at Puzzle North and high-grade gold at Admiral

  • Strategic funding and Board restructure – positions the Company for growth

  • Development potential high – Feasibility Study deferred to allow scope of the study to be reassessed and optimised, having regard to recent exploration results, ongoing resource growth and recent Board and management changes

  • Significant growth opportunities remain – +70,000m of RC and diamond drilling will be completed in 2021 to feed into next resource update

1 Refer to the ASX announcement dated 29 March 2021 for full details of the Mineral Resource estimate for the Ulysses Gold Project and Kookynie tenements

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Strategic Funding and Board Restructure

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$20.8m strategic funding package[1 ] led by former Saracen and Northern Star MD Raleigh Finlayson

  • Consisting of a $16m share Placement at 6c per share and a non-renounceable 1-for-30 entitlement offer at 6c per share raising up to an additional $4.8m

  • Raleigh Finlayson to become Genesis MD, former FMG MD and CEO Neville Power and respected corporate lawyer Michael Bowen also joining the GMD board

► Gives GMD the financial and management strength to take our next significant growth steps

Important access to People and Capital

  • Funding proceeds will be used to:

  • Advance the Ulysses gold project through exploration (prioritising the Ulysses, Puzzle and Admiral deposits) and ongoing mining and processing studies;

  • Corporate and general working capital; and

  • Pursue other strategic opportunities as they emerge.

GENESIS MINERALS LIMITED SHARE PRICE RESPONSE

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Strategic Funding
Package
Kookynie
Acquisition
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1 Refer to the ASX announcement dated 22 September 2021 “Raleigh Finlayson to Cornerstone Strategic Funding Package”. Strategic funding package subject to shareholder approval at GMD’s AGM to be held on 19 November 2021.

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Ulysses : A Transformational Opportunity

  • Project expanded via strategic acquisition (June 2020) of the adjoining Kookynie tenements

  • March 2021 Mineral Resource incorporated the results of the highly successful drilling programs completed (July 20 to March 21) at the Ulysses Project following the acquisition of Kookynie tenements

  • Aggressive drilling program ongoing – RC and diamond

  • Next Mineral Resource update estimated to be completed in March Quarter 2022 due to substantial delays in the receipt of assay results from the laboratory

  • Genesis is the first company to control the Ulysses to Orient Well corridor

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Ulysses : Global Resource Growth

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  • +900% increase in contained ounces over

  • 5-year period

UGP Resource Growth

  • Total resource now 27Mt at 1.8g/t Au for 1.6Moz

  • (Acquisition and Discovery Cost ~A$26/oz)

  • 61% of the total contained ounces for the Ulysses Project are in the Measured and Indicated categories

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Kookynie
Acquisition
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  • Ulysses deposit grown from 0.15Moz to 0.84Moz

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Ulysses-Orient Well Corridor : An Exceptional Target

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  • Ulysses to Orient Well corridor has a significant gold endowment based on past production and current Resources

  • 15km E-W oriented segment with widespread gold anomalism near-surface and limited deeper exploration

  • Numerous NW and E-W oriented mineralised shears interpreted

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Ulysses : A Transformational Opportunity

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► Genesis controls an area of +650km[2]

  • Assets include:

  • 20-person exploration camp

  • Bore field (DWER approved 1.2M kL Annual Water Entitlement)

  • Haul and access roads

  • 2021 drilling activities focusing on resource growth through:

  • Extension of existing resources at depth and along strike; and

  • Identification of new resources through discovery at both near-mine and early stage targets

  • Limited deep drilling across entire belt

  • Numerous exploration targets down-dip and in parallel structures

  • Regional mapping project completed

The tenement package represents the immediate south-eastern extension of the Ulysses Project, consolidating our ownership of this highly prospective gold corridor.

Refer to the ASX announcement dated 29 March 2021 for full details of the Mineral Resource estimate for the Ulysses Gold Project and Kookynie tenements

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Ulysses – Large High-Grade Gold System

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Resource
838,000oz
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  • High-grade, high quality JORC 2012 Mineral Resource:

  • 7.74Mt @ 3.4g/t gold for

838,000 oz – open

  • High-grade portion of resource estimated to contain:

  • 4.84Mt @ 4.5g/t gold for 705,400oz

  • Includes high-grade shoots containing:

1.75Mt @ 6.4g/t gold for 363,000oz

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Ulysses : Admiral – Butterfly - Clark (ABC)

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► Significant shallow gold mineralisation confirmed[1]

► Combined shallow Resources estimated to contain:

10.3Mt @ 1.4g/t Au for 0.46Moz

  • Indicated – 4.7Mt @ 1.7g/t Au for 0.24Moz

► Validated historical drilling

► Similar host rocks to Ulysses Deposit

1 Refer to the ASX announcements dated 15 & 29 September and 9 December 2020 and 13 January, 15 February, 12 March , 12 May, 24 August and 14 October 2021 for full details of the exploration results.

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Ulysses : Admiral – Clark – Butterfly – Geology Overview

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► Three differentiated dolerite sills

  • Key mineralisation controls identified include:

  • Intersection of coarse magnetic quartz dolerite with the low-angle NE dipping shears, e.g. Admiral Shear

  • East-west shear zones and rheological

  • contrasts along them, e.g. Hercules shear

  • Target ZonesButterfly North and King Dolerites:Drilling targeting moderate to shallow, NE dipping shears and E-W to ENE oriented shears dipping moderately to steep north

  • Ulysses “Style”

    • Drilling targeting east-west orientated shears cutting dolerite stratigraphy forming potential high-grade intersectional shoots, e.g. Admiral West

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Ulysses : Admiral Deeps

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► 21USRC892 resampling returned a bonanza intersection of:

  • 4m @ 263g/t Au from 264m

  • Inc. 1m @ 1,049g/t gold from 265m (significant coarse gold noted)

  • Initial follow up drilling at Admiral Deeps targeted ~150m below the Admiral Resource returned:

  • 12.55m @ 4.22g/t Au from 287.45m Inc. 4.00m @ 11.23g/t gold

  • 0.60m @ 41.50g/t gold from 292.7m Inc. 0.30m @ 70.65g/t gold

  • Mineralisation associated with up to 5% sulphide (pyrite>>>pyrrhotite) and increased quartz veining with some visible gold

  • Plan to systematically test an area over a 600m x 200m between 150m and 300m below surface

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Refer to the ASX announcement dated 14 October 2021 for full details of the exploration results.

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Ulysses : Admiral Deeps

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Refer to the ASX announcements dated 12 May 2021 and 14 October 2021 for full details of the exploration results.

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Ulysses : Orient Well

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  • Combined Mineral Resource for the Orient Well Group of deposits:

  • 7.3Mt @ 1.1g/t Au for 247,000

  • Mineralisation associated with a quartz stockwork hosted by NE dipping felsic volcanics

  • Drilling has returned high gold grades within a broad zone of gold mineralisation

  • Excellent potential to grow Resource

  • Targeting felsic units in footwall and hanging wall to main zone

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Orient Well Pit
Orient Well oblique view of block model looking west
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Refer to the ASX announcements dated 21 October and 9 November 2020 and 8 February, 17 February, 9 April and 24 August 2021 for full details of the exploration results for Orient Well

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Ulysses : Orient Well

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Refer to the ASX announcements dated 21 October and 9 November 2020 and 8 February, 17 February, 9 April and 24 August 2021 for full details of the exploration results for Orient Well

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Ulysses : Orient Well – Section 10,900N and 10,475N

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Refer to the ASX announcements dated 21 October and 9 November 2020 and 8 February, 17 February, 9 April and 24 August 2021 for full details of the exploration results for Orient Well

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Ulysses : Puzzle and Puzzle North

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400m
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  • 1 Refer to the ASX announcements dated 9 April, 15 June, 1 July and 14 October 2021 for full details of the exploration results.

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  • Shallow (<70m) resource of 1.7Mt @ 1.1g/t Au for 59,000oz at Puzzle

  • Drilling continuing remainder of CY2021 to test Puzzle and Puzzle North

  • Mineralisation associated with east dipping granite-greenstone contact Significant mineralisation recently defined at Puzzle North[1] including:

  • 60m@ 3.03g/t Au from 106m 69m @ 2.59g/t Au from 21m

  • 84m @ 1.98g/t Au from 84m 40m @ 2.52g/t Au from 44m

  • 106m @ 0.71g/t Au from 10m 29m @ 4.26g/t Au from 28m

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Ulysses : Puzzle Mineralised Trend

  • Mineralisation at the Puzzle pit and Puzzle North interpreted to be spatially related to distinct undulations (changes in strike and dip) on the granite contact

  • Significant Exploration Target defined associated with east-dipping granite-greenstone contact extending over 6km of strike

  • Change in orientation of granite contact maybe due to slight a deflection of the granite during intrusion across changes in the mafic stratigraphy

  • Key rheological contrast may have caused major change in the local stress and strain regime

  • Exploration targeting a number of similar geological settings along the granite contact

  • +10,000m of air-core and RC drilling completed targeting new discoveries south of Puzzle deposit

  • Excellent potential for “blind” low-angle mineralisation and plunging ore shoots along contact

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+10,000m of AC
and RC drilling
completed
targeting new
discoveries
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Ulysses: Exciting new discovery opportunities

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  • Genesis now controls over 40km of strike of highly prospective ground

  • Vast regional exploration upside

  • Pipeline of both near-mine and regional exploration targets

  • Significant opportunity for new discoveries outside of known resources including:

  • Desdemona South JV – early stage exploration

  • Puzzle strike extents – +6km long granite greenstone contact

  • Regional exploration along the 15km long Ulysses-Orient Well trend

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Ulysses: Ulysses to Orient Well Corridor

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► Numerous priority targets outside of known resource areas generated from recent mapping and interpretation

► Targets include intersection of shear zones with differentiated dolerite units with potential to form Ulysses style deposits

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Priority Targets outside
of Resource areas
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Summary: Outlook for 2022

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Dawn of Australia’s next mid-tier gold Company

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$20.8m strategic funding and Board restructure

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Significant zones of mineralisation discovered at Puzzle North and Admiral Deeps Drilling to continue to extend known resources and target new discoveries Resource update in March Quarter 2022 Key objectives and path forward to be outlined late March Quarter 2022

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Ulysses: March 2021 Mineral Resource

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March 2021 Resource Estimate 0.5g/t Cut off above 280mRL 2g/t Below 280mRL

Measured Measured Measured Indicated Indicated Indicated Inferred Inferred Inferred Total Total Total
Deposit COG g/t Tonnes T Au g/t Au Ounces Tonnes T Au g/t Au Ounces Tonnes T Au g/t Au Ounces Tonnes T Au g/t Au Ounces
Ulysses
High Grade 2.0 658,000 6.1 129,000 908,000 6.3 184,000 188,000 8.2 50,000 1,754,000 6.4 363,000
Shear 137,000 1.3 6,000 2,911,000 2.4 221,000 1,765,000 3.2 183,000 4,813,000 2.6 410,000
Ulysses East 522,000 1.8 29,000 653,000 1.7 36,000 1,175,000 1.7 65,000
Sub Total 795,000 5.3 135,000 4,341,000 3.1 434,000 2,607,000 3.2 269,000 7,743,000 3.4 838,000
ABC
Admiral 0.5 1,783,000 2.0 112,000 1,671,000 1.4 73,000 3,453,000 1.7 185,000
Clark 0.5 757,000 1.2 30,000 946,000 1.2 35,000 1,703,000 1.2 65,000
Butterfly 0.5 857,000 2.0 55,000 779,000 1.4 35,000 1,636,000 1.7 89,000
Butterfly North 0.5 623,000 1.4 28,000 623,000 1.4 28,000
King 0.5 1,305,000 1.0 42,000 591,000 1.0 20,000 1,896,000 1.0 62,000
Danluce 0.5 958,000 0.9 28,000 958,000 0.9 28,000
Historic Stockpiles 80,000 1.1 3,000 80,000 1.1 3,000
Sub Total 4,702,000 1.6 238,000 5,649,000 1.2 221,000 10,351,000 1.4 459,000
Orient Well
Orient Well 0.5 3,605,000 1.1 123,000 1,833,000 1.1 66,000 5,438,000 1.1 189,000
OW Laterites 0.3 142,000 0.6 3,000 177,000 0.7 4,000 319,000 0.7 7,000
Orient Well East 0.5 457,000 1.3 19,000 457,000 1.3 19,000
Orient Well NW 0.5 603,000 1.2 23,000 603,000 1.2 23,000
Double J 0.3 434,000 0.7 10,000 25,000 0.5 400 459,000 0.7 10,000
Sub Total 4,180,000 1.0 136,000 3,094,000 1.1 112,000 7,274,000 1.1 247,000
Kookynie
Puzzle 0.5 1,002,000 1.1 36,000 725,000 1.0 23,000 1,727,000 1.1 59,000
Historic Stockpile 175,000 0.7 4,000 175,000 0.7 4,000
Sub Total 1,177,000 1.1 40,000 725,000 1.0 23,000 1,902,000 1.0 63,000
Project Total 795,000 5.3 135,000 14,400,000 1.8 849,000 12,075,000 1.6 625,000 27,270,000 1.8 1,608,000

Full details of the Mineral Resource estimate are provided in the Company’s ASX announcement dated 29 March 2021

NB. Rounding discrepancies may occur

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Contact Details: U6, 1 Clive Street, West Perth WA 6005 PO Box 937, West Perth WA 6872 Phone: +61 8 9322 6178 ACN 124 772 041 www.genesisminerals.com.au / [email protected]

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