MIRAMAR RESOURCES LIMITED — Investor Presentation 2021

Mar 16, 2021

Miramar Resources Ltd

"Creating shareholder value through discovery"

INVESTOR UPDATE – March 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 Ltd

• WA-focussed mineral exploration company
• Listed on ASX in Oct 20 following heavily oversubscribed IPO
• Three Eastern Goldfields projects with potential for new gold discoveries in proximity to existing operations
• First aircore drilling programme at Gidji JV returned high-grade gold
• Exciting discovery opportunities in the Murchison and Gascoyne regions
• Board track record of successful discovery, development and production

Corporate Snapshot

ASX Code	M2R
Shares on Issue	55.1M
Market Cap (@ 22c)	\$12M
Cash/Investments	\$6.3M
Enterprise Value	\$6M
Shareholders	~900
Significant Shareholders	%
XGS Pty Ltd (Allan Kelly)	11.6
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 Australia and North America • 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 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 industries
Mindy Ku (Co. Sec/CFO)	• 15+ years experience with public and private companies

Eastern Goldfields Projects

• Three underexplored gold projects near Kalgoorlie:
• Gidji JV (80%) strategic land position within major 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 (80%)

• Strategic landholding 15km N of Kalgoorlie
• Within Boorara Shear along strike from
• Paddington (Norton)
• Boorara (Horizon)
• Excellent access via Goldfields Highway and close to existing mining/processing infrastructure
• Poorly explored despite prime location
• Multiple targets identified for drill testing
• First aircore drill programme (Dec 20) intersected high-grade gold

^* Past production and existing Resource inventory

Gidji JV

• Maiden aircore drill programme completed Dec 2020
• Tested 4km long structure linking Runway with the Boorara Shear
• Multiple new targets highlighted:
• Marylebone high-grade gold in quartz vein (2m @ 7.7g/t Au )
• 8-Mile Runway extension?
• New target parallel to Runway
• Railway W of highway
• Follow-up drilling March Qtr

* See ASX Release dated 11 Feb 2021

"Marylebone" Target

• New target with similar geology, structure and scale to nearby Paddington deposit
• Poorly drill tested to date
• single line of historic RC drilling ended in 4m @ 0.83g/t Au
• Recent 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 Mar Qtr

Marylebone – Paddington analogue?

Marylebone – Paddington analogue?

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

8-Mile Target

Extension to 314koz Runway deposit?

• W-dipping intrusive body
• 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 in hanging wall
• 4m @ 5.96g/t Au
  • o incl. 0.4m @48.6g/t Au
• 0.75m @ 17.45g/t Au
• Miramar aircore drilling indicates potential "leakage" from porphyry at depth
• DDH planned Mar Qtr

8-Mile Target – Runway extension?

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

Gidji - Underexplored

Prime Location in close proximity to:

• Major deposits
• Main highway
• Processing infrastructure

Poorly explored

• Shallow drilling average depth <50m
• Minimal RC/diamond drilling
• No exploration since 2013

Multiple targets identified for testing

• 15km strike of Boorara Shear Zone
• 50% of tenure awaiting grant
• "Claypan" target within Kanowna Shear

Gidji – Next Steps

• Infill aircore drilling
• Marylebone
• 8-Mile
• Railway
• New Target
• Diamond drilling at 8-Mile
• Examine various geophysical methods to assist in drill targeting
• Progress remaining tenements to grant

Glandore

• Located 40km east of Kalgoorlie
• Close to existing and proposed mining and processing infrastructure
• Mafic intrusive complex intruded by granite/porphyry
• High-grade gold intercepts within favourable host rocks (dolerite, gabbro)
• Bedrock results up to 8m @ 22.5g/t Au
• Episodic exploration since late 1980's
• Under-explored due to salt lake cover
• Heritage approvals received Feb 21

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)

East Target

Randalls

• Folded BIF adjacent to Silver Lake Resources' gold operations
• High grade rock chips along strike at "Pryde" and "Logan" prospects
• Minimal sampling/drilling within Miramar tenement
• Excellent access and within trucking distance of several mills
• Surface geochem/drilling planned following tenement grant

Murchison Projects

• Large projects covering under-explored greenstone belts
• Lang Well high-grade historic rock chip samples and multiple untested auger anomalies
• 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

Lang Well

• Underexplored greenstone belt between Deflector, Golden Grove and Rothsay
• Historic rock chips up to 16g/t Au
• Multiple large auger Au anomalies
• Very poorly explored
• Minimal previous drilling
• No gold exploration since 2010
• Upcoming work
• ✓ Infill regional gravity data to refine extent of greenstones - completed
• First pass aircore drilling of auger anomalies planned in H2 2021CY

Gascoyne Projects

Two projects located within the Capricorn Orogen

• Whaleshark
• Large mineralised BIF complex under Carnarvon Basin sediments
• Bangemall
• Ni-Cu-PGE potential (e.g. Nova, Nebo-Babel, Julimar etc)
• Prospectivity recognised by GSWA and Geoscience Australia

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
• 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

• Continental–scale assessment of tholeiitic intrusion-hosted Ni-Cu-PGE potential
• Combined evidence of the four key mineral system components:
• energy sources/drivers of the oreforming system
• crustal and mantle lithospheric architecture
• sources of ore metals
• gradients in ore depositional parameters
• Highlighted several areas not previously recognised including
• Southwest WA Julimar discovery
• Ashburton/Bangemall region

Bangemall (Ni-Cu-PGE)

First mover in a region with the key ingredients for a large Ni-Cu-PGE deposit:

• ✓ Deep crustal-scale faults adjacent to craton margins
• ✓ Large volume of Proterozoic dolerite dykes/sills
• ✓ Large regional Ni-Cu-PGE stream sediment anomalies
• ✓ Airborne EM conductors
• Minimal previous nickel exploration
• Recent competitor pegging confirms Miramar concepts
• E52/3893 recently granted

Bangemall - Ni-Cu-PGE deposit model

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
• Obtaining quotes for project-scale EM survey

Pipeline of Targets

Project	Tenement Applications	Target Generation	Drill Testing	Advanced Exploration
Gidji JV	The Jog Claypan Lake		8-Mile Marylebone New Target Railway
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
	Lang Well	gravity	Aircore drilling
Murchison	Lakeside
	Whaleshark			Geochem/GPX
Gascoyne	Mt Vernon			GPX/Geochem
	Bangemall		Tenement grant?	Geochem/GPX

* Subject to tenement grant and permitting where applicable

Summary

Since listing on the ASX, Miramar has:

• Discovered high-grade gold at Gidji with its first drilling campaign and commenced follow-up drilling
• Progressed various other projects through permitting and/or tenement grant
• Increased its landholding in an emerging Ni-Cu-PGE province

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

• Highly prospective projects in world class locations
• Experienced Board with a track record of successful discovery, development and production
• Well funded through recent IPO