MT MALCOLM MINES NL — Capital/Financing Update 2022

Jul 28, 2022

ASX Announcement

CALYPSO DIAMOND DRILL EXPLORATION UPDATE

29 July 2022

Highlights

Calypso (P37/8792) Diamond Drilling has returned the following significant gold intersections over several wide mineralised envelopes:

• 22CALDD004 - 26m @1.97 g/t Au (261.55-287.55m)

Including 9.96m @ 2.97 g/t Au (263.90-273.57m) which included 1.12m @ 5.39 g/t Au (269.77-270.89m) and 1.06m @ 7.33 g/t Au (271.94273.00m).

The wide intersection also included 8.96m @ 2.06 g/t Au (278.59287.55m) which included 0.74m @ 4.92 g/t (284.66-285.72m) and 1.52m @ 3.86 g/t Au (284.66-286.18m).

This was followed by a 5.89m depleted zone and then by a second 3.51m @ 3.96 g/t Au (293.44-296.95m) including 0.8m @ 4.88 g/t Au (293.44-294.24m) zone of mineralisation.

• 22CALDD003 - 10.27m @ 1.53 g/t Au (246.38-254.98m)

Including 3.42m @ 2.66 g/t Au (248.51-252.03m).

mtmalcolm.com.au info@mtmalcolm.com.au Phone: (08) 6244 6617

ASX: M2M ACN: 646 466 435

Mt Malcolm Mines NL (ASX:M2M of “the Company”) is pleased to provide an exploration update following recently received assay results from approximately half of the currently planned diamond drill program underway at Calypso (P37/8792). The drilling program is designed to follow up the previously defined gravity/magnetic anomalies and test depth extensions of defined mineralisation. (ASX:M2M) Calypso Exploration Update 27th April 2022 and June 2022 Quarterly Report.

Diamond Drilling - Calypso

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IMAGE 1 22CALDD004 - Up to 10% sulphide mineralisation - Pyrite in vuggy quartz, semi-massive pyrrhotite and quartz veining in magnetite rich siltstone and altered porphyritic granite (294 - 297.6m).

The Diamond drilling (HQ3) program is on-going and diamond core is still being processed however complete assay results for 22CALDD001-002 and selected sections of 22CALDD003-004 have been received.

The lithologies at Calypso include a strongly deformed sedimentary sequence of magnetic siltstones, interbedded sandstone, shale and BIF that has been intruded by cross cutting quartz stockworks±calcite and sulphide bearing felsic porphyry. Sulphide assemblages can be massive to semi-massive, they include pyrrhotite, pyrite and arsenopyrite with interspersed hydrothermal alteration zones. Magnetite has been replaced by intersecting schistosity and veining, resulting in sulfidation and intense sericite-silica alteration.

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IMAGE 2 22CALDD004 - Semi-massive pyrrhotite and pyrite stringers

Following geological observations and the range of sulphide phases and mineralisation styles in 22CALDD004 the previous hole 22CALDD003, which has only been assayed over 22.38m (246.38-268.76m), was re-entered and extended an additional 100m.

The remaining 95m of continuously and intermittently mineralised core below the reported mineralized interval is currently being cut and sampled. Core observations in 22CALDD003 confirm similar mineralisation styles and intensity to 22CALDD004 over at least 50m.

Within 22CALDD004 a zone of intense structural deformation, at a depth of approximately 250 to 300m, displays intense patches of silica ± carbonate alteration and local brecciation. Multiple zones of disseminated to semi-massive aggregates of pyrite and lesser pyrrhotite are interspersed with cross cutting quartz veins and stockworks, including zones where altered and veined intrusive porphyry has assimilated and dismembered the sedimentary sequence.

Proposed holes 22CALDD006 and 22CALDD007, intended to test the heart of the gravity anomaly at depth have been placed on hold with 22CALDD008, collared approximately 50m south of 22CALDD003 and 22CALDD004 currently being drilled to test the up plunge sheared limb extensions of mineralisation detected and observed in 22CALDD003 and 22CALDD004.

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22CALDD008 is currently being drilled to a target depth of 230m. The remaining diamond holes are now being geologically logged, processed and sampled. Numerous assays remain outstanding, and results will be reported as and when they come to hand. The diamond program will continue through-out the September quarter.

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FIGURE 1

Exploration model. The gravity-magnetic anomaly delineates multiple fold closures, a finding confirmed by the sub surface geological plan. Existing mineralised intercepts coincide with shear zones intersecting the

folded sedimentary package.

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FIGURE 2 Magnetic inversion overlaying the BIF formation with plotted diamond drill hole references and sub surface historical geological mapping

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IMAGE 3 Diamond drilling underway at Calypso

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TABLE 1

Calypso Prospect - Significant Drill Intersections

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Hole ID Easting Northing Angle/ Depth From To Interval and
MGA MGA Azimuth (m) (m) (m) Grade
22CALDD001 357174 6790582 -60.28°/130.43° 141.8 No Significant Assays
22CALDD002 357099 6789999 -60.05°/90.88° 211 186.75 186.93 0.23m @ 2.70 g/t Au
191.18 191.43 0.25m @ 5.72 g/t Au
22CALDD003 357000 6790000 -60.24°/84.85° 363.8 246.38 254.98 10.27m @ 1.53 g/t Au
248.51 252.03 incl. 3.41m @ 2.66 g/t Au
259.00 260.14 1.14m @ 2.30 g/t Au
261.81 262.31 0.5m @ 2.62g/t Au
22CALDD004 356950 6790000 -60.40°/85.08° 327.8 261.55 287.55 26m @ 1.97 g/t Au
263.90 273.57 incl. 9.96m @ 2.97 g/t Au
273.00 incl. 3.23m @ 4.51 g/t Au
269.77
270.89 incl. 1.12m @ 5.39 g/t Au
271.94 273.00 incl. 1.06m @ 7.33 g/t Au
275.11 276.76 1.65m @ 0.74 g/t Au
278.59 287.55 8.96m @ 2.06 g/t Au
286.18 incl. 1.52m @ 3.86 g/t Au
284.66
285.72 incl 0.74m @ 4.92 g/t Au
296.95 3.51m @ 3.96 g/t Au
293.44
294.24 Incl. 0.8m @ 4.88 g/t Au
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Significant Calypso Diamond Drill Intersections with no more than 1.83m of internal dilution. Reported intersections are >0.5 gt/t Au, Reported assays are subject to 50gm Fire assays.

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

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Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Paul Maher, a Competent Person and a full-time employee of the company who is a Member of The Australasian Institute of Mining and Metallurgy in addition to being a shareholder in the company. Mr. Paul Maher has sufficient experience that is relevant to the style of mineralisation and type of deposit 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. Paul Maher consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

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• Mt George • Emu Egg
• Sunday Picnic
• Germatong
• Pig Well
• Malcolm Dam
• Mt Stewart
• Calypso
N
0 10km CALYPSO
• Malcolm Mining
Centre
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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.

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:

• 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.

• Conduct regional geological mapping and geochemical sampling programs.

• Undertake focused and systematic exploration and scientific research programs.

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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APPENDIX A

JORC 2012 TABLE 1 Mt MALCOLM MINES NL (CALYPSO PROJECT)

SECTION 1 - Sample Techniques and Data

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Criteria Commentary
Sampling Diamond core (DD) drill samples were collected over numerous 1m and <1m meterage’s,
techniques depending on geological lithological contacts. No sample interval was >1m. Sample
intervals predominantly coincided with geological contacts. Diamond core samples were
HQ3 in size diameter. Core was measured and longitudinally cut in half with a diamond core
cutting saw centred over a cradle holding the core in place. Core sample intervals varied
from HQ cored 0.2m to 1m downhole intervals. Approximately 55% of all samples were <1m
in length due to geological boundary constraints. Samples were collected in pre-numbered
calico bags for submission to the analytical laboratory. The remaining core was stored on
site in Leonora. All samples were collected dry.
The sampling techniques and methodologies used are deemed appropriate and industry
standard for this style of exploration.
Drilling Drilling techniques are conventional, industry standard methodologies. Diamond drilling
techniques was conducted using industry standard “Q” wireline techniques with core retrieved from
the inner tubes and placed in core trays as drilled. Core size was standard HQ3 size (61-
64mm)
At the end of the 3m core run the core was retrieved and the driller placed core blocks
in the core tray with the core blocks marked with hole ID and the depth. Core recovery
was generally good, in the majority of cases 100%. Core recovery was usually measured
for each core run and recorded in the geologist’s drill logs. Some of the holes deviated
slightly.
Drill sample
Core recovery was recoded in the drill logs for most of the diamond drilling however
recovery some core is still being processed. A review of the data indicates good core recovery.
In shallow broken ground lesser recoveries were recorded and very good recovery was
returned over zones of mineralisation. Recovery percentages were recorded and are
deemed acceptable and overall considered acceptable for resource estimation.
Collected samples are considered reliable and representative of drilled material. No
material discrepancy, that would impede a mineral resource estimate, exists between
collected primary samples.
No indication of sample bias is evident, nor has it been established. No relationship has
been observed to exist between sample recovery and grade
Logging Diamond core logging was conducted once M2M personnel had retrieved the core trays
from the drill rig site. Core was collected from the drill site on a daily basis. The entire
length of every drill hole is logged. Diamond logging is to geological contacts. Recorded
data included in the drill logs includes magnetic susceptibility, lithology, alteration,
structure, texture, mineralisation, sulphide content, weathering and other features.
Drillhole collar coordinates, azimuth, dip, depth, and sample intervals are also recorded.
Logging also includes geotechnical data, RQD and core recoveries.
Qualitative logging includes classification and description of lithology, weathering,
oxidation, colour, texture, and grain size. Quantitative logging includes identification
and percentages of mineralogy, structural measurements (kenometer), sulphide content,
mineralisation, and veining.
Drill core is photographed, tray by tray prior to cutting and sampling.
All information collected on site is electronically stored on portable laptop computers,
validated, and then transferred to the M2M database.
The level of logging detail is considered appropriate for exploration and to support
appropriate mineral resource estimation, mining studies and metallurgical studies.
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Criteria Commentary
Sub-sampling Sampling mythologies are consistent with the industry standard. Core samples collected
techniques for analysis were longitudinally cut in half using a powered diamond core saw centred
and sample over a cradle holding the core in place. Half core samples varied in length from 0.2m to
1m Approximately 55% of all samples were <1m in length due to geological boundary
preparation
constraints. The remaining half core is retained and stored in core trays in Leonora.
Blanks and certified standard material was periodically inserted into the sample batches
(approximately 1 in 20). Sub sampling and sample preparation techniques are considered to
be acceptable. Results indicate reasonable and acceptable analytical repeatability. The QA/
QC procedures implemented during the drill program are considered to be todays industry
standard practice.
Sample size and collection methodologies are considered appropriate for this style of gold
mineralisation and as an industry accepted method for evaluation of gold deposits in the
Eastern Goldfields of Western Australia.
Quality of Analysis of sample was conducted by SGS Laboratories in Kalgoorlie. Samples were dried
assay data and (105°), crushed (nominal 6mm) and pulverised (85% passing 75um). The samples were
laboratory tests assayed for gold only using a 50 gram Fire Assay technique with AAS finish with a 0.01ppm
detection limit. Certified Reference Material, standards and blanks are regularly inserted
into the sample batch. The laboratory also included standards and blanks as part of their
internal QA/QC control. Repeatability and standard results are within acceptable limits.
No geophysical tools were used to determine any element concentrations.
Verification of
No adjustment or calibrations have been made to any of the assay data. Sampling and
sampling and
assay techniques are conducted at todays industry standard.
assaying
Location of data Drill hole collars were recorded using a handheld GPS and reported to the MGA94 UTM
points zone 51 coordinate system, with horizontal accuracy to ±3m.
Data spacing The drill hole and sampling spacing is project specific; the drilling patterns employed in
and distribution the past were dependent on previous drilling and/or geological interpretation/targeting
depending on the nature and style of the mineralisation being tested. The sample
spacing is considered close enough to identify significant zones of gold mineralisation.
The drill program is a follow up/ongoing exploration exercise that was designed to
identify areas of geological interest and to confirm existing known mineralisation at the
prospect. Closer spaced diamond drilling on surrounding cross sections and follow up
diamond drilling maybe required to further delineate the extent, size and geometry of
some areas within identified zones of gold mineralisation.
Drill spacing and the drill technique is sufficient to establish the degree of geological
and grade continuity appropriate for any mineral resources and ore reserve estimation
procedures and classifications applied however the mineralised systems remain open
and additional infill or deeper drilling would be required to close off and confirm the full
extent of identified mineralisation, particularly at depth.
Data acquired and processed is only being considered for exploration purposes.
Orientation of The sheared Calypso greenstone sequence displays an NNW to NW lithological
data in relation orientation with steeply dipping stratigraphy. Stratigraphy is disrupted by the
to geological development of NW, NNW, NS, EW and NE trending faulted shear systems which
structure display a variety of fold styles ranging from open to isoclinal, in some cases the
sequence has been overturned. The regional geological structure is considered to be
complex.
The chance of sample bias introduced by sample orientation is considered minimal. No
orientation sampling bias has been identified in the data thus far. Drilling and sampling
programs are conducted to obtain unbiased locations of drill sample data, generally
orthogonal to the strike of the mineralisation.
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Criteria Commentary
Sample security Core trays were collected from the drill site on a daily basis. Once core was collected
from the drill site trays were securely stored in a locked yard at Leonora. The core
was then processed, marked-up and logged prior to dispatching it to the core cutting
facility. Sampled core was retrieved daily and returned to the locked Leonora yard
then dispatched to the analytical laboratory. Once received by the laboratory samples
are checked against the field manifest, sorted, and prepared for assay. Samples were
then processed and assayed under the supervision of the analytical laboratory (SGS
Kalgoorlie). Once in the laboratories possession adequate sample security measures
are assumed to be adopted.
Audits or reviews Sampling methodologies, assay techniques and QA/QC protocols used in the various
historic drilling programs are not as thoroughly documented when compared to
today’s current standards. Reviews of the various available historical company reports
regarding drilling and sampling techniques indicate that they were conducted to the
best practice of the day however some data is poorly validated and confidence levels
are low regarding collar co-ordinates, assay and logging techniques and sampling
procedures.
Further audits or reviews are not considered necessary at this particular exploration
stage.
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SECTION 2 - Reporting of Exploration Results

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Criteria Commentary
Mineral tenement
The Mt Malcom Project’s Calypso tenement is located within the Shire of Leonora in the Mt
and land tenure Margret Mineral Field in the centre of the North-eastern Goldfields of Western Australia. The
status
holding is positioned in the NW corner of the Yerilla (3239) 1:100,000 scale GSWA map. The
Calypso prospect is located on P37/8792. The tenement is in in good standing.
The tenement is held by Mt Malcolm Gold Holdings Pty Ltd a wholly owned subsidiary of Mt
Malcolm Mines NL. The tenements are managed and explored by Mt Malcolm Mines NL.
The details of all Company tenements are disclosed in Annexure B “Solicitor’s report on
tenements” which was released by the company in its IPO Prospectus dated 2nd August
2021 “Mt Malcolm Mines NL CAN 646 466 435 Prospectus” as supplemented by a
supplementary Prospectus dated 19th August 2021 (Prospectus).
All gold production is subject to a Western Australian government royalty of 2.5%
Exploration done
The Calypso tenements have been explored and drilled by a number of exploration and
by other parties
mining companies over numerous years dating back to the early 1980s, more active gold
exploration companies include, BHP Minerals Division Exploration Department, North Ltd
(1995-97) and most recently Torian Resources Ltd. Other companies include Occidental
Minerals (1979), Valiant Consolidation Ltd-Union Oil Development Company (1983-86),
Minplex Resources Pty Ltd-Anglo Consolidated Pty Ltd (1986 & 1997-98), Lake Raeside NL
(1996), Ashton Gold (1992) and Aurora Gold Ltd (1994). All have contributed to various
exploration programs utilising a wide variety of standard techniques.
Exploration activities by these companies covered all aspects of mineral exploration
with a particular focus on gold. On ground activities include geophysics, geochemistry,
geological mapping, drill programs (RAB, Aircore, RC and diamond), sampling, structural
interpretation, resource evaluations and geological assessments.
Historical reporting and descriptions of laboratory sample preparation, assay procedures
and quality control protocols for the samples from the various drilling programs are
variable in their descriptions and completeness.
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Criteria Commentary
The drilling database has been assembled, interrogated and scrutinised to a satisfactory
level however, in the majority of cases the data is historical and predates JORC 2012
compliance. It has not been possible to fully verify the reliability and accuracy of portions
of the data however it appears that no serious problems have occurred. Historical
exploration techniques and reported mineralisation was conducted to the standards of
the day.
Geology The Project area is located 25km east of Leonora in the North-eastern Goldfields which
covers segments of the altered mafic basalt/felsic volcanoclastic/sedimentary sequences
of the Malcolm Greenstone Belt, including the Calypso sedimentary sequence positioned
within the greenstones of the Kurnalpi Terrain. Local lithologies are characterised by linier
trending steeply dipping structures and highly sheared structurally complex sedimentary
stratigraphy.
The area is regarded as structurally complex with NW shear zones and both EW and NS fold
axial traces however at this stage of exploration its unknown how the interference of these
two-fold sets has influenced lithological patterns at Calypso. Geological evidence suggests
that prominent E-SW and NW trending fault zones truncate the fold pair.
Rock outcrop is non-existent and the project area is covered by sand dunes and recent
sediments related to the nearby Lake Raeside. Structurally the area is intensely sheared and
folded.
Regionally gold mineralization is associated with lithological contacts hosted by NW, NNW
& EW trending shear zones often associated with quartz veining. At Calypso mineralisation
is focused on faulted or sheared contacts between magnetite rich siltstone and other
sedimentary facies including sandstone or chloritic siltstone, felsic porphyry and related
intense quartz-carbonate alteration with or without sericite, pyrrhotite and pyrite.
There are no old workings evident at the Calypso prospect.
Drill hole The location of drill hole collars is recorded in the company database and presented as part
Information of the significant intersection tables in the body of this report. All hole depths refer to down
hole depth in metres. Hole collars are quoted in the MGA94 Zone51 co-ordinate system.
Drill hole depths are measured from the collar (top) of the hole to the bottom (end) of the
hole
Data Aggregation No averaging of the raw assay data was applied. Raw data was used to determine the
methods location, width of gold intersections and anomalous gold trends. Geological assessment
and interpretation were used to determine the relevance of the plotted intersections with
respect to the sampled medium.
When drill holes are quoted individual grades are reported as down hole length weighted
average grades. Only intersections greater than or close to 0.5 g/t Au are regarded as
significant or anomalous. Intersections < 0.5g/t Au are regarded as indicative of potential
mineralisation but are not viewed as anomalous nor considered to be significant
however they are useful as a guide to potential mineralisation trends and relevant to any
surrounding mineralisation halo.
The significant intersections are tabled in the body of this report. No top cuts were
applied to any assay values. There is no reporting of metal equivalent values.
Relationship In general, the drill hole orientation may not be at an optimal angle to the strike
between of the local sedimentary greenstone sequence (NW-NNW) and the identified gold
Mineralisation mineralisation. However, the majority of holes are orientated in an easterly direction.
widths and Since the greenstone sequence is generally steeply dipping, drill intercepts are reported
as downhole widths. As a result, the reported intersections do not represent true widths.
intercept lengths
Orientation and geometry of the anomalous zones has been primarily determined by
interpretation field observations and orientation of historical drilling.
The maximum and minimum sample width within the reported mineralised zones is 1m.
Quoted intersections are weighted averages.
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Criteria Commentary
Diagrams
Type example plans or diagrams are included in the body of this announcement
Type example
plans or
diagrams are Only gold results regarded as significant or anomalous are discussed and reported,
included in the generally samples assaying > 0.5 g/t Au which represents a low order mineable grade are
referred to in the table of significant intersections.
body of this
announcement
Other Regarding the results reviewed no other substantive data is currently considered necessary.
Substantive However, the project area has been explored by several listed companies in the past, only
exploration data results regarded as substantial, by those companies, have been reported in the past.
All meaningful and material information is presented in this document. Further data
collection will be reviewed and reported as and when considered material.
Further work The potential to increase the existing zones of mineralisation is viewed as probable, however
committing to further exploration work does not guarantee that further delineation of the
extent, size and geometry of some areas within identified zones of gold mineralisation will
be the result.
Planned future work at the Calypso project includes exploration RC and/or diamond drilling,
database consolidation, on ground truthing, geophysical interpretation and geological
investigation.
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