MIRAMAR RESOURCES LIMITED — Investor Presentation 2021

Dec 1, 2021

Miramar Resources Ltd

"Creating shareholder value through discovery"

RIU Resurgence Conference – December 2021

ASX: M2R

Disclaimer/Competent Person Statement

Forward-Looking Statements

Statements in this presentation which are not statements of historical facts, including but not limited to those relating to the proposed transactions, are forward-looking statements. These statements instead represent management's current expectations, estimates and projections regarding future events.

Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on such statements.

Competent Person Statement

The information in this report that relates to Exploration Targets or Exploration Results is based on information compiled byAllan Kelly, a "Competent Person" who is a Member of The Australian Institute of Geoscientists. Allan 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.

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

Information on historical results for all projects within this presentation, including JORC Table 1 and 2 Information, is included in the Miramar Resources Limited Prospectus dated 4 September 2020.

Miramar Resources - Investment Highlights

Gidji JV (80%)

• Strategic land position within major mineralised structure 15km N of Kalgoorlie
• Potential large new gold discovery at Marylebone
• Multiple targets identified for drill testing

Glandore (100%)

• Underexplored project 40km E of Kalgoorlie
• Very large gold footprint outlined by recent aircore drilling
• Historic high-grade DDH results

Substantial Upside

• Board track record of successful discovery, development and production
• Active exploration programs across Eastern Goldfields, Murchison and Gascoyne regions
• Strategic land position in emerging Ni-Cu-PGE province

Corporate Snapshot

ASX Code	M2R	Substantial Shareholders	%
Shares on Issue	56.3M	XGS Pty Ltd (Allan Kelly)	11.9
Shareholders	~780	Faraday Nominees Pty Ltd	6.2
Market Capitalisation (@ 22c)	\$12.4M	Top 20	42.3
Cash/Investments (30 Sept 21)	\$4.2M	Board/Management	13.0
Enterprise Value	\$8.2M

Experienced Board – with track record of successful exploration, discovery, development and production

Allan Kelly (Exec. Chairman)	• • • •	Geologist/Geochemist/Manager 30 years experience in mineral exploration, development and gold production Founding MD, Doray Minerals Ltd (2009-2016) AMEC "Prospector" Award – 2014
Marion Bush (Technical Director)	• •	Geologist/Analyst/Manager 25+ years experience in exploration, management, directorship and marketing
Terry Gadenne (Non-Exec. Director)	• •	Rescue helicopter pilot and former Army and Navy Officer 25+ years experience in the defence forces, aviation, agriculture and mining services
Mindy Ku (Co. Sec/CFO)	•	15+ years experience with public and private companies

Gidji JV (80%)

Potential for a large new gold discovery on Kalgoorlie's doorstep…

Gidji JV

Underexplored strategic land position

• 15km long segment of major regional structure – "Boorara Shear Zone"
• Along strike from large gold deposits:
• Paddington (4Moz)
• Boorara (0.5Moz)
• Zoroastrian/Excelsior (0.8Moz)
• Aircore drilling has outlined multiple new targets including a potential large new gold discovery at Marylebone
• Extensive transported cover obscures prospective geology/structures
• Underexplored most drilling <50m

Marylebone

Potential for a large new gold discovery close to existing infrastructure

• Geology, structure and scale similar to 4Moz Paddington deposit
• 2km gold footprint remains open to NW onto recently granted tenements
• Multiple aircore results >2g/t Au across multiple sections
• Virtually untested at depth >60m
• Infill/extensional aircore drilling underway to refine RC drill targets

Marylebone – growing rapidly since discovery

Marylebone – Scale

Marylebone's aircore footprint is comparable to De Grey's recent Hemi gold discovery

(Source: De Grey Mining, 17 April 2020)

Gidji JV – Next Steps

Marylebone

• ✓ Extend ground magnetic survey
• ✓ Infill aircore and extend to NW
• RC/DDH drilling

Southern Targets

• Soil sampling over "The Jog"
• Infill aircore (Blackfriars/Railway)
• RC drilling (Piccadilly/Railway/The Jog)

Northern Targets (new tenements)

• Ground magnetic survey
• Aircore drilling along Boorara Shear Zone

Glandore

Second highly prospective gold project

• 40km E of Kalgoorlie
• Close to mining/processing infrastructure
• Underexplored due to thin lake cover
• Similar geological setting to Majestic (0.48Moz) and Trojan (0.12Moz) deposits

Glandore

Large gold system outlined under salt lake

• Layered mafic complex intruded by granodiorite
• Historic DDH east of granodiorite
• Bedrock results up to 6m @ 29.8g/t Au
• Aircore drilling outlines large coherent shallow supergene gold footprint
• multiple holes ending in >0.25g/t Au
• NE-striking structures hosted in granite = potential for "Majestic-style" mineralisation
• Follow-up aircore and DDH planned

Randalls

Underexplored BIF along strike from high-grade gold operations

• 70km E of Kalgoorlie
• Adjacent to 1.5Moz "Mt Belches" gold operations (Silver Lake Res.)
• High-grade rock chips along strike at "Pryde" and "Logan" prospects
• Minimal drilling of BIF fold hinges
• Aircore +/- RC drilling planned following permitting/approvals

Additional discovery opportunities

Murchison region

▪ Lang Well/Lakeside – Underexplored greenstone belts near Deflector and Dalgaranga

Gascoyne region

• Whaleshark IOCG targets under Carnarvon Basin sediments
• Bangemall Projects Strategic landholding in emerging Ni-Cu-PGE province

Whaleshark

IOCG targets beneath shallow cover

• Overlapping magnetic/gravity anomalies at edge of Proterozoic granite intrusion
• Depth to basement ~120m
• Large Cu-REE (+/- Au-Ag) anomalies from 1000m x 500m spaced sampling
• Peak Cu value 4600ppb
• Havieron 710ppb (3.4Moz)
• Calibre 350ppb (2.1Moz)
• Awaiting assays from infill sampling

Bangemall Ni-Cu-PGE Projects

Potential for craton margin Ni-Cu-PGE's

▪ Dooley Downs

• Adjacent to major crustal-scale structures (= potential feeder zone)
• Numerous Prot. dolerite sills intruding into sediments (= potential sulphur source)
• Late-time EM conductors
• Mt Vernon
• Historic Ni-Cu-PGE soil anomalies
• EM survey planned for early 2022
• Other applications awaiting grant

Project pipeline = substantial upside

Project	Applications	Target Generation	Aircore Drilling	Bedrock Testing	Resource Definition
GIDJI JV			MARYLEBONE
		Boorara SZ The Jog Claypan Lake	8-Mile Railway Blackfriars Piccadilly
			GLANDORE EAST
GLANDORE			Glandore West
		Glandore EL
RANDALLS		Randalls
		Lang Well
MURCHISON	Lakeside
GASCOYNE	Bangemall	Dooley Downs Mt Vernon
		Whaleshark

Miramar – creating value through discovery

• Experienced Board with track record of discovery, development and production
• Potential for large new gold discoveries at Gidji JV and Glandore
• Additional opportunities in the Eastern Goldfields, Murchison and Gascoyne
• Strategic land position in emerging Ni-Cu-PGE province
• Regular news flow with 75% of funds spent on the ground
• Substantial value upside with ongoing exploration success