GOLD MOUNTAIN LIMITED — Capital/Financing Update 2021

Aug 3, 2021

(ASX: GMN) ASX RELEASE

4 August 2021

Additional Highly Prospective Diamond Drill Targets Identified at Mt Wipi

Highlights - Mt Wipi (EL2632)

• EL2632 was granted in August 2020, and in the last 12 months systematic mapping, soil sampling, rock chip and trenching has led to the identification of six high-priority drill targets

• The Waa Creek area within the Mt Wipi tenement has been covered by a closely spaced (80m by 80m) soil geochemical sampling programme, with results from the first 854 samples of the 1,000+ programme received

• Following a detailed analysis of additional infill soil data, Phil Jones, GMN’s porphyry expert, has updated the drill targets announced on the 19[th] of May 2021 and identified a further three drill targets, increasing the total number of drill ready targets to six

• The geochemistry data was peer reviewed by a third party porphyry expert and similar conclusions were drawn and similar targets identified as those proposed by Phil Jones

• The interpreted data shows two possible intrusives in the Mt Wipi area, with one that appears to be un-mineralised and a second intrusive which is mineralised and appears to be associated with copper skarn style mineralisation

• GMN now plans to drill six (+250m) diamond drill holes into these targets, with drill mobilisation enacted[1]

• Only 5% of the tenement area (EL2632) has been covered by sampling programmes; it is expected that as the exploration extends out from the Waa Creek area additional prospects will be discovered

• Exploration at Mt Wipi is ongoing with new targets within EL2632 being identified, with the latest being at Mt Nemai

Gold Mountain Limited (ASX: GMN, Gold Mountain or the Company ) has completed a detailed analysis of the Mt Wipi soil data which further highlights the prospectivety of the Mt Wipi project, with high-prioirty drill targets increasing from three to six. Targets have been identified based on copper, gold, molybdenum and trace element geochemistry. Additional areas of significant prosepctivity have also been identified.

1 Drilling was planned to start in July, however due to limitations on helicopter availability mobilastion did not commence until the beginning of August

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Phil Jones, Gold Mountain’s porphyry expert, stated that “In under twelve months the Mt Wipi Project has gone from a single copper rich sample to a highly anomalous area comprising of multiple exciting drill targets that will be tested for porphyry copper-gold and associated skarn style mineralisation. The soil programme, which tested for minerals in the weathered bedrock, has significantly increased our understanding of the underlying geology and built on the results from our prior high-grade rock chip sampling programmes. Results show geochemical continuity and tenor between zones and has highlighted lithology and structure. The soil data shows highly anomalous copper- molebdenum mineralisation associated with diorites and quartz feldspar porphyry in the North-West portion of the grid and highly significant porphyry pathfinder element anomalies straddling a non-mineralised interpreted intrusive in the South-East of Mt Wipi. An additional epithermal quartz vein with elevated gold and silver is also defined”.

“These anomalous zones have now been shown to be part of a large, complex and anomalous geochemical system within which six major targets have been identified which require immediate drilling. Additional work at Mt Nemai has identified serious potential for the definition of further porphyry style mineralisation with outcropping malachite, chalcopyrite and molybdenum. Significant alluvial gold has also been identified in Laraket Creek and a rock chip sample, MWR076, collected close to Mt Nemai has returned an assay of 12.5g/t gold”.

Mt Wipi (EL2632)

Over the last 4 months, the Company has undertaken a -80# soil sampling programme at the Waa Creek prospect within the Mt Wipi tenement. Over 1,000 samples have been collected with results for 854 samples being received. The soil grid currently covers a 2,700m by 2,200m area, with the initial soil grid on a 160m (E-W) by 80m grid (N-S) pattern. Where areas of copper and gold anomalism were identified, the soil spacing was tightened up to 80m by 80m. The location of the Waa Creek soil grid with respect to the Wabag project tenements is presented in Figure 1.

The results from the first 854 samples have been received, with six high-priority targets identified to date. Gold Mountain has not just relied on copper and gold geochemistry but has also analysed the trace element geochemistry which is associated with porphyry and skarn style deposits. It is important to note that all the geochemical data was peer reviewed by a third party porphyry expert and similar targets were identified with similar conclusions posptualted.

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Figure 1. Location Map for the Waa Creek Soil Grid

Diamond Drill Targets (1 to 6)

Targets 1 and 2 are prospective buried porphyry systems as are Targets 5 and 6. Targets 1 and 2 are defined by approximately 11 samples that returned assays in excess of 1,000ppm Cu, including a maximum result of 2,900ppm Cu which is associated with a spot gold high of 0.52g/t Au. A table containing the most significant soil sample results is presented in Appendix A at the back of this annoucement . Recent excavation of a trench (MWTR003) along the western edge of the anomaly has highlighted a quartz diorite, diorite and quartz feldspar porphyry as well as skarns and sediments with occasional malachite staining evident. Results from the trench are pending. The coordinates for MWTR003 are included in Appendix C, and its location plotted on the relevant figures contained within this release.

Targets 3 and 4 have all the geochemical characteristics of potential epithermal quartz carbonate Au-Ag systems. The targets comprise coincident Au-Ag-Cu-Zn-As-Te anomalies which are defined over a 900 x 200m area.

Targets 5 and 6 are defined by concentric bismuth (Bi) and tellurium (Te) anomalies, over areas of 1km x 0.8km and 0.7km x 0.5km, respectively. The anomalies are associated with weak copper and gold within the centre of Target 5. Both targets have associated tin (Sn), and low levels of antimoney (Sb) and arsenic (As) geochemistry. Target 5 and 6 are interpreted to be part of an early mineralised porphyry system that has been intruded and cut by a younger, non-mineralised, intrusive that shows no internal mineralisation. However, the younger

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intrusive is shown to be enclosed by patchy, strongly anomalous copper – gold skarns which lie within an enveloping strong copper in soil anomaly. The remobilisation of copper rich fluids during its emplacement is interpreted to be sourced from the older mineralised intrusive interpreted at targets 5 and 6. The younger intrusive is defined by pathfinder elements (Bi, Te, As, Sn +/- Sb, Au).

The geochemistry overlaid onto the interpreted geology and Reduced to Pole (RTP) airborne magnetic data[2] are presented in Figure 2 , Figure 3 and Figure 5 . The proposed diamond drill hole locations are also plotted on the various maps.

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Figure 2. Waa Creek Soil Grid (EL2632) showing the copper anomalism with respect to the airbourne (RTP) magnetic data and interpreted geology

2 First reported in ASX report dated 23rd September 2020, “Outcrop Samples from the Recntly Granted Mt Wipi Tenement Highlight the Prospectivity of the Area” Competent Person, Patrick Smith.

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Figure 3. Waa Creek Soil Grid (EL2632) showing the gold anomalism with respect to the airbourne RTP magnetic data and interpreted geology

As a result of further rock chip sampling and mapping, the Waa Creek soil grid will be extended north to cover the Mt Nemai Area. Recent reconnaissance mapping and rock chip sampling north of Mt Wipi in the Mt Nemai area has identified mineralised skarns with associated malachite mineralisation as well as additional intrusives with sulphide mineralisation, including pyrite, chalcopyrite, molybdenite and bornite. Alluvial gold has been panned from Laraket Creek draining north from Mt Wipi and gold prospectivity has been enhanced in the area by a rock chip sample returning 12.5g/t Au with high Bi, Te and W (MWR0076[3] ) within a gossanous and weakly pyritic structure, Figure 4. This work will commence once the soil programme at Mt Wipi has been completed.

3 Sample MWRC076 was collected as part of regional reconnaissance programme in June, details of the rock samples collected in the programme including, sample including its locations, description are assay results presented in Appendix B)

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Figure 4. Mt Nemai - Location Map with respect to the Waa Creek soil grid (Overlain on the airbourne magnetic data)

CEO, Tim Cameron stated, “The additional soil geochemical data we have now received for the Waa Creek area increases my confidence that we have something special at Mt Wipi. I am particularly encouraged by the fact that the peer review of the geochemical data has confirmed the conclusions and targets. We now have six highly prospective drill targets at Mt Wipi, and I am excited to see what we will find as they are drilled. It is hard to believe that, in such a short time, Gold Mountain has produced six drill ready targets, all of which have the potential for a discovery. We have also identified other areas in the tenement which are anomalous in gold and copper, with the most recent being Mt Nemai, and we believe we have only scratched the surface with exploration within this highly prospective lease”.

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Figure 5. Waa Creek Soil Grid (EL2632) Showing the Ag, Bi, K, Mo, Te and Zn anomalism with respect to the airbourne RTP magnetic data and interpreted geology

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- END -

This announcement is authorised for release by the Board of Gold Mountain Limited.

For further information please visit the website www.goldmountainltd.com.au or contact:

Tim Cameron Executive Director M +61 (0) 448 405 860

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[ Follow Gold Mountain on Twitter at: ] Follow Gold Mountain on LinkedIn at: Follow Gold Mountain on YouTube at:

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www.twitter.com/GoldMountainASX www.linkedin.com/company/goldmountain YouTube Channel

Reference to Previous Releases

Initial drill targets were extracted from the report entitled “Drill targets identified at Mt Wipi” announced on 19 May 2021 and available to view and download from the Company’s website: https://goldmountainltd.com.au/corporate/asx-announcements/. The Competent Person responsible for the original report on the drill targets was Mr Pat Smith.

Regional aeromagnetic data used as underlays in some figures of this announcement have been previously reported to the market in the report entitled “Outcrop samples from the recently granted Wt Wipi tenement highlight the prospectivity of the area” announced on 23 September 2020 and available to be viewed and downloaded from the Company’s website: https://goldmountainltd.com.au/corporate/asx-announcements/.

The Competent Person responsible for the original report on the magnetic data was Mr Pat Smith. GMN confirms that it is not aware of any new information or data that materially affects the magnetics data from the original market announcement. GMN confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Patrick Smith, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy.

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Patrick Smith is the owner and sole director of PSGS Pty Ltd and is contracted to Gold Mountain Ltd as their Operations Manager. Mr Smith confirms there is no potential for a conflict of interest in acting as the Competent Person. Mr Smith 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 Smith consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements and Important Notice

This report contains forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations and estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Gold Mountain’s control.

Actual results and developments will almost certainly differ materially from those expressed or implied. Gold Mountain has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this announcement. To the maximum extent permitted by applicable laws, Gold Mountain makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and without prejudice, to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities.

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Appendix A

Selected Significant Soil Results from -80# Soil Sampling Programme (EL2632)

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Sample ID Easting Northing Cu_ppm Au_ppb Ag_ppm Mo_ppm Bi_ppm K_pct Te_ppm Zn_ppm Target
MWWS0362 799285 9434879 1130 13 0.1 4 0.14 0.39 0.1 200 Target 1
MWWS0364 799295 9435031 1151 15 0.05 6.4 0.06 0.12 0.1 44 Target 1
MWWS0789 799514 9434798 1013 24 0.6 2.2 1.83 0.75 0.9 197 Target 1
MWWS0802 799357 9434802 501 100 0.5 2.8 1.58 0.87 0.6 143 Target 1
MWWS0812 799204 9434790 1408 13 0.05 3.9 0.4 0.53 0.05 351 Target 1
MWWS0251 799750 9434734 1279 207 0.5 1.9 2.63 0.79 1.4 210 Target 2
MWWS0344 799436 9434484 1182 9 0.6 1 0.68 0.48 0.3 86 Target 2
MWWS0345 799436 9434408 2938 516 1.7 1.1 1.04 0.31 0.5 180 Target 2
MWWS0356 799275 9434408 1560 31 0.3 0.7 0.64 0.11 0.3 590 Target 2
MWWS0357 799283 9434472 2493 0.5 0.2 0.8 0.13 2.98 0.1 163 Target 2
MWWS0784 799673 9434404 1287 12 0.4 4.3 1.09 3.33 0.5 202 Target 2
MWWS0794 799515 9434412 1308 6 0.8 0.9 0.2 1.16 0.05 195 Target 2
MWWS0806 799368 9434471 2147 7 1 0.4 4.21 0.06 1.5 352 Target 2
MWWS0062 800879 9433363 1590 182 0.4 1.4 46.3 2.15 40.7 121 Target 3
MWWS0100 801031 9433436 245 154 0.3 1.9 5.2 0.23 3.9 364 Target 4
MWWS0599 801912 9433909 96 176 0.2 0.4 0.46 1.43 0.1 165 Target 4
MWWS0108 801353 9434397 91 133 0.7 0.5 0.63 1.28 0.1 186 Target 5
MWWS0358 801672 9434403 2254 0.5 0.9 0.6 1.5 0.27 0.7 175 Target 5
MWWS0594 801761 9434962 109 122 0.05 0.5 0.66 1.3 0.1 131 Target 5
MWWS0605 800794 9434084 4111 55 1 1.2 1.77 0.62 1.1 109 Target 5
MWWS0608 801440 9434080 197 149 0.3 0.5 6.19 0.25 2.7 101 Target 5
MWWS0626 801275 9434485 338 330 0.05 0.8 1.59 0.28 1 138 Target 5
MWWS0628 801273 9434323 87 320 0.1 0.3 1.14 0.74 0.6 168 Target 5
MWWS0680 800796 9434565 1694 21 0.1 1.4 0.33 0.72 0.1 370 Target 5
MWWS0543 800646 9433360 127 253 0.05 0.4 2.05 0.35 1.6 228 Target 6
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Appendix B

Reconnaissance Rock Chip Sample Results (EL2632)

**Tenement **	**Prospect **	Location	**Sample_Id **	**Sample Type **	Easting	Northing	Geology	Aug/t	Ag g/t	Cu(ppm)	S %	Zn(ppm)
EL2632	Mt Wipi	Kendekakis Creek	MWR0076	Out crop	798,400	9,438,200	Or-bn(goss) ,stronglyweathered hostinghem-geo-lim-jar-py-clyfrom Gossanous Structure	12.5	1.9	168	2.94	90
EL2632	Mt Wipi	Tamale Creek	MWR0077	Out crop	800,800	9,436,200	Bn-or,strong pyritized metased	0.055	<0.05	438	3.07	57
EL2632	Mt Wipi	Lakaret Creek	MWR0078	Float	799,800	9,436,500	gy-wht,fracture oxided,siliceous,hlbqzporphyryhostinglim-hem-qz-py+/-moly	0.067	<0.1	222	3.32	82
EL2632	Mt Wipi	Sanganrend Creek	MWR0079	Out crop	800,300	9,438,700	dullgreyish brown, gossanous floatwith mal coats	0.013	<0.05	104	1.51	45
EL2632	Mt Wipi	Mt wipi-Lakaret Creek	MWR0080	Out crop	800,500	9,436,100	skarn(structure)lookingwith mal-bn-cpy-pyreported to be fromMW Summit	0.43	9.5	1.60%	1.37	267
EL2632	Mt Wipi	TE003	MWR0081	Float	800,855	9,433,417	Bn-gngy,weaklywethed Endoskarn float	0.008	0.1	138	0.2	129
EL2632	Mt Wipi	Te001	MWR0082	Out crop	801,031	9,433,490	gy-wht,wklyoxided,siliceous,hlbqzporphyryhostinglim-hem-qz-py+/-moly	0.054	0.6	182	1.31	36

Note: Cu values in ppm unless otherwise stated

Appendix C

MWTR003 – Coordinates

Trench ID	EASTING	NORTHING	RL(m)	Comments
MWTR003	799,244	9,434,565	1600	Start
MWTR003	799,244	9,434,869	1586	Finish

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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. • 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 (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.	• Soil Auger samples – Samples collected from an 160 m x 80 m grid, using a shell auger, sample collected from the B horizon, with between 3 to 4 kg of material collected. • The soil grid has been closed up to 80m by 80 spacings in areas which have been identified as annomalous • The average depth of the auger samples is between 1m to 2m • All samples are placed in individually labelled plastic bags prior to being transported to an area where they are sun-dried prioro to being deagglomerated and then pulverised to pass through a -80 mesh sieve. • 100g of pulversised sample is then placed in a sample envelope prior to being dispatched to the laboratory for analysis. • SOPs for the auger soil sampling work were used to safeguard representivity of the soil sample and consistency of the sample collected • All soil samples are dispatched to Intertek in Lae (PNG) prior to dispatch to Intertek in Townsville for low level gold detection and multi-element anlaysisi
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).	• No drilling results reported.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise 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.	• No drilling results reported.
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. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• No drilling results reported. • The soil samples are logged and data transferred onto a logging sheet prior to being uploaded into a database • A photograph of the soil sample at its collection point is taken , the GPS showing the coordinates for the collection point is also photographed to ensure samples are collected from a known location.
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.	• The soil samples weigh between 2 to 3 kg • The samples were sun-dried on-site prior to being deaggolerated homogenised and pulversised down to -80 mesh at a sample preparation facility on site • Approximately 100grams of the homogenised sample was then placed in a paper sample envelope for dispatch to Intertek Laboratories in Lae

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	• 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.	• Sample sizes (2-3kg) are appropriate for the type of material being sampled to ensure good representivity. • QC procedures - No duplicate samples collected in the field. However, the homogenous and pulversied reject sample is retained on site for check assay , or further analysis if required.
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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• Industry standard analytical methods undertaken by Intertek in Lae (PNG) and Townsville (Queensland). • Gold assays – 50 g fire assays (method Au-FA25 /OA2. • Multi-element – 0.25 g sub-sample digested in 4-acid digest followed by ICP- MS determination (method 4A/MS48). • QC by laboratory included check assays, duplicate sub-sampling, blanks and standards. No company standards submitted. Lab QC results show acceptable accuracy and precision in the Competent Person’s opinion.
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.	• Site and sample descriptions recorded in field notebooks and data entered into Excel spreadsheets. All primary data recorded in field logs and notebooks, then transferred into a database. • No drilling reported, hence no twin holes. • No adjustments made to soil sample 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. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Locations of sampling sites recorded using Garmin GPSMAP64ST hand-held GPS units (lateral accuracy <5 m). • Grid system used – WGS84, Zone 54S. • Currently there is no DTM for the Mt Wipi prospect, RLs are recorded using a hand held Garmin GPS unit. As the prospect develops a DTM for the area will be constructed.,The GPS is accurate +- 10m for the eastings and Northings, RL values are not accurate due to the topography and density of vegetation
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.	• Soil Auger samples – grid-based sampling on a nominal 160 m x 80 m grid, however in areas that are identified as being anomalous in copper and gold the grid is closed up to 80m by 80m spacing • Data spacing is sufficient for reconnaissance stage exploration sampling programs and is considered appropriate by the Competent Person for producing the soil anomaly maps as presented in this announcement. • The soil sampling grid, is being infilled to 80m by 80m centres where areas of anomalism have been identified Data spacing is sufficient for reconnaissance stage exploration sampling and drilling programs. • There has been no sample compositing

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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.	• There is no apparent bias in the soil grid orientation.
Sample security	• The measures taken to ensure sample security.	• Samples are packed into polyweave sacks, sealed by cable ties and transported to Intertek in Lae (PNG) by GMN contractors. The samples undergo sample preparation in Lae and are assayed for Gold. The pulverised samples are then forwarded to Intertek in Townsvile (Australia) for multi-elemet analysis by Intertek • Soil samples which require low levels of detection limits and the multi-element assays for the soils are done in the Intertek laboratory in Townsville and Intertek is responsible for transporting the samples to Townsville
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews undertaken.

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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.	• The soil sampling was undertaken on EL2632 in Enga Province, PNG. • EL2632 was granted to on the 14th of August 2020 for a period of two years. The tenement is held by GMN 6788 (PNG) Limited (100%). • The tenement is in good standing and there are no impediments to conduct exploration programs on the tenements.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• All exploration programs conducted by Gold Mountain Limited.
Geology	• Deposit type, geological setting and style of mineralisation.	• EL2632 occurs within a major structural zone, the New Guinea Mobile Belt.It is underlain by Cretaceous-Paleocene marine sediments of the Chim Formation in the east, Eocene micrite and fine calcarenite of the Nebilyer unit limestone in the north, Oligocene-Miocene siltstone and shale of the Kera unit, Miocene sediments and andesitic volcanics of the Aure Group. Miocene granodiorite and diorite of the Wale Batholith intrude the sediments in the northern part of the EL. Pliocene Timun Conglomerate, composed of a variety of rock type clasts, occurs in the headwaters of the Timun River in the south-eastern part of the EL • EL2632 has potential for skarn depoists and porphyry copper-gold deposits, intrusive-related gold and epithermal gold deposits. • The Mt Wipi prospect is targeting porphyry mineralisation associated with dioritic intrussives and for skarn mineralisation on or adjacent to the contact zones where the diroites have been intruded into calcareous sediments Mineralisation encountered to date has been predominantly iron-pyrite, chalcopyrite and molybdenum observed on fracture surfaces and in veins.
Drill hole Information	• A summary of all information material to the understanding of the exploration results • 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.	• Soil sampling results detailed in attached report with all locations shown in maps. No drilling results reported. • Apart from results reported in the attached report, no other assay results are considered to be significant.
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 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.	• No drilling assay reported; only analystical results for soil samples. • Annomalous soil samples were identified using standard geostatistical methods, with the mean + 1 SD being considered anomalous • Significant results from the geochemical targets are included in Appendix A • No averaging of results has been used and high grade cuts have not been applied to the data. • There has been no compositing of standards and no weighted averaging has been applied

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	• 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’).	• No drilling assays or intercepts 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.	• Maps showing soil sample locations and results included in the attached report. • A plan view of location of the soil samples in included in the attached report.
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 in a balanced manner. All results are supported by clear and extensive diagrams and descriptions. No assays or other relevant information for interpreting the results have been omitted.
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.	• All exploration results detailed in attached report.
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	• Additional soil sampling is planned in the Mt Wipi area. With additional sampling planned to the west and north of the existing soil grid. • Trenching is ongoing and additional trenching is planned • Drill targets have been proposed for the Mt Wipi tenement (EL2632). Clearing of drill sites have commenced and It is now expected that drilling will commence on EL2632 in Q3 2021

GMN - ASX RELEASE

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