PURSUIT MINERALS LTD — Capital/Financing Update 2021

Dec 15, 2021

ASX Announcement

16 December 2021

Pursuit to Acquire Commando Gold Project, Kalgoorlie

The Company's principal business objectives are the acquisition, exploration, development and operation of PGE, copper, nickel silver, gold, vanadium and other mineral deposits.

Directors

Peter Wall (Chairman) Mark Freeman (MD) Bob Affleck (Technical Director)

Company Secretary

Mark Freeman

Capital Structure

ASX Code	PUR
Shares	937,013,916
Options
0.7c exp 18/9/23	36,000,000
Perform. Rights**	7,500,000
** 3,000,000 subject to shareholder

approval

• Portfolio of advanced & highly prospective exploration tenements adjacent to multi-million ounce gold deposits, 38 km north from Kalgoorlie
• Project under-explored with numerous significant gold drilling intersections for follow-up
• Approximately 30km2 of prospective geology proximal to intersection of major crustal gold-bearing faults, along strike of the Golden Cities gold deposits (Federal, Havana & Suva, 1.5m Oz Au) and immediately north of the Paddington gold mill
• Project ground previously held in small parcels by undercapitalised groups with little exploration since the 1990's
• Commando Gold project creates counter-seasonal exploration synergies with Pursuit's Warrior and other WA Projects
• Exploration will focus immediately on following up:
  • o 10m @ 4.15 g/t Au from 41m, incl. 2m @ 14.6 g/t Au from 41m
  • o 8m @ 4.78 g/t Au from 3m, incl. 3m @ 11.4 g/t Au from 3m
  • o 24m @ 1.46 g/t Au from 10m
  • o 4m @ 8.11 g/t Au from 18m, incl. 2m @ 15.1 g/t from 18m
  • o 4m @ 4.22 g/t Au from 12m

Next Steps:

• Federal West auger geochemistry, Air Core drilling, possible gravity surveying
• Paddington North Follow up on historical intersections around the old workings – AC or RC drilling
• Paddington North Follow up surface geochemical anomalies around Six Boys, Porphyry and Sunday Eve with AC traverses

Pursuit Managing Director, Mark Freeman, said:

"Pursuit is excited to acquire such a highly prospective package of gold assets so close to Kalgoorlie, a world class gold province. The project is under-explored but has a number of exciting gold intervals from past drilling to be followed-up. We plan to explore the Commando Project when we are unable to undertake exploration activities at our Warrior project due to farming activities. We feel the project is compelling because:

• It will generate a pipeline of strong historical drill results for follow up;
• Federal West is along strike of Golden Cities and almost unexplored;
• Only 8 holes drilled on the project since the 1990's due to poor gold price performance ( sub ~US$275/oz);
• Tenements were previously held by in by different underfunded groups; and
• Close proximity to gold processing facilities."

Figure 1 – Commando Gold Project Location with Gold Processing Facilities

Pursuit Minerals Ltd (ASX: PUR) ("PUR" or the "Company") is pleased to announce it has entered into an agreement to acquire 1 Exploration Licence, 6 Prospecting Licences and 4 Mining Licences, comprising the Commando Gold Project, located 38 km North of Kalgoorlie.

The Company has secured a 12-month option to acquire 100% of granted tenements, E 24/199, M 24/282, M 24/485, M24/503, M 24/641, P 24/4958, P 24/4960, P 24/4961, P 24/4967, P 24/5192, all of which are in good standing.

In consideration for grant of the 12-month, Pursuit will pay $160,000 in cash, $240,000 in Pursuit shares issued at a price of $0.0281 each (the "Issue Price") being ~8.5m shares and 2.5m unlisted Pursuit options (exercisable at the Issue Price on or before 3 years from issue). 50% of the shares issued will be escrowed for 3 months.

The Project is divided into the Federal West and Paddington North tenements blocks (Figure 1).

Previous Exploration

Several phases of exploration have taken place at Commando, from 1984 until 2008 which has generated a number of significant drill intersections which require follow-up (Table 1). The work has been of high quality but drilling across the area is very shallow (Figure 2) with an average depth of 41m, and no holes drilled over 100m. Only 8 holes have been drilled at the project since the 1990's.

Much of the past work was focussed on narrow greenstonesin the Paddington North block with the Federal West tenement block almost completely unexplored. This area of granite along strike from Golden Cities is highly prospective for shear hosted gold mineralisation. A number of phases of surface geochemistry have been completed which has generated coherent gold anomalies requiring follow-up work.

The Commando Gold Project ground has been under explored as it was previously held in small parcels by undercapitalised groups during a very low gold price environment (Figure 2).

Additionally, the project creates counter-seasonal exploration synergies with Pursuit's Warrior other WA Projects, including the Warrior Project.

DRILLING

Federal West

Most of the drilling on this block was wide spaced 160m by 640m RAB drill traverses in the mid 1990's which encountered 4m @ 4.2g/t Au from 12m. There has been no follow-up programs to this intersect (Figure 3). Eight RC holes were drilled in the south-east part of the block with no reported anomalism. Widespread drainage sheet wash masks basement rocks over much of the area, which requires drill testing of structures in the granite beneath. Surface geochemistry over this area will probably not locate mineralisation but recent reports indicate sub-cropping basalt is present in places.

Paddington North

Drilling around historical working on the Paddington North Block has highlighted a number of intersections requiring follow-up drilling (Figure 3, Table 1). Paddington North includes the Six Boys, Porphyry and Sunday Eve Prospects.

Six Boys Prospect

Seventeen of the best historical drill results (Table 1, Figure 5) come from this prospect which has seen small scale selective mining in the past. Pursuit has granted the vendor rights to mine the first 3,000 ounces of gold at the prospect. Exploration has been limited to the first 80m vertical with minimal activity below 40m. Results to date include mineralisation is open at depth and along strike. Best intercepts include 8m @ 4.78 g/t Au from 3m including 3m @ 11.4 g/t Au from 3m and 24m @ 1.46 g/t Au from 10m including 2m @ 4.4 g/t Au from 24m.

Porphyry

Explored by BHP in the 1980s with shallow RAB drilling at 40m intervals this prospect includes a number of shallow (<15m) historic workings. The current strike length of at least 800m and significant intercepts over 4m (see BAR017 4m @ 8.11 g/t Au including 2m @ 15.1 g/t Au). This prospect has had limited RAB drilling. The geology reflects a sheared porphyry / basalt contact hosted bedrock target with thick alluvial cover within mineralised NNW structural corridor.

The coming work program will include integration of historical datasets to design a follow up program of RAB / RC to determine strike and depth extent. Further work will concentrate on the orientation of suspected high-grade shoots typical of narrow high grade lode gold systems.

Sunday Eve

Limited drilling around the mine workings (since rehabilitated) returned significant results (10m @ 4.15 g/t Au from 41m including 2m @ 14.6 g/t Au from 41m) from resampling and relogging exercise by Kalgoorlie Boulder Resources. The coming work program will include integration of historical datasets to design a follow up program of RAB / RC to determine strike and depth extent. Further work will concentrate on the orientation of suspected high-grade shoots typical of narrow high grade lode gold systems.

Hole_ID	Year	Company	Interval	including	Prospect
H006	2006	William &	10m @ 4.15 g/t Au from 41m	2m @ 14.6 g/t Au from 41m	Sunday Eve
		Miles
		(Prospectors)
ALOH024	1984	Samantha	8m @ 4.78 g/t Au from 3m	3m @ 11.4 g/t Au from 3m	6 Boys
		Expl. NL	4m @ 0.7 g/t Au from 15m
			17m @ 1.16 g/t au from 27m	1m @ 3.77 g/t Au from 28m1m @ 3.52 g/t Au from 32m
RAF020	1987	BHP Gold Ltd	24m @ 1.46 g/t Au from 10m	2m @ 4.4 g/t Au from 24m	6 Boys
BAR017	1988	BHP Gold Ltd	4m @ 8.11 g/t Au from 18m	2m @ 15.1 g/t from 18m	Porphyry
RAF021	1987	BHP Gold Ltd	22m @ 1.19 g/t Au from 68m	2m @ 3.3 g/t Au from 70m	6 Boys
7BSRC006	2008	Kalgoorlie	11m @2.1 g/t from 7m	1m @ 3.21 g/t Au from 12	6 Boys
		Boulder Res.		1m @ 7.25 g/t Au from 15
			1m @ 4.29 g/t from 25m
RAF062	1987	BHP Gold Ltd	22m @ 1.03 g/t Au from 30m to	1m @ 2.4 g/t Au from 51m	6 Boys
			EOH	EOH
96SBAR21		BHP Gold Ltd	18m @ 1.24 g/t from 60m to EOH	3m @ 3.8 g/t from 75 toEOH	6 Boys
RAF017	1987	BHP Gold Ltd	20m @ 1.02 g/t Au from 38m	1m @ 5.1 g/t au from 50m	6 Boys
				1m @ 3.4 g/t Au from 56m
RAF014	1987	BHP Gold Ltd	20m @ 0.9 g/t Au from 27m	1m @ 2.45 g/t Au from 40m	6 Boys
				1m @ 2.24 g/t from 45m
RAF060	1987	BHP Gold Ltd	10m @ 1.77 g/t Au from 19m	1m @ 4.9 g/t au from 20m	6 Boys
WCUB911	1997	Centaur	4m @ 4.22 g/t Au from 12m		Federal
		Mining			West
RAF027	1987	BHP Gold Ltd	3m @ 3.9 g/t au from 49m	1m @ 5.1 g/t Au from 51m	6 Boys
			12m @ 1.23 g/t Au from 66m	1m @ 5.8 g/t au from 72m
RAF016	1987	BHP Gold Ltd	17m @ 0.85 g/t Au from 36m	1m @ 3.82 g/t au from 47m	6 Boys
RAF012	1987	BHP Gold Ltd	3m @ 2.05 g/t Au from 7m	1m @ 4.56 g/t from 7m	6 Boys
			21m @ 0.55 g/t Au from 29m
RAF010	1987	BHP Gold Ltd	10m @ 1.06 g/t Au from 11m	1m @ 2.47 g/t Au from 19m	6 Boys
			1m @ 3.39 g/t au from 32m
BAR038	1988	BHP Gold Ltd	12m @ 0.88 g/t Au from 24m		Porphyry
RAF023	1987	BHP Gold Ltd	14m @ 0.72 g/t Au from 36m	2m @ 2.6 g/t au from 20m	6 Boys
ALOH023	1984	Samantha	11m @ 0.55 g/t au from 23m		6 Boys
		Expl. NL	18m @ 0.56 g/t Au from 39m
RAF063	1987	BHP Gold Ltd	6m @ 1.67 g/t Au from 49m	1m @ 5.8 g/t Au from 50m	6 Boys
BAR007	1988	BHP Gold Ltd	2m @ 4.4 g/t Au from 12m		Porphyry
ALOH026	1984	Samantha	15m @ 0.52 g/t au from 33m		6 Boys
		Expl. NL

Table 1: Significant Historical Drilling Intercepts (Appendix for full table)

Figure 2 – Commando Gold Project Tenements Showing Limited Shallow Historical

Figure 3: Location of Significant Anomalies for Follow up – see figure 4 for more detail at Six Boys

Figure 4: Detailed inset of drilling results at Six Boys

Surface Geochemistry

A collation of available surface geochemistry by previous explorers (Figure 4) shows a number of untested gold in soil anomalies that have yet to be followed up by drilling. Weak anomalism is also noted in the south western corner of the Federal West Block that also warrants further investigation, particularly given the widespread drainage sheet wash.

Recent soil sampling around Federal West's anomalous drillhole WCUB911 (4m @ 4.2 g/t Au from 12m) by the tenement vendors will be submitted for analysis as soon as possible.

Figure 5: Gold Soil Geochemistry responses (unlevelled) overlain on GSWA 100,000 Geology

Project Geology

The Bardoc Tectonic Zone (BTZ) immediately to the West acts as a feeder conduit for gold mineralisation. Deposits are associated with 1st order regional shear zones & are commonly cited on 2nd or 3rd order faults that splay of these 1st order structures. This area of the project hosts a large number of historical shallow gold workings, with mineralisation generally associated with quartz veining within shear zones of varying orientations ranging from E to NE, N to NW (parallel to the greenstone – granite contact) and E–W.

The BTZ is a major, gold-fertile, crustal-scale structure that transects the Kalgoorlie Terrane of the Eastern Goldfields. The regional shear/fault system strikes from Paddington in the south to northwest of Menzies and extends over an approximate 125km strike length.

The BTZ typically dips moderately to the west, hosting the Paddington, Goongarrie, Comet Vale, Yunndaga, Menzies, Lady Irene and Lady Isobel

Figure 6: Regional Geology

historic gold mining centres. To the south, the BTZ is contiguous with the Boulder-Lefroy Fault, the host to the Kalgoorlie Golden Mile, New Celebration and St Ives gold mining centres and is considered to be part of a single gold-fertile crustal structural system stretching from St Ives in the south to Menzies in the north.

The Project is proximal to excellent infrastructure linked by a sealed highway with historic gold workings present in the project area and high-grade drill intersections close to existing processing facilities. Potential for mill feed with close proximity to several gold processing plants.

Figure 7 – Project Area Architecture and Geophysical Signature Aeromagnetic Data

Deal Terms

In addition to the option payment as set out on page 2 above, the deal includes a commitment to spend $150,000 during the option period on exploration. Pursuit will then have the right to exercise its option to acquire the right title and interest in the Commando leases as follows:

• 1. If the Company elects to secure 100% ownership interest in the project, the Company will issue $375,000 through the issue of Pursuit Shares at $0.028 each (being ~13.3m shares) and paid within 14 days of election; or
• 1. If the Company elects to only secure a 45% ownership interest in the project, the Company will issue $175,000 through the issue of Pursuit Shares at $0.028 each (being ~6.2m shares) and paid within 14 days of election.

All shares issued will be subject to a 3 month escrow.

Performance Rights

The Board has resolved to issue 60,000,000 Performance Rights to Management under the terms and conditions of the Pursuit Minerals Employee Share Option Plan. The Performance Rights are proposed to be awarded to staff and directors as a component of compensation package partly in lieu of a portion of cash salary in order to manage cash costs to the Company and so there is a component of at risk compensation.

The Performance Rights expire on or before 30 June 2025 and are divided into 3 equal tranches. Each tranche will vest following the Company's share price reaching 4, 5, and 6 cents respectively over 20 consecutive trading days so long as the party is contracted to the Company upon vesting.

	Performance	Shareholder
Performance Shares	Rights	approval
Peter Wall	15,000,000	Yes
Mark Freeman	20,000,000	Yes
Bob Affleck	15,000,000	Yes
Mathew Perrot	7,000,000	No
Ian Lowrie	2,500,000	No
Jerianne Verhille	500,000	No
Total	60,000,000

This release was approved by the Board.

For more information about Pursuit Minerals and its projects, contact:

Mark Freeman Mathew Perrot CEO Exploration Manager E: markf@pursuitminerals.com.au E: mathewp@pursuitminerals.com.au T:+ 61 412 692 146 T:+ 61 411 406 810

Competent Person's Statement

Statements contained in this announcement relating to exploration results, are based on, and fairly represents, information and supporting documentation prepared by Mr. Mathew Perrot, who is a Registered Practicing Geologist Member No 10167 and a member of the Australian Institute of Geoscientists, Member No 2804. Mr. Perrot is a full-time employee the Company, as the Company's Exploration Manager and has sufficient relevant experience in relation to the mineralisation style being reported on to qualify as a Competent Person for reporting exploration results, as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Perrot consents to the use of this information in this announcement in the form and context in which it appears and holds shares in the company.

Forward Looking Statements

Disclaimer: Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company's prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

APPENDIX ONE

Gold price, April 1996 to October 2001

(Source https://www.gold.org/goldhub/data/gold-prices)

APPENDIX TWO

Hole_ID	Easting	Northing	RL	Dip	Azimuth	Drill type	Hole Depth	Year	Company	Assay Method	Interval	including	WamexReport	Prospect
H006	342899.03	6629473.505	396	-60	45	RC	70	2006	William andMiles(Prospectors)	AquaRegia_FireAssay	10m @ 4.15 g/t Au from 41m	2m @ 14.6 g/t Au from 41m	A072456	Sunday Eve
ALOH024	343378.727	6628891.599	370	-60	148	RAB	67	1984	SamanthaExpl. NL	Aqua Regia AAS	8m @ 4.78 g/t Au from 3m4m @ 0.7 g/t Au from 15m17m @ 1.16 g/t au from 27m	3m @ 11.4 g/t Au from 3m1m @ 3.77 g/t au from 28m1m @ 3.52 g/t Au from 32m	A021725	6 Boys
RAF020	343439.909	6628871.718	370	-60	328	RC	72	1987	BHP Gold Ltd	Fire Assay	24m @ 1.46 g/t Au from 10m	2m @ 4.4 g/t Au from 24m	A021667	6 Boys
BAR017	343411.999	6628863.877	370	-60	90	RAB	24	1988	BHP Gold Ltd	Fire Assay	4m @ 8.11 g/t Au from 18m	2m @ 15.1 g/t from 18m	A028102	Porhyry
RAF021	343402.319	6628854.126	370	-60	328	RC	98	1987	BHP Gold Ltd	Fire Assay	22m @ 1.19 g/t Au from 68m	2m @ 3.3 g/t Au from 70m	A021667	6 Boys
7BSRC006	343369.641	6628865.359	370	-60	150	RC	50	2008	KalgoorlieBoulderResources	Fire Assay	11m @2.1 g/t from 7m1m @ 4.29 g/t from 25m	1m @ 3.21 g/t Au from 121m @ 7.25 g/t Au from 15	A078001	6 Boys
RAF062	343402.826	6628928.682	370	-60	148	RAB	52	1987	BHP Gold Ltd		22m @ 1.03 g/t Au from 30m toEOH	1m @ 2.4 g/t Au from 51mEOH	A021667	6 Boys
96SBAR21	343423.775	6628671.486	370	-60	360		78			Fire Assay	18m @ 1.24 g/t from 60m toEOH	3m @ 3.8 g/t from 75 to EOH	A072456	6 Boys
RAF017	343411.999	6628863.877	370	-60	313	RAB	59	1987	BHP Gold Ltd	Fire Assay	20m @ 1.02 g/t Au from 38m	1m @ 5.1 g/t au from 50m1m @ 3.4 g/t Au from 56m	A021667	6 Boys
RAF014	343367.748	6628876.168	370	-60	158	RAB	58	1987	BHP Gold Ltd	Fire Assay	20m @ 0.9 g/t Au from 27m	1m @ 2.45 g/t Au from 40m1m @ 2.24 g/t from 45m	A021667	6 Boys
RAF060	343392.757	6628904.09	370	-60	143	RAB	62	1987	BHP Gold Ltd	Fire Assay	10m @ 1.77 g/t Au from 19m	1m @ 4.9 g/t au from 20m	A021667	6 Boys
WCUB911	341856.965	6637157.479	370	-90	0	RAB	46	1997	CentaurMining	Aqua Regia	4m @ 4.22 g/t Au from 12m		A052854	FederalWest
RAF027	343275.269	6628824.005	370	-60	338	RAB	79	1987	BHP Gold Ltd	Fire Assay	3m @ 3.9 g/t au from 49m12m @ 1.23 g/t Au from 66m	1m @ 5.1 g/t Au from 51m1m @ 5.8 g/t au from 72m	A021667	6 Boys
RAF016	343256.897	6628864.768	370	-60	148	RAB	60	1987	BHP Gold Ltd	Fire Assay	17m @ 0.85 g/t Au from 36m	1m @ 3.82 g/t au from 47m	A021667	6 Boys
RAF012	343386.047	6628887.689	370	-60	143	RAB	50	1987	BHP Gold Ltd	Fire Assay	3m @ 2.05 g/t Au from 7m21m @ 0.55 g/t Au from 29m	1m @ 4.56 g/t from 7m	A021667	6 Boys
RAF010	343430.588	6628886.539	370	-60	133	RAB	68	1987	BHP Gold Ltd	Fire Assay	10m @ 1.06 g/t Au from 11m1m @ 3.39 g/t au from 32m	1m @ 2.47 g/t Au from 19m	A021667	6 Boys
BAR038	342545.929	6630421.415	370	-60	90	RAB	56	1988	BHP Gold Ltd	Fire Assay	12m @ 0.88 g/t Au from 24m		A028102	Porhyry
RAF023	343315.609	6628837.246	370	-60	328	RC		1987	BHP Gold Ltd	Fire Assay	14m @ 0.72 g/t Au from 36m	2m @ 2.6 g/t au from 20m	A021667	6 Boys
ALOH023	343422.357	6628899.6	370	-60	148	RAB	62	1984	SamanthaExpl. NL	Aqua Regia AAS	11m @ 0.55 g/t au from 23m18m @ 0.56 g/t Au from 39m		A021725	6 Boys
RAF063	343353.038	6628870.548	370	-60	148	RAB	58	1987	BHP Gold Ltd	Fire Assay	6m @ 1.67 g/t Au from 49m	1m @ 5.8 g/t Au from 50m	A021667	6 Boys
BAR007	342496.633	6629407.411	370	-60	90	RAB	24	1988	BHP Gold Ltd	Fire Assay	2m @ 4.4 g/t Au from 12m		A028102	Porhyry
ALOH026	343298.048	6628865.128	370	-60	148	RAB	66	1984	SamanthaExpl. NL	Aqua Regia AAS	15m @ 0.52 g/t au from 33m		A021725	6 Boys

JORC TABLE ONE

1. JORC Code, 2012 Edition – Table 1 report template

1.1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensuresample representivity and the appropriate calibrationof any measurement tools or systemsused.•Aspects of the determination of mineralisation that are	•All Historical drilling carried out, either RAB or RC was to generate 1m samples of dustand rock chips for sampling•7BSRC series holes used a rig mounted splitter to produce 1m samples•96SBAR series holes do not have any information available regarding sample collection•ALOH series holes used riffle splitter on RAB holes to produce 1m samples•BAR series holes used spears to composite 2 m samples from sample piles•H series holes were resampled by Kalgoorlie Boulder Resources Limited 2006, unclearon what sampling method utilised•RAF series holes composited over 4m from 1m samples. Sample collection methodused is unknown
	Material to the Public Report.
	•In cases where 'industry standard' work has beendone this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure ofdetailed information.
Drillingtechniques	•Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or other type,	•7BSRC series –used RC drilling contractors Andrews Drilling•96SBAR21 series RC drilling samples•ALOH series Open Hole (RAB) using a Warman Investigator Rig with 4 ½ inch RABHammer

Criteria	JORC Code explanation	Commentary
	whether core is oriented and if so, by what method,etc).	•BAR series RAB drilling using a Edson Rig•H series-unknown•RAF01-19, RAF24-72 RAB drilling using a Warman 600 Universal Rig•RAF24-72 RC drilling Edson 3000 Rig•WCUB series –RAB holes unknown rig details•
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery and	•7BSRC series•96SBAR21 series•ALOH series•BAR series
	ensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	•H series•RAF series•WCUB series•Unknown regarding measures taken to maximise sample recovery•It is unclear if there is any relationship between sample recovery grade or if abias has occurred
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.•Whether logging is qualitative or quantitative in nature.	•All Drilling has been logged in various company logging codes either electronically ormore typically on paper logs•Logging is qualitative•All holes were logged
	Core (or costean, channel, etc) photography.•The total length and percentage of the relevantintersections logged.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, halfor all core taken.•If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry.•For all sample types, the nature, quality and	•7BSRC series –splitter sampling•96SBAR21 series -unknown•ALOH series –riffle splitter sampling•BAR series –spear sampling•H series -unknown•RAF series –splitter sampling

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 | info@pursuitminerals.com.au | www.pursuitminerals.com

Criteria	JORC Code explanation	Commentary
	appropriateness of the sample preparation technique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	•WCUB series –cone sampling•Unknown sample preparation techniques –not recorded
	•Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.
	•Whether sample sizes are appropriate to the grainsize of the material being sampled.
Quality ofassay dataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e. lack of bias) and precision have been established.	•7BSRC series –used fire assay to produce a total gold content assay•96SBAR21 series –used fire assay to produce a total gold content assay•ALOH series –aqua regia withAAS finish to produce a near total gold content assay•BAR series –used fire assay to produce a total gold content assay•H series –used fire assay to produce a total gold content assay•RAF series –used fire assay to produce a total gold content assay•WCUB series –aqua regia with AAS finish to produce a near total gold content assay•QAQC procedures only recorded for 7BSRC series of holes
Verificationof samplingandassaying	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentation of primary data, data entryprocedures, data verification, data storage (physicaland electronic) protocols.	•Unknown –not recorded

Criteria	JORC Code explanation	Commentary
	•Discuss any adjustment to assay data.
Location ofdata points	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•7BSRC series –GPS ± 3m•96SBAR21 series –GPS ± 3m•ALOH series –surveyed grid unknown accuracy•BAR series –surveyed grid unknown accuracy•H series –GPS ± 3m•RAF series –surveyed grid unknown accuracy•WCUB series –surveyed grid unknown accuracy•The land is relatively flat lying and is not considered material to collar elevation
Data spacing	•Data spacing for reporting of Exploration Results.	•All hole were drilled on varying data distribution
anddistribution	•Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.	•Sample intervals reported are on individual sample basis –either 6, 4, 2 or 1m intervalsas originally reported in historical Wamex reports
	•Whether sample compositing has been applied.
Orientationof data inrelation togeological	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.	•Unknown –not recorded
structure	•If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•Unknown –not recorded
Samplesecurity	•The measures taken to ensure sample security.	•Unknown –not recorded
Audits orreviews	•The results of any audits or reviews of samplingtechniques and data.	•Unknown –not recorded

1.2 Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenementand landtenure status	•Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites,wilderness or national park and environmental settings.	•The Commando project consists of 11 granted tenements, E 24/199, M24/282, M 24/485, M24/503, M 24/641, P 24/4958, P 24/4960, P24/4961, P 24/4967, P 24/5192 all are in good standing
	•The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.
Explorationdone byother parties	•Acknowledgment and appraisal of exploration by otherparties.	•7BSRC series Kalgoorlie Boulder Resources 2006 see Wamex Reporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A78001•96SBAR21 series –unknown data captured by Kalgoorlie BoulderResources 2006 see Wamex Reporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A72456•ALOH series Samantha Exploration NL 1984 see Wamex Reporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A21725•BAR series BHP Minerals Exploration 1989 see Wamex Reporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A28102•H series –unknown data captured by Kalgoorlie Boulder Resources2006 see Wamex Reporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A72456•RAF series BHP Minerals Exploration 1987 see Wamex Reporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A21667•WCUB series Centaur Mining and Exploration Limited 1997 see WamexReporthttps://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A52

Criteria	JORC Code explanation	Commentary
		854
Geology	•Deposit type, geological setting and style ofmineralisation.	•The deposit style is orogenic lode gold typical of the Kalgoorlieregion
Drill holeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:	•Information presented in the table of significant intercepts andrecorded in open file Wamex reports referred to above. Drillholedetails for significant intersections quoted in release can befound in Table 1 of the release.
	easting and northing of the drill hole collaro
	elevation or RL (Reduced Level –elevation aboveosea level in metres) of the drill hole collar
	dip and azimuth of the holeo
	down hole length and interception deptho
	hole length.o
	•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearly explainwhy this is the case.
Dataaggregationmethods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	•All intercepts are calculated on intercepts of greater than 0.5 g/tAu with up to 2 m of internal dilution•No top cuts have been applied•No metal equivalents have been used
	•Where aggregate intercepts incorporate short lengths ofhigh-grade results and longer lengths of low-graderesults, the procedure used for such aggregation shouldbe stated and some typical examples of such

Criteria	JORC Code explanation	Commentary
	aggregations should be shown in detail.
	•The assumptions used for any reporting of metalequivalent values should be clearly stated.
Relationshipbetween	•These relationships are particularly important in thereporting of Exploration Results.	•Only downhole widths are reported at this early stage ofexploration
mineralisation widths andintercept	•If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.	•True widths of mineralisation are not known at this stage
lengths	•If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(e.g. 'down hole length, true width not known').
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•Refer to figures in the body of text.
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	•All assay results are reported in Wamex reports
Othersubstantiveexplorationdata	•Other explorationdata, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples –size andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	•All exploration data at the prospect has previously been reported

Criteria	JORC Code explanation	Commentary
Further work	•The nature and scale of planned further work (e.g. tests	•Resample old drill holes to confirm mineralisation
	for lateral extensions or depth extensions or large-scalestep-out drilling).	•Design Auger program to test and define drill targets
	•Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretations	•Design RAB / AC program to test geochemical targets and tofollow up on isolated anomalous drilling
	and future drilling areas, provided this information is notcommercially sensitive.	•Design RC program to test known mineralisation extensions