GENESIS MINERALS LIMITED — Capital/Financing Update 2021

Aug 23, 2021

Genesis Minerals Limited (ASX: GMD) ASX Announcement – 24 August 2021

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STRONG RESULTS FROM RESOURCE UPGRADE AND EXTENSIONAL DRILLING AT KEY ULYSSES DEPOSITS

Results continue to confirm, upgrade and extend key deposits; Results awaited from large drilling program at the emerging Puzzle and Puzzle North areas and Admiral Deeps

Key Points:

• Reverse Circulation (RC) drilling continues to confirm the potential to grow all key deposits which form part of Genesis Minerals’ 1.6Moz Ulysses Gold Project[1] near Leonora in WA and the exciting opportunity to make new discoveries.

Admiral to Butterfly

• Significant assay results returned from Resource in-fill and extensional drilling in the Admiral-to-Butterfly corridor, including:

• 23m @ 1.17g/t gold from 30m 21USRC945 Admiral

• o 8m @ 4.54g/t gold from 91m 21USRC957 Clark o 21USRC963 Clark

• 10m @ 7.35g/t gold from 27m 21USRC963 ▪ Including 1m @ 66.10g/t gold from 27m

• 5m @ 1.67g/t gold from 0m 21USRC961 Clark

• o 7m @ 1.86g/t gold from 38m 21USRC961 Clark o 5m @ 2.75g/t gold from 30m 21USRC931 Butterfly North o 5m @ 4.36g/t gold from 35m 21USRC935 Butterfly North o 5m @ 1.56g/t gold from 34m 21USRC947 King o 41m @ 1.40g/t gold from 48m 21USRC947 King

• An initial test of the Admiral West prospect returned an outstanding intercept of 2m @ 10.55g/t gold from 103m in 21USRC925 targeting Ulysses-style high-grade gold mineralisation.

Orient Well

• Significant assay results received from a limited Resource upgrade program at the southern end of the Orient Well pit, including:

• 11m @ 1.26g/t gold from 3m 21USRC972

• 14m @ 6.60g/t gold from 2m 21USRC973

  • Including 1m @ 69.10g/t gold from 8m

• 400m line spaced RC drilling undertaken as part of a systematic evaluation of the area between Orient Well and Orient Well East returned a very encouraging result of 7m @ 3.57g/t gold from 69m in 21USRC906.

Current Drilling Program

• Results pending for a 67-hole RC and diamond program (8,300m) completed during July and August at Puzzle North and Puzzle.

• RC and diamond program completed at Admiral Deeps with results pending.

• +8,000m air-core and RC drilling program to commence in early September at Puzzle South.

1 Refer to Table 1 of this announcement for details of the Resource estimate for the Ulysses Gold Project ABN: 72 124 772 041 Unit 6, 1 Clive St West Perth, WA, Australia, 6005

ASX Code: GMD www.genesisminerals.com.au T: +61 8 9322 6178

Genesis Minerals Limited

24 August 2021

Genesis Minerals Limited (ASX: GMD) is pleased to report significant new results from ongoing drilling aimed at growing and upgrading the resource base at its 100%-owned 1.6Moz Ulysses Gold Project in Western Australia.

RC drilling has continued in the Admiral-Clark-Butterfly mine area (Figure 1) targeting extensions to known deposits and to upgrade parts of the Inferred Resources to the higher-confidence Indicated category.

Drilling in the Orient well area targeted the margin of the shallow Inferred Resource and to provide an initial test of the area between the Orient Well Resource and the Orient Well East Resource.

The results continue to demonstrate the potential to substantially expand the Mineral Resource base at Ulysses and identify new mineralised positions.

Management Comment

Commenting on the latest results, Genesis Managing Director, Michael Fowler, said:

“Our systematic drilling program is continuing to deliver a large volume of really positive results. Recent shallow drilling has focused in the Admiral-Clark-Butterfly mine area to upgrade part of the Inferred Resources, and has been successful in delivering results in line with expectations.

“We have also seen potential new mineralised positions emerge with the significant results at Admiral West and north east of Orient Well. At Admiral West, we have seen high-grade Ulyssesstyle mineralisation that could represent the start of a new zone that requires follow-up. At Orient Well, hole 21USRC906 returned a very encouraging shallow result from very wide-spaced drilling. This is an area which also requires a lot more drilling.

“We have just completed a major 8,300m RC and diamond program at Puzzle and Puzzle North to follow up the exciting new results reported in recent months, and we are really looking forward to seeing what this area – and recent drilling at Admiral Deeps – can deliver.”

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Figure 1. Prospect location plan.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

Admiral – Clark – Butterfly Mine Area

A program of 43 shallow RC holes for 3,678m (within the sequence of holes 21USRC923 to 967) was completed in the Admiral-Clark-Butterfly Mine area to upgrade parts of the Inferred Resource base and extend mineralisation adjacent to known resources.

Results are shown in plan view in Figure 2 with all holes listed in Table 2.

Significant shallow gold results included:

ow	gold results included:
o	23m @ 1.17g/t gold from 30m	21USRC945	Admiral
o	8m @ 4.54g/t gold from 91m	21USRC957	Clark
o	10m @ 7.35g/t gold from 27m	21USRC963	Clark
	▪ Including 1m @ 66.10g/t	gold from 27m
o	5m @ 1.67g/t gold from 0m	21USRC961	Clark
o	7m @ 1.86g/t gold from 38m	21USRC961	Clark
o	3m @ 1.10g/t gold from 8m	21USRC927	Butterfly North
o	8m @ 1.14g/t gold from 24m	21USRC927	Butterfly North
o	5m @ 2.75g/t gold from 30m	21USRC931	Butterfly North
o	5m @ 4.36g/t gold from 35m	21USRC935	Butterfly North
o	5m @ 1.56g/t gold from 34m	21USRC947	King
o	41m @ 1.40g/t gold from 48m	21USRC947	King

Butterfly North

Drilling at Butterfly North was completed to upgrade and expand the westernmost portion of the Butterfly North Resource at shallow depths (<40m). Gold mineralisation is interpreted to dip shallowly ~30° to the north-east.

The mineralisation is completely open and further drilling will target the depth extensions within the Butterfly North dolerite targeting the granophyric part of the Butterfly North dolerite.

Clark

Results reported from drilling at Clark will allow parts of the Clark Inferred Resource to be upgraded to Indicated and also will underpin an increase in the current Resource. Further drilling to expand the Clark Resource along the shallow dipping Clark shear is currently being planned.

King

Drilling at King focused on upgrading parts of the Inferred resource which will potentially form part of any open pit mining plan. Significant potential remains to expand the Resource down-dip and downplunge and immediately below the current Resource.

A program of RC drilling is currently being prepared to test for significant extensions to the current Resource.

Admiral West

High-grade mineralisation was intersected at Admiral West with 2m @ 10.55g/t gold from 103m returned from 21USRC925 targeting Ulysses style high-grade gold mineralisation.

Drilling will continue to follow up this high-grade mineralisation targeting the intersection of either the Hercules shear or shallow-dipping shears in the footwall of the Admiral shear and the Butterfly dolerite as the dolerite changes orientation to the north-west from east to west.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

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Figure 2. Admiral – Clark – Butterfly mine area with recent hole locations and results. Recent Genesis results shown in dark yellow boxes. Proposed drilling and holes with pending assays shown as light blue circles.

Orient Well Program

Drilling in the Orient Well area (see Figure 3) targeted the margin of the shallow Inferred Resource south of the Orient Well pit and provided an initial test of the area between the Orient Well Resource and Orient Well East.

Significant assay results returned from the limited Resource upgrade program comprising 9 RC holes for 945m (21USRC968 to 976) at the southern end of the Orient Well pit included:

o 11m @ 1.26g/t gold from 3m 21USRC972

o 14m @ 6.60g/t gold from 2m 21USRC973

▪ Including 1m @ 69.10g/t gold from 8m

Two lines of RC drilling 400m apart were completed in the Orient Well Resource and Orient Well East Resource area to commence a systematic evaluation of this area targeting new discoveries and potential resource growth.

A very encouraging result of 7m @ 3.57g/t gold from 69m in 21USRC906 was returned.

Further wide-spaced step-out RC drilling will continue during the September Quarter as highlighted in Figure 3.

Results from the Orient Well drilling are tabulated in table 2.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

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Figure 3. Orient Well area location plan. Genesis new drilling intercepts in dark yellow boxes. Planned drilling highlighted by light blue collars.

Ulysses Project Upcoming Drilling

Ongoing drilling planned for the remainder of the September 2021 Quarter will target:

• New discoveries within the Admiral-Clark-Butterfly mine environment, including follow-up drilling at Admiral West and Admiral Deeps.

• Extensions to the Orient Well March 2021 Resource at depth and along strike.

• New discoveries within the Orient Well mine environment targeting repetitions of the felsic volcanic host rock.

• Extensions to the March 2021 Admiral, Clark, Butterfly, King and Butterfly North Resources.

• Extensions of the new Puzzle North prospect and extensions and upgrading of the Puzzle Resource.

A significant air-core and RC drilling program at Puzzle South will be completed over the remainder of the year targeting new discoveries. The area to be targeted along the granite greenstone contact is highlighted in Figure 4.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

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Figure 4. Puzzle South Target

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

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Figure 5. Project Location

This announcement is approved for release by Michael Fowler, Managing Director for Genesis.

ENDS

For further information, visit: www.genesisminerals.com.au or please contact

Investors: Media: Michael Fowler Nicholas Read Managing Director Read Corporate Genesis Minerals Limited T: +61 8 9322 6178 T: +61 8 9388 1474

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Genesis Minerals Limited

24 August 2021

COMPETENT PERSONS’ STATEMENTS

The information in this report that relates to Exploration Results is based on information compiled by Mr. Michael Fowler 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 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.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

TABLE 1: MINERAL RESOURCE TABLE

A summary of the March 2021Ulysses Mineral Resource is provided in Table 1. March 2021 Resource Estimate 0.5g/t Cut off above 280mRL 2g/t Below 280mRL

Deposit	C O G g/t	Measured	Indicated	Inferred	Total
		Tonnes Au Au T g/t Ounces	Tonnes Au Au T g/t Ounces	Tonnes Au Au T g/t Ounces	Tonnes Au Au T g/t Ounces
Ulysses High Grade Shear Ulysses East	2.0	658,000 6.1 129,000 137,000 1.3 6,000	908,000 6.3 184,000 2,911,000 2.4 221,000 522,000 1.8 29,000	188,000 8.2 50,000 1,765,000 3.2 183,000 653,000 1.7 36,000	1,754,000 6.4 363,000 4,813,000 2.6 410,000 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 Clark Butterfly Butterfly North King Danluce Historic Stockpiles	0.5 0.5 0.5 0.5 0.5 0.5		1,783,000 2.0 112,000 757,000 1.2 30,000 857,000 2.0 55,000 1,305,000 1.0 42,000	1,671,000 1.4 73,000 946,000 1.2 35,000 779,000 1.4 35,000 623,000 1.4 28,000 591,000 1.0 20,000 958,000 0.9 28,000 80,000 1.1 3,000	3,453,000 1.7 185,000 1,703,000 1.2 65,000 1,636,000 1.7 89,000 623,000 1.4 28,000 1,896,000 1.0 62,000 958,000 0.9 28,000 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 OW Laterites Orient Well East Orient Well NW Double J	0.5 0.3 0.5 0.5 0.3		3,605,000 1.1 123,000 142,000 0.6 3,000 434,000 0.7 10,000	1,833,000 1.1 66,000 177,000 0.7 4,000 457,000 1.3 19,000 603,000 1.2 23,000 25,000 0.5 400	5,438,000 1.1 189,000 319,000 0.7 7,000 457,000 1.3 19,000 603,000 1.2 23,000 459,000 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 Historic Stockpile	0.5		1,002,000 1.1 36,000 175,000 0.7 4,000	725,000 1.0 23,000	1,727,000 1.1 59,000 175,000 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

NB. Rounding discrepancies may occur

Full details of the Ulysses Mineral Resource estimate are provided in the Company’s ASX announcement dated 29 March 2021 titled “Ulysses Mineral Resource Increases to 1.6 Million Ounces Following Continued Drilling Success” .

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements dated 29 March 2021 and the Company confirms that all material assumptions and technical parameters underpinning the mineral resource estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not materially changed from the original market announcements.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

24 August 2021

Table 2 RC Drilling Results– All Holes Drilled Within Sequences Are Listed. Admiral – Clark – Butterfly Mine Environment and Orient Well

Hole_ID	MGA East	MGA North	mRL	Max Depth (m)	MGA Azi	Dip	From (m)	To (m)	Int (m)	Gold (g/t)
21USRC897	339,150	6,770,913	411.4	125	179.4	-59	No Significant Intersection
21USRC898	339,246	6,770,915	411.5	120	182.2	-60	No Significant Intersection
21USRC899	348,855	6,767,507	410.0	187	232.1	-59	0	2	2	0.65
21USRC900	348,934	6,767,567	410.0	177	230.4	-60.2	59	60	1	1.11
21USRC901	349,014	6,767,627	410.0	177	232.5	-59.31	No Significant Intersection
21USRC902	349,093	6,767,748	410.0	177	233.43	-60.13	32	34	2	3.31
							46	48	2	0.97
							92	93	1	2.32
21USRC903	349,172	6,767,748	410.0	177	231.3	-59.4	93	96	3	1.41
							104	117	13	0.74
							124	126	2	0.94
21USRC904	348,534	6,767,766	407.9	182	232.23	-59.72	51	55	4	1.70
							76	81	5	0.56
							96	97	1	1.68
21USRC905	348,613	6,767,825	410.0	177	228.9	-59.1	No Significant Intersection
21USRC906	348,693	6,767,885	410.0	177	233.78	-59.52	41	46	5	1.70
							69	76	7	3.57
21USRC907	348,772	6,767,945	410.0	177	232.87	-59.98	32	33	1	1.30
21USRC908	348,852	6,768,006	410.0	177	232.51	-60.19	38	40	2	4.77
21USRC909	348,931	6,768,066	410.0	177	232.49	-59.74	No Significant Intersection
21USRC923	340,716	6,768,867	424.7	100	147.88	-61.12	97	98	1	2.44
21USRC924	340,785	6,768,905	424.7	90	149.07	-59.95	1	2	1	0.85
21USRC925	340,838	6,768,916	424.4	110	144.3	-59.9	39	42	3	1.43
							103	105	2	10.55
21USRC927	341,658	6,769,156	425.3	60	150.9	-60.1	8	11	3	1.10
							24	32	8	1.14
21USRC928	341,643	6,769,209	424.5	80	168.52	-60.49	16	28	12	1.10
21USRC929	341,606	6,769,244	423.4	120	147.3	-59	31	32	1	1.20
21USRC930	341,580	6,769,282	422.6	82	147.4	-58.9	40	45	5	1.65
							74	79	5	2.08
21USRC931	341,672	6,769,228	423.8	90	146.7	-60	30	35	5	2.75
							68	71	3	1.66
21USRC932	341,648	6,769,270	422.8	130	145	-59.5	52	53	1	1.03
21USRC933	341,623	6,769,311	422.4	117	147.14	-59.6	110	112	2	2.03
21USRC934	341,726	6,769,138	425.1	50	147.88	-59.95	45	47	2	3.41
21USRC935	341,698	6,769,184	424.6	70	147.3	-60.2	35	40	5	4.36
21USRC936	342,202	6,769,083	426.3	65	147.5	-59.84	21	22	1	6.93
							49	51	2	0.87
							62	65	3	0.92
21USRC937	342,174	6,769,074	426.3	50	147.8	-59.5	39	47	8	0.71
21USRC940	342,282	6,768,708	431.8	100	237.2	-61.4	77	87	10	1.17
21USRC941	342,305	6,768,719	431.6	120	240.3	-61.7	15	20	5	1.36
							Results pending

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Genesis Minerals Limited

24 August 2021

21USRC942	342,277	6,768,725	431.6	140	239.9	-61.5	Results pending	Results pending	Results pending	Results pending
21USRC943	342,436	6,768,577	430.9	100	214.9	-50	Results pending
21USRC944	341,588	6,768,987	426.3	50	149.3	-60.2	Results pending
21USRC945	341,576	6,769,006	426.1	65	147.6	-59.5	30	53	23	1.17
21USRC946	341,633	6,769,005	427.0	70	149.5	-59.2	No Significant Intersection
21USRC947	342,336	6,768,588	432.4	90	171.9	-69.9	34	39	5	1.56
							48	89	41	1.40
21USRC948	341,853	6,769,032	426.8	48	151	-60.4	20	26	6	1.10
21USRC949	341,840	6,769,052	426.8	62	150.3	-59.6	43	46	3	5.18
21USRC950	341,878	6,769,031	426.8	42	147.8	-60.3	0	5	5	0.56
							15	17	2	1.04
21USRC951	341,895	6,769,040	426.6	50	145.7	-60.5	Results Pending
21USRC952	341,885	6,769,055	426.6	80	148.7	-60	Results Pending
21USRC953	341,919	6,769,040	426.4	45	146.7	-59.6	39	45	6	1.16
21USRC954	341,904	6,769,063	426.3	60	147.8	-59.8	40	42	2	1.66
21USRC955	341,939	6,769,044	426.0	50	150.1	-59.8	49	50	1	1.80
21USRC956	342,044	6,769,026	427.8	55	149.1	-62.2	34	37	3	0.82
							48	52	4	0.65
21USRC957	342,018	6,769,066	426.3	122	147	-61.8	50	53	3	0.83
							91	99	8	4.54
21USRC958	342,053	6,769,048	427.3	86	145.8	-61.9	35	40	5	0.65
							52	54	2	0.54
21USRC959	342,038	6,769,070	427.2	112	147.4	-61.4	64	67	3	0.88
21USRC960	342,088	6,769,026	428.0	100	148.5	-59.4	20	22	2	1.21
							34	43	9	0.76
21USRC961	342,075	6,769,047	428.1	100	147.58	-60.44	0	5	5	1.67
							38	45	7	1.86
21USRC962	342,139	6,769,054	427.2	50	148.06	-62.76	14	22	8	1.06
							30	35	5	1.05
21USRC963	342,157	6,769,059	426.8	50	145.41	-61.94	11	14	3	1.45
							27	37	10	7.35
						including	27	28	1	66.10
21USRC964	342,107	6,769,064	427.1	130	160.34	-60.15	40	41	1	1.72
							122	124	2	1.50
21USRC965	342,012	6,769,037	426.3	52	148.05	-62.6	21	35	14	0.51
21USRC966	342,002	6,769,052	425.7	75	146.43	-62.05	35	42	7	1.07
21USRC967	341,991	6,769,073	426.1	105	146.52	-59.55	80	90	10	1.48
21USRC968	348,894	6,766,826	414.6	40	230.17	-60.03	No Significant Intersection
21USRC969	348,901	6,766,860	414.9	40	232.6	-60.29	6	14	8	1.07
21USRC970	348,881	6,766,870	414.9	40	235.45	-59.38	5	10	5	0.86
21USRC971	348,886	6,766,902	415.4	45	234.22	-60.37	30	35	5	1.56
21USRC972	348,879	6,766,921	415.7	40	233.25	-60.55	3	14	11	1.26
21USRC973	348,870	6,766,958	415.5	40	230.96	-60.93	2	16	14	6.60
						including	8	9	1	69.10
21USRC974	348,892	6,766,982	415.4	90	230.17	-59.29	20	21	1	1.08
							34	39	5	0.99
21USRC975	348,854	6,767,017	415.2	60	217.67	-50.02	0	2	2	0.50
							22	24	2	3.29

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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24 August 2021	24 August 2021						Genesis Minerals Limited	Genesis Minerals Limited	Genesis Minerals Limited	Genesis Minerals Limited
21USRC976	348,828	6,767,056	414.4	60	232.11	-59.37	0	1	1	1.30
							32	38	6	1.05

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Genesis Minerals Limited

24 August 2021

JORC Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Certified Person Commentary
Sampling techniques	Nature and quality of sampling (eg 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.	Sampling was undertaken using standard industry practices with reverse circulation (RC) drilling).
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Holes were generally angled to optimally intersect the interpreted mineralised zones. Butterfly Group – Holes mostly angled towards local grid south (~140 degrees MGA). Orient Well - Holes mostly angled towards local grid south (~230 degrees MGA).
	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 (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised 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 (eg submarine nodules) may warrant disclosure of detailed information.	RC holes were sampled on a 1m basis with samples collected from a cone splitter mounted on the drill rig cyclone. One metre sample ranges are typically 2.5 - 3.5kg. All RC analytical samples were fully pulverized at an independent laboratory to -75 microns, to produce a 50g charge for Fire Assay with ICP-MS finish for Au.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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 face sampling drilling was completed using a 5.75” drill bit. Drilling was undertaken by Challenge Drilling of Kalgoorlie using a custom-built RC drill rig.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	RC sample recoveries were visually estimated to be of an industry acceptable standard. Moisture content and sample recovery is recorded for each RC sample.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	The RC samples were dry and very limited ground water was encountered.
	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.	No bias was noted between sample recovery and grade.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	The detail of logging is considered suitable to support a Mineral Resource estimation for the RC and diamond drilling.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging of lithology, structure, alteration, mineralisation, regolith and veining was undertaken for RC drilling. Photography of RC chip trays and magnetic susceptibility reading are undertaken during the logging process.
	The total length and percentage of the relevant intersections logged.	All drill holes were logged in full.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

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Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No core sampling completed.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Reverse circulation holes were sampled at 1m intervals collected via a cyclone, dust collection system and cone splitter.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were analysed at Intertek Genalysis in Perth following preparation in Kalgoorlie. Samples were dried at approximately 105°C. A Boyd crusher crushes the samples to ~10mm. The resulting material is then passed to a LM5 mill and ground to a nominal 85% passing of 75μm. The milled pulps are weighed out (50g) and underwent analysis by fire assay (method FA50/OE04).
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Genesis submitted standards and blanks into the RC and diamond sample sequence as part of the QAQC process. CRM’s and blanks were inserted at a ratio of approximately 1-in-40 samples. Duplicate samples were submitted at a ratio of approximately 1-in-20 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.	Sampling was carried out using Genesis’ protocols and QAQC procedures as per industry best practice. Duplicate samples were routinely submitted and checked against originals for both drilling methods.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered to be appropriate to correctly represent the style of mineralisation, the thickness and consistency of the intersections.
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.	Analytical samples were analysed through Intertek Genalysis in Perth. All samples were analysed by 50g Fire Assay.
	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.	pXRF analyses were undertaken on selected holes.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	In addition to Genesis’ standards, duplicates and blanks, Intertek Genalysis incorporated laboratory QAQC including standards, blanks and repeats as a standard procedure. Certified reference materials that are relevant to the type and style of mineralisation targeted were inserted at regular intervals. Results from certified reference material highlight that sample assay values are accurate. Duplicate analysis of samples showed the precision of samples is within acceptable limits.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	The Managing Director of Genesis and an independent consultant verified significant intercepts.
	The use of twinned holes.	No twinned holes of Genesis drilling were completed.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Logging of data was completed in the field with logging data entered using a Toughbook with a standardised excel template with drop down fields. Data is stored in a custom designed database maintained by an external DB consultant.
	Discuss any adjustment to assay data.	No adjustments have been made to assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	All maps and sample locations are in MGA Zone51 GDA grid. The Admiral-Butterfly local grid is used for drill hole planning and collar locations are pegged in MGA coordinates. Collar locations were pegged using a handheld Garmin GPS with reference to known collar positions in the field. At the completion of the RC and diamond program the collar locations are surveyed with Rover pole shots using a Leica Captivate RTK GPS (+/-0.1m).
	Specification of the grid system used.	MGA Zone51 GDA grid and Butterfly and Orient Well local grids used.
	Quality and adequacy of topographic control.	Drill hole collar RL’s are +/- 0.1m accuracy. Topographic control is considered adequate for the stage of development.
	Data spacing for reporting of Exploration Results.	For RC drilling the hole spacing is variable with collar locations shown.

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Data spacing and distribution	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.	The RC drilling has demonstrated sufficient continuity in both geological and grade continuity to support the definition of Mineral Resource, and the classifications applied under the 2012 JORC Code.
	Whether sample compositing has been applied.	No compositing has been applied.
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.	Holes were targeted normal to the interpreted mineralised structures.
	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.	No orientation-based sampling bias is known at this time.
Sample security	The measures taken to ensure sample security.	Chain of custody was managed by Genesis. No issues were reported.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews of sampling techniques and data were completed.

JORC Table 1 Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Certified Person 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 Kookynie Gold Project is located over a 60km strike length of the Melita Greenstones on granted mining and exploration licenses with associated miscellaneous licenses. The Orient Well deposit is located on M40/289, M40290, M40/291 and M40/20. The Admiral/Clark and Butterfly deposits are located on Mining Leases M40/101, M40/110, and M40/3. The Ulysses deposit is located on M40/166. The Puzzle deposit is located on M40/164 and 136.
	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.	The tenements are in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The majority of drilling was carried out by previous operators including A&C, Kookynie Resources, Consolidated Gold Mines, Melita Mining, Diamond Ventures, Dominion Mining and Forrest Gold. Exploration has been ongoing since the 1980’s across the entire Ulysses Project. Several phases of mining and processing operations.
Geology	Deposit type, geological setting and style of mineralisation.	The Ulysses Gold Project is located in the central part of the Norseman- Wiluna belt of the Eastern Goldfields terrane. Host rocks in the region are primarily metasedimentary and metavolcanic lithologies of the Melita greenstones. Gold mineralisation is developed within structures encompassing a range of orientations and deformation styles. The Admiral, Butterfly, Clark deposits occur as a series of mineralised structures forming two main orientations within a mafic package of basalt, dolerite and felsic lithologies. The majority of gold mineralisation is hosted in a set of veins and related alteration haloes broadly parallel to the shallow ENE dipping Admiral, Clark, Butterfly and King Shear zones. At Admiral and Butterfly, gold mineralisation is also developed in the steep north dipping, east-west trending Hercules Shear. At Orient Well gold mineralisation is hosted by a quartz veined rhyolite. Mineralisation at Puzzle is associated with an east dipping granite – greenstone contact.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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Genesis Minerals Limited

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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.	Appropriate tabulations for drill results have been included in this release as Table 2.
	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.	Appropriate tabulations for drill results have been included in this release.
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	No top cuts were applied. Intercepts results were formed from weighted averages.
	Where aggregate intercepts incorporate short lengths of high grade results and 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.	Maximum of 3m internal dilution was included. .
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are currently used for reporting of exploration results.
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’).	Only down hole lengths are reported.
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 plans are included in this release.
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.	All exploration results are reported.
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	No mining has taken place recently.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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	characteristics; potential deleterious or contaminating substances.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further work will include systematic infill and extensional 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.	Appropriate plans are included in this release.

ASX Release: Strong Results from Resource Upgrade and Extensional Drilling at Key Ulysses Deposits

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