MT MALCOLM MINES NL — Capital/Financing Update 2021

Sep 14, 2021

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ASX Announcement

DATE: 15[th] September, 2021

EXPLORATION UPDATE

Highlights

• Inaugural gravity survey to be conducted over the Calypso Prospect area’s dominant Magnetic high.

• Program of Work (PoW) applications submitted to Department of Mines Industry Regulation and Safety (DMIRS).

• Geophysical field crew mobilisation and drill rigs secured to commence confirmatory surveying and drilling in October, 2021.

Mt Malcolm Mines NL (ASX:M2M or “the Company”) is pleased to provide our inaugural exploration update post the successful listing on the ASX.

The following exploration activities are designed to enhance our understanding of the nature, styles and characteristics of mineralisation presently identifed within the Calypso mineralised halo and to conduct a confirmatory drilling program at the 100% owned Malcolm Project near Leonora, in the Eastern Goldfields District of Western Austalia.

Haines Surveys, a gravity geophysical survey specialist, has been engaged to conduct a 1,836 station surface survey commencing at month’s end ( Figure 1 )

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8 Sarich Court, Osborne Park. WA 6019 PO Box1052, Osborne Park DC, WA 6916 www.mtmalcolm.com.au Phone: 08 62446617

ASX CODE : M2M Shares on issue : 83,852,001 ACN: 646 466 435

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Gravity is a useful geophysical tool for mapping lithology and structure. It is extremely powerful in areas displaying broad zones of low or high magnetic intensities where measuring rock density contrasts can better define stratigraphy, structures and also weathering profiles. Once the gravity data has been acquired and processed, the gravity and magnetic responses will be interrogated to identify litho-structural target areas and define targets for drilling.

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Figure 1 - Calypso Prospect Magnetic High target area with TMI magnetic signature and planned Gravity Stations (50m x 50m grid)

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A drilling Program of Work ( PoW) Reg ID 99433 has been lodged with the Department of Mines, Industry Regulation and Safety ( DMIRS ) over Calypso tenement P37/8792 with RC drilling scheduled to commence in mid-October.

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Figure - 2 Calypso Prospect Geological Interpretation and proposed RC drill hole collars

The Reverse Circulation drill program (2,500m) has been designed to test the extremely high magnetic signature ( Figure 1 ) at the Company’s flagship (100% owned) Calypso Prospect. Drilling to 200m will be targeting the magnetic siltstone/BIF horizons, porphyry intrusives and structural discrepencies in the highly deformed Calypso sedimentary sequence.

Diamond drilling is anticipated following RC assay results and the intergretation of the geophysical data package including incorporation of the latest gravity survey data with merged existing magnetic data.

Details regarding previous exploration of the Calypso tenements is detailed in section 3.1 and 3.2 of the Independent Geologist’s Report in the Mt Malcolm Mines NL Prospectus dated 2[nd] August, 2021.

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Additional PoW applications have been lodged over the Company’s two other brown fields targets, namely Dumbarton ( PoW) Reg ID 99901 and Dover Castle ( Pow) Reg ID 99904 gold prospects at the historic Malcolm Mining Centre.

The information contained or referenced in this announcement was first released by the Company in it’s IPO Prospectus dated 2[nd] August 2021 “Mt Malcolm Mines NL ACN:646 466 435 Prospectus” as supplemented by a Supplementary Prospectus dated 19 August 2021 ( Prospectus ), for further details with respect to the exploration target and historic exploration results . The Company is not aware of any new information or data that materially affects the information presented in the Prospectus.

This announcement has been authorised by the Board of Mt Malcolm Mines NL.

For further information please contact:Trevor Dixon Managing Director trevor@mtmalcolm.com.au

Competent Persons Statement

The information contained in this report relates to information compiled or reviewed by Paul Maher who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), Mr Maher is an employee of the company and fairly represents this information. Mr. Maher has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 edition of the “JORC Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Maher consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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About Mt Malcolm Mines NL:

Mt Malcolm Mines NL is managed by competent and experienced industry professionals with a strong background in mineral exploration and administration of mineral assets. Additionally, the company has many professional associations with and access to some of the industry’s best corporate and mining resource consultants.

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The projects and properties are in areas with a proven track history of exploration success and significant mining and production of gold and other minerals. The holdings are centred around the locale of Malcolm near Leonora WA. The Company believes that it’s prospects offer excellent potential for the discovery of new economic mineral deposits and within the next (2) two years intends to:

• Conduct regional geological mapping and geochemical sampling programs.

• Undertake focused and systematic exploration and scientific research programs.

• Aggressively seek exploration and development opportunities of other targets and quality projects that meet the Mt Malcolm Mines development objectives and where appropriate and if opportunities arise, examine the possibilities of joint ventures and other related business and commercial opportunities that will create value and wealth for all its shareholders.

The Mt Malcolm Gold Project has the potential to host economic gold mineralisation and opportunities exist to further enhance and build on the substantial exploration data assembled to date. The project represents a large-scale district gold play.

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