M3 MINING LIMITED — Capital/Financing Update 2021

Nov 2, 2021

ASX Announcement

==> picture [115 x 92] intentionally omitted <==

HIGH GRADE COPPER AT VICTORIA BORE AND COMMENCEMENT OF DRILLING

HIGHLIGHTS

• Exceptional high grade copper rock chip samples received from M3’s 100% owned Victoria Bore Copper Project (“Victoria Bore”), including:

• 26.6% Cu, 32.9g/t Ag and 0.11g/t Au (VB004)

• 17.8% Cu, 57.2g/t Ag and 0.06g/t Au (VB001)

• 0.56% Cu and 1.5g/t Ag (VB006)

• Maiden 1,200m RC drill program has commenced at Victoria Bore

• The rock chip samples complement previously defined high priority geophysical targets that are currently being tested at Victoria Bore

• Cu, Ag, Au and Pb identified with rock chip samples indicating Victoria Bore is a polymetallic mineralised system highlighting the potential within the area

• Priority regional targets are untested using modern exploration techniques and have the potential for a maiden copper discovery

M3 Mining Limited (ASX:M3M) (M3 Mining or the Company) is pleased to announce receipt of exceptional grading rock chip samples including 26.6% Cu (VB004) and 17.8% Cu (VB001), coinciding with the commencement of drilling proximal to the Victoria Copper Mine that historically mined 183t at 32.7% Cu for 60t Cu[1] .

M3 Mining is highly encouraged by these samples, not only do they confirm the historical sampling and the high-grade tenure of the mineralisation at surface but also indicate that polymetallic mineralisation occurs at Victoria Bore. Exploration works, including the maiden RC drill program underway, is aimed at delineating mineralisation in fresh rock and expanding the understanding of this exciting polymetallic mineralisation system.

1 Refer Section 7 M3 Mining Limited Prospectus Released to the ASX platform 27 July 2021

==> picture [54 x 48] intentionally omitted <==

Registered Address

Directors

Projects

www.m3mining.com.au

==> picture [115 x 92] intentionally omitted <==

EXECUTIVE DIRECTOR SIMON ELEY:

“The exceptional rock chip samples have confirmed the highly prospective nature of the historic Victoria Copper Mine. We now look forward drill testing both extensions to the historic workings as well as two EM anomalies at depth that are coincident with the interpreted mineralisation trends.”

Commencement of Drilling

A maiden drilling program at the Victoria Bore Copper Project has commenced with M3 Mining comprehensively testing 3 high priority targets through a total of ~1,200m of RC drilling. The program will target both existing historical workings and where auger geochemical anomalies are coincident with priority historical geophysical targets, highlighting the potential for a maiden copper discovery.

==> picture [477 x 318] intentionally omitted <==

Figure 1 Drilling Underway at Victoria Bore

==> picture [115 x 92] intentionally omitted <==

==> picture [267 x 323] intentionally omitted <==

Figure 2 High Priority Regional Targets

Geochemical Assay Results

M3 Mining submitted six samples to the labs in early August 2021 from the Victoria Bore Copper Project rock dumps and other outcropping zones of interest as shown on Figure 3. The results from these rock chip samples are highly encouraging, with significant copper and silver results accompanied by trace levels of zinc, lead, gold and cobalt. The significant copper and silver results from these samples are detailed in Table 1 , while a full multi-element analysis of the six samples can be found in Appendix 1 .

Sample ID	Cu Result	Ag Result
	%	g/t
VB001	17.8%	57.2
VB004	26.6%	32.9
VB006	0.56%	1.5

Table 1 Significant Copper Assays from Soil Sampling Program

==> picture [115 x 92] intentionally omitted <==

==> picture [477 x 375] intentionally omitted <==

Figure 3 Rock Chip Locations

This announcement has been authorised for issue by the Board of M3 Mining Limited in accordance with ASX Listing Rule 15.5.

For further information please contact:

Simon Eley Executive Director T +61 8 6365 5200 E info@m3mining.com.au

==> picture [115 x 92] intentionally omitted <==

About M3 Mining

M3 Mining Limited (ASX:M3M) is a Perth-based mineral exploration company focussed on creating value for shareholders through exploration and development of a high quality copper and gold exploration portfolio. M3 Mining’s projects are strategically located in regions surrounded by majors and has experienced minimal modern, systematic exploration across both projects. The Company’s strategy is to apply a systematic approach to the assement and prioritisation of its projects, all of which have the potential to produce material discoveries.

The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Jeremy Clark, a competent person who is a member of the AusIMM. Jeremy Clark is the sole director of Lily Valley International Pty. Ltd. Jeremy Clark has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves. Jeremy Clark consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.

==> picture [299 x 362] intentionally omitted <==

Figure 4 Victoria Bore Copper Project

==> picture [115 x 92] intentionally omitted <==

Appendix 1 – Victoria Bore Maiden Rock Chip Samples

Sample ID	North East Ag Co Cu Ni Pb Sn W Zn
	g/t ppm % ppm ppm ppm ppm ppm
VB001	-22.706778 115.1883 57.20 39 17.8 19 113 62 <10 21
VB002	-22.707165 115.1887 <0.5 215 0.06 69 107 4 <10 159
VB003	-22.707912 115.1896 <0.5 26 0.08 46 47 7 <10 23
VB004	-22.707348 115.1891 32.90 41 26.6 49 >5,000 111 <10 94
VB005	-22.701185 115.1844 <0.5 23 0.05 140 47 3 <10 552
VB006	-22.693973 115.1768 1.50 5 0.56 8 6 3 <10 14

==> picture [115 x 92] intentionally omitted <==

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
Sampling techniques	Rock chips samples representative of the outcropping geology were collected by an experienced geologist. Samples were typically between 0.3 and 1.5kg.
Drilling techniques	Not applicable as no drilling was undertaken.
Drill sample recovery	Not applicable as no drilling was undertaken.
Logging	Geological descriptions of each rock chip sample were appropriately recorded along with a unique sample number and the coordinates for each sample site.
Sub-sampling techniques and sample preparation	No sub-sampling of the rock chip samples was undertaken.
Quality of assay data and laboratory tests	No field blanks, field standards or field duplicates were submitted for assay. The samples were assayed at SGS laboratories in Perth. SGS are an accredited and recognised laboratory for this type of routine analysis and conduct appropriate QAQC samples as part of their standard assaying techniques. The main sample preparation and analysis steps were as follows: Coarse crushing of rock chip. Used as a preliminary step before fine crushing of larger sample sizes or when the entire sample will be pulverized but the material is too large for introduction to the pulverizing equipment. No QC reported. Pulverize up to 3kg of raw sample. QC specification of 85% <75µm. 1 sample analysed. Acid digestions followed by ICP for base metals and Fire Assay for Au was utilised. Standards provided within range as per internal QAQC.
Verification of sampling and assaying	Sampling was undertaken by a suitably qualified structural geologist and assaying quality was checked using internal laboratory standards reported to M3.
Location of data points	GPS coordinates for each site were collected using a handheld GPS. Grid system – WGS84 SUTM Zone 50.

==> picture [115 x 92] intentionally omitted <==

Data spacing and distribution	Rock chip samples were collected from prospective outcrops. There is no regularity to the sample pattern.
Orientation of data in relation to geological structure	Not relevant for rock chip sampling.
Sample security	Samples were collected on-site and stored on-site and transported in a single batch by the consulting geologist to the assay laboratory.
Audits or reviews	There were no audits or external reviews.

JORC Code, 2012 Edition – Table 1 report

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	Commentary
Mineral tenement and land tenure status	The Victoria Bore Project rock chips reported were located on granted Exploration Licences approximately 100km north of Sandstone in Western Australia. The Project is contained within several tenements within several tenements are in the application stage. No joint venture or royalties are understood to impact the tenements. No known impediments are understood to occur to allow further exploration.
Exploration done by other parties	The previous exploration is limited to historical rock chip samples and field mapping.
Geology	The style of mineralisation is yet to be confirmed, however, the works completed to date indicates structurally controlled deposition through hydrothermal fluids, likely via a skarn polymetallic system. Further work is required to confirm this interpretation
Drill hole Information	Not applicable as no drilling was undertaken.

	Data
	aggregation	There has been no data aggregation.
	methods
	Relationship
	between
	mineralisation widths and	Not applicable as no drilling has been undertaken.
	intercept
	widths
	Diagrams	A suitable map is included in the body of the announcement.
	Balanced	Key results and conclusions have been included in the body of the announcement. Rock chip assays are
	reporting	listed in the Appendix for all significant analytes.
	Other
	substantive	Historical rock sampling and field recognisance information can be found in previous releases and
	exploration	detailed in the Independent Geologist Report in the prospectus.
	data
	Further work	The maiden drilling program is currently underway with further fieldwork to occur following receipt and
		analysis of the results.
			9