INFINITY MINING LIMITED — Capital/Financing Update 2022

Nov 1, 2022

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ASX Announcement | 2 November 2022

Infinity Mining Limited ABN 73 609 482 180 ASX Code: IMI

Directors Joe Phillips Executive Chairman

Joe Groot Chief Executive Officer

Cameron McCall Non-Executive Director

Harley Groot Non-Executive Director

Dr Michael Kale Non-Executive Director

Mima Wirakara Company Secretary

Contact Details Kings Row Office Park Building 01, Suite 1G 40-52 McDougall St Milton QLD 4064

MAIDEN LITHIUM DRILLING PROGRAM COMMENCES AT TAMBOURAH SOUTH

Highlights:

• Strike Drilling Contractors will undertake an initial 2,500 m reverse circulation (RC) drilling program at Tambourah South (E45/4848), commencing today.

• A cultural heritage survey and access track clearances have been completed by representatives of the Palyku Native Title Group.

• Drilling will test multiple lithium-bearing pegmatite bodies defined by Infinity during 2022, where surface rock chip samples containing spodumene returned lithium assays up to 2.635 % Li2O.

• The drilling program has been designed to target the largest lithiumbearing pegmatite bodies mapped on the tenement.

• The drilling will test the width and depth extents of the pegmatite bodies, plus the potential for blind repetitions at depth.

• Drill hole assays will be released in stages over the coming months, which will help plan Infinity’s 2023 follow-up exploration programs at Tambourah South.

Tel: +61 7 3221 1796

Infinity Mining Limited (ASX: IMI) (the Company or Infinity ) is pleased to announce that a maiden RC drilling program has just commenced at the Tambourah South Project in the Eastern Pilbara (see Photo 1 below).

www.infinitymining.com.au communications@infinitymining.com.au

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Photo 1. Strike Drilling RC Rig mobilising to first drill site at Infinity’s Tambourah South Lithium Project (E45/4848) in the Eastern Pilbara

First images of tracks and pads cut in preparation for today’s drilling can be seen at the video link here.

Infinity Mining 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 1 ).

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Figure 1. Infinity Mining’s Pilbara Exploration Projects

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Tambourah South Project (E45/4848)

The Tambourah South Project is located 80 km southwest of Marble Bar and 155 km south of Port Headland, WA. 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 is located 65 km southeast of the Pilgangoora Lithium deposit (see Figure 1 above). 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.

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 2022, Infinity’s exploration team have undertaken a large amount of surface lithium exploration work at Tambourah South, which has been documented in the June and September 2022 quarterly reports. Key results from this work are summarised 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. Clearances were carried out over a number of mapped pegmatites, which are the primary targets for drill testing. Details of this program are included in Infinity ASX Announcement dated 17 August 2022.

Mapping and Rock Chip Sampling

Infinity’s first major field rock chip sampling program of 225 samples was completed over the western side of the Tambourah South tenement during the June 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.

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The rock chip sample assay results returned anomalous levels of Lithium (Li), Rubidium (Rb) and Caesium (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. The distribution of Li2O assay results is shown on Figure 2 . 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. Details of this program are included in Infinity ASX Announcement dated 15 September 2022.

Second Geochemical Sampling Program

A second geochemical sampling program was completed at Tambourah South during the September quarter, consisting of 31 rock chip samples and 223 lag samples.

Assay results for the 31 rock chip samples returned a maximum of 1.775% Li2O with three samples over 1% Li2O. These positive results complement the previous 225 rock chips samples collected on the tenement and increase the prospectivity for economic Li2O and Rb2O mineralisation within the Tambourah South tenement. Lag sample assay results returned two samples over 1% Li2O with a maximum of 1.182% Li2O and 15 samples over 0.1% Li2O. Details of this program are included in Infinity ASX Announcement dated 26 September 2022.

The mapped lithium-rubidium pegmatite units at Tambourah South could extend to some depth below surface and this will be tested with the RC drilling program commencing today.

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Figure 2. Tambourah South rock chip sample locations showing LiO2 assay values

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RC Drilling Program

The maiden RC drilling program commencing today using Strike Drilling Contractors has been designed to test the largest lithium-bearing pegmatite bodies mapped by Infinity on the tenement. The drilling will test the depth extent of lithium mineralisation and test for any blind repetitions of additional pegmatites at depth. The results from this initial RC drilling program will be used to plan the 2023 field season, which will follow up any significant lithium intercepts returned from these drill holes.

Joe Groot, CEO of Infinity Mining commented:

“The high-grade Lithium assay results from our earlier rock chip sampling programs at Tambourah South are both high-grade in nature and widespread across the western side of the tenement, giving the Company heightened confidence to proceed with our maiden RC drilling program. I am looking forward to drill testing these pegmatites during November to determine the depth extent of mineralisation below the surface and then reporting the assay results over the coming months.”

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 is based on information compiled by Dr Darryn Hedger, who is a Member of the Australasian 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 White consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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No new information

To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements (including supporting JORC reporting tables) made by the Company, unless explicitly stated, no new information is contained in accordance with Table 1 checklist in the JORC Code. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of Mineral Resources that all assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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, 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 forwardlooking statements, whether as a result of new information, future events or otherwise.

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