M3 MINING LIMITED — Investor Presentation 2021

Aug 25, 2021

Investor Presentation

August 2021

Disclaimer

M3 Mining Ltd ACN 615 635 982 (the Company) is the issuer of this presentation. The issue of this presentation is intended only for the person or entity to which it has been transmitted.

Not a disclosuredocument

This presentation is not a disclosure document for the purposes of Chapter 6D of the Corporations Act 2001 (Cth) (Corporations Act) and does not purport to include the information required of such a disclosure document. It has not been lodged with or approved by any regulatory authority, such as the Australian Securities and Investments Commission (ASIC) or the Australian Securities Exchange (ASX).

Confidentiality

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or on behalf of the Company. Any disclosure to the advisers of the recipients must be on a confidential basis, for the purpose only of assessing the presentation as adviser to the recipients. The information contained in this presentation or subsequently provided to the recipients whetherorally,

electronically or in writing by or on behalf of the Company or its employees, agents, advisers and consultants is provided on the terms and conditions of this disclaimer.

Forward-looking statements

This presentation contains forward-looking statements. Those forward-looking statements reflect views held only as at the date of this presentation. Any such statement is subject to inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement, and such deviations are both normal and to be expected. Recipients must make their own assessment about the likelihood of a matter, about which a forward looking statement is made, occurring. The Company makes no representation about the likelihood of a matter, about which a forward-looking statement is made, occurring. The Company and its directors, employees, agents, advisers and consultants: give no representation or warranty to a recipient of this presentation as to the accuracy or completeness of the statements contained in this presentation or in relation to any other matter; and to the fullest extent permitted by law, disclaim responsibility for and have no liability to a recipient of this presentation for any error or omission in or for any statement in this presentation.

Reliance on presentation

A recipient of this presentation must make their own assessment of the matters contained herein and rely on their own investigations and judgment in making an investment in the Company. This presentation does not purport to contain all of the information a recipient of this presentation requires to make an informed decision whether to invest in the Company. Specifically, this presentation does not purport to contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of the Company’s assets and liabilities, financial position and performance, profits, losses and prospects.

Not a recommendation or financialadvice

The information in this presentation is not a recommendation to subscribe for securities in the Company and does not constitute financial advice. Any person who intends to subscribe for securities must conduct their own investigations, assessment and analysis of the Company and its operations and prospects and must base their investment decision

solely on those investigations and that assessment and analysis. Prospective investors should consult their own legal, accounting and financial advisers about an investment in the Company.

No other material authorised

The Company has not authorised any person to give any information or make any representation in connection with any proposed offer of securities. A prospective investor cannot rely upon any information or representations not contained in this presentation.

Refer to Section 9 of the IPO Prospectus for a competent person statement

This announcement has been approved by the Board of M3 Mining

Highly prospective Copper and Gold exploration projects in a premier mining jurisdiction

• Quality copper and gold exploration portfolio in WA

• Minimal modern, systematic exploration and limited drilling across both projects

• Multiple refined untested drill ready targets

• Located in close proximity to operating mines with established infrastructure

• Board & management responsible for world class discoveries and exits (Gold Road & Egan Street)

• Ongoing and consistent newsflow from parallel exploration programs

• Attractively priced, leveraged to exploration success

• ($1.8M EV & $5M cash)

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Victoria Bore Neighbouring Tenements Edjudina Neighbouring Tenements

Proven Management Team with significant exploration and corporate success

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Russell Davis Non-Executive Chairman

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Simon Eley Executive Director

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Eddie King Non-Executive Director

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Ben Donovan Company Secretary

Russell is a geologist with over 40 years' experience in the mineral resources business. He has worked on the exploration and development of a range of commodities for several international and Australian companies, holding senior technical and corporate positions including chief mine geologist, exploration manager and managing director.

Russell was a founding Director of Gold Road Resources Ltd (ASX:GOR) in 2005 and continued as an Executive then Non-executive Director until June 2016. Russell was also founding Director of Syndicated Metals Limited (ASX:SMD) in 2007 and Managing Director up to March 2012. Russell is currently Chairman of Hammer Metals Ltd (ASX:HMX), a role held since January 2014.

Simon is a solicitor with considerable experience in the resource sector. Simon was the founding director of Egan Street Resources and led the acquisition of the Rothsay gold project. Egan Street was acquired by Silver Lake Resources (ASX:SLR) in 2019 for an implied value of $72 million. He has held the chairman role of several of ASX and NASDAQ listed companies.

Simon also led the team that acquired the Central Murchison Gold Project and subsequently became an executive director of Aragon Resources Limited, where he managed the progress of Aragon's core asset, the Central Murchison gold project. Simon's experience also includes international oil and gas operations, as well as iron ore and coal projects, capital raisings, commercial agreements, dispute resolution, corporate management, strategy, acquisitions and divestments. He is currently the managing director of Celamin Holdings Ltd (ASX:CNL) and Non-Executive Chairman of Westar Resources Ltd (ASX:WSR)

Eddie holds a Bachelor of Commerce and Bachelor of Engineering (Mining Systems) from The University of Western Australia. Eddie’s past experience includes being manager for an investment banking firm, where he specialised in the technical and financial analysis of bulk commodity and other resource projects for investment and acquisition. Eddie was also a corporate adviser and representative for a stockbroking firm where he managed capital raisings and originated acquisitions for a number of ASX listed companies.

Eddie is currently on the board of Ragnar Metals (ASX:RAG), Eastern Iron Ltd (ASX:EFE) and Queensland Pacific Metals Ltd (ASX:QPM). Eddie was formerly a director of Lindian Resources Ltd (ASX:LIN), Bowen Coking Coal Ltd (ASX:BCB), Axxis Technology Group Ltd (ASX:AYG) (renamed to ECS Botanics Ltd (ASX:ECS), European Cobalt Ltd (ASX:EUC) (renamed to Aston Minerals Ltd (ASX:ASO), Six Sigma Metals (ASX:SI6), and Sultan Resources Ltd (ASX:SLZ).

Ben is a chartered secretary and an associate member of the Governance Institute of Australia. He is also a director and principal of Argus Corporate Partners Pty Ltd which provides company secretary, corporate advisory, and consultancy services to a number of companies.

Ben has extensive experience in listing rules compliance and corporate governance, having served as senior adviser at the ASX in Perth for nearly three years, including as a member of the ASX JORC Committee and is currently a director and company secretary of several ASX listed and public unlisted companies involved in the resources and technology industries.

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Victoria Bore - High Grade Western Australian Copper

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Historic shallow high grade copper operation is untested with modern exploration techniques

• 100% interest in the Victoria Bore Copper Project

• ➢ 1 granted exploration licence and 1 pending application

• Located 120km SE of Onslow in the Pilbara, WA

• ➢ Close to transport infrastructure / DBP pipeline

• Historic high-grade production of 183t @ 32.7% Cu for 60t Cu

• Rock chip sampling of oxide and supergene ore from mine spoil returning values including 48.6%, 35.9%, 28.3%, 19.2% and 12.2% Cu

• Recent surface EM survey identified two shallow conductive bodies north of the historic mine with potential 5km+ strike length

• Drill testing of near mine and regional targets commencing in early Q4 CY2021

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Source: see section 7 of the IPO Prospectus

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Victoria Bore – Initial Exploration Program
Drilling planned to test the main area and two shallow EM conductors north of the historic workings
Initial Proposed Drill Program Initial Regional Targets
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Edjudina - High Grade Western Australian Gold

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Lies within an established mining district proximal to operating mines

• Established mineralised trend along Keith-Kilkenny Tectonic Zone hosting multiple significant gold discoveries along trend (i.e. Carosue Dam, Twin Peaks, Monty Dam and Yilgangi)

• Tenements cover favourable rock types and second order structures off the Yilgani Fault

• Mineralisation is hosted at the contact of mafic sill and sediments and is broadly associated with elevated arsenic levels

• Shallow to moderate cover that is amenable to low cost first-pass exploration

• Favourable structural and geological positions for gold (up to 9.8g/t Au in previous drilling)

• Promixal to OreCorp’s recent Hobbes discovery including 22m at 3.22g/t from 45m and Gibb River’s recent Edjudina gold discovery including 36m at 3.97g/t from 4m

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High grade in historical drilling demonstrates exceptional exploration potential

• First pass drilling at Edjudina Project within E31/1258 demonstrates the potential for high grade gold, results included:

• ➢ 2m @ 5.69g/t Au; including 1m @ 9.8g/t Au from 37m to EOH in JURB093

• ➢ 8m @ 1.29g/t Au from 36m Au in JURB188

• Previous exploration was ineffective or non-existent in many areas due to shallow cover

• Limited effective geochemical coverage and drilling

• Mineralised trends and structural targets remain largely untested

• Low cost geophysical targeting program to be followed by drilling

• ➢ Interpretation of recently completed geophysics underway with drilling planned for late Q4 CY2021

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Source: see section 7 of the IPO Prospectus

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Gold in Soils
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Regional Aeromagnetic Imagery
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Tight capital structure leveraged to exploration success

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Exploration Timeline
36.9M $6.8M
Shares on issue Market Cap
Q3 CY2021 Q4 CY2021 Q1 CY2022
ASX: M3M At $0.185/sh
Victoria Bore
7.8M
$5M
Unlisted Options Geophysics &
Cash & Receivables [1] Avg. Ex-Price: $0.25
Target Definition
Exp: 30 June 2024
Phase 1 Drilling
12% Board & Management
Edjudina
19%
Other Top 20 Shareholders Geophysics &
Target Definition
69%
Others
Phase 1 Drilling
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1. Cash and Receivables as per IPO Prospectus

High grade historical drilling with exceptional exploration potential

Contact

Simon Eley