PURSUIT MINERALS LTD - Capital/Financing Update 2021

4 October 2021

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ASX RELEASE
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Exploration Drilling Update at Phil’s Hill

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

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ASX Code PUR
Shares 937,013,916
Options
10c exp 31/10/21 76,166,073
4.9c exp 6/11/21 2,000,000
0.7c exp 18/9/23 36,000,000
Perfor Rights 7,500,000
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Listed PUROA ** 3,000,000 subject to shareholder approval

Pursuit Minerals Limited (ASX:PUR) (“Pursuit” or the “Company”) is pleased to advise two additional diamond drill holes have been completed and logged at the Company’s 100% owned Phil’s Hill Prospect, which lies 26km south of Caravel Minerals’ Caravel Cu Project.

The Maiden Diamond drilling program at the Phils Hill project has intersected massive and disseminated sulphides:
A 2.01m zone of massive sulphide mineralisation in hole 21WDD0004, (redrill of 21WDD0001, plate 20a) at predicted conductor depth
Chalcopyrite ( copper sulphide ) noted over 2.69m in 21WDD0004 above and within massive sulphide mineralisation
Minor pentlandite ( nickel sulphide ) noted at 167.06m in 21WDD0004
Multiple narrow (0.2-0.7m) massive sulphide bands in 21WDD0003 (redrill of 21WDD0002, plate 10a) at predicted conductor depth
Samples from 21WDD0003 & 21WDD0004 submitted for assay
Chalcopyrite and pentlandite in massive and disseminated zones at predicted plate positions is very encouraging

Combatant soil sampling

Soil sampling completed, 869 samples collected

Next Steps:

Expedite assays on 21WDD0003 and 21WDD0004
Assays results will be announced as they become available
Drill diamond holes on plates 17a and 06a
Complete Downhole EM on all holes
Plan follow-up auger geochemistry at Phil’s Hill
Plan geochemical & geophysical surveys at Ablett Prospect

Pursuit Managing Director, Mark Freeman, said:

“Drilling of the revised EM conductor positions has proven to be very successful with significant massive, stringer and disseminated sulphides discovered in these new drill holes. The presence of visible chalcopyrite and pentlandite is very encouraging and we eagerly await assays from 21WDD0003 and 21WDD0004 and analysis of the remaining diamond holes.”

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Figure 1: Drill Core from 21WDD0004 showing massive sulphide bands (red brackets)

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Figure 2 – Phil’s Hill Diamond Drill holes and surface geochemistry

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Warrior Project (100%)

Pursuit Minerals Ltd (“ Pursuit ” or the “ Company ”) (ASX:PUR) is pleased to announce significant progress at the Phil’s Hill diamond drilling program with the completion of two additional drill holes (Figure 2).

Hole 21WDD0004 Plate 20a - (redrill of Hole 21WDD0001)

This redrill of 21WDD0001 at Plate 20a (Figure 2, Table 1) was designed to target the revised EM conductor plate location following DHEM surveying of 21WDD0001. The 198.4m hole intersected a package of folded and foliated mafic and felsic gneiss, with numerous pegmatitic intrusive dykes. Of note are two intervals of massive sulphide mineralisation (Figure 1) including 2.01m from 129.50m downhole (Figure 4) and 0.45m from 132.5m at the predicted plate depth.

The brecciated massive sulphide (Figure 4) has intruded the gneiss package, bounded by two mineralised pegmatite intrusives in interbedded Banded Iron Formation (BIF), felsic and mafic gneiss. Noted sulphide mineralisation consists of pyrrhotite, pyrite, and subordinate chalcopyrite as disseminations, stringers and several massive zones with magnetite-biotite alteration. Pentlandite is also noted in a 12cm zone at 167.06m.

Massive sulphide intersections noted are:

0.3m from 104m pyrrhotite-pyrite-chalcopyrite
0.22m from 125.68m pyrrhotite-pyrite-chalcopyrite
0.25m from 126.95m pyrrhotite-pyrite
2.01m from 129.53m pyrrhotite-pyrite-chalcopyrite
0.45m from 132.5m pyrrhotite-pyrite
0.27m from 133.73 pyrrhotite-pyrite-chalcopyrite
0.15m from 135.01m pyrrhotite-pyrite-chalcopyrite
0.12m from 167.06m pentlandite pyrrhotite-pyrite-chalcopyrite

Seventy six samples from 21WDD0004 have been submitted for analysis to ALS Laboratories Perth.

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Figure 3: Felsic pegmatite intrusive 21WDD0004 - brecciation with pyrrhotite-pyrite-chalcopyritemagnetite mineralisation as matrix at 123.7m

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Figure 4: Massive sulphides 21WDD0004 130.5m downhole, pyrrhotite with smaller "shinier" pyrite and chalcopyrite (greenish)

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Figure 5: Schematic Cross section through plate 20a showing sulphide zones and geological domains

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Hole 21WDD0003 Plate 10a (redrill of Hole 21WDD0002)

The Company also completed a hole beneath 21WDD0002 (Figure 2, 6, Table 1) at the revised EM conductor plate location at the largest and highest intensity EM Plate 10a. The hole was drilled to 198.8m and, like 21WDD0002, intersected a package of folded and foliated mafic and felsic gneiss, though with significantly more pegmatitic intrusive dykes (Figure 6). Sulphide mineralisation is noted around these dyke margins, particularly well-developed where the pegmatite is in contact with mafic gneiss. Sulphide species noted were pyrrhotite-pyrite and minor chalcopyrite . Massive sulphide intersections noted are detailed below:

0.37m from 106.2m pyrrhotite-pyrite
0.09m from 129.12m pyrrhotite-pyrite
0.14m from 129.34m pyrrhotite-pyrite-chalcopyrite
0.07m from 129.56m pyrrhotite-pyrite-chalcopyrite
0.18m from 130.76m pyrrhotite-pyrite-chalcopyrite

These zones of massive sulphides encountered may not seem significant, however, a halo of disseminated and stringer sulphide mineralisation also surrounds the massive zones. All mineralised zones have been selectively sampled and dispatched for gold, PGE and multi-element analysis. Fifty-three samples from 21WDD0003 were submitted for analysis to ALS Laboratories Perth.

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Figure 6: Schematic Cross section through strongest conductor plate 10a showing sulphide intervals and geological domains

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Figure 7: Exploration Manager examining fresh drill core at 21WDD0004

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Hole_ID Easting Northing RL Azimuth Dip Hole Depth
MGAzone50 MGAzone50
21WDD0001 463950 6546740 266.5 270 -60 201.8
21WDD0002 464268 6545699 251.6 230 -60 267.4
21WDD0003 464316 6545719 251.6 230 -60 198.8
21WDD0004 463970 6546840 266.5 230 -60 198.4
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Table 1: List of holes drilled, Phil’s Hill

Combatant Project (100%)

As previously announced on 16 September 2021 a contract field sampling crew commenced soil sampling at the Combatant Project (Figure 8) in this under-explored terrain. Sample collection has now finished and 869 samples have been transported to Perth for pXRF analysis and selective assaying. Given current assay laboratory delays, results are not anticipated until late Q4 2021.

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Figure 8: Soil sampling areas (orange), zones for field assessment (red) and areas requiring air core drilling (yellow)

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

Mark Freeman Mathew Perrot Managing Director Exploration Manager E: [email protected] E: [email protected] T:+ 61 412 692 146 T:+ 61 411 406 810

www.pursuitminerals.com.au

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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. Mr Perrot owns shares on the company.

Forward looking statements

Statements relating to the estimated or expected future production, operating results, cash flows and costs and financial condition of Pursuit Minerals Limited’s planned work at the Company's projects and the expected results of such work are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, forecasts, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfil projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.

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1. JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

1.1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Criteria JORC Code explanation Commentary
Sampling  Nature and quality of sampling (e.g. cut channels, random  Diamond drilling is carried out to produce HQ and NQ core
techniques chips, or specific specialised industry standard  Sampling over selected intervals as determined by the
measurement tools appropriate to the minerals under geologist and cut using a core saw with half the material
investigation, such as down hole gamma sondes, or submitted to the laboratory and half retained for further study.
handheld XRF instruments, etc). These examples should not In cases where duplicate samples are required the half-core
be taken as limiting the broad meaning of sampling. sample is cut into quarter-core and submitted for assay
 Include reference to measures taken to ensure sample  Samples are bagged into numbered calico sacks and these are
representivity and the appropriate calibration of any placed into plastic bags, sealed and labelled for transport
measurement tools or systems used.
 Aspects of the determination of mineralisation that are
Material to the Public Report.
 In cases where ‘industry standard’ work has been done this
would be relatively simple (e.g. ‘reverse circulation drilling
was used to obtain 1 m samples from which 3 kg was
pulverised to produce a 30 g charge for fire assay’). In
other cases more explanation may be required, such as
where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(e.g. submarine nodules) may warrant disclosure of
detailed information.
Drilling  Drill type (e.g. core, reverse circulation, open-hole hammer,  Diamond drilling was undertaken by a Mount Magnet Drilling
techniques rotary air blast, auger, Bangka, sonic, etc) and details (e.g. using a D800 drill rig.
core diameter, triple or standard tube, depth of diamond  Drilling started from surface using HQ core until competent
tails, face-sampling bit or other type, whether core is ground was reached where drilling changed to NQ.
oriented and if so, by what method, etc).
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T + 61 8 6500 3271 | [email protected] | www.pursuitminerals.com.au

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Criteria	JORC Code explanation	Commentary
*Drill sample* *recovery*	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	 Drill core was oriented, metre marked and geotechnically logged including recoveries  Recoveries were lower in the weathered zones of the holes and improved to 100% once competent ground was encountered  It is unclear if there is any relationship exists between lost material and grade
*Logging*	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 Logging has followed Company standards and is qualitative in nature. The level of logging is appropriate for exploration and initial resource estimation evaluation.  All core is photographed after all geological and geotechnical logging is completed and the holes marked up for sampling.  The entire hole is logged as per Company procedures.
*Sub-sampling*	 If core, whether cut or sawn and whether quarter, half or	 After logging and selection of sample intervals by the geologist,
*techniques*	all core taken.	the marked core is cut in half using a diamond saw.
*and sample*	 If non-core, whether riffled, tube sampled, rotary split, etc	 Half core sampling is regarded as appropriate sampling
*preparation*	and whether sampled wet or dry.	technique although duplicate samples are quarter cored.
	 For all sample types, the nature, quality and	Samples are selected for analysis based on geological logging
	appropriateness of the sample preparation technique.	and supported by pXRF readings taken on the core by the
	 Quality control procedures adopted for all sub-sampling	geologist.
	stages to maximise representivity of samples.	 Experienced samplers are utilised to ensure samples were
	 Measures taken to ensure that the sampling is	restricted to the interval with all material to be sent to the
	representative of the in situ material collected, including	laboratory being collected and all retained material being
	for instance results for field duplicate/second-half	replaced into trays.
	sampling.	 Known standards and field duplicates have been collected to
	 Whether sample sizes are appropriate to the grain size of	ensure the accuracy of the laboratory
	the material being sampled.	 Sufficient material has been collected for the relatively fine-
		grained gneiss sampled.

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Criteria JORC Code explanation Commentary
Quality of  The nature, quality and appropriateness of the assaying  Samples were submitted to ALS Laboratories in Perth WA.
assay data and and laboratory procedures used and whether the technique Samples were crushed and pulverised to 85% passing <75um.
laboratory is considered partial or total. Samples were analysed for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce,
tests  For geophysical tools, spectrometers, handheld XRF Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Mo, Na,Nb, Ni, P, Pb, Rb,
instruments, etc, the parameters used in determining the Re, S, Sb, Sc, Se, Sn, Sr, Ta,Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr, Dy,
analysis including instrument make and model, reading Er, Eu, Gd, Ho, Lu, Nd, Pr, Sm, Tb, Tm, Yb, with four acid digest
times, calibrations factors applied and their derivation, etc. ME-MS61 with gold analysed by fire assay Au-ICP21 (fire assay
 Nature of quality control procedures adopted (e.g. 30g). Results are considered to be near total.
standards, blanks, duplicates, external laboratory checks)  pXRF results are collected using a Vanta VMR handheld unit
and whether acceptable levels of accuracy (i.e. lack of bias) manufactured by Olympus. The unit operates in Geochem
and precision have been established. mode and captures 3 beams of data, initial test work with
known standards have indicated that 30 seconds per beam
produces consistent results with the standards and has been
set for all readings taken onsite.
 QAQC protocols are in place that insert industry prepared
standards from OREAS that are matrix matched and includes
low, medium and high-level known values for Ci, Ni and
precious metals. Blanks and field duplicates (quarter core) are
also inserted into the sample string.
 All batches, assay or pXRF have a QAQC report prepared and
sent to the logging geologist to confirm that the results are
within acceptable parameters before the batch is loaded into
the database.
 The standards being used indicate that the batches received to
date are within tolerances and the results are appropriate for
exploration and initial resource estimation evaluation.
Verification of  The verification of significant intersections by either  The results are loaded and verified by the Company’s database
sampling and independent or alternative company personnel. administrator before being reviewed and validated by the
assaying  The use of twinned holes. Company’s Competent Person.
 Documentation of primary data, data entry procedures,  No twinned holes have been drilled
data verification, data storage (physical and electronic)  Data is collected directly onto computers or tablets in the field
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Criteria JORC Code explanation Commentary
protocols. before being sent to the database administrator for loading.
 Discuss any adjustment to assay data. The database administrator uses validation protocols to ensure
that the data loaded is correct.
 No corrections or adjustments have been made to assay data.
Location of  Accuracy and quality of surveys used to locate drill holes  Drill holes were located using a hand-held GPS with accuracy of
data points (collar and down-hole surveys), trenches, mine workings ~4m.
and other locations used in Mineral Resource estimation.  Data location is recorded in WGS84-UTM Zone 50 south.
 Specification of the grid system used.
 Quality and adequacy of topographic control.
Data spacing  Data spacing for reporting of Exploration Results.  Drilling is not located on any particular grid at this time and is
and  Whether the data spacing and distribution is sufficient to designed to test the centre of geophysical anomalies.
distribution establish the degree of geological and grade continuity  There is insufficient drilling to utilise for a mineral resource at
appropriate for the Mineral Resource and Ore Reserve this point in time.
estimation procedure(s) and classifications applied.
 Whether sample compositing has been applied.
Orientation of  Whether the orientation of sampling achieves unbiased  Drilling is oriented perpendicular to modelled EM plate targets.
data in sampling of possible structures and the extent to which this  No sufficient information available to determine if there is a
relation to is known, considering the deposit type. relationship between drilling orientation and mineralisation.
geological  If the relationship between the drilling orientation and the
structure orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
Sample  The measures taken to ensure sample security.  Samples were taken from site directly to the laboratory by an
security employee/consultant of the Company.
Audits or  The results of any audits or reviews of sampling techniques  No Audits have been undertaken.
reviews and data.
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1.2 Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
*Mineral* *tenement and* *land tenure* *status*  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. 	Drilling is on E 70/5379 which is held by Pursuit Exploration Pty Ltd a 100% subsidiary of Pursuit Minerals Ltd and is in good standing.
*Exploration* *done by other* *parties*  Acknowledgment and appraisal of exploration by other parties.     	June, 1997, Kevron completed a MAG/RAD/DEM survey for Stockdale Prospecting Ltd. The survey was acquired with line spacing of 250 m, line orientation of 000/180° and a mean terrain clearance of 60 m. (MAGIX ID - 1164). June 2003, UTS Geophysics completed a MAG/RAD/DEM survey for Geoscience Australia. The survey was acquired with line spacing of 400 m, line orientation of 000/180° and a mean terrain clearance of 60 m. November, 2010, Fugro Airborne Surveys completed a MAG/RAD/DEM survey for Brendon Bradley. The survey was acquired with line spacing of 50 m, line orientation of 090/270° and a mean terrain clearance of 35 m. (MAGIX ID - 3288) Dominion Mining Limited undertook auger sampling on the project in 2010. The results of this work are summarised in the ASX announcement. Further details can be obtained by accessing WAMEX Report a86032 at: https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&l ayerTheme Kingsgate Consolidated Limited undertook aircore drilling within the area of Calingiri East Tenement Application in 2011.

Criteria
JORC Code explanation
Commentary

Mineral
tenement and
land tenure
status
 Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.
 The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to
operate in the area.


Drilling is on E 70/5379 which is held by Pursuit Exploration Pty
Ltd a 100% subsidiary of Pursuit Minerals Ltd and is in good
standing.

Exploration
done by other
parties
 Acknowledgment and appraisal of exploration by other
parties.






June, 1997, Kevron completed a MAG/RAD/DEM survey for
Stockdale Prospecting Ltd. The survey was acquired with line
spacing of 250 m, line orientation of 000/180° and a mean
terrain clearance of 60 m. (MAGIX ID - 1164).
June 2003, UTS Geophysics completed a MAG/RAD/DEM
survey for Geoscience Australia. The survey was acquired with
line spacing of 400 m, line orientation of 000/180° and a mean
terrain clearance of 60 m.
November, 2010, Fugro Airborne Surveys completed a
MAG/RAD/DEM survey for Brendon Bradley. The survey was
acquired with line spacing of 50 m, line orientation of 090/270°
and a mean terrain clearance of 35 m. (MAGIX ID - 3288)
Dominion Mining Limited undertook auger sampling on the
project in 2010. The results of this work are summarised in the
ASX announcement. Further details can be obtained by
accessing WAMEX Report a86032 at:
https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&l
ayerTheme
Kingsgate Consolidated Limited undertook aircore drilling
within the area of Calingiri East Tenement Application in 2011.

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Criteria JORC Code explanation Commentary
The results of this work are summarised in the ASX
announcement. Further details can be obtained by accessing
WAMEX Report a89716 at:
https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&l
ayerTheme.
 Poseidon N.L. undertook auger soil sampling and rock chip
sampling within the area of Bindi Bindi Tenement Application
in 1968. The results of this work are summarised in the ASX
announcement. Further details can be obtained by accessing
WAMEX Report a7292 at:
https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&l
ayerTheme.
 Washington Resources Limited undertook rock chip sampling
within the area of Bindi Bindi Tenement Application in 2008.
The results of this work are summarised in the ASX
announcement. Further details can be obtained by accessing
WAMEX Report a82005 at:
https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&l
ayerTheme.
 Magnetic Resources Limited undertook aircore and RC drilling
within the area of Wubin Exploration Licence in 2010. The
results of this work are summarised in the ASX announcement.
Further details can be obtained by accessing WAMEX Reports
a91440 and a84500 at:
https://geoview.dmp.wa.gov.au/geoview/?Viewer=GeoVIEW&l
ayerTheme.
Geology  Deposit type, geological setting and style of mineralisation.  The western margin of the Archean Yilgarn Craton is highly
prospective for Platinum Group Elements (“PGE”) and Nickel
(Ni) – Copper (Cu) mineralisation associated with intrusive
mafic to ultramafic rocks. The discovery of PGE-Ni-Cu
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Criteria	JORC Code explanation	Commentary
		mineralisation at the Julimar Project held by Chalice Gold Mines Limited (see Chalice Gold Mines ASX Announcement 23 March 2020), is the first significant PGE-Ni-Cu discovery in the region which previously only had early-stage indications of mineralisation (Yarawindah, Bindi-Bindi). Increasingly it is becoming apparent that prospective ultramafic-mafic intrusions are far more widespread than previously thought throughout the western margin of the Yilgarn Craton. The project area is located within the >3Ga age Western Gneiss Terrane of the Archean Yilgarn Block, which comprises a strongly deformed belt of gneisses, schists, quartzites, Banded Iron Formation, intruded by mafic to ultramafic rocks. The terrane is up to 70km wide, and possibly wider, and is bounded to the west of the Darling Fault and younger Archean rocks to the east. The general geological strike in northwest. The bedrock Archean metasedimentary gneisses, migmatites and intrusive mafic and ultramafic rocks occur in structurally complex settings. Dolerite dykes of Proterozoic age are widespread. Outcrops are rare and the basement geology is largely obscured by lateritic ironstones and deep saprolitic weathering.
*Drill hole*	 A summary of all information material to the understanding	 See table of drilling in body of text
*Information*	of the exploration results including a tabulation of the	 No assay results are reported at this stage
	following information for all Material drill holes:
	`o` easting and northing of the drill hole collar
	`o` elevation or RL (Reduced Level – elevation above sea level
	in metres) of the drill hole collar
	`o` dip and azimuth of the hole
	`o` down hole length and interception depth
	`o` hole length.
	 If the exclusion of this information isjustified on the basis

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Criteria JORC Code explanation Commentary
that the information is not Material and this exclusion does
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the case.
Data  In reporting Exploration Results, weighting averaging  No assay results are reported at this stage
aggregation techniques, maximum and/or minimum grade truncations
methods (e.g. cutting of high grades) and cut-off grades are usually
Material and should be stated.
 Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should be
shown in detail.
 The assumptions used for any reporting of metal equivalent
values should be clearly stated.
Relationship  These relationships are particularly important in the  No assay results are reported at this stage
between reporting of Exploration Results.
mineralisation  If the geometry of the mineralisation with respect to the drill
widths and hole angle is known, its nature should be reported.
intercept  If it is not known and only the down hole lengths are
lengths reported, 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) and tabulations  Refer to figures in the body of text.
of intercepts should be included for any significant discovery
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate
sectional views.
Balanced  Where comprehensive reporting of all Exploration Results is  No assay results are reported at this stage
reporting not practicable, representative reporting of both low and
high grades and/or widths should be practiced to avoid
misleading reporting of Exploration Results.
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Criteria	JORC Code explanation	Commentary
*Other* *substantive* *exploration* *data*	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 All exploration data at the prospect has previously been reported
*Further work*	 The nature and scale of planned further work (e.g. tests for	 Additional drillholes are planned with DHEM follow up of holes
	lateral extensions or depth extensions or large-scale step-out	drilled to date to ensure conductive bodies have not been
	drilling).	missed.
	 Diagrams clearly highlighting the areas of possible	 Consultant geochemists, petrologists and structural geologists
	extensions, including the main geological interpretations and	will be engaged to review mineralised zones identified by the
	future drilling areas, provided this information is not	Company.
	commercially sensitive.

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AI assistant

PURSUIT MINERALS LTD Capital/Financing Update 2021

65626_rns_2021-10-03_bb46837e-7c4c-4e0e-9c43-e6e7599e1d2d.pdf

Exploration Drilling Update at Phil’s Hill

Directors

Capital Structure

Combatant soil sampling

Next Steps:

Pursuit Managing Director, Mark Freeman, said:

Warrior Project (100%)

Hole 21WDD0004 Plate 20a - (redrill of Hole 21WDD0001)

Hole 21WDD0003 Plate 10a (redrill of Hole 21WDD0002)

Combatant Project (100%)

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

Competent Person’s Statement

Forward looking statements

1. JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

1.1 Section 1 Sampling Techniques and Data

1.2 Section 2 Reporting of Exploration Results

AI assistant

PURSUIT MINERALS LTD — Capital/Financing Update 2021

65626_rns_2021-10-03_bb46837e-7c4c-4e0e-9c43-e6e7599e1d2d.pdf

Exploration Drilling Update at Phil’s Hill

Directors

Capital Structure

Combatant soil sampling

Next Steps:

Pursuit Managing Director, Mark Freeman, said:

Warrior Project (100%)

Hole 21WDD0004 Plate 20a - (redrill of Hole 21WDD0001)

Hole 21WDD0003 Plate 10a (redrill of Hole 21WDD0002)

Combatant Project (100%)

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

Competent Person’s Statement

Forward looking statements

1. JORC CODE, 2012 EDITION – TABLE 1 REPORT TEMPLATE

1.1 Section 1 Sampling Techniques and Data

1.2 Section 2 Reporting of Exploration Results

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PURSUIT MINERALS LTD Capital/Financing Update 2021