MIRAMAR RESOURCES LIMITED — Investor Presentation 2021

Apr 15, 2021

Miramar Resources Ltd

"Creating shareholder value through discovery"

Investor Update – April 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 by Allan 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.

Information relating to results for the Gidji JV project, indulging JORC Table 1 and 2 Information, is included in the following ASX Releases:

• 1 Feb 2021 – "GIDJI AIRCORE DRILLING OUTLINES 4KM MINERALISED STRUCTURE AND MULTIPLE TARGETS"
• 11 Feb 2021 – "HIGH-GRADE GOLD AT GIDJI UPGRADES TARGETS"
• 12 Apr 2021 – "GIDJI DRILLING EXTENDS RUNWAY AND HITS VISIBLE GOLD"
• 15 Apr 2021 – "GIDJI DIAMOND DRILLING – ADDITIONAL INFORMATION"

Corporate Snapshot

ASX Code	M2R
Shares on Issue	55.1M
Market Cap (@ 25c)	\$13.8M
Cash/Investments	\$6.0M
Enterprise Value	\$7.8M
Shareholders	~900
Significant Shareholders	%
XGS Pty Ltd (Allan Kelly)	12.2
Top 20	40.1
Board	11.8

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

Exploring on Kalgoorlie's doorstep

Miramar Resources Ltd

• WA-focussed mineral exploration company
• Exploring for gold in the Eastern Goldfields
• Additional discovery opportunities in the Murchison/Gascoyne
• Strategic landholding in emerging Ni-Cu-PGE province
• Track record of successful discovery, development and production

Eastern Goldfields Projects

• Underexplored projects:
• Gidji JV (80%) strategic land position within regional structure
• Glandore 2km long zone of underexplored gold mineralisation
• Randalls folded BIF adjacent to Silver Lake gold operations
• Well located in relation to existing mining and processing operations

Gidji JV

• Strategic location 15km N of Kalgoorlie
• Within Boorara Shear along strike from major deposits
• Phase 1 aircore (Dec 20) identified multiple new targets:
• 8-Mile extension to Runway
• Marylebone visible gold
• Railway
• Piccadilly buried intrusion?
• Phase 2 aircore underway (Mar/Apr 21)
• DDH's at 8-Mile extend Runway porphyry and intersect visible gold
• 50% of tenements yet to be granted

"8-Mile" – targeting Runway extension

Runway deposit (KCGM):

• 314koz @ 1.39g/t Au*
• West dipping intrusive
• 76m @ 1.39g/t Au
• 28m @ 2.19g/t Au
• 281m @ 1.03g/t Au (down-dip)
• 229m @ 1.64g/t Au (down-dip)
• High-grade quartz veins
• 4m @ 5.96g/t Au (incl. 0.4m @48.6g/t Au)
• 0.75m @ 17.45g/t Au

* "Mineralisation Report for M26/843", KCGM 2017

Visible gold in quartz vein (GJDD002)

quartz sulphide breccia (GJDD002)

"Marylebone" Target

• New target with similar geology, structure and scale to nearby Paddington deposit
• Poorly drill tested prior to Miramar
• single line of historic RC drilling ended in 4m @ 0.83g/t Au
• Phase 1 aircore drilling
• 1600m x 300m zone of regolith gold anomalism >0.1g/t Au
• visible gold in oxidised quartz vein
  • o 2m @ 7.7g/t Au
• Open to north and down-dip
• Infill aircore underway

Marylebone – Paddington analogue?

Paddington deposit geology/structure (Morey et al, 2007)

"Piccadilly" Target

• New target generated from phase 1 aircore drilling
• Half way between 8-Mile and Marylebone targets
• 850m x 300m gold anomaly
• peak value 1m @ 4.5g/t Au
• Reprocessing of geophysical data suggests buried intrusion at intersection of NW-SE and N-S structures
• Infill aircore underway

Gidji – Next Steps

• Step-out diamond/RC drilling at 8-Mile
• Plan follow-up aircore/RC
• Marylebone
• Railway
• Piccadilly
• Examine various geophysical methods to assist in drill targeting
• ✓ Historic gravity reprocessed
• ✓ Orientation IP survey completed
• Progress remaining tenements to grant
• 50% of Project pending grant

Glandore

• Located 40km east of Kalgoorlie
• Close to existing and proposed mining and processing infrastructure
• Under-explored due to salt lake cover
• Heritage approvals received Feb 21
• Maiden lake drilling programmes planned

Glandore

• Widespread gold anomalism related to layered mafic complex intruded by granite
• Limited deep drilling (av. depth = 45m)
• East Target mineralisation over 2km
• 8m @ 22.5g/t Au (05GDDD003)
• 4.1m @ 3.12g/t Au (GLD007R)
• 5m @ 1.76g/t Au (GLD009)
• Remains open to south for ~800m
• West Target untested for >2km
• 9m @ 1.85g/t Au (LYJI52 EOH)
• 4m @ 1.25g/t Au (LYJI51)
• 4m @ 1.46g/t Au (GLA051)
  • and 1m @ 1.26g/t Au (EOH)

Murchison Projects

• Large projects covering under-explored greenstone belts
• Lang Well high-grade historic rock chip samples and multiple untested auger anomalies – aircore planned
• Lakeside untested 8km long auger anomaly in concealed greenstone belt
• Garden Gully – sold to Sipa Resources for \$150K cash/shares*
• Well located with respect to existing gold operations and processing facilities

* See ASX Release dated 16 Feb 2021

Gascoyne Projects

Two projects located within the Capricorn Orogen

• Whaleshark
• Large BIF complex under Carnarvon Basin sediments
• Bangemall
• Ni-Cu-PGE prospectivity recognised by WA and
  • Aus governments
• EM survey planned for Mt Vernon – Sept Qtr

Whaleshark

• Large folded BIF intruded by granite
• Basement depth ~120m
• Historic diamond drilling intersected anomalous gold in sulphidised BIF
• Prospective for
• BIF-hosted gold
• IOCG
• Work planned (Sept Qtr )
• MMI soil sampling
• Infill gravity
• Ground/airborne EM

Geoscience Australia "Ni-Cu-PGE Atlas"

"Potential for intrusion-hosted Ni-Cu-PGE sulfide deposits in Australia", Geoscience Australia Record 2016/01

• 2016 continental–scale assessment of tholeiitic intrusion-hosted Ni-Cu-PGE potential
• Combined evidence of four key mineral system components
• Highlighted several areas not previously recognised
• Southwest WA Julimar discovery
• Bangemall region

Bangemall – Mt Vernon

Tenement granted Jan 2021 Key ingredients:

• Located between two major crustal-scale faults
• Prot. dolerite sills
• GSWA Ni-Cu-PGE stream sed anomalism
• Large late-time AEM conductors
• Minimal Ni-Cu-PGE exploration
• EM survey planned for Jul/Aug 2021

Developing a pipeline of targets

Project	Tenement Applications	Target Generation	Drill Testing	Advanced Exploration
Gidji JV	The Jog Claypan Lake		Marylebone Piccadilly Railway	8-Mile
Glandore		Glandore EL	Glandore West	Glandore East
Randalls	Randalls
Murchison		Lang Well
	Lakeside
Gascoyne	Bangemall	Mt Vernon
		Whaleshark

Proposed work programme/news flow

	Project	Mar 21 Qtr	Jun 21 Qtr	Sep 21 Qtr	Dec 21 Qtr
Eastern Goldfields		Aircore
	Gidji JV			RC
		DDH
	Glandore	gravity
			Lake drilling
	Randalls		Tenement grant?	Geochem/GPX	Aircore/RC
Murchison	Lang Well	gravity	Aircore drilling
	Lakeside
Gascoyne	Whaleshark			Geochem/GPX
	Mt Vernon			Airborne EM
	Bangemall		Tenement grant?	Geochem/GPX
		Results	Results	Results	Results

Summary

Since listing on the ASX in Oct 2020 Miramar has:

• Discovered high-grade gold at Gidji
• Confirmed the potential for an extension to the 314koz Runway deposit
• Secured a strategic landholding in an emerging Ni-Cu-PGE province

Miramar has the key ingredients to create shareholder value through discovery:

• Highly prospective projects in world class locations
• Board with a track record of successful discovery, development and production
• Well funded after \$8M IPO