MT MALCOLM MINES NL — Capital/Financing Update 2022

Apr 11, 2022

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ASX Announcement
DRILLING COMMENCES AT DUMBARTON
12 April 2022
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Highlights

• Drilling has commenced at the Dumbarton Prospect.

• The 1,500m RC program of extensional and confirmatory drilling is

adjacent to historic intercepts of :-

• 4 metres @ 7.44 g/t Au in MB1 between 35-39 metres

• 4 metres @ 7.00 g/t Au in MSR282 between 44-48 metres

• 4 metres @ 4.74 g/t Au in DRC014 between 5-9 metres

ASX: M2M ACN: 646 466 435

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mtmalcolm.com.au
info@mtmalcolm.com.au
Phone: (08) 6244 6617
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Mt Malcolm Mines NL (ASX:M2M or “the Company”) is pleased to announce that an RC drilling program has commenced at the Dumbarton Prospect at the 100% owned ‘Malcolm Project’ near Leonora within the Mt Malcolm District of the Mt Margaret Mineral Field in Western Australia.

The 1,500m Reverse Circulation (RC) drill program is designed to test for extensions to and the validity of historic drill intercepts in and around the old Dumbarton workings, and test up to 500m along strike, which has been inadequately drilled in the past.

This program will enhance the company’s understanding of the nature, styles and characteristics of gold mineralisation presently identified within the Dumbarton Prospect, as well as extending the known mineralisation along strike. The results from this program should provide the company confidence to commit to a more comprehensive drilling campaign to enable estimation of a mineral resource.

A drilling Program of Work (PoW Reg ID 99901) has been approved by the Department of Mines, Industry Regulation and Safety (DMIRS) for the Dumbarton tenement P37/8825.

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Figure 1 - Dumbarton Prospect proposed RC collars (white) and historic drilling (black)
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The RC drill program (1,500m) was formulated by the technical team following an extensive review of the current database, as well as field inspections to validate historical drillhole locations and orientation by survey and geological mapping. Proposed drillhole collar locations have been surveyed in and a drilling contractor has been secured, with the program commencing this week. Fifteen (15) holes are planned of which five (5) will be drilled now, with the remainder of the holes, the western series, to be completed upon approval from the Pastoralist (Melita Station). A list of the location of the proposed holes is provided in the following table (Table 1) and their collar locations shown in Figure 1.

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TABLE 1

Dumbarton Prospect - proposed RC drill hole locations

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Prop Hole RL DEPTH NORTH EAST AZIM
DIP
# AHD (m) MGA94 MGA94 Mag
DB_Prop1 430 -60° 100 6795764 354496 340°
DB_Prop2 430 -60° 100 6795818 354473 340°
DB_Prop3 430 -60° 100 6795745 354446 340°
DB_Prop4 430 -60° 100 6795727 354401 340°
DB_Prop5 430 -60° 100 6795789 354430 340°
DB_Prop6 430 -60° 100 6795773 354384 340o
DB_Prop7 430 -60° 100 6796026 354983 0°
DB_Prop8 430 -60° 100 6796026 354880 0°
DB_Prop9 430 -60° 100 6796028 355083 0°
DB_Prop10 430 -60° 100 6795991 354713 340°
DB_Prop11 430 -70° 100 6795977 354679 340°
DB_Prop12 430 -60° 100 6795956 354642 340°
DB_Prop13 430 -70° 100 6796010 354750 340°
DB_Prop14 430 -60° 100 6796027 354966 310°
DB_Prop15 430 -60° 100 6796000 354946 310°
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Mineralisation at the major mines in the Malcolm area are hosted either in porphyrytic gabbro-dolerite or occur along sheared gabbro-basalt contacts. A feature of the host rocks exposed in the gold workings is an abundance of quartz veins both parallel and oblique to the schistosity and local structural regime.

At Dumbarton the mineralised veins strike 070° however they have not been systematically tested over the full strike length nor at depth. Historically the mine operated from 1899-1902, with 303.55 oz of gold being produced from 281 tonnes @ 22.53 g/t .[1] Prospecting License P37/8825, which includes the Dumbarton Mine and the current drill target area, is typified by transported surficial cover and therefore has not been the subject of surface geochemical sampling. Wide spread RAB bedrock geochemical sampling was conducted systematically in the area by North Ltd[2] (1995) with varying results with a best intercept from drill hole MSR282 returning a peak value of 4m @ 7.00g/t Au from 44m depth (Table 2).

During 1986 Nova Resources NL conducted limited rock chip sampling and drilled one 50m RC hole at Dumbarton (MB1), which returned significant drill intersections (Table 2). Nova Resources’ database is minimal and only reported within the text of the Annual Technical Report (ATR). No complete data files were available to be found in Western Australian Mineral Exploration Reports (WAMEX).

1 Kelly L.F (1954) List of Canceled Gold Mining Leases (which have produced gold) Mines Department of WA

2 WAMEX report A49966

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TABLE 2

Dumbarton Prospect significant intercepts Nova 1986 and North 1995

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East North Azim Depth From To Interval Au
Hole ID Dip
AMG84 AMG84 Mag (m) (m) (m) (m) (g/t)
MB1 [1] 354728 6796002 330° -60° 50 35 39 4 7.44
36 37 1 18.3
MSR282 354800 6795875 360° -60° 80 44 48 4 7
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Significant intersections from the RC drillholes completed by Polaris Pacific NL (“Polaris”) in 1988 are presented in Table 3. The drill program included 18 RC holes for an advance of 594m and an average hole depth of 33m at the Dumbartons prospect. Results included 587 assayed 1m split samples however no QA/QC protocols were used.

TABLE 3

Dumbarton Prospect - Polaris Pacific significant intercepts 1988[2]

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East North Azim Depth From To Interval Au
Hole ID Dip
GDA94 GDA94 Mag (m) (m) (m) (m) (g/t)
DRC014 354480 6795803 340° -60° 31 5 9 4 4.74
5 7 2 8.67
DRC018 354646 6795997 160° -60° 60 32 60 28 0.57
44 50 6 1.31
57 60 3 0.99
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Torian Resources conducted a RC drilling program in 2017. A total of 14 holes were drilled for an advance of 826m at an average hole depth of 59m. [3] Significant intercepts from this drill program are presented in Table 4.

TABLE 4

Dumbarton Prospect - Torian Resources significant intercepts 2018[4]

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East North Azim Depth Interval Au
Hole ID Dip From (m) To (m)
GDA94 GDA94 Mag (m) (m) (g/t)
DRC019 354581 6795933 335° -60° 40 28 31 3 1.96
DRC020 354588 6795916 335° -60° 60 53 54 1 1.08
DRC021 354596 6795898 335° -60° 90 23 26 3 0.86
24 25 1 1.86
DRC024 354733 6796002 335° -60° 54 36 40 1 2.99
DRC025 354747 6795967 335° -60° 90 71 74 3 1.43
73 74 1 1.84
DRC028 354820 6796002 335° -60° 72 49 50 1 1.50
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1 WAMEX Report A24682

• 2 WAMEX Report A24682

• 3 Torian Resources Ltd (2017) ASX Release: Quarterly Activities Report

• 4 Torian Resources Ltd (2018) ASX Release: Further Results at Malcolm

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Details regarding previous exploration of the Dumbartons tenements is detailed in section 6.3 of the Independent Geologist’s Report in the Mt Malcolm Mines NL Prospectus dated 2nd August, 2021.

The information contained or referenced in this announcement was first released by the Company in it’s IPO Prospectus dated 2nd August 2021 “Mt Malcolm Mines NL ACN:646 466 435 Prospectus” as supplemented by a Supplementary Prospectus dated 19th August 2021 (Prospectus).

The Company is not aware of any new information or data that materially affects the information presented in the Prospectus. All drill information presented in this document is of historic value and has been released by the relevant companies to the ASX at the time.

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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• Mt George • Emu Egg
• Sunday Picnic
• Germatong
• Pig Well
• Malcolm Dam
• Mt Stewart
DUMBARTONS
• Calypso
N
0 10km
• 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:

• 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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