INFINITY MINING LIMITED — Interim / Quarterly Report 2022

Jul 26, 2022

Infinity Mining Limited ABN: 73 609 482 180

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P: +61 7 3221 1796

A: Suite 1G, Building 1, Kings Row Office Park 40-52 McDougall Street, MILTON QLD 4064, Australia

W: infinitymining.com.au

27 July 2022

QUARTERLY ACTIVITIES STATEMENT FOR THE PERIOD ENDING 30 JUNE 2022

Highlights:

Tambourah Project - Pilbara

• A successful helicopter-assisted reconnaissance program was completed in April 2022, which identified multiple pegmatite dykes hosting Lithium minerals spodumene and lepidolite, within the South Tambourah Project.

• Rock chip assays of these newly discovered pegmatites confirm Lithium mineralisation, with up to 2700ppm Li (equivalent to. 0.58% Li20), 122ppm Be, 120ppm Cs, 0.21% Rb and 110ppm Ta.

• Potential exists for a zone up to 1.25km wide, hosting multiple Lithium-bearing pegmatite dykes.

• A follow-up exploration program commenced in mid-2022 (results pending).

Barlow’s Gully – Central Goldfields

• Rock chip sampling at the Barlow’s Gully Gold Project in the Central Goldfields during the quarter returned up to 15.5 ppm Au.

• Subsequent aircore drilling and soil sampling across the Barlow’s tenement has defined three significant gold targets - the largest being 480 x 100 m in area.

• The three soil/aircore anomalies contain anomalous levels of gold up to 0.681 ppm Au.

• RC drilling is planned to test these high-priority geochemical targets.

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 June 2022.

The Company’s planned exploration programs are focused on a 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 June 2022

Review of Operations

Pilbara Projects

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

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Figure 2. Infinity Mining’s Pilbara Exploration Project

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Tambourah

During the June quarter 2022, Infinity’s geological team undertook a helicopter-supported reconnaissance program to several Pilbara projects including Tambourah. The trip included site visits to a number Lithium targets identified during data compilation work. The goal of this trip was to evaluate ways to fast-track the planned Lithium exploration programs. The Tambourah Project has developed into a high-priority area, given the high prospectivity for Lithium and the global interest in Lithium.

During the helicopter-supported reconnaissance program conducted in April 2022, a series of pegmatite dykes hosting visible Lithium minerals spodumene and lepidolite were identified and rock chip sampled, within the southern part of the South Tambourah Project. Details of the program are included in Infinity ASX Announcement dated 9 June 2022.

The assay results from the April 2022 rock chip sampling program compliment previous rock chip sampling by Infinity in 2017 and support the presence of a large system of Lithium bearing pegmatite dykes within the South Tambourah Tenement E45/4848.

South Tambourah (E45/4848)

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

The project covers the highly prospective zone (Goldilocks Zone) out to 3km from the granite-greenstone contact. The historic Tambourah North 2 Tantalum-Lithium mineral occurrence (referenced in the WA DMIRS’ Minedex database) occurs in the northern part of the tenement and Tambourah 1:100,000 geology sheet, showing pegmatite dykes along the western edge of the tenement. Recent exploration by Riversgold Limited (ASX:RGL) also identified lithium (lepidolite) bearing pegmatites along the granite greenstone contact south of the South Tambourah Project (refer to ASX Announcement dated 28 April 2022, New Lithium Prospect Discovered at Tambourah).

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 project ( Figure 3 ). Rock chip samples taken at the time returned Lithium, up to 1.47% Li2O and anomalous LCT (Lithium-CaesiumTantalum) pegmatite indicator geochemistry ( Table 1 ). Results are also presented in the Infinity Mining Limited prospectus dated October 2021.

SampleID	East	North	Li2O	Be	Cs	Nb	Rb	Ta
			(%)*	(ppm)	(ppm)	(ppm)	(ppm)	(ppm)
TRC001	725964	7600160	0.05	398	267	145	2,522	514
TRC002	725964	7600160	0.01	20	13	25	345	16
TRC003	725964	7600160	0.80	11	261	65	2,259	123
TRC004	726193	7599848	1.47	16	244	70	4,037	58

Table 1. Macarthur Lithium’s 2017 rock chip results, South Tambourah (Li ppm not reported)

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The recent helicopter-supported reconnaissance work carried out in April 2022 located and sampled additional Lepidolite-Spodumene bearing pegmatite dykes up to 10m wide and 80m long in the southern part of the project area. Rock chip samples taken on this reconnaissance trip returned up to 0.58% Li2O (calculated) from a composite sample taken over 20m along a pegmatite dyke. Anomalous LCT (LithiumCaesium-Tantalum) pegmatite indicator geochemistry was also returned ( Table 2 ). Details are included in a JORC (2012) Table 1, attached to the ASX Announcement dated 9 June 2022.

SlID	E	Nh	Li	Li2O	Be	Cs	Nb	Rb	Ta
ampe	ast	ort	(ppm)	(%)*	(ppm)	(ppm)	(ppm)	(ppm)	(ppm)
TAM001	726156	7599033	870	0.188	122.5	120.5	75.5	2,140	110.5
TAM002	726368	7598954	24.3	0.005	78.8	6.04	28.1	74.6	78.1
TAM003^	726215	7598829	2700	0.581	52.3	112.5	48.6	2,090	59.3
TAM004	726167	7598801	690	0.149	39.7	59.9	39.8	1,340	21.8

Table 2. Infinity’s 2022 rock chip results, South Tambourah. (*Li2O calculated from reported ppm, ^ Composite sample collected over 20m)

MinRex Resources Limited, on their adjacent tenement (E45/4953) which borders the western side of Infinity’s E45/4848 and closer to the granite-greenstone contract, have reported Lepidolite-Spodumene bearing pegmatites close to the tenement boundary (refer to ASX Announcement dated 30 May 2022, New Larger Pegmatites Identified over Tambourah North in East Pilbara). Rock chip sampling by MinRex has returned up to 2.56% Li2O, see Figure 3 (refer to ASX Announcement dated 11 April 2022, Outstanding Lithium Assays at MinRex Tambourah North Lithium Project, East Pilbara). These pegmatites can be seen in satellite imagery trending north-east into the South Tambourah Project area.

Results to date indicated that a large system of Li-bearing pegmatite dykes up to 1.25km wide could exist within the project ( Figure 3 ). The strike extent of this system is unknown at this stage, however it is believed that the potential for more fractionated Spodumene dominant pegmatites exist further away from the granite/greenstone contact ( Figure 4 ). A large structural zone striking north-west across the tenement is thought to have the potential to develop stacked pegmatites in proximity to a strongly magnetic ultramafic greenstone unit, similar to that found in the Pilgangoora and Wogdina Lithium deposits to the north. Photographs taken in the field at South Tambourah are included as Figures 5 to 7 .

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

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Figure 3. Southern Tambourah geological and sample locations

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

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Figure 4. Schematic zonation in LCT pegmatites, the outer green zone contains complex spodumene pegmatites (modified after Cerny, 1987)

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Figure 5. Photo of pegmatite outcrops within E45/4848 - photo looking west towards granite (off tenement)

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Figure 6. Spodumene and Lepidolite bearing pegmatite at South Tambourah

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Figure 7. Lepidolite and spodumene in a pegmatite at South Tambourah

North Tambourah (E45/5324)

The North Tambourah Project is located 8km north of the South Tambourah Project. The project covers a structural deformed section of a greenstone belt containing mafic and ultramafic rocks of the Euro Basalt. The project lies between two granite bodies and close to a greenstone-granite contact in the south-west corner ( Figure 8 ). Work has commenced within this project and several potential pegmatites have been identified in satellite imagery. Time constraints during the recent helicopter supported reconnaissance program in April 2022 prevented confirmation of these pegmatites.

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Figure 8. North Tambourah Project location and geology

Hillside Gold Project

The Hillside Project encompasses Exploration Licenses E45/4685, E45/4824, E45/4708 and E45/4709 held by the Company. During the June 2022 quarter, Infinity specialist consultants defined a number of key Lithium target areas that warrant further work. A helicopter-supported reconnaissance program briefly visited these targets at Hillside and results are being interpreted. Infinity consultants also reviewed the 2018 Hillside SkyTEM heli-EM data and have commenced drill planning work to test a range of EM conductive targets. Results of this work will be released next period.

Panorama

The Panorama Project encompasses Exploration Licenses E45/4732, E45/4764 and E45/4779 held by the Company. During the June 2022 quarter, Infinity specialist consultants defined a number of key target areas that warrant further work. The helicopter-supported reconnaissance program briefly visited these targets at Panorama and results are being interpreted. Planning for additional geophysical surveys has begun. Results will be released next period.

Strelley Gorge

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

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Noreena Downs

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

Central Goldfields Projects – Leonora District

The Central Goldfields Tenements are highly prospective for orogenic gold 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

Barlow’s Gully

Barlow’s Gully (P37/8278) is located in the Leonora District of the Central Goldfields (see Figure 9 ). The tenement lies over an area of mapped greenstone, situated along a major regional structure, the Ursus Fault Zone, which also hosts other major gold mining operations (e.g., King of the Hills, Kailis).

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Numerous historical shallow workings and prospecting pits occur at Barlow’s. Until Infinity’s involvement, the licence was held in private hands for many years and has not seen any modern-day exploration.

Mapping and Rock Chip Sampling

Infinity carried out reconnaissance geological mapping and a rock chip sampling program across the tenement in early 2022 and results were reported in June 2022. A total of 8 rock chip samples were collected, largely from quartz veins at surface. Three of the eight rock chip samples returned high-grade gold assays over 1 ppm Au, with the highest assay being 15.495 ppm Au (see Table 3 ).

Sample	East	North	Au
			(ppm)
B001	311431	6837579	15.495
B002	311545	6837581	0.092
B003	311545	6837579	0.06
B004	311545	6837581	2.884
B005	311562	6837491	0.407
B006	311078	6837516	0.026
B007	311078	6837516	1.047
B008	310449	6837766	0.02

Table 3. Rock Chip Samples and gold assays – Barlow’s Gully.

Aircore Drilling and Soil Sampling

After confirming high-grade gold in surface rock chip samples, a program of aircore drilling was completed by Infinity on the eastern side of the Barlow’s tenement where some alluvial cover is present overlying the Archean greenstones. A total of 194 aircore holes were drilled along 150 m to 200 m spaced NorthSouth lines, with drill sites every 25 m spacing along the lines. Holes were inclined at 60 degrees to the north, roughly perpendicular to the bedding foliation, and drilled to the Archaean greenstone basement. Drill hole depth ranged from 1 to 22 m. At each drill hole, a 1 m thick, end of hole sample was collected for analysis. Details of the program including a drill hole collar table and assays is included in Infinity ASX Announcement dated 30 June 2022.

A soil sampling program was then completed by Infinity on the western side of the Barlow’s tenement, where cover is thinner and basement outcrop is partially exposed. Soil samples were collected along 100 m spaced North-South lines, with a sample collected every 50 m along each line. A total of 220 soil samples were collected largely from the C-horizon soil layer.

The aircore samples were submitted to Jinning Testing Laboratory in Kalgoorlie, and the soil samples were submitted to ALS Kalgoorlie for gold analysis by fire assay. Details of these programs are included in a JORC (2012) Table 1, attached to the ASX Announcement dated 30 June 2022.

Gold assays for the aircore drilling and soil sampling programs returned highly anomalous results up to 0.681 ppm Au (see Tables 4 and 5 ). The gold assay results have defined three significant east-west trending gold anomalies of greater than 0.1 ppm Au (see Figure 10 ). The largest gold zone is 480 m long and 120 m wide.

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Interpretation

The Barlow’s tenement lies along a major shear zone associated with the Ursus Fault Zone (see Figure 9 ), which is cut by a number of secondary cross-cutting structures.

The largest anomalous gold zone at Barlow’s (Anomaly 1), is 480 m long and 120 m wide and represents a significant size target for drill testing. Anomaly 1 is also coincident with a magnetic anomaly, which is likely to be associated with a granitoid intrusion, (see Figure 10 ).

A program of RC drilling is being planned by Infinity on the Barlow’s Gully Gold Project (P37/8278). Infinity intends to carry out a program of inclined RC drilling, angled underneath the three anomalous gold zones, to test for structurally hosted gold mineralisation. The three highly anomalous gold targets (Anomalies 1 to 3) have never been drilled in the past by previous explorers.

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Figure 10. Aircore and Soil Sampling Results for gold – Barlow’s Gully showing 3 significant gold anomalies >0.1 ppm Au.

				Hole Depth	EOH	Analysis	Au
SampleID	East	North	HoleID	(m)	Sample	Method	(ppm)
BME188	310844	6837202	B22AC188	2	1m-2m	Fire Assay	0.326
BME087	311651	6837523	B22AC087	2	1m-2m	Fire Assay	0.293
BME181	310857	6837067	B22AC181	2	1m-2m	Fire Assay	0.235
BME112	311451	6837594	B22AC112	2	1m-2m	Fire Assay	0.18
BME161	311104	6837506	B22AC161	2	1m-2m	Fire Assay	0.165
BME115	311452	6837656	B22AC115	4	3m-4m	Fire Assay	0.111

Table 4. Aircore End of Hole samples greater than 0.1 ppm Au.

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			Sample		Analysis	Au
Sample ID	East	North	Depth(cm)	Sample Type	Method	(ppm)
BG22SS046	310649	6837522	10	C Horizon	Fire Assay	0.681
BG22SS015	310538	6837151	20	C Horizon	Fire Assay	0.677
BG22SS067	310749	6837528	20	C Horizon	Fire Assay	0.283
BG22SS088	310851	6837599	30	C Horizon	Fire Assay	0.281
BG22SS055	310747	6837194	10	C Horizon	Fire Assay	0.212
BG22SS014	310545	6837111	20	C Horizon	Fire Assay	0.199
BG22SS054	310739	6837147	20	C Horizon	Fire Assay	0.178
BG22SS085	310857	6837530	30	C Horizon	Fire Assay	0.147
BG22SS106	310951	6837631	40	C Horizon	Fire Assay	0.144
BG22SS047	310654	6837553	20	C Horizon	Fire Assay	0.142
BG22SS103	310947	6837548	20	C Horizon	Fire Assay	0.124
BG22SS089	310851	6837624	20	C Horizon	Fire Assay	0.122
BG22SS066	310758	6837494	20	C Horizon	Fire Assay	0.110
BG22SS076	310846	6837276	20	C Horizon	Fire Assay	0.109
BG22SS005	310451	6837236	20	C Horizon	Fire Assay	0.108
BG22SS016	310546	6837204	40	C Horizon	Fire Assay	0.108
BG22SS068	310746	6837548	20	C Horizon	Fire Assay	0.104
BG22SS013	310454	6837619	20	C Horizon	Fire Assay	0.103
BG22SS035	310665	6837175	30	B Horizon	Fire Assay	0.101

Table 5. Soil samples greater than 0.1 ppm Au.

Coppermine, Victor Bore, Craig’s Rest, Chicago, Specking Patch, Camel, Great Northern

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 next period. A drone magnetic survey was recently flown at four projects in the Central Goldfields and the results will be released next quarter.

Forward Plan

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

Central Goldfields Projects

• 3D geological modelling of the Great Northern RC drilling results.

• Review and interpret new geophysical and geochemical results and refine planned exploration programs.

• Execute planned exploration programs including rock chip sampling, soil auger sampling and aircore drilling programs.

Pilbara Projects

• Conduct additional reconnaissance mapping and geochemical programs across several projects.

• Continue data compilation, data interpretation and targeting work.

• Define the highest-priority Lithium target areas to focus on in 2022.

• Review and interpret new geochemical results from the reconnaissance program completed in mid 2022.

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• Define the highest-priority Hillside SkyTEM conductive targets to focus on in 2022.

• Execute planned exploration programs including geological mapping, soil sampling, rock chip sampling, geophysical surveys and drilling.

Corporate

Payments to related parties of the entity and their associates

In the 30 June 2022 Appendix 5B, the figures of $262,846 and $86,653 as disclosed in sections 6.1 and 6.2 represent fees and payments made to Macarthur Minerals Limited (an entity with common directors) and Zanil Pty Ltd (an entity controlled by director Joe Groot) respectively. 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.

Summary of Expenditure

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

• Exploration and Evaluation expenditure - $ 626,187 and

• Employee, administration and corporate costs - $ 139,857

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 June 2022:

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

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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	Specking Patch	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 seven months into its planned two-year expenditure program:

Items of Expenditure	Per Prospectus (AUD $)	Actual Expenditure to June 2022 (AUD $)	Balance Remaining (AUD $)
Exploration Expenditure
Exploration	8,461,526	3,618,503	4,843,023
Operating expenses	1,567,980	393,041	1,174,939
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	5,185,973	6,314,027

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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 Geoscientists. 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.

JORC Reporting of Historic Exploration Results

Details of the historical exploration including previous drilling, as well as details of Infinity’s previous exploration activities and results, including JORC Table 1, sections 1 and 2 (Sampling Techniques and Data and Reporting of Exploration Results) according to the JORC Code 2012 Edition, were included in the Company’s Prospectus dated 28 October 2021, for which Mr Andrew Hawker and Mr Ian S Cooper were the Competent Persons. The Company confirms that it is not aware of any new information or data that materially affects the information included within the Prospectus dated 28 October 2021.

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).

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, 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 forwardlooking 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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