M3 MINING LIMITED — Capital/Financing Update 2021

Sep 28, 2021

ASX Announcement

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M3 MINING EXPANDS PORTFOLIO AT VICTORIA BORE & EDJUDINA

HIGHLIGHTS

• M3 Mining successfully secures additional tenements at both the Victoria Bore Copper Project and Edjudina Gold Project.

• Expanded portfolio significantly expands ground position in strategic locations surrounded by majors.

• Strong newsflow with sampling and geophysics results pending from both projects, and drilling at Victoria Bore scheduled to commence early Q4 CY2021

M3 Mining Limited (ASX:M3M) (M3 Mining or the Company) is pleased to announce the successful expansion of holdings at both the Company’s Victoria Bore Copper Project (Victoria Bore) and Edjudina Gold Project (Edjudina). The expanded portfolios improve the Company’s tenement holdings in proven copper and gold districts. The new tenements at Victoria Bore enhance the existing tenure that is highly prospective for copper and proximal to the Victoria Copper Mine that historically mined 183t at 32.7% Cu for 60t Cu .[1]

The Company is very pleased to have been able to secure these additional ground positions in key strategic areas in an environment of significant ground acquisition activity and consolidation by competitors and majors as is evidenced in Figures 1 and 2 below. M3M’s discrete acquisition strategy has been key in this regard and allows us to now focus on these areas as part of our core exploration at Victoria Bore and Edjudina.

The Company also has exploration works underway with rock chip samples from Victoria Bore pending. M3M has as requested the lab expedite the process and will release the results when received.

In addition, interpretation of a recently completed sub-audio magnetics (SAM) survey is currently in progress at Edjudina, and at Victoria Bore a program of work has been approved with drilling scheduled to commence early Q4 CY2021.

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

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Registered Address

Directors

Projects

West Perth, WA 6005 www.m3mining.com.au

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EXECUTIVE DIRECTOR SIMON ELEY:

“The successful application and granting of additional tenements at Victoria Bore and Edjudina aligns with M3 Mining’s strategy to build a package of highly prospective copper and gold exploration tenements in regions surrounded by majors. We look forward to progressing these projects through a rigorous low-cost exploration program over the coming months and updating shareholders accordingly.”

New Tenements

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Figure 1 Victoria Bore Copper Project - New Tenements

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Figure 2 Edjudina Gold Project - New Tenements

M3 Mining has also applied for an additional six tenements proximal to Victoria Bore, located in the southwestern corner of the Pilbara region of Western Australia.

At the Company’s Edjudina Gold Project situated due east of Kalgoorlie on the Yilgani Fault Structure, M3 Mining was successful in a ballot for 9 sub-blocks of Exploration Licence 31/1265.

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The sub-blocks lie west of Northern Star Resources (ASX:NST) Carosue Dam Operation and are considered to be highly prospective for gold. In addition, tenement application E31/1258 has now been granted. E 31/1258 contains the Jump Up target with historical drilling of 2m @ 5.69g/t Au including 1m @ 9.8g/t Au from 37m to EOH in JURB093 and 8m @ 1.29g/t Au from 6m Au in JURB188.

Table 1 - M3 Mining Tenement Schedule – New tenements listed in Gold

Tenement	Project	District	Status	Date	Term
E08/3220	Victoria Bore	Ashburton	Granted	04 June 2020	5 Years
E08/3326	Victoria Bore	Ashburton	Pending	10 February 2021	5 Years
E08/3427	Victoria Bore	Ashburton	Pending	9 September 2021	5 Years
E08/3428	Victoria Bore	Ashburton	Pending	9 September 2021	5 Years
E08/3429	Victoria Bore	Ashburton	Pending	9 September 2021	5 Years
E08/3430	Victoria Bore	Ashburton	Pending	9 September 2021	5 Years
E08/3431	Victoria Bore	Ashburton	Pending	9 September 2021	5 Years
E08/3440	Victoria Bore	Ashburton	Pending	9 September 2021	5 Years
E 31/1140	Edjudina	Yerilla	Granted	11 July 2017	5 Years
E 31/1141	Edjudina	Yerilla	Granted	11 July 2017	5 Years
E 31/1168	Edjudina	Yerilla	Granted	5 July 2018	5 Years
P 31/2113	Edjudina	Yerilla	Granted	21 December 2017	5 Years
E 31/1249	Edjudina	Yerilla	Granted	6 May 2020	5 Years
E 31/1258	Edjudina	Yerilla	Granted	26 June 2020	5 Years
E31/1265	Edjudina	Yerilla	Pending	10 July 2020	5 Years

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