INFINITY MINING LIMITED — Capital/Financing Update 2023

Dec 17, 2023

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ASX ANNOUNCEMENT 18 December 2023

PRIVATE PLACEMENT UPSIZED BY >60% FOLLOWING STRONG DEMAND

Infinity Mining Limited (ASX: IMI) (the Company or Infinity) is pleased to announce that it has increased the amount of the Private Placement announced on 13 December 2023. The initial commitment of $400,000 along with the acceptance of oversubscriptions, resulted in receiving $650,000 towards general working capital.

The issuance of 5,200,000 new fully paid ordinary shares that will rank equally with existing IMI shares as well as 5,200,000 options exercisable at A$0.20 per option expiring 18 December 2025 is planned to occur today. The new securities issued fall within the Company’s existing placement capacity as permitted under ASX Listing Rule 7.1 and shareholder approval is not required.

Joe Phillips, Executive Chairman of Infinity Mining commented:

"We are delighted with the high level of demand from quality investors for the Private Placement. Their support is testament to the Strategy Update (click here to view) we released last week that sets out the first steps towards unlocking substantial value for all of our shareholders. Furthermore, if all of the options issued by the company, including those issued today were exercised then the company would receive around $8.7Million."

For more information please contact:

Joe Phillips

Executive Chairman +61 7 3221 1796 communications@infinitymining.com.au

Infinity Mining Ltd / ABN: 73 609 482 180 / T: +61 7 3221 1796 / W: infinitymining.com.au Kings Row Office Park, Suite 1G, Building 1, 40-52 McDougall Street, MILTON QLD 4064, Australia

Company Profile

Infinity Mining Limited holds 100% interest in 836.2 km2 of tenements in the East Pilbara and 22.3 km2 in the Central Goldfields regions of Western Australia. These tenements are located in highly prospective Lithium, Nickel, Copper and Gold terranes. The Company’s business strategy is an increasing focus on substantial East Pilbara lithium assets.

Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding exploration results and Mineral Resource estimates or the eventual mining of any of the projects, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that results in a reduction in copper, nickel or gold demand or substitution by other metals or materials; the discovery of new large low cost deposits of copper, nickel or gold; the general level of global economic activity; failure to proceed with exploration programmes or determination of Mineral resources; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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