INFINITY MINING LIMITED — Interim / Quarterly Report 2022

Oct 27, 2022

28 October 2022

QUARTERLY ACTIVITIES STATEMENT FOR THE PERIOD ENDING 30 SEPTEMBER 2022

Highlights:

Tambourah South Project (E45/4848) - Pilbara

• Multiple stacked Lithium-bearing pegmatite bodies were discovered by Infinity during 2022 at Tambourah South.

• Surface mapping and rock chip sampling shows evidence of Lithium-bearing minerals spodumene and lepidolite within the pegmatite bodies at several locations on the tenement.

• Anomalous Lithium (Li), Rubidium (Rb) and Cesium (Cs) rock chip assays confirms the presence of multiple highly fractionated pegmatites with fertile Li-Cs-Ta (LCT) geochemistry.

• Surface rock chip sample assays returned up to 2.635 % Li2O, 0.662 % Rb, and 611.3 ppm Cs.

• Rubidium (Rb) targets were also defined with assays of up to 6,489.4 ppm Rb (0.724% Rb2O).

• A second phase of rock chip sampling and lag sampling returned anomalous assay values up to 1.775% Li2O.

• Several lithium-rubidium pegmatite zones have been defined for future RC drill testing.

Victor Bore – Central Goldfields

• A drone magnetic survey revealed multiple magnetic targets, which warrant further exploration.

• Rock chip sampling at Victor Bore returned high-grade gold assays up to 28.4 g/t Au, upgrading the project.

Coppermine – Central Goldfields

• A drone magnetic survey revealed a 350 m long magnetic high target beneath historical copper workings.

• Rock chip sampling returned up to 2.06 % Cu, 3791 ppm Zn and 0.33 ppm Au, coincident with the magnetic high target, which upgrades this target.

• The magnetic high target at Coppermine could be associated with buried VMS-style copper mineralisation and is a high-priority target for further follow-up exploration work.

Camel – Central Goldfields

• A drone magnetic survey revealed a high-priority linear magnetic high target, which lies ~100 m west of the old gold mine workings and may represent a sub-parallel gold-bearing structure.

• Previous RC drilling at the Camel Project in 1986 returned drill intercepts up to 5 m @ 2.24 g/t Au, which upgrades the linear magnetic high target.

IMI | Quarterly Activities Statement for the period ending 30 September 2022

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Chicago – Central Goldfields

• A drone magnetic survey revealed two magnetic high targets adjacent to the old gold mine workings.

• Rock chip sampling by Infinity returned up to 2.37 g/t Au, in proximity to the magnetic high targets, upgrading these targets.

Craig’s Rest – Central Goldfields

• Rock chip sampling around several old gold mine workings at Craig’s Rest returned six anomalous assays over 1 g/t Au, with a maximum of 37.64 g/t Au

• A number of prospective structural target zones have been identified along strike from the main three gold prospects. Further work is planned to test these targets next quarter.

Other Projects

• Exploration work has continued on other tenements in the Central Goldfields and Pilbara Projects. The data from these surveys is currently being processed and interpreted.

Infinity Mining Limited (ASX: IMI) (the Company or Infinity ) is pleased to report on its activities for the quarter ending 30 September 2022.

The Company’s planned exploration programs are focused on a large package of tenements in the Pilbara region and the Central Goldfields region of Western Australia. Infinity holds 697km[2] in the Pilbara area to the SW of Port Headland, and a further 13.81km[2] in the Central Goldfields around Leonora (see Figure 1 ).

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Figure 1: Location map showing Infinity’s two areas of exploration.

IMI | Quarterly Activities Statement for the period ending 30 September 2022

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Review of Operations

Pilbara Projects

The Pilbara tenements comprise an extensive portfolio of Lithium, Gold, Nickel, Copper and Zinc exploration tenements located in the Pilbara region of northwest Western Australia, including the Tambourah South, Tambourah North, Strelley Gorge, Hillside, Panorama and Noreena Downs Projects (see Figure 2 ).

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Figure 2. Infinity Mining’s Pilbara Exploration Project

IMI | Quarterly Activities Statement for the period ending 30 September 2022

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Tambourah South (E45/4848)

The Tambourah South Project is located 80 km southwest of Marble Bar and 155 km south of Port Headland. Access is via the Great Northern Highway or the Marble Bar-Port Hedland Road. The project lies within greenstones of the Apex Basalt and adjacent to the Yule Granite Complex and located 65 km south-east of the Pilgangoora Lithium deposit (see Figure 2 above).

Helicopter reconnaissance carried out in 2017 by Macarthur Lithium Pty Ltd (now Infinity Mining) located and sampled Lepidolite bearing pegmatites in the northern part of the tenement. Rock chip samples taken at the time returned anomalous Lithium up to 1.47% Li2O and anomalous LCT (Lithium-CaesiumTantalum) pegmatite indicator geochemistry. Results of this early program are presented in the Infinity Mining Limited prospectus dated 28 October 2021.

During the September quarter of 2022, Infinity’s geological team undertook a large amount of exploration work at Tambourah South after its first round of mapping of the Lithium-bearing pegmaties last quarter (see June 2022 Quarterly Report). The Tambourah South Project has developed into a high-priority target area for Infinity, given its high prospectivity for Lithium and the current global interest in Lithium. The work completed in the September quarter is outlined below.

Cultural Heritage Survey

During August 2022, a cultural heritage survey was undertaken with Terra Rosa Consulting (Archaeological service providers) and representatives of the Palyku Native Title Group. Clearance is being sought to support heavy equipment access and pad clearing for drilling to commence later this year. Clearances were carried out over a number of mapped pegmatites, which are the primary targets for future drill testing. Details of this program are included in Infinity ASX Announcement dated 17 August 2022.

First Rock Chip Sampling Program

Infinity’s first major field rock chip sampling program of 225 samples was completed over the western side of the Tambourah South tenement last quarter, with assay results delivered during the September quarter. Multiple stacked Lithium-bearing pegmatite units up 558 m along strike were mapped, showing evidence of the Lithium minerals spodumene and lepidolite. Samples were taken from 36 weathered outcropping pegmatites making up over 2.6 km of strike length. A rock chip sample location map is included below on Figure 3 .

The rock chip sample assay results returned anomalous levels of Lithium (Li), Rubidium (Rb) and Cesium (Cs), confirming the presence of highly fractionated pegmatites with fertile Li-Cs-Ta (LCT) geochemistry. The highest assay results include 2.635 % Li2O, 0.662 % Rb, 611.3 ppm Cs, 2930 ppm Be, 734.5 ppm Ta and 427 ppm Nb. A total of 25 samples returned over 1.0% Li2O, see Table 1 . The distribution of Li2O assay results is shown on Figure 4 . Details of this program are included in Infinity ASX Announcement dated 18 August 2022.

Infinity also identified new Rubidium (Rb) exploration targets associated with Lithium-bearing pegmatites at Tambourah South, with assays up to 6,489.4 ppm Rb (0.724% Rb2O). Results to date have defined a large Rb-anomalous zone measuring 500 x 300 m. A total of 47 samples (21% of the initial assays) returned greater than 0.25% Rb2O, see Table 2 . The distribution of anomalous Rb samples is shown on Figure 5 . Details of this program are included in Infinity ASX Announcement dated 15 September 2022.

The mapped lithium-rubidium pegmatite units at Tambourah South could extend to some depth below surface, and this will be explored with a planned RC drilling program to commence next quarter.

IMI | Quarterly Activities Statement for the period ending 30 September 2022

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Figure 3. Tambourah South rock chip sample locations and Lithium mineral observations

IMI | Quarterly Activities Statement for the period ending 30 September 2022

SlID	E	Nh	Li	Li2O	Be	Cs	Nb	Rb	Ta
ampe	ast	ort	(ppm)	(%)*	(ppm)	(ppm)	(ppm)	(ppm)	(ppm)
GR00996	726203	7598827	12238	2.635	18	533.4	90	6489.4	161.2
GR00653	726104	7599029	12081	2.601	59	611.3	69	6621.7	98.9
GR00566	726153	7600003	12238	2.635	18	533.4	90	6489.4	161.2
GR00520	726441	7599409	12081	2.601	59	611.3	69	6621.7	98.9
GR00973	726375	7599322	10526	2.266	55	140.2	54	1185.9	89.4
GR00615	726166	7600019	9887	2.129	30	55.7	43	913	89.1
GR00613	726154	7600003	9007	1.939	75	77.5	35	1222.8	36.2
GR00651	726073	7599003	8445	1.818	27	66.3	30	849.5	29.5
GR01604	726118	7599083	8378	1.804	3	123.3	30	1512.8	36.9
GR00649	726051	7598994	7632	1.643	20	286.6	55	5301.7	93.2
GR00663	726183	7599043	7583	1.633	12	174.8	29	4654.3	29.8
GR00967	726443	7599416	7485	1.612	192	289.7	63	4423.6	28.5
GR00972	726375	7599322	7473	1.609	51	343.1	60	4775.5	37.7
GR00971	726374	7599333	7079	1.524	49	223.9	63	2155.9	143.4
GR01606	726177	7599118	6416	1.381	9	38.6	52	779.1	122.2
GR00668	726202	7598828	6337	1.364	23	265	68	3647.9	204.4
GR01592	726255	7599038	6232	1.342	26	154.6	59	4347.2	101.4
GR00684	725974	7599495	5927	1.276	17	178.2	70	3213.1	30
GR00659	726139	7599019	5833	1.256	23	272.5	58	3822	47.9
GR00622	726171	7600095	5814	1.252	10	145	59	3326.9	24.2
GR00667	726188	7598827	5775	1.243	43	274.4	72	3440.1	36.5
GR01589	726293	7599067	5597	1.205	74	217.3	64	3126	42.6
GR00968	726426	7599373	5338	1.149	9	120.3	50	2864.7	33.7
GR01595	726216	7599058	5334	1.148	74	145.7	76	3496.8	51.4
GR00665	726170	7598818	5032	1.083	102	189.2	52	2701.2	77.9

Table 1. Tambourah South rock chip samples with values over 1.0% Li2O.

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Figure 4. Tambourah South rock chip samples showing Li2O assay values

IMI | Quarterly Activities Statement for the period ending 30 September 2022

SlID	E	Nh	Rb	Rb2O	Li	Be	Cs	Nb	Ta
ampe	ast	ort	(ppm)	(%)*	(ppm)	(ppm)	(ppm)	(ppm)	(ppm)
GR00653	726104	7599029	6621.7	0.724	12081	59	611.3	69	98.9
GR00996	726203	7598827	6489.4	0.710	12238	18	533.4	90	161.2
GR00651	726073	7599003	5301.7	0.580	7632	20	286.6	55	93.2
GR00663	726183	7599043	4775.5	0.522	7473	51	343.1	60	37.7
GR01604	726118	7599083	4654.3	0.509	7583	12	174.8	29	29.8
GR00649	726051	7598994	4423.6	0.484	7485	192	289.7	63	28.5
GR00977	726330	7599287	4401.3	0.481	3500	9	249.3	96	127.2
GR01606	726177	7599118	4347.2	0.475	6232	26	154.6	59	101.4
GR01592	726255	7599038	3822	0.418	5833	23	272.5	58	47.9
GR00971	726374	7599333	3647.9	0.399	6337	23	265	68	204.4
GR01589	726293	7599067	3496.8	0.382	5334	74	145.7	76	51.4
GR00665	726170	7598818	3469	0.379	4964	67	486.8	73	90.4
GR00683	725966	7599491	3465.7	0.379	71	5	83	26	28.2
GR01596	726221	7599064	3457.7	0.378	3292	11	158.1	39	57.9
GR00659	726139	7599019	3440.1	0.376	5775	43	274.4	72	36.5
GR01595	726216	7599058	3439.8	0.376	4999	10	136.3	36	24.4
GR00611	726138	7600028	3414.9	0.373	4436	13	318.8	149	223.2
GR00684	725974	7599495	3326.9	0.364	5814	10	145	59	24.2
GR00976	726337	7599299	3313.3	0.362	2423	46	153.7	90	96.8
GR00668	726202	7598828	3213.1	0.351	5927	17	178.2	70	30
GR00622	726171	7600095	3126	0.342	5597	74	217.3	64	42.6
GR00643	725964	7598982	3086.1	0.338	3667	9	97.2	427	97
GR00966	726455	7599434	3034.9	0.332	4491	331	328.4	95	221.6
GR00517	726195	7599163	3012.3	0.329	3667	47	311.4	72	127.3
GR00584	725922	7600100	2998.6	0.328	63	128	279.1	90	91.3
GR01590	726280	7599056	2966.4	0.324	3800	51	287.4	50	90.9
GR00606	726125	7599997	2889.4	0.316	4599	14	177.9	125	76.4
GR00667	726188	7598827	2864.7	0.313	5338	9	120.3	50	33.7
GR00619	726175	7600058	2852.4	0.312	4355	11	178.7	44	42.9
GR01605	726151	7599100	2816.3	0.308	2464	42	85.9	36	61.2
GR00975	726347	7599306	2748.5	0.301	3580	30	202.2	100	111.7
GR00981	726301	7599254	2727.5	0.298	4224	98	245	249	186.5
GR00672	726239	7598849	2705.3	0.296	3580	13	252.1	144	126.1
GR00968	726426	7599373	2701.2	0.295	5032	102	189.2	52	77.9
GR00691	726029	7599584	2666.4	0.292	3890	158	308.8	42	159.7
GR00586	725946	7600135	2585.6	0.283	3602	96	399.5	61	65.8
GR00978	726317	7599276	2510.3	0.275	2257	9	131.9	52	61.1
GR00689	726011	7599559	2504.6	0.274	1904	19	111.3	39	42.5
GR00642	725964	7598982	2467.9	0.27	20	4	26.6	26	17.7
GR00614	726161	7600009	2439.9	0.267	3236	18	81.3	122	94.9
GR00618	726180	7600047	2389.5	0.261	4377	160	267.8	70	132.1
GR00518	726175	7599039	2337.5	0.256	1298	49	103.3	33	30.2
GR00516	726188	7599331	2335.5	0.255	3050	14	433.4	97	206.9
GR00592	725977	7600234	2331.5	0.255	3236	188	274.7	63	111
GR00673	726251	7598860	2312.5	0.253	2386	37	97.8	89	108.4
GR00630	725890	7599307	2292.4	0.251	2602	6	76.1	81	12.1
GR00676	726280	7598883	2282.6	0.25	2495	65	87.4	48	21.9

Table 2. Tambourah South Rock Chip samples with values over 0.25% Rb2O.

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Figure 5. Tambourah South rock chip samples showing Rb2O assay values and the main Rb zone

Geological mapping and sampling at Tambourah South identified spodumene-rich pods within haloes of lepidolite rich pegmatite that appear to be structurally controlled. In other areas, lepidolite rich zones were found and, in some areas, quartz-feldspar pegmatites with elevated Lithium and indicator geochemistry were sampled. The distribution of the different types of pegmatite reflects the varying levels of pegmatite maturity / complexity with the tenement area. Photographs of one Tambourah South pegmatite sample showing spodumene and lepidolite minerals are included below in Figure 6 .

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Figure 6. Photographs of spodumene-lepidolite rich pegmatite sample from Tambourah South.

Second Rock Chip Sampling Program

A second geochemical sampling program was completed in 2022 at Tambourah South during the quarter, consisting of 31 rock chip samples and 223 lag samples. Details of this program are included in Infinity ASX Announcement dated 26 September 2022.

A total of 31 new rock chip samples were collected along previous unsampled pegmatites in the southwest part of the tenement, see Figure 7 . Most of the samples consisted of lepidolite-albite rich or quartz-felspar rich pegmatites. Weathered spodumene development was identified in some samples by UV light.

Assay results for the 31 rock chip samples returned a maximum of 1.775% Li2O with three samples over 1% Li2O (see Table 3 ). Seven samples returned Rb2O over 0.2%, with maximum of 0.521% Rb2O. These positive results complement the previous 225 rock chips samples collected on the tenement (see sections above) and increase the prospectivity for economic Li2O and Rb2O mineralisation within the Tambourah South tenement.

The rock chips samples also exhibit anomalous Lithium-indicator geochemistry, with up to 9410 ppm Be, 431.3 ppm Cs, 159 ppm Nb and 250 ppm Ta, see Table 3 . This anomalous geochemical assemblage closes matches the geochemistry obtained from the previous rock chip program and continues to confirm the widespread occurrence of highly fractionated rare-element pegmatites at Tambourah South.

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Figure 7. Tambourah South, new rock chip and lag samples, plus previous rock chip samples

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			Li	Li2O	Rb	Rb2O	Be	Cs	Nb	Ta
SampleID	East	North	(ppm)	(%)*	(ppm)	(%)*	(ppm)	(ppm)	(ppm)	(ppm)
GR01629	726076	7599245	485	0.104	608	0.066	9410	237.7	37	39.1
GR01630	726063	7599239	23	0.005	300.1	0.033	51	13.6	72	68.3
GR01631	725995	7599186	39	0.008	6.3	0.001	9	2.3	2	3.1
GR01632	725915	7599258	1502	0.323	1942.7	0.212	18	92	50	43.9
GR01633	725931	7599274	700	0.151	1375.9	0.15	6	44	59	25.5
GR01634	725950	7599284	797	0.171	1169.3	0.128	7	59.4	47	21.6
GR01635	725962	7599290	3926	0.845	2980.5	0.326	9	172.6	159	37.5
GR01636	726007	7599322	75	0.016	1044.5	0.114	96	27.1	70	134.5
GR01637	726027	7599332	942	0.203	2275.3	0.249	28	74.4	43	39.5
GR01638	726070	7599376	83	0.018	1063	0.116	33	23.4	34	47.8
GR01639	726087	7599422	18	0.004	254.6	0.028	204	9.6	93	191.7
GR01640	726234	7599640	29	0.006	215.5	0.024	5	17	63	86
GR01641	726241	7599670	29	0.006	17.1	0.002	14	6.7	36	71.9
GR01642	726258	7599684	38	0.008	42.7	0.005	44	10.3	36	48.5
GR01643	726386	7599605	69	0.015	1059.9	0.116	79	51.9	71	120
GR01644	726376	7599620	76	0.016	1395.3	0.153	42	66.5	115	250.2
GR01645	726384	7599463	135	0.029	62.9	0.007	89	7	19	39.6
GR01646	726418	7599573	39	0.008	20.9	0.002	161	4.9	17	59.9
GR01647	726366	7599448	19	0.004	22.2	0.002	332	7.9	43	94.1
GR01648	726336	7599411	40	0.009	8.3	0.001	141	5.2	26	51.4
GR01649	726309	7599369	26	0.006	26.7	0.003	125	2.9	39	103.2
GR01650	726292	7599347	43	0.009	387.6	0.042	108	10.5	48	132
GR01667	726279	7599328	39	0.008	335	0.037	202	10.6	32	62.8
GR01668	726250	7599293	33	0.007	385.2	0.042	11	14.6	34	70.4
GR01669	726225	7599308	16	0.003	678.1	0.074	199	21	96	98.5
GR01670	726206	7599288	21	0.004	54.4	0.006	91	2.4	48	114.1
GR01671	726190	7599330	6668	1.436	3263.6	0.357	54	431.3	103	235.7
GR01672	726201	7599338	7997	1.722	4184.3	0.458	53	352.3	77	77
GR01673	725958	7599621	106	0.023	1310.9	0.143	43	36.2	66	140.3
GR01674	725997	7599624	2359	0.508	1960.6	0.214	7	80.4	30	14.6
GR01675	726030	7599658	8245	1.775	4763.8	0.521	10	417.4	47	38.4

Table 3. Second Phase of Rock Chip sample assays from Tambourah South.

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A total of 223 lag samples (composite samples of surface rock float) were also collected in the northwest corner of the tenement, in areas of poor pegmatite exposure (adjacent to pegmatite outcrops), which were previously rock chip sampled by Infinity, see Figure 8 . The samples consisted largely of weathered greenstone and pegmatitic rock float.

Lag sample assay results returned two samples over 1% Li2O with a maximum of 1.182% Li2O and 15 samples over 0.1% Li2O, see Table 4 . The geochemically anomalous Li2O over 0.1% defined two areas around the known pegmatites in the southern part of sampled area, one of which lies on a major fault zone (see Figure 8 ). A third weaker zone of patchy geochemically elevated Li2O over 0.05% was identified in the northern part of the sampled area (see Figure 8 ). The lag sample assay results also returned elevated to anomalous Li-indicator (Be, Cs, Nb, Rb, Ta) geochemistry (see Table 4 ).

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Figure 8. Tambourah South lag samples, and gridded LiO2 image showing anomalous Li areas

These lag sample results indicate that the pegmatites could be more widespread than previously thought. The aim of the lag sampling is to establish an exploration method for fingerprinting poorly exposed Libearing pegmatites, then apply this methodology to the wider tenement area to discover additional Lipegmatite bodies concealed under thin colluvium and soil cover. Geophysical methods are also being considered for this purpose.

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SlID	E	Nh	Li	Li2O	Rb	Rb2O	Be	Cs	Nb	Ta
ampe	ast	ort	(ppm)	(%)*	(ppm)	(%)*	(ppm)	(ppm)	(ppm)	(ppm)
GR00754	725938	7600133	5489	1.182	3045.5	0.333	36	452.4	289.7	153.2
GR00846	725959	7600299	4872	1.049	2627.8	0.287	42	343.9	56.8	69.1
GR00847	725969	7600300	3939	0.848	2128.5	0.233	238	279.6	37.6	66.8
GR00835	725978	7600272	3732	0.803	2740.5	0.3	6	134.2	35.9	31.8
GR00772	725980	7600166	2297	0.494	2345.5	0.257	343	255.3	42.9	34.2
GR00762	725979	7600138	2092	0.45	2046.9	0.224	21	412.8	39.7	73
GR00760	725962	7600145	1618	0.348	1059.6	0.116	33	187.3	51.5	66.3
GR00827	725991	7600264	965	0.208	546	0.06	4	77.7	27.7	36.1
GR00743	725952	7600104	796	0.171	1488.5	0.163	7	86.4	43.9	75.4
GR00848	725989	7600298	710	0.153	764.1	0.084	3	30.1	13.6	11.5
GR00858	725971	7600318	699	0.15	744.1	0.081	22	78.3	11.1	3.9
GR00779	725975	7600186	562	0.121	853.2	0.093	20	85	33.2	57.9
GR00851	726016	7600300	546	0.118	1395.3	0.153	7	62.7	36.2	52.1
GR00806	726016	7600217	483	0.104	899.9	0.098	5	42.7	38.7	23.1
GR00855	726000	7600312	479	0.103	92.2	0.01	<1	23.7	3.7	1.3

Table 4. Lag sample assays greater than 0.1% LiO2 from Tambourah South.

Tambourah North (E45/5324)

The Tambourah North Project is located 8 km north of the Tambourah South Project. The project covers a structural deformed section of a greenstone belt containing mafic and ultramafic rocks of the Euro Basalt. Work commenced within this project last quarter and several potential pegmatites have been identified in satellite imagery. Further ground work is planned in the future.

Hillside Gold Project (E45/4685, E45/4824, E45/4708 and E45/4709)

During the September quarter, Infinity specialist consultants defined a number of key Lithium target areas at Hillside. A helicopter-supported reconnaissance program briefly visited Hillside last quarter and results are being interpreted. Infinity consultants also reviewed the 2018 Hillside SkyTEM heli-EM data and have defined drill targets to test a range of EM conductive targets for Copper-Nickel mineralisation. Results of this work will be released next period. A new heli-EM (VTEM) survey was also planned, which will be implemented next quarter.

Panorama (E45/4732, E45/4764 and E45/4779)

During the September quarter a drone magnetic survey was flown over part of the Panorama project area. The data is being assessed and results are still being interpreted, which will be released next period. A new heli-EM (VTEM) survey was also planned at Panorama, which will be implemented next quarter.

Strelley Gorge (E45/4735)

No exploration work was conducted on the tenement during the quarter. A new heli-EM (VTEM) survey was planned, which will be implemented next quarter.

Noreena Downs (E46/1210)

No exploration work was conducted on the tenement during the quarter.

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Central Goldfields Projects – Leonora District

The Central Goldfields tenements are highly prospective for orogenic gold systems and copper-rich VMS systems, in the area around the gold mining district of Leonora, WA. A map showing the location of Infinity’s tenements is included as Figure 9 .

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Figure 9: Location map showing Infinity’s Central Goldfields Projects

Drone Magnetic Survey – Central Goldfields

A drone magnetic survey was flown by Infinity at four Central Goldfields projects including the Victor Bore, Coppermine, Camel and Chicago Gold Projects. The survey was completed by Ultramag Geophysics Pty Ltd in May 2022 and data interpretations were conducted during the September quarter.

New buried magnetic targets were identified at all four project areas that were surveyed. The buried magnetic targets were commonly adjacent to, or coincident with, areas of surface mineralisation, prospective for shear-hosted gold mineralisation and VMS-style copper mineralisation. The highestpriority targets have been selected for further exploration work including auger soil sampling, aircore drilling and RC drilling.

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A total of 295 line km was flown over four projects at a line spacing of 20 m and flying height of 40 m, along WSW oriented lines, perpendicular to the main NNW structural fabric. Details of each project area are shown in the sections below. Survey details were outlined in a number of Infinity ASX Announcements released during the September quarter.

Victor Bore (M37/1349, P37/8376)

Drone Magnetics

The Infinity drone magnetic data from Victor Bore shows a series of magnetic highs along a broad NNW trend, which is sub-parallel to the regional structural fabric. The magnetic images also show several crosscutting NE-trending magnetic features. These magnetic targets lie adjacent to the historical workings at Victor Bore. The two highest magnetic anomalies are highlighted on the TMI (total magnetic intensity) magnetic image below (red zones on Figure 10 ). These high magnetic targets could be related to shearhosted gold mineralisation and are worthy of further follow-up exploration including drilling. Details of the survey are outlined in the ASX Announcement dated 28 July 2022.

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Figure 10: Victor Bore Project showing TMI magnetic image draped on Google Earth Image

Rock Chip Sampling

A rock chip sampling program was carried out by Infinity at the Victor Bore Project to verify anomalous gold associated with the historical workings, surface quartz veining and elevated gold grades reported by previous explorers. A total of 67 rock chip samples were collected by Infinity.

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The rock chip sample assay results have verified the high-grade gold mineralisation at Victor Bore. Assay results returned up to 28.4 g/t Au. A total of 12 samples recorded over 0.5 ppm Au. A map showing the location of the 12 highest-grade gold assays is included as Figure 11 . Details are outlined in the ASX Announcement dated 28 July 2022.

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Figure 11: Victor Bore Project showing TMI magnetic image draped on Google Earth Image

Coppermine (P37/9162)

Drone Magnetics

The new Infinity drone magnetic data from Coppermine revealed a 350 m long magnetic high target beneath the area of historical copper workings. The magnetic high target at Coppermine could be associated with buried VMS-style copper mineralisation and is a high-priority for further follow-up exploration including RC drilling.

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The drone magnetic data over the Coppermine Project shows a strong elongated magnetic anomaly, approximately 350 m long, under the cover to the south of the historical copper workings which host highgrade copper mineralisation at surface (see Figure 12 ). The main part of the magnetic anomaly has not been tested by previous drilling. Historical rock chip sampling of the gossan at Coppermine by Pacmin Ltd (WAMEX report A55872) returned up to 46000 ppm Cu (4.6 % Cu) and up to 1969 ppm Zn.

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Figure 12: Coppermine Project showing RTP magnetic image draped on Google Earth Image, with location of historical shallow drilling and anomalous copper/zinc rock chip samples

Rock Chip Sampling

A rock chip sampling program was carried out by Infinity at the Coppermine Project to verify historical rock chip samples anomalous in copper and zinc. A total of nine rock chip samples were collected. Assay results returned up to 20642 ppm Cu (2.06% Cu), 3791 ppm Zn and 0.33 ppm Au, plus elevated As, Bi, Co, Mo and Pb. A map showing the location of the two high-grade copper assay results at Coppermine is included as Figure 13 . Details are outlined in the ASX Announcement dated 4 August 2022.

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Figure 13: Coppermine rock chip sample assays overlain on drone magnetic image.

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Camel (P37/8325)

Drone Magnetics

The new Infinity drone magnetic data from Camel revealed a 700 m long NNW-trending linear magnetic high, located approximately 100 m to the west of the main NNW- trending line of old gold workings (see Figure 14 ).

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Figure 14: Camel Project drone magnetic TMI image showing the linear magnetic high target.

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Previous RC Drilling

The first known drilling campaign at the Camel Project included a 7-hole RC drilling program completed in 1986 by Sons of Gwalia (see WAMEX Report A20429). The shallow drilling (maximum 40 m depth) was designed to test the NNW-trending line of old workings (see Figure 15 ). Gold mineralisation in the drill holes was reported in sub-vertical narrow quartz veins along 300 m strike length. The drilling identified the main quartz reef and also a potential second sub-parallel quartz reef to the west. Significant gold intersections from this drilling include 5 m @ 2.24 g/t Au in hole CL001 from 32 to 37 m depth. These anomalous drill holes have never been followed up with deeper drilling. Details are outlined in the ASX Announcement dated 1 September 2022.

Previous RAB Drilling

Previous exploration at Camel also included a regional RAB drilling program completed in 1996 by Goldfields Exploration (see WAMEX Reports A48024, A52927). The shallow RAB drilling program was designed to test the broader Camel area, with several ENE-trending lines of RAB holes drilled on the Infinity tenement (see Figure 15 ). Anomalous gold was reported in some of the RAB holes in the Camel area. The best RAB hole result was from hole SWR718 located immediately north of the Camel workings, which returned 3 m @ 0.75 g/t Au from 20 to 23 m depth. This was an end of hole sample so the true extent of mineralisation is not known. This hole has never been followed up with further drilling. Details are outlined in the ASX Announcement dated 1 September 2022.

Previous Aircore Drilling

Previous exploration at Camel also included an Aircore drilling program completed in 1997 by St Barbara Mines (see WAMEX Report A52290). The shallow aircore holes were designed to test the area immediately west of the Camel workings. Three East-West trending lines of aircore holes were drilled to the west of Camel across the northern part of the linear magnetic target defined by Infinity (see Figure 15 ).

Anomalous gold was reported at the base of three of the aircore holes, at the northern end of the linear magnetic target. Despite these three holes ending in anomalous gold mineralisation, the holes were never followed-up with further drilling. Significant gold intersections are shown below:

• CMA1 – 3 m @ 0.27 g/t Au (39-42 m, end of hole, last 3 m).

• CMA2 – 3 m @ 0.47 g/t Au (39-42 m, end of hole, last 3 m).

• CMA3 – 6 m @ 0.4 g/t Au (34 to 40 m, near end of hole which is 42 m).

The results from the 1997 aircore drilling program upgrade the linear magnetic target defined by Infinity. These shallow anomalous holes have never been followed up with deeper drilling. Details are outlined in the ASX Announcement dated 1 September 2022.

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Figure 15: Camel Project showing linear magnetic high target and anomalous drill holes.

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Chicago (M37/983)

Drone Magnetics

The new Infinity drone magnetic data from Chicago Project has revealed two magnetic high targets adjacent to the old gold mine workings. The two magnetic targets at Chicago are thought to be caused by alteration along this major ENE-trending structure, associated with deeper gold mineralisation beneath the old gold workings (see Figure 16 ).

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Figure 16: Chicago Project showing RTP magnetic image and two magnetic high targets.

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Rock Chip Sampling

A rock chip sampling program was carried out by Infinity at the Chicago Project to confirm the presence of gold in the areas around the old gold workings. A total of 36 rock chip samples were collected. Seven (7) of the samples returned anomalous gold assays over 0.1 g/t Au with a maximum of 2.36 g/t Au. The anomalous gold samples lie in proximity to the magnetic high targets, thereby upgrading the targets. A map showing the location of the anomalous gold assay results at Chicago is included as Figure 17 . Details are outlined in the ASX Announcement dated 19 September 2022.

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Figure 17: Chicago Project showing RTP magnetic image and anomalous rock chip assays

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Craig’s Rest (P37/8468, E37/1442)

Rock Chip Sampling

A rock chip sampling program was carried out by Infinity at the Craig’s Rest Project to confirm the presence of gold in the areas around the old gold workings. A total of 47 rock chip samples were collected in the areas around the Garden Well, Katalina and Craig Prospects. Six (6) of the samples returned anomalous gold assays over 1 g/t Au with a maximum of 37.64 g/t Au. These anomalous gold samples confirm the high-grade tenor of the gold mineralisation at Craigs Rest. A map showing the location of the anomalous gold assay results is included as Figure 18 . A number of WNW-trending and E-W trending structural target zones have been identified at Craig’s Rest for further exploration work (see Figure 19 ). Details are outlined in the ASX Announcement dated 21 September 2022.

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Figure 18: Craig’s Rest Project showing old gold mines and anomalous rock chip assays

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Figure 19: Craig’s Rest structural target zones on RTP magnetic image

Specking Patch (P37/8571), Great Northern (M37/1360, P37/8310), Barlow’s Gully (P37/8278)

The other tenements of the Central Goldfields (see Figure 9 ) have been subject to historical gold exploration and small-scale historical mining activity. Geological data over these prospects are being compiled and interpreted by the Infinity geological team. Results will be released in the future.

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Forward Plan

During the next Quarter of 2022 and beyond, the company will undertake the following work programs:

Pilbara Projects

• Execute the planned RC drilling program at Tambourah South to test the highest priority lithiumbearing pegmatites.

• Implement the other planned exploration programs across the Pilbara including geophysical surveys (e.g. heli-EM).

• Continue data compilation, data interpretation and targeting work.

• Interpret VTEM March 2022 and SkyTEM datasets, to identify new and prioritise existing conductive targets.

• Review and interpret all survey results and plan a detailed exploration program for 2023.

Central Goldfields Projects

• Review and interpret all geophysical and geochemical results to date.

• 3D geological modelling of the Great Northern and Craig’s Rest drilling results.

• Refine planned future exploration programs.

• Execute planned exploration programs including rock chip sampling, soil auger sampling, aircore drilling programs and RC drilling programs to a number of targets for shear-hosted gold mineralisation and VMS style copper mineralisation.

Corporate

Payments to related parties of the entity and their associates

In the 30 September 2022 Appendix 5B, the figures of $124,610 and $415,816 as disclosed in sections 6.1 and 6.2 represent the average fees and payments made to Macarthur Minerals Limited (an entity with common directors) and Zanil Pty Ltd (an entity controlled by director Joe Groot).. These transactions are incurred in accordance with the Shared Services Agreement. These transactions include payments for exploration and evaluation services provided to the company, including staff and contractor costs associated with geological mapping soil sampling, vehicle hiring fees, travel to tenement sites and rehabilitation & construction of washed-out vehicle tracks on tenement sites. These transactions are reflected in Cashflows from operating activies, as well as, cash flows from investing activies.

Summary of Expenditure

The Company’s major cashflow movements up to 30 September 2022 included:

• Exploration and Evaluation expenditure - $ 1,111,805 and

• Employee, administration and corporate costs - $ 124,610

Interests in Mining Tenements

In accordance with Listing Rule 5.3.3, Infinity provides the following information in relation to its tenements as at 30 September 2022:

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Mining Tenement	Location	Beneficial Percentage held	Area km2	Interest acquired/farm- in or disposed/farm-out duringthequarter
E45/4685	Hillside	100%	35.03	No change
E45/4708	Hillside	100%	85.99	No change
E45/4709	Hillside	100%	70.15	No change
E45/4824	Hillside	100%	206.30	No change
E45/4732	Panorama	100%	137	No change
E45/4764	Panorama	100%	12.77	No change
E45/4779	Panorama	100%	102.57	No change
E45/4848	Tambourah	100%	3.18	No change
E46/1210	Noreena Downs	100%	44.47	No change
E37/1442	Craig’s Rest	100%	2.65	No change
M37/1349	Victor Bore	100%	0.154	No change
P37/8278^	Barlow’s Gully	100%	2.00	No change
M37/1359 (pending application)	Barlow’s Gully	P37/8278 conversion to Mining Lease	Under application	No change
M37/983	Chicago	100%	0.378	No change
P37/8310^	Great Northern Workings	100%	1.340	No change
M37/1360 (pending application)	Great Northern Workings	P37/8310 conversion to Mining Lease	Under application	No change
P37/8325^	Camel	100%	1.910	No change
M37/1367 (pendingapplication)	Camel	P37/8325 conversion to MiningLease	Under application	No change
P37/8376^	Victor Bore	100%	1.800	No change
M37/1368 (pendingapplication)	Victor Bore	P37/8376 conversion to MiningLease	Under application	No change
P37/8468	Craig’s Rest	100%	1.380	No change
P37/8571	SpeckingPatch	100%	1.087	No change
P37/9162	Coppermine	100%	1.110	No change
E45/5324*	Tambourah	Non-iron ore mineral rights	12.77	No change
E45/4735*	Strelley Gorge	Non-iron ore mineral rights	11.17	No change

^Application submitted for conversion to Mining Lease

*Tenements owned by a third-party Macarthur Iron Ore Pty Ltd ACN 081 705 651 (MIO). Infinity Mining holds rights to explore for, extract and sell all minerals, including gold, lithium and nickel, from the MIO Tenements other than iron ore (Non – Iron Ore Rights) pursuant to a Tenement Sale and Non-Iron Ore Rights Agreement dated 11 August 2021.

Use of Funds Statement

The current quarter is covered by a use of funds statement outlined in the Prospectus dated 28 October 2021. A summary of expenditure to date is outlined below. Differences are primarily due the Company only being nine months into its planned two-year expenditure program:

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Items of Expenditure	Per Prospectus (AUD $)	Actual Expenditure to Sept 2022 (AUD $)	Balance Remaining (AUD $)
Exploration Expenditure
Exploration	8,461,526	4,614,268	3,847,258
Operating expenses	1,567,980	508,038	1,059,942
Working capital	357,538		357,538
Costs of the Offer - fundraising	611,250	793,874	- (182,624)
Costs of the Offer – legal, accounting, other support services	501,706	380,556	121,150
Total uses of funds	11,500,000	6,296,736	5,203,264

On behalf of the Board of Directors, Mr Joe Phillips, Executive Chairman

For more information please contact: Joe Phillips

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

Investor Relations – Australia

The Market Bull Hayley Corrigan hayley@themarketbull.com.au

Competent Persons Statement

The information contained in this report that relates to the Exploration Results and Exploration Targets is based on information compiled by Dr Darryn Hedger, who is a Member of the Australian Institute of Mining and Metallurgy. Dr Hedger is a Geological Consultant for Infinity Mining and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken to qualify as Competent Person as defined in the 2012 Edition of the Australasian JORC Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Hedger consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Company Profile

Infinity Mining Limited holds 100% interest in 711km[2] of tenements in the Pilbara and Central Goldfields regions of Western Australia, comprising 10 exploration licences, 2 mining leases and 7 Prospecting licences. The tenements are located in highly prospective gold-copper-lithium terranes. Historically the Company has spent ~$5.5M on exploration of these tenements. The Company’s business strategy is to develop near-term gold targets in the Central Goldfields to support the longer-term investment needed to develop the Pilbara tenements (Lithium, Gold, Copper projects).

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Caution Regarding Forward Looking Statements

Certain of the statements made and information contained in this press release may constitute forwardlooking 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, 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. 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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