GENMIN LIMITED — Capital/Financing Update 2021

May 30, 2021

Genmin Limited ACN 141 425 292 Suite 7, 1297 Hay Street WEST PERTH WA 6005 www.genmingroup.com ASX Code: GEN

==> picture [41 x 41] intentionally omitted <==

31 May 2021

Drilling Scheduled to Commence at Baniaka in June

Highlights

• -­‐ Extension diamond drilling scheduled to commence at Baniaka in June 2021 targeting shallow, Oxide iron mineralisation at the Bandjougoy prospect

• -­‐ Bandjougoy is the single largest Oxide drill target in a central location at Baniaka

• -­‐ Initial program of 2,000m expected to take two (2) months to complete

• -­‐ Infill reverse circulation drilling expected to commence in the third quarter

• -­‐ Baniaka is a significant, potentially large scale African iron ore project with a defined mineralised strike of 85km, and proximity to existing and operating bulk commodity transport, and renewable energy, infrastructure

African iron ore explorer and developer, Genmin Limited ( Genmin or Company ) (ASX: GEN) is pleased to advise that it has executed a contract with Boart Longyear for an initial 2,000m of diamond drilling at its Baniaka iron ore project, located in Gabon, central West Africa ( Baniaka ). The diamond drilling will be undertaken at the Bandjougoy prospect (Figure 1).

The diamond drilling, which is expected to commence in late June and take two (2) months to complete, will target shallow, Oxide iron mineralisation sitting below the surficial detrital iron deposits in the central and western portions of the Bandjougoy prospect (shown in Figure 2 and labelled Diamond Drilling Area).

Historically 12 diamond holes for 1,186m have been drilled by the Company at Bandjougoy on four, 400m and 800m spaced sections (Figure 2). This drilling confirmed the presence of Oxide and Primary iron mineralisation in the eastern portion of the prospect. Bandjougoy is the single largest Oxide drill target at Baniaka in a central location, which sits outside the current Oxide Mineral Resource Area (Figure 2).

The diamond drilling, together with infill Reverse Circulation ( RC ) drilling, will support the estimation of Indicated and/or Measured Mineral Resources at Bandjougoy as part of the Baniaka preliminary feasibility study.

The Company undertook a tendering process and selected Boart Longyear Gabon based on rig suitability, track record, expediency and footprint in Gabon.

Genmin Limited ACN 141 425 292 Suite 7, 1297 Hay Street WEST PERTH WA 6005 www.genmingroup.com ASX Code: GEN

==> picture [41 x 41] intentionally omitted <==

The Company is also at draft contract stage with an international contractor for approximately 10,000m of RC drilling to complete infill drilling at the Bandjougoy, Tsengué and Bingamba North prospects (Figure 1).

Genmin’s Managing Director Joe Ariti commented, “The commencement of diamond drilling is another important step in advancing our 2021 work program and the feasibility assessment of Baniaka. The diamond and infill RC drilling programs have been designed to enable the large Bandjougoy prospect, which currently has no Mineral Resource, to be included in the Baniaka preliminary feasibility study.”

This announcement has been authorised by the Board of Directors of Genmin.

For more information, please contact:

Joe Ariti Simon Hinsley Managing Director and CEO Investor Relations Genmin Limited NWR Communications T: +61 8 9200 5812 M: +61 401 809 653 E: admin@genmingroup.com E: simon@nwrcommunications.com.au

Genmin Limited ACN 141 425 292 Suite 7, 1297 Hay Street WEST PERTH WA 6005 www.genmingroup.com ASX Code: GEN

==> picture [41 x 41] intentionally omitted <==

==> picture [393 x 270] intentionally omitted <==

Figure 1 – Bandjougoy Prospect Location

==> picture [396 x 323] intentionally omitted <==

Figure 2 – Diamond Drilling Area and Oxide Mineral Resource Area

Genmin Limited ACN 141 425 292 Suite 7, 1297 Hay Street WEST PERTH WA 6005 www.genmingroup.com ASX Code: GEN

==> picture [41 x 41] intentionally omitted <==

About Genmin

Genmin Limited is an ASX-listed (ASX: GEN), African iron ore exploration and development company with a pipeline of projects in the Republic of Gabon, central West Africa. The Company has a 100% interest in three projects comprising six (6) exploration licences covering approximately 5,270 km[2] .

Genmin’s Baniaka and Bakoumba projects are located in south-east Gabon near the provincial city of Franceville, where it has an extensive footprint and controls all acreage prospective for iron ore. The Baniaka and Bakoumba projects represent a potential iron ore hub with 2,450 km[2] of landholding and 121 km of iron mineralised strike with only 12% drill tested with diamond drilling.

Genmin’s flagship project, Baniaka, is at feasibility stage with defined JORC compliant Mineral Resources and is favourably situated adjacent to existing and operating bulk commodity transport and renewable energy infrastructure.

Gabon is a stable central West African country with a mining and oil production history dating back to the early 1960s. It is currently the second largest producer of manganese ore in the world and eighth largest crude oil producer in Africa.

==> picture [290 x 386] intentionally omitted <==

Location Map of the Republic of Gabon and Baniaka Project