M3 MINING LIMITED — Capital/Financing Update 2022

Oct 19, 2022

ASX Announcement

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

M3 MINING COMMENCES DRILLING AT VICTORIA BORE

HIGHLIGHTS

• A follow-up reverse circulation (RC) drilling program of up to 1,300m has commenced at the Victoria Bore Copper Project in Western Australia

• RC drilling to test targets identified by the recent SQUID FLEM survey

• The key target surrounds a significant and highly conductive body at a depth of 250m, 1km north of the historic Victoria Copper Mine

• Air-core (AC) drilling at the Edjudina Gold Project has finished with six of the nine prospects tested and further drilling anticipated

M3 Mining Limited (ASX:M3M) (M3 Mining or the Company) is pleased to announce the commencement of the follow-up RC drilling program at the Victoria Bore Copper Project ( Victoria Bore or the Project) (see figure 1), approximately 115km south of Onslow.

==> picture [477 x 214] intentionally omitted <==

Figure 1 – RC Drilling underway at Victoria Bore Copper Project

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

Directors

Projects

Registered Address M3 Mining Limited ACN 644 548 434 ABN 98 644 548 434 Level 1, 3 Ord Street, West Perth, WA 6005 www.m3mining.com.au

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

EXECUTIVE DIRECTOR SIMON ELEY:

“As announced in July this year, M3 Mining has been very keen to get an RC drilling rig back out to Victoria Bore to test the targets identified by the SQUID FLEM survey. The conductive response from three separate targets each warrant drill testing and improves the prospects of the Company intersecting some base metal mineralisation.

The Company is also awaiting the AC drilling results from the first six of nine targets at Edjudina as well as the outcome of the recently completed broad scale aero-magnetic and radiometric survey at Victoria Bore. It’s been a busy and productive few months.”

COMMENCEMENT OF DRILLING

The follow-up RC drilling program at Victoria Bore has commenced with Strike Drilling engaged to test multiple targets generated by the recent SQUID FLEM survey conducted earlier this year (see announcement “M3 Mining discovers strong EM conductor at Victoria Bore” dated 27 July 2022).

The main target of this program is the “high priority anomaly” unit identified by the SQUID FLEM survey to the north of previous RC drilling where M3 Mining intersected graphitic shale as well as disseminated sulphides. This unit retuned conductivity readings of approximately 5,000 Siemens (S) which is over 20 times that of the surrounding graphitic shale (250S). The Company will also test the highly conductive (30,000S) plate to the SSE of the larger target as well as a weaker anomaly to the SSW of the anomaly (see figure 2).

Given the elevated conductivity readings, proximal to high copper grades from the nearby historic mine and the ability to differentiate from the previously intersected graphitic shale, M3 Mining is very keen to understand and drill test the geology that may be the source of these historic, highgrade supergene ore bodies that were mined around the 1950’s.

The RC drilling program is expected to take about a week for a maximum of 1,300m.

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

==> picture [449 x 542] intentionally omitted <==

Figure 2 - Channel 35x SQUID FLEM response and targets identifed

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

INITIAL PHASE OF AC DRILLING COMPLETED AT EDJUDINA

The Company has also completed the initial phase of the maiden AC drilling at Edjudina (see announcement “M3 Mining commences maiden drilling program at Edjudina” dated 12 September 2022). A total of 7,825m over 119 holes across six of the nine areas targeted were completed by Raglan Drilling (see figure 3). The drilling depths were generally deeper than expected and, subject to results, M3 Mining expects to return to Edjudina in the coming months to drill the remainder of the holes in this initial program.

==> picture [477 x 358] intentionally omitted <==

Figure 3 – AC drilling at the Rainbow prospect at Edjudina

The initial phase of this AC drilling program at Edjudina has tested six of nine high priority targets. The targets drilled included Rainbow 1 and 2, Rainbow North 1, 2 and 3 and Jump Up 1. The remaining targets to be drilled are Jump Up 2 – 4.

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

Subject to results from this initial program, M3 Mining anticipates returning to test the remaining targets and complete any infill drilling as well as planning RC drilling to test the priority targets generated by the AC drilling program prior to year’s end or early 2023. The Company expects to receive the assay results from Edjudina in November.

UPCOMING M3 NEWSFLOW

October 2022 – Quarterly Activities Report

November 2022 – Gold assays to be received from maiden drilling campaign at Edjudina November 2022 – Victoria Bore Airborne Survey Results

November 2022 – Annual General Meeting

November – December 2022 – Victoria Bore assays from October 2022 drill program January 2023 Quarter – Follow up exploration at both Edjudina and Victoria Bore

-END-

This announcement has been authorised by the Board of M3 Mining Ltd.

For further information please contact:

Simon Eley Executive Director M3 Mining Ltd

Media

Executive Director David Tasker M3 Mining Ltd Chapter One Advisors T +61 8 6365 5200 T +61 433 112 936 E info@m3mining.com.au E dtasker@chapteroneadvisors.com.au

About M3 Mining

M3 Mining Limited (ASX:M3M) is a Perth-based mineral exploration company focused 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 assessment and prioritisation of its projects, all of which have the potential to produce material discoveries.