MIRAMAR RESOURCES LIMITED — Capital/Financing Update 2022

Jun 22, 2022

ASX: M2R | 23 June 2022

NEW Ni-Cu-PGE TARGETS IDENTIFIED AT BANGEMALL

• New Exploration Licence Application over large Ni-Cu-PGE targets

• Multiple anomalous Ni and Cu results identified in historical surface sampling

• High Ni-Cu rock chip result associated with Mundine Well dyke swarm

Miramar Resources Limited (ASX:M2R , “Miramar” or “the Company”) is pleased to advise that the Company has expanded its land position within the “Bangemall Project”, in the Gascoyne region of Western Australia, which Miramar believes is prospective for Ni-Cu-PGE (+/- REE) mineralisation.

The Company has pegged a new application, E08/3498 , immediately adjacent to an earlier application which is currently progressing to grant. Together, the two applications cover Proterozoic dolerite sills and the contact between the Edmund and Collier Basins (Figure 1).

In addition, several later NE-trending dolerite dykes of the Mundine Well suite are seen in the vicinity.

These later dykes are apparently related to the Money Intrusion which hosts the high-grade Ni-Cu-PGE mineralisation discovered at Dreadnought Resources Limited’s “Mangaroon” project.

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Figure 1. Bangemall Project tenements showing the new application at “Blue Bar”.

ASX: M2R | ABN 34 635 359 965 | Unit 1, 22 Hardy Street, South Perth, Western Australia 6151 PO Box 810, South Perth WA 6951 | miramarresources.com.au | info@miramarresources.com.au | +61 (8) 6166 6302

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Summary of historical exploration results

A compilation of historic rock chip and stream sediment samples over the “Blue Bar” target has revealed several strongly anomalous Ni and Cu results (Figure 2).

Of note, are several rock chip samples with strongly elevated Ni and Cu results (up to 738ppm Ni and 218ppm Cu respectively) in a “strongly weathered ironstone” located at the contact between the Edmund Basin and the Collier Basin (reference WAMEX a078053). No Au, Pt or Pd assays are recorded.

No dolerite is mapped is this area, but the regional magnetic data suggests the presence of a dolerite sill, and outcropping dolerite is recorded to the southeast. A cluster of strongly anomalous rock chips is also recorded along strike to the northwest and outside of Miramar’s tenement.

Sampling within Miramar’s tenements is sporadic and the total potential strike length is over 30km.

In the northwestern corner of the project tenements, a single rock chip sample, CAPR0428 , returned 2,970ppm Ni and 1,230ppm Cu (reference WAMEX a081037). No geological information is recorded about the sample and no Au, Pt or Pd assays are recorded.

Based on the regional magnetic and geological data, this strongly anomalous sample lies close to or within one of the NE-trending Mundine Well dykes (Figure 3).

Historical stream sediment sampling parallel to the northern margin of the Kulkatharra dolerite sill shows multiple coincident anomalous Ni and Cu results in streams draining off the dolerite over a strike extent of approximately 8km (reference WAMEX a053636). No Pd or Pt assays are recorded for these samples.

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Figure 2. Blue Bar target highlighting significant historic rock chip and stream sediment results.

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Figure 3. NW corner of Blue Bar target showing historic rock chips adjacent to Mundine Well dykes.

Miramar’s Executive Chairman, Mr Allan Kelly, said the presence of highly anomalous nickel and copper results apparently associated with Mundine Well dykes was extremely significant given the recent results coming from Dreadnought Resources Limited’s Mangaroon Project.

“Blue Bar has the most significant historical nickel and copper assay results of any of the targets we have identified at Bangemall to date,” he said.

“The apparent spatial association of the results with the later Mundine Well dykes adds a further dimension to the prospectivity of our strategic Bangemall landholding and we look forward to getting on the ground and examining the opportunity further,” Mr Kelly added.

Upcoming Work Plans

The Company is finalising plans for a helicopter-supported geochemical sampling campaign over the multiple late-time EM anomalies outlined at Mt Vernon (see ASX Release dated 3 February 2022) and will conduct a reconnaissance field visit to the Blue Bar target as part of this work programme.

Following grant of the Blue Bar tenements, the Company plans to conduct an airborne EM survey over the project and follow up with surface geochemical sampling.

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For more information on Miramar Resources Limited, visit the company’s website at www.miramarresources.com.au, follow the company on social media on social media (Twitter @MiramarRes and LinkedIn @Miramar Resources Ltd) or contact:

Allan Kelly Margie Livingston Executive Chairman Ignite Communications info@miramarresources.com.au margie@ignitecommunications.com.au

This announcement has been authorised for release by Mr Allan Kelly, Executive Chairman, on behalf of the Board of Miramar Resources Limited.

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Results is based on information compiled by Allan Kelly, a “Competent Person” who is a Member of The Australian Institute of Geoscientists. Mr Kelly is the Executive Chairman of Miramar Resources Ltd. He is a full-time employee of Miramar Resources Ltd and holds shares and options in the company.

Mr Kelly 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 for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Kelly consents to the inclusion in this Announcement of the matters based on his information and in the form and context in which it appears.

Historical exploration results for the Bangemall Project, including JORC Table 1 and 2 information, are included in the Miramar Prospectus dated 4 September 2020.

Historical data identified in this release was extracted from the following historical technical reports stored in WAMEX:

• a053636 – “Combined Annual Mineral Exploration Report, Ford Creek Project”, RGC Exploration Limited, January 1998.

• a078053 – “Annual Technical Report, Capricorn Report, Bangemall Basin”, Aurora Minerals Limited, March 2008

• a081037 – “Surrender Report, Capricorn Report, Bangemall Basin”, Aurora Minerals Limited, February 2009

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About the Bangemall Project

Miramar’s Bangemall Project is located in the Gascoyne region of Western Australia and comprises a number of granted Exploration Licences and/or Applications within the Proterozoic Capricorn Orogen.

The Bangemall region has been identified by both the Geological Survey of Western Australia and Geoscience Australia as having high prospectivity for Proterozoic craton margin-related Ni-Cu-PGE mineralisation like that seen in the Albany-Fraser Province (e.g., Nova-Bollinger, Mawson), the West Musgraves (e.g., Nebo-Babel) and the recent discovery at Julimar (Figure 4).

The Bangemall region has seen minimal exploration for this style of mineralisation.

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Bangemall
West Yilgarn
(Julimar)
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Figure 4. Potential for tholeiitic intrusion-hosted Ni-Cu-PGE sulphide deposits in Australia with known deposits labelled (Source Geoscience Australia Record 2016/001).

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About Miramar Resources Ltd

Miramar Resources Limited is a WA-focused mineral exploration company actively exploring projects in the Eastern Goldfields, Murchison and Gascoyne regions and listed on the ASX in October 2020.

Miramar’s Board has a track record of discovery, development and production within Australia, Africa, and North America, and aims to create shareholder value through discovery of high-quality mineral deposits.

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JORC 2012 Table 1 – Blue Bar historic geochemical data

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	•1 – 1.5kg rock chip samples were taken
techniques	channels, random chips, or specific	from outcrop, subcrop and/or float
	specialised industry standard measurement	•Stream sediment samples were taken as
	tools appropriate to the minerals under	2kg samples of minus 2mm material
	investigation, such as down hole gamma
	sondes, or handheld XRF instruments, etc).
	These examples should not be taken as
	limiting the broad meaning of sampling.
	• Include reference to measures taken to
	ensure sample representivity and the
	appropriate calibration of any measurement
	tools or systems used.
	• Aspects of the determination of
	mineralisation that are Material to the Public
	Report.
	• In cases where ‘industry standard’ work has
	been done this would be relatively simple
	(eg ‘reverse circulation drilling was used to
	obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fire
	assay’). In other cases more explanation
	may be required, such as where there is
	coarse gold that has inherent sampling
	problems. Unusual commodities or
	mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed
	information.
Drilling	• Drill type (eg core, reverse circulation, open-	•No drilling data presented
techniques	hole hammer, rotary air blast, auger,
	Bangka, sonic, etc) and details (eg core
	diameter, triple or standard tube, depth of
	diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by
	_what method, etc). _
Drill	• Method of recording and assessing core	•No drilling data presented
sample	and chip sample recoveries and results
recovery	assessed.
	• Measures taken to maximise sample
	recovery and ensure representative nature
	of the samples.
	• Whether a relationship exists between
	sample recovery and grade and whether
	sample bias may have occurred due to
	preferential loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been	•No drilling data presented
	geologically and geotechnically logged to a
	level of detail to support appropriate Mineral
	Resource estimation, mining studies and
	metallurgical studies.
	• Whether logging is qualitative or quantitative
	in nature. Core (or costean, channel, etc)
	photography.
	• The total length and percentage of the

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Criteria	JORC Code explanation	Commentary
	_relevant intersections logged. _
Sub-	• If core, whether cut or sawn and whether	•No drilling data presented
sampling	quarter, half or all core taken.
techniques	• If non-core, whether riffled, tube sampled,
and sample	rotary split, etc and whether sampled wet or
preparation	dry.
	• For all sample types, the nature, quality and
	appropriateness of the sample preparation
	technique.
	• Quality control procedures adopted for all
	sub-sampling stages to maximise
	representivity of samples.
	• Measures taken to ensure that the sampling
	is representative of the in situ material
	collected, including for instance results for
	field duplicate/second-half sampling.
	• Whether sample sizes are appropriate to
	_the grainsize of the material being sampled. _
Quality of	• The nature, quality and appropriateness of	•Rock chip samples were assayed for Au by
assay data	the assaying and laboratory procedures	30g fire assay, with a 1ppb Au detection
and	used and whether the technique is	limit and for multi-elements by a mixed acid
laboratory	considered partial or total.	digest followed by ICPMS analysis
tests	• For geophysical tools, spectrometers,	•The above analytical techniques are
	handheld XRF instruments, etc, the	deemed suitable for this type of sampling.
	parameters used in determining the analysis	•Stream sediment samples were analysyed
	including instrument make and model,	for au by fire assay and multi-element suite
	reading times, calibrations factors applied	by mixed acid digest followed by ICP
	and their derivation, etc.	analysis.
	• Nature of quality control procedures
	adopted (eg standards, blanks, duplicates,
	external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of
	_bias) and precision have been established. _
Verification	• The verification of significant intersections	•No verification has been undertaken at this
of	by either independent or alternative	stage
sampling	company personnel.
and	• The use of twinned holes.
assaying	• Documentation of primary data, data entry
	procedures, data verification, data storage
	(physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to	•No drilling data presented
data points	locate drill holes (collar and down-hole
	surveys), trenches, mine workings and other
	locations used in Mineral Resource
	estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic
	control.
Data	• Data spacing for reporting of Exploration	•Historical sampling is reconnaissance in
spacing	Results.	nature and the spacing is sporadic
and	• Whether the data spacing and distribution is
distribution	sufficient to establish the degree of
	geological and grade continuity appropriate
	for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications
	applied.
	• _Whether sample compositing has been _

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Criteria	JORC Code explanation	Commentary
	_applied. _
Orientation	• Whether the orientation of sampling	•Historical sampling is reconnaissance in
of data in	achieves unbiased sampling of possible	nature and the spacing is sporadic
relation to	structures and the extent to which this is
geological	known, considering the deposit type.
structure	• If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	• The measures taken to ensure sample	•Not Applicable
security	security.
Audits or	• The results of any audits or reviews of	•No audit or review undertaken
reviews	sampling techniques and data.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location	•The historical results are within current
tenement and	and ownership including agreements or	Exploration Licence Applications E08/3284
land tenure	material issues with third parties such as	and E08/3498
status	joint ventures, partnerships, overriding	•E08/3284 is owned 100% by Miramar
	royalties, native title interests, historical	Resources Limited
	sites, wilderness or national park and	•E08/3498 is owned 100% by MQ Minerals
	environmental settings.	Pty Ltd, which is a wholly owned
	• The security of the tenure held at the time	subsidiary of Miramar Resources Limited
	of reporting along with any known
	impediments to obtaining a licence to
	_operate inthe area. _
Exploration	• Acknowledgment and appraisal of	•Previous exploration, mostly for Mn and
done by other	exploration by other parties.	Cu-Pb-Zn, has been undertaken by
parties		numerous other parties, including CRA,
		Aurora andIGO.
Geology	• Deposit type, geological setting and style	•The target is intrusion-related Ni-Cu-PGE’s
	of mineralisation.	associatedwith Proterozoic dolerite.
Drill hole	• A summary of all information material to	•No drilling data presented
Information	the understanding of the exploration
	results including a tabulation of the
	following information for all Material drill
	holes:
	o easting and northing of the drill hole
	collar
	o elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception
	depth
	o hole length.
	• If the exclusion of this information is
	justified on the basis that the information is
	not Material and this exclusion does not
	detract from the understanding of the
	report, the Competent Person should
	clearly explain why this is the case.

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Criteria	JORC Code explanation	Commentary
Data	• In reporting Exploration Results, weighting	•No drilling data presented
aggregation	averaging techniques, maximum and/or
methods	minimum grade truncations (e.g. cutting of
	high grades) and cut-off grades are usually
	Material and should be stated.
	• Where aggregate intercepts incorporate
	short lengths of high grade results and
	longer lengths of low grade results, the
	procedure used for such aggregation
	should be stated and some typical
	examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly
	_stated. _
Relationship	• These relationships are particularly	•No drilling data presented
between	important in the reporting of Exploration
mineralisation	Results.
widths and	• If the geometry of the mineralisation with
intercept	respect to the drill hole angle is known, its
lengths	nature should be reported.
	• If it is not known and only the down hole
	lengths are reported, there should be a
	clear statement to this effect (eg ‘down
	_hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with	•Figures show location of current
	scales) and tabulations of intercepts	tenements and historical rock chip and
	should be included for any significant	stream sediment results.
	discovery being reported These should
	include, but not be limited to a plan view of
	drill hole collar locations and appropriate
	_sectional views. _
Balanced	• Where comprehensive reporting of all	•No drilling data presented
reporting	Exploration Results is not practicable,
	representative reporting of both low and
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and	•Minimal data relevant to Ni-Cu-PGE’s
substantive	material, should be reported including (but	exploration exists
exploration	not limited to): geological observations;
data	geophysical survey results; geochemical
	survey results; bulk samples – size and
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	_substances. _
Further work	• The nature and scale of planned further	•Airborne EM survey
	work (eg tests for lateral extensions or	•geochemical sampling and prospecting
	depth extensions or large-scale step-out	•Modelling of EM data and ground EM
	drilling).	follow up
	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future
	drilling areas, provided this information is
	_not commercially sensitive. _

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