RAND MINING LIMITED — Interim / Quarterly Report 2022

Oct 26, 2021

A.B.N. 41 004 669 658

27 October 2021

ASX ANNOUNCEMENT

==> picture [108 x 83] intentionally omitted <==

EKJV Exploration Report September 2021 Quarter

ASX:RND

Rand Mining Ltd ( ASX code: RND ) has pleasure in providing the Quarterly EKJV Exploration Report.

Board of Directors

Mr Otakar Demis Chairman & Joint Company Secretary

Mr Anton Billis Managing Director

Mr Gordon Sklenka Non-Executive Director

Mr Brett Tucker & Mr Roland Berzins Joint Company Secretaries

==> picture [121 x 42] intentionally omitted <==

The EKJV is located 25km west north west of Kalgoorlie and 47km north east of Coolgardie. The EKJV is between Rand (12.25%), Tribune Resources Ltd (36.75%) and Northern Star Resources Ltd (51%).

This report has been released with the approval of the Board of Rand Mining Ltd.

-ENDS-

For further information, please contact: Brett Tucker Joint Company Secretary E: brett.tucker@randmining.com.au Ph: + 61 8 9482 0500

For Media and Broker Enquiries

Peter Klinger Cannings Purple E: pklinger@canningspurple.com.au Ph: + 61 411 251 540

Suite G1, 49 Melville Parade South Perth WA 6151 T: +61 8 9474 2113 | F: +61 8 9367 9386 W: www.randmining.com.au

==> picture [121 x 41] intentionally omitted <==

EAST KUNDANA JOINT VENTURE

==> picture [483 x 196] intentionally omitted <==

2022 Quarterly 1

EKJV Exploration Report

For distribution to JV Partners:

• Evolution Mining Limited

• Tribune Resources Limited

• Rand Mining Limited

==> picture [122 x 40] intentionally omitted <==

CONTENTS

1	EXECUTIVE SUMMARY .................................................................................................................. 3
EXPLORATION ACTIVITY ......................................................................................................................... 4
1.1	Rubicon-Hornet-Pegasus (RT/DT) .............................................................................................. 4
2	EXPLORATION RESULTS ................................................................................................................ 7
2.1	Hornet-Rubicon-Pegasus ............................................................................................................ 7
	2.1.1 Hornet ........................................................................................................................... 7
	2.1.2 Nugget .......................................................................................................................... 8
	2.1.3 Startrek .......................................................................................................................... 9
	2.1.4. Pode / Hera ................................................................................................................ 10
3	Future Work ................................................................................................................................ 13
3.1	In-mine Exploration ................................................................................................................... 13
4	APPENDIX 1 ................................................................................................................................ 14

TABLES AND FIGURES

Table 1: EKJV exploration activity for FY22 Q1. Drilled metres includes incomplete drillholes..... 3 Table 2: Drilling physicals for the in-mine exploration at Hornet-Rubicon-Pegasus project during Q1 FY22. Completed drillholes only. ................................................................................................... 5 Table 3: Summary of significant assays results returned for Hornet drilling during Q1 FY22. ........ 7 Table 4: Summary of significant assays results returned for Nugget drilling during Q1 FY22. ....... 8 Table 5: Summary of significant assays results returned for Startrek during Q1 FY22. ................. 10 Table 6: Summary of significant assays results returned for Pode and Hera during Q1 FY22. ... 11

Figure 1: Long Section view looking East showing map of the drilling areas in the September quarter at EKJV, Mungari Operations ................................................................................................. 3 Figure 2: East-west section of Pegasus Bell drilling undertaken during Q1 FY22. ........................... 6 Figure 3: East-west section of Startrek drilling undertaken during Q1 FY22. ................................... 6 Figure 4: East-west section of Pegasus Bell drilling undertaken during Q1 FY22. ........................... 6 Figure 5: East-west section of Nugget drilling undertaken during Q1 FY22. ................................... 6 Figure 6: East-west section of significant results received for Hornet hanging-wall drilling during Q1 FY22. .................................................................................................................................................. 7 Figure 7: East-west section of significant results received for drilling conducted from Rubicon 5938 SP and Rubicon 5935 SP during Q1 FY22. .................................................................................. 8 Figure 8: East-west section of significant results received for drilling conducted from Rubicon RAW during Q1 FY22. ............................................................................................................................ 9 Figure 9: East-west section of significant results received for Startrek drilling during Q1 FY22. .. 10 Figure 10: East-west section of significant results received for Hera drilling during Q1 FY22. ..... 12 Figure 11:East-west section of significant assays returned for Falcon during Q1 FY22, whilst targeting Hera down-dip extensions. ............................................................................................... 12

EKJV Quarterly Report – FY22 Q1

Page 2

==> picture [122 x 40] intentionally omitted <==

1 EXECUTIVE SUMMARY

Exploration activity in FY22 Q1 across the East Kundana Joint Venture focused on confirming grade continuity on the main mineralised K2 structure below current development at Rubicon and between the declines in the area connecting Rubicon and Pegasus (see Figure 1). Exploration being defined by Drill Targeting or Resource Targeting designations (Table 1).

Drilling continued to define ore body continuity and delineate extensions of mineralisation at Pode and Hera which are each situated in the hangingwall of the K2 structure. Several holes intercepted mineralisation outside the Pode and Hera wireframes keeping open the possibility of modest resource expansion downdip on both structures.

==> picture [467 x 231] intentionally omitted <==

Figure 1: Long Section view looking East showing map of the drilling areas in the September quarter at EKJV, Mungari Operations

Project	Prospect	Tenement	RAB/AC Metres	RAB/AC Samples	RC Metres	RC Samples	DD Metres	DD Samples	ME Samples
EKJV	Hera	M16/309					928	433
EKJV	Pode	M16/309					2,688	1,607
EKJV	Pegasus	M16/309					875	377
EKJV	Nugget	M16/309					2,991	1,522
EKJV	Startrek	M16/309					5,355	2299
Total							12,837	6,793

Table 1: EKJV exploration activity for FY22 Q1. Drilled metres includes incomplete drillholes.

EKJV Quarterly Report – FY22 Q1

Page 3

==> picture [122 x 40] intentionally omitted <==

EXPLORATION ACTIVITY

1.1 Rubicon-Hornet-Pegasus (RT/DT)

A total of 65 diamond drill holes for 12,359 metres were completed between 1[st] July 2021 and 30[th] September 2021 (see Table 2). Underground exploration drilling focused on Pode, Startrek and Nugget prospects, with a small amount of drilling targeting Pegasus Bell and Hera prospects.

Underground drilling targeting Hera and Pode southerly strike extensions was conducted from Pode 6011 SP (see Figure 2). Underground exploration drilling targeting Startrek was conducted from Rubicon 6195 ODS and Hornet 6205 ODS (see Figure 3). Underground exploration drilling targeting Pegasus Bell was conducted from Pegasus 5880 ACC SP (see Figure 4), and drilling targeting Nugget was conducted from Nugget 5960 DD, Nugget 5975 DD, Rubicon 5938 SP and Rubicon 5935 SP (see Figure 5).

Hole ID	Depth (m)	East (MGA)	North (MGA)	RL(MGA)	Hole Type	Dip	Azimuth (MGA)
HERRT21072	303.35	332850	6597918	12	DD	-22	98
HERRT21073	318.24	332850	6597918	12	DD	-24	106
HERRT21074	306.23	332850	6597917	12	DD	-27	115
NUGRT21071	83.51	333338	6597539	-59	DD	31	193
NUGRT21072	80.90	333337	6597539	-60	DD	12	225
NUGRT21073	86.71	333336	6597542	-60	DD	0	257
NUGRT21074	72.04	333336	6597542	-60	DD	11	262
NUGRT21075	190.00	333378	6597593	-64	DD	6	204
NUGRT21076	126.09	333378	6597593	-63	DD	21	222
NUGRT21083	78.06	333116	6597748	-39	DD	-65	124
NUGRT21084	62.94	333116	6597750	-40	DD	-84	96
NUGRT21085	66.00	333106	6597753	-40	DD	-75	331
NUGRT21086	83.93	333108	6597760	-39	DD	-52	320
NUGRT21087	167.84	333196	6597622	-24	DD	-60	359
NUGRT21088	134.81	333196	6597622	-24	DD	-62	43
NUGRT21089	164.83	333196	6597622	-24	DD	-72	31
NUGRT21090	135.00	333205	6597614	-24	DD	-63	78
NUGRT21091	174.00	333205	6597614	-24	DD	-77	88
NUGRT21092	131.76	333204	6597613	-24	DD	-55	109
NUGRT21093	173.90	333110	6597761	-39	DD	-57	350
NUGRT21094	146.78	333110	6597761	-40	DD	-59	10
NUGRT21095	170.80	333110	6597760	-40	DD	-71	5
NUGRT21096	107.80	333111	6597759	-40	DD	-72	54
NUGRT21097	141.09	333116	6597750	-40	DD	-66	86
NUGRT21098	161.88	333117	6597748	-39	DD	-53	112
PEGRT21080	68.80	332903	6598262	-116	DD	18	40
PEGRT21083	56.96	332903	6598261	-117	DD	5	60
PEGRT21084	56.87	332903	6598261	-117	DD	-9	80
PEGRT21085	69.07	332904	6598259	-118	DD	-16	96
PEGRT21086	67.94	332903	6598261	-116	DD	15	79
PEGRT21087	98.00	332904	6598259	-118	DD	-16	120
PEGRT21088	81.89	332904	6598258	-117	DD	-9	110
PEGRT21089	85.04	332904	6598258	-117	DD	11	105
PEGRT21090	69.23	332904	6598259	-117	DD	5	92
PEGRT21091	113.96	332904	6598258	-117	DD	12	115
PEGRT21094	107.02	332904	6598258	-117	DD	-2	116
PODRT21151	252.07	332848	6597918	11	DD	-74	134
PODRT21152	179.80	332849	6597918	11	DD	-70	60
PODRT21153	255.00	332849	6597918	11	DD	-54	118
PODRT21154	231.90	332849	6597918	11	DD	-39	104
PODRT21155	203.88	332849	6597918	11	DD	-51	81
PODRT21156	249.15	332850	6597918	11	DD	-32	86
PODRT21157	220.11	332850	6597918	12	DD	-16	79
PODRT21169	193.01	332849	6597919	11	DD	-58	64
PODRT21170	225.00	332849	6597919	11	DD	-41	77
PODRT21171	234.08	332849	6597919	12	DD	-61	83

Page 4

EKJV Quarterly Report – FY22 Q1

==> picture [122 x 40] intentionally omitted <==

PODRT21174	264.00	332849	6597919	11	DD	-38	88
PODRT21175	269.92	332849	6597918	11	DD	-51	91
STKDT21018	266.02	333880	6596892	208	DD	11	42
STKDT21020	142.70	333924	6596830	210	DD	26	115
STKDT21021	234.10	333923	6596830	209	DD	0	140
STKDT21022	615.47	333880	6596893	207	DD	-11	5
STKDT21024	165.00	333915	6596846	208	DD	-14	104
STKDT21025	352.07	333880	6596892	207	DD	-39	41
STKRT21028	239.80	333457	6597564	201	DD	-25	61
STKRT21029	311.30	333449	6597572	201	DD	-5	52
STKRT21030	264.04	333457	6597564	201	DD	-22	82
STKRT21031	303.00	333450	6597572	201	DD	2	64
STKRT21033	315.16	333459	6597562	201	DD	-2	81
STKRT21036	356.10	333459	6597562	201	DD	0	90
STKRT21037	281.95	333450	6597572	201	DD	-18	44
STKRT21038	318.44	333457	6597564	200	DD	-37	74
STKRT21039	297.05	333457	6597564	200	DD	-39	55
STKRT21040	267.00	333450	6597572	200	DD	-39	40
STKRT21041	308.30	333450	6597573	200	DD	-39	16

Table 2: Drilling physicals for the in-mine exploration at Hornet-Rubicon-Pegasus project during Q1 FY22. Completed drillholes only.

EKJV Quarterly Report – FY22 Q1

Page 5

==> picture [122 x 40] intentionally omitted <==

==> picture [243 x 222] intentionally omitted <==

Figure 2: East-west section of Pegasus Bell drilling undertaken during Q1 FY22.

==> picture [246 x 220] intentionally omitted <==

==> picture [246 x 29] intentionally omitted <==

----- Start of picture text -----

Figure 4: East-west section of Pegasus Bell drilling
undertaken during Q1 FY22.
----- End of picture text -----

==> picture [243 x 221] intentionally omitted <==

Figure 3: East-west section of Startrek drilling undertaken during Q1 FY22.

==> picture [241 x 220] intentionally omitted <==

Figure 5: East-west section of Nugget drilling undertaken during Q1 FY22.

EKJV Quarterly Report – FY22 Q1

Page 6

==> picture [122 x 40] intentionally omitted <==

2 EXPLORATION RESULTS

2.1 Hornet-Rubicon-Pegasus

2.1.1 Hornet

Eight exploration holes targeting the F18 Hornet alteration lode returned intercepts showing significant gold mineralisation during the quarter (Table 3 and Figure 6). All holes targeting the F18 structure intercepted mineralisation at target depth, with several holes intercepting alteration style mineralisation in the hanging-wall of the F18 structure.

Hole ID	East (MGA)	North (MGA)	RL (AHD)	Dip	Azi (MGA)	Hole Depth	From	To	DH Width	Grade g/t Au	True Width
HORRT20044	333812	6596902	186	-5	187	357.49			NSI
HORRT21084	333659	6597007	-254	-62	231	44.97	0.00	2.55	2.55	7.1	0.8
							5.00	8.30	3.30	1.4	1.0
HORRT21085	333626	6596987	-239	0	48	50.04	8.90	11.56	2.66	4.2	2.0
							28.63	33.55	4.92	2.7	3.0
HORRT21086	333626	6596987	-239	5	74	59.08	9.16	9.87	0.71	5.5	0.5
							23.50	26.84	3.34	2.5	3.0
							44.60	46.00	1.40	6.1	0.3
							57.00	58.60	1.60	2.4	1.0
HORRT21087	333626	6596987	-239	4	84	61.09	7.34	9.90	2.56	3.5	2.3
							31.93	32.28	0.35	6.7	0.3
							41.60	43.73	2.13	4.7	1.9
							48.60	49.35	0.75	3.6	0.7
HORRT21088	333626	6596987	-238	17	85	65.15	39.65	40.47	0.82	22.2	0.5
HORRT21089	333626	6596987	-238	20	64	55.1	50.13	50.55	0.42	13.6	0.3
HORRT21090	333625	6596987	-238	18	36	57.06	51.30	51.82	0.52	14.5	0.4
HORRT21091	333627	6596985	-240	-34	73	64.04	48.00	48.60	0.60	5.7	0.5

Table 3: Summary of significant assays results returned for Hornet drilling during Q1 FY22.

==> picture [483 x 304] intentionally omitted <==

Figure 6: East-west section of significant results received for Hornet hanging-wall drilling during Q1 FY22.

EKJV Quarterly Report – FY22 Q1

Page 7

==> picture [122 x 40] intentionally omitted <==

2.1.2 Nugget

Five holes targeting the Rubicon Nugget structure returned intercepts showing significant gold mineralisation during the quarter (see Table 3). Drilling from Rubicon 5938 SP and Rubicon 5935 SP intercepted the Nugget structure at target depths, increasing the mineralisation footprint down-dip and along strike (see Figure 7). Drilling conducted from Rubicon RAW returned significacant assays for a brecciated vein system in-line with the projected Nugget plane (see Figure 8).

Hole ID	East (MGA)	North (MGA)	RL (AHD)	Dip	Azi (MGA)	Hole Depth	From	To	DH Width	Grade g/t Au	True Width
NUGRT21071	333338	6597539	-59	31	193	83.51	72.26	73.39	1.13	9.3	0.8
							74.30	74.75	0.45	6.3	0.3
NUGRT21072	333337	6597539	-57	13	225	80.90			NSI
NUGRT21073	333336	6597542	-60	0	257	86.71	5.70	6.21	0.51	3.4	0.5
							67.77	68.27	0.5	22.7	0.4
RUBDT21040	333305	6597563	-229	-19	188	146.79			NSI
RUBDT21041	333305	6597564	-227	18	261	213.04	35.94	36.45	0.51	3.2	0.4
							64.00	64.70	0.70	5.0	0.6
							74.44	75.40	0.96	14.0	0.8
							81.86	82.40	0.54	4.9	0.5
							173.18	177.00	3.82	3.6	3.3
							179.51	182.47	2.96	6.9	2.6
RUBDT21042	333280	6597584	-190	14	283	221.64			NSI
RUBDT21043	333279	6597587	-191	-34	289	224.86			NSI
RUBDT21044	333280	6597584	-190	-1	267	272.91	175.94	177.75	1.81	4.3	1.4
RUBDT21045	333279	6597586	-188	41	271	151.00			NSI
RUBDT21046	333280	6597583	-190	3	224	219.29	36.43	37.28	0.85	8.9	0.5

Table 4: Summary of significant assays results returned for Nugget drilling during Q1 FY22.

==> picture [483 x 278] intentionally omitted <==

Figure 7: East-west section of significant results received for drilling conducted from Rubicon 5938 SP and Rubicon 5935 SP during Q1 FY22.

EKJV Quarterly Report – FY22 Q1

Page 8

==> picture [122 x 40] intentionally omitted <==

==> picture [483 x 278] intentionally omitted <==

Figure 8: East-west section of significant results received for drilling conducted from Rubicon RAW during Q1 FY22.

2.1.3 Startrek

Fourteen holes targeting the Startrek mineralisation returned significant mineralisation including a well laminated quartz vein intercepted in STKRT20082 which returned 0.5m etw grading 20.9g/t Au (see Table 4 and Figure 9). Intercepts were broadly in-line with the conceptual Startrek mineralisation model.

The Startrek mineralisation occurs in the footwall of the K2 structure and consist of several stacked mineralised lodes delineated in wide-spaced drilling. Drilling has intersected mineralisation at various locations in the footwall of Rubicon-Hornet-Pegasus over a strike length of approximately one kilometre. Significantly more drilling will be required to understand continuity of mineralisation along strike and downdip of the Startrek mineralised trend.

Hole ID	East (MGA)	North (MGA)	RL (AHD)	Dip	Azi (MGA)	Hole Depth	From	To	DH Width	Grade g/t Au	True Width
STKRT20079	333545	6597273	183	-23	67	455.75	193.48	194.92	1.44	5.6	1.0
							365.85	366.23	0.38	6.8	0.3
STKRT20080	333545	6597273	183	-45	56	420.07		PendingResults
STKRT20081	333545	6597273	183	-4	21	513.36	91.96	92.71	0.75	5.4	0.5
							314.14	314.44	0.30	45.3	0.2
							337.60	338.30	0.70	5.2	0.3
							457.45	459.00	1.55	2.5	0.8
							498.00	498.57	0.57	5.6	0.3
STKRT20082	333545	6597273	183	-4	8	609.17	367.20	367.54	0.34	3.1	0.3
							376.12	376.74	0.62	20.9	0.5
STKRT21001	333392	6597627	-64	-37	31	213.03	33.75	34.00	0.25	3.3	0.2
							50.00	51.00	1.00	10.1	0.9
							122.90	123.15	0.25	4.7	0.2
STKRT21002	333391	6597628	-64	-33	0	261.10	57.53	57.80	0.27	10.7	0.1
							93.65	94.10	0.45	13.9	0.2

EKJV Quarterly Report – FY22 Q1

Page 9

==> picture [122 x 40] intentionally omitted <==

							104.25	104.55	0.30	17.1	0.1
							105.60	105.92	0.32	7.3	0.1
							109.50	110.00	0.50	4.3	0.3
							111.30	111.60	0.30	3.0	0.2
							127.10	127.40	0.30	6.2	0.1
STKRT21003	333393	6597626	-64	-29	65	290.79	158.61	159.30	0.69	10.7	0.5
STKRT21004	333393	6597626	-64	-54	41	254.60			NSI
STKRT21005	333393	6597626	-64	-58	64	251.93	22.61	23.00	0.39	3.7	0.1
STKRT21006	333392	6597628	-64	-60	16	256.20	145.25	145.73	0.48	23.8	0.4
							190.30	191.45	1.15	12.2	0.3
							203.83	207.02	3.19	2.9	0.5
STKRT21007	333391	6597628	-64	-47	3	311.70	46.42	46.72	0.30	6.3	0.1
							130.62	131.00	0.38	2.3	0.3
							131.43	131.88	0.45	3.2	0.2
							141.02	141.37	0.35	5.7	0.1
							148.38	148.78	0.40	2.3	0.2
STKRT21008	333394	6597624	-64	-42	112	309.05	303.64	304.31	0.67	8.0	0.5
STKRT21015	333264	6597721	168	-55	86	437.55	120.10	122.05	1.95	28.9	1.0
STKRT21016	333264	6597721	168	-50	63	370.00	93.74	95.51	1.77	3.9	1.5
STKRT21017	333264	6597722	168	-37	44	336.00	308.30	308.60	0.30	4.2	0.3
							309.08	309.38	0.30	15.2	0.3

Table 5: Summary of significant assays results returned for Startrek during Q1 FY22.

==> picture [482 x 278] intentionally omitted <==

Figure 9: East-west section of significant results received for Startrek drilling during Q1 FY22.

2.1.4. Pode / Hera

Fifteen diamond drillholes targeting the Pode and Hera structures returned significant intercept results during the quarter (Table 5). Drilling results returned for the Pode and Hera structures is shown in Figure 10. Significant Falcon results were also returned from drilling that was targeting Hera down-dip extensions (see Figure 11).

EKJV Quarterly Report – FY22 Q1

Page 10

==> picture [122 x 40] intentionally omitted <==

Hole ID		East (MGA)	North (MGA)	RL (AHD)	Dip	Azi (MGA)	Hole Depth	From	To	DH Width	Grade g/t Au	True Width
HERRT21001	332848		6597916	12	-29	126	345	292.9	293.6	0.70	5.7	0.5
HERRT21002	332848		6597916	11	-42	133	381	NSI
HERRT21003	332847		6597916	11	-52	146	408.00	242.80	243.34	0.54	10.4	0.1
HERRT21004	332847		6597916	11	-64	163	369.00	NSI
HERRT21057	332734		6598428	-109	-78	66	174.04	165.81	166.15	0.34	5.3	0.3
HERRT21058	332734		6598428	-109	-71	106	161.97	PendingResults
HERRT21059	332734		6598428	-109	-57	110	146.48	109.64	109.98	0.34	25.0	0.3
HERRT21060	332727		6598426	-110	-49	134	134.60	113.81	114.11	0.30	4.0	0.2
								118.40	119.00	0.60	4.7	0.4
HERRT21060	332727		6598426	-110	-49	134	134.60	121.47	121.79	0.32	14.2	0.2
PODRT20360	332712		6598484	-112	-19	304	390.25	92.69	93.27	0.58	6.9	0.4
PODRT20374	332931		6598267	222	11	232	209.78	67.37	67.78	0.41	3.6	0.4
PODRT20382	332712		6598483	-112	-5	298	503.80	64.63	65.23	0.60	4.9	0.2
								66.67	66.97	0.30	4.3	0.1
								91.00	91.40	0.40	3.4	0.2
PODRT20383	332712		6598484	-112	-6	292	515.35	52.00	54.50	2.50	6.0	1.5
PODRT21001	333046		6597911	-281	36	201	182.00	NSI
PODRT21002	333045		6597915	-283	13	208	243.39	131.30	132.90	1.60	3.2	1.0
PODRT21003	333044		6597919	-283	1	232	216.02	158.48	159.00	0.52	5.5	0.5
PODRT21004	333044		6597919	-284	-10	237	288.00	253.11	253.48	0.37	5.8	0.3
PODRT21005	333044		6597919	-284	-17	255	237.10	NSI
PODRT21006	332627		6598095	-201	-33	174	444.04	PendingResults
PODRT21007	332627		6598095	-201	-40	131	348.07	28.27	29.00	0.73	4.0	0.3
								31.40	32.00	0.60	6.4	0.2
								166.55	167.00	0.45	7.2	0.2
								168.49	169.95	1.46	39.7	0.6
								330.03	330.70	0.67	5.0	0.4
PODRT21008	332627		6598095	-201	-46	144	474.10	125.14	126.43	1.29	9.4	0.5
								127.19	128.20	1.01	3.6	0.5
								129.06	129.71	0.65	3.1	0.3
								131.20	131.50	0.30	8.1	0.3
								132.00	134.26	2.26	4.8	1.5
								135.92	139.18	3.26	7.7	2.0
								158.49	158.79	0.30	180.5	0.1
								163.15	163.81	0.66	274.6	0.3
								180.50	182.20	1.70	9.7	0.5
								196.58	197.55	0.97	12.6	0.5
PODRT21042	332612		6598465	-129	-79	344	312.14	213.58	214.87	1.29	2.2	1.0
								276.52	278.10	1.58	2.5	1.0
PODRT21154	332849		6597918	11	-39	104	231.90	NSI

Table 6: Summary of significant assays results returned for Pode and Hera during Q1 FY22.

EKJV Quarterly Report – FY22 Q1

Page 11

==> picture [122 x 40] intentionally omitted <==

==> picture [483 x 278] intentionally omitted <==

Figure 10: East-west section of significant results received for Hera drilling during Q1 FY22.

==> picture [483 x 278] intentionally omitted <==

Figure 11:East-west section of significant assays returned for Falcon during Q1 FY22, whilst targeting Hera down-dip extensions.

EKJV Quarterly Report – FY22 Q1

Page 12

==> picture [122 x 40] intentionally omitted <==

3 Future Work

3.1 In-mine Exploration

Exploration drilling during FY22 Q2 will focus on further extensions of the Startrek structures, particularly targeting dip and strike extensions of the laminated vein structure intercepted in previous drilling. Exploration drilling will also continue to test for Nugget repeat structures at depth, below the currently modelled Nugget lodes.

Competency statement

The information in this report relating to Exploration Results is based on information compiled by Brad Daddow who is a Member of Australian Institute of Geoscientists (AIG)and has sufficient exploration experience which is relevant to the style of mineralisation under consideration 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’. Brad Daddow is a full-time employee of Evolution Mining and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

EKJV Quarterly Report – FY22 Q1

Page 13

==> picture [122 x 40] intentionally omitted <==

4 APPENDIX 1

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

	Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data
Criteria	Explanation	Commentary
Sampling techniques	•Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. •Include reference to measures taken to ensure sample representation and the appropriate calibration of any 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 completed 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, or unusual commodities/mineralisation types (e.g. submarine nodules).	• Sampling was completed using diamond drill core (DD). • Diamond core was transferred to core trays for logging and sampling. Half core or full core samples were nominated by the geologist from HQ or NQ diamond core, with a minimum sample width of 20cm and a maximum width of 120cm. • Samples were transported to various analysis laboratories in Kalgoorlie for preparation by drying, crushing to <3mm, and pulverizing the entire sample to <75μm. • 300g Pulp splits were analysed by ALS Global Laboratories in Kalgoorlie, Adelaide, and Perth for 40-50g Fire assay charge and AAS analysis for gold.
Drilling techniques	•Drill type (e.g. core, reverse	• For underground drilling, NQ2 (50.6mm) diameter core was used. • Core was orientated using an electronic ‘back-end tool’ core orientation system.
	circulation, open-hole
	hammer, 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, whether core is oriented and if so, by what method, etc.).
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 to	• All diamond core was orientated and measured during processing and the recovery recorded into the drill-hole database. The core was reconstructed into continuous runs on a cradle for orientation marking. Hole depths were checked against the driller’s core blocks. • Inconsistencies between the logging and the driller’s core depth measurement blocks are investigated. Core recovery has been acceptable. • Diamond drilling the contractors adjust their rate of drilling and method if recovery issues arise. All recovery is recorded by the drillers on core blocks. This is checked and compared to the measurements of the core by the geological team. Any issues are communicated back to the drilling contractor • Measures taken to maximise sample recovery include instructions to drillers to slow down drillingrates or reduce

EKJV Quarterly Report – September 202 1

Page 14

==> picture [122 x 40] intentionally omitted <==

Mungari - RHP Section 1 Sampling Techniques and Data

Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data
Criteria	Explanation	Commentary
	preferential loss/gain of fine/coarse material.	the coring run length in less competent ground. • Analysis of drill sample bias and loss/gain was undertaken with the Overall Mine Reconciliation performance where available.
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.	• All diamond core is logged for regolith, lithology, veining, alteration, mineralisation and structure. Structural measurements of specific features are taken through oriented zones. All logging is quantitative where possible and qualitative elsewhere. A photograph is taken of every core tray (wet).
Sub- sampling techniques and sample preparation	•If core, whether cut or sawn and whether quarter, half or 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 appropriateness of the sample preparation technique. •Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. •Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second- half sampling. •Whether sample sizes are appropriate to the grain size of the material being sampled.	• All diamond core that was half-core sampled was cut longitudinally with an automated core saw. • Sample preparation was conducted by ALS Global, commencing with sorting, checking and drying at less than 110°C to prevent sulphide breakdown. Samples are jaw crushed to a nominal -6mm particle size. The entire crushed sample is then pulverized to 90% passing 75μm, using a bowl or ring-mill pulveriser. 300g Pulp subsamples are then taken with an aluminium scoop and stored in labelled pulp packets. • Grind checks are performed at both the crushing stage (3mm) and pulverising stage (75μm), requiring 90% of material to pass through the relevant size to ensure consistent sample preparation.
Quality of assay data and laboratory tests	•The nature, quality and	• A 40-50g fire assay charge is used with a lead flux, dissolved in the furnace. The prill is totally digested in HCl and HNO3 acids before Atomic Absorption Spectroscopy (AAS) determination for gold analysis. This method ensures total gold is reported appropriately. • No geophysical tools were used to determine any element concentrations • Certified Reference Materials (CRMs) are inserted into the sample sequence randomly at a rate of 1 per 20 composite samples to ensure correct calibration. Any values outside of 3 standard deviations are scrutinised and re-assayed with a new CRM if the failure is deemed genuine. • Blanks are inserted into the sample sequence at a rate of 1 per 20 composite samples. Failures above 0.2g/t are scrutinised, and re-assayed if required. New pulps are prepared if failures remain. • All sample QAQC results are assessed by geologists to ensure the appropriate level of accuracy and precision when the results have been returned from the laboratory.
	appropriateness of the
	assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments etc. the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. •Nature of quality control procedures adopted (eg standards, blanks,

EKJV Quarterly Report – September 202 1

Page 15

==> picture [122 x 40] intentionally omitted <==

Mungari - RHP Section 1 Sampling Techniques and Data

Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data
Criteria	Explanation	Commentary
	duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. •The use of twinned holes. •Documentation of primary data, data entry procedures, data verification and data storage (physical and electronic) protocols. •Discuss any adjustment to assay data	• All significant intersections are verified by the project geologist and senior geologist during the drill hole validation process. • • Half core and sample pulps are retained at Mungari if further verification is required. • The twinning of holes is not a common practice undertaken at Mungari. The face sample and drill hole data with the mill reconciliation data is of sufficient density to validate neighbouring samples. Data which is inconsistent with the known geology undergoes further verification to ensure its quality. • All sample and assay information is stored utilising the acQuire database software system. Data undergoes QAQC validation prior to being accepted and loaded into the database. Assay results are merged when received electronically from the laboratory. The geologist reviews the database checking for the correct merging of results and that all data has been received and entered. Any adjustments to this data are recorded permanently in the database. Historical paper records (where available) are retained at the technical mining offices. • No adjustments or calibrations have been made to the finalassay datareported by thelaboratory.
Location of data points	•Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. •Specification of the grid system used. •Quality and adequacy of topographic control.	• All collars for underground drilling are located in the local mine grid by a mine surveyor using a laser theodolite. • Mine Surveyors update control points underground as mine development continues. All drillhole collars are surveyed with locating two control points as required for precision of instrumentation.
Data spacing and distribution	•Data spacing for reporting of Exploration Results. •Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• The nominal drill spacing for Exploration drilling is 80m x 80m or wider and for Resource Definition is 40m x 40m or in some areas 20m x 20m. This spacing includes data that has been verified from previous exploration activities on the project. • Data spacing and distribution is considered sufficient for establishing geological continuity and grade variability appropriate for classifying a Mineral Resource. • Sample compositing was not applied due to the often- narrow mineralised zones. • Compositing downhole within each estimation domain using a variable length compositing technique to a maximum length of one metre. The target composite length aligns with the dominant sample length of the raw sample data.
Orientation of data in relation to geological structure	•Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. •If the relationship between the drilling orientation and the orientation of key	• All drilling both underground and surface is oriented as close as practical to perpendicular to the target structures. The orientation of all in-mine target structures is well known and drill holes are only designed where meaningful intercept angles can be achieved. • No sampling bias is considered to have been introduced by the drilling orientation.

EKJV Quarterly Report – September 202 1

Page 16

==> picture [122 x 40] intentionally omitted <==

Mungari - RHP Section 1 Sampling Techniques and Data

Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data	Mungari - RHP Section 1 Sampling Techniques and Data
Criteria	Explanation	Commentary
	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security	•The measures taken to ensure sample security.	• Prior to submission samples are retained on site and access to the samples is restricted. Collected samples are dropped off at the respective commercial laboratories in Kalgoorlie. The laboratories are contained within a secured/fenced compound. Access into the laboratory is restricted and movements of personnel and the samples are tracked undersupervisionofthelaboratory staff.
Audits or reviews	•The results of any audits or reviews of sampling techniques and data.	• A Lab audit with ALS Global in Kalgoorlie was completed on the 1st of September 2021. No actions were issued as a result of the audit.

EKJV Quarterly Report – September 202 1

Page 17

==> picture [122 x 40] intentionally omitted <==

Section 2 Reporting of Resource Development Results

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

	Mungari – RHP Section 2 Reporting of Resource Development Results	Mungari – RHP Section 2 Reporting of Resource Development Results
Criteria	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.	• Diamond holes mentioned in this report are located within the M16/309 and M15/993 Mining leases held by The East Kundana Joint Venture (EKJV). The EKJV is majority owned and managed by Evolution Mining (51%). The minority holding in the EKJV is held by Tribune Resources Ltd (36.75%) and Rand Mining Ltd (12.25%). • M16/309 is subject to two royalty agreements; however, neither of these is applicable to the Prospects described in this report. The agreements concerned are the Kundana‐Hornet Central Royalty and the Kundana Pope John Agreement No. 2602‐13.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Underground drilling on the Raleigh and Hornet-Rubicon- Pegasus mines extends the mineralised trends from older drilling including that of previous operators of those mines including Barrick Gold, Placer Dome Asia-Pacific, Aurion Gold, Goldfields Limited, Northern Star Resources and otherpredecessors.
Geology	•Deposit type, geological setting and style of mineralisation.	• The Kundana camp is situated within the Norseman- Wiluna Greenstone Belt, in an area dominated by the Zuleika Shear Zone, which separates the Coolgardie domain from the Ora Banda domain. The Zuleika Shear Zone in the Kundana area comprises multiple anastomosing shears the most important of which are the K2, the K2A and Strzelecki Shears. • Raleigh mineralisation is hosted on the Strzelecki Structure. Strzelecki mineralisation consists of very narrow, very high- grade mineralisation on a laminated vein hosted in the camp-scale Strzelecki Shear which abuts a differentiated mafic intrusive, the Powder Sill Gabbro against intermediate volcanoclastic rocks (Black Flag Group). A thin ‘skin’ of volcanogenic lithic siltstone-sandstone lies between the gabbro and the Strzelecki shear. Being bound by an intrusive contact on one side and a sheared contact on the other, the thickness of the sedimentary package is highly variable from absent to about forty metres true width. • The Hornet-Rubicon-Pegasus mineralisation consists primarily of high-grade laminated vein hosted gold on the K2 plane of the Zuleika shear with additional mineralisation on associated lower order structures. The Falcon target is a related mineralised zone in the hangingwall to Pegasus and between the two main Zuleika structures, theK2and Strzeleckistructures.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: o easting and northing of the drillhole collar o elevation or RL of the drillhole collar o dip and azimuth of the hole	• Refer to the drill hole information table in the Appendix of this report.

EKJV Quarterly Report – September 202 1

Page 18

==> picture [122 x 40] intentionally omitted <==

Mungari – RHP Section 2 Reporting of Resource Development Results

Mungari – RHP Section 2 Reporting of Resource Development Results	Mungari – RHP Section 2 Reporting of Resource Development Results	Mungari – RHP Section 2 Reporting of Resource Development Results
Criteria	Explanation	Commentary
	o downhole length and interception depth o hole length.
Data aggregation methods	•In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (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.	• All drill results are reported as aggregates across the target zone. • No metal equivalent values are used.
Relationship between mineralisatio n widths and intercept lengths	•These relationships are particularly important in the reporting of Exploration Results. •If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. •If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width not known’)	• The orientation of target structures is well known for all in- mine exploration targets and true widths can be accurately calculated and are reported accordingly. • Both the downhole width and true width have been clearly specified when used. • The assay results are reported as down hole intervals with an estimate of true width provided in Appendix.
Diagrams	•Appropriate maps and sections (with scales) and tabulations 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.	• Drill hole location diagrams and representative sections of reported exploration results are provided either below or in the body of this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All Exploration and Resource Definition results have been reported in the Drill Hole Information Summary in the Appendix of this report.
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,	• No other material exploration data has been collected for this drill program.

EKJV Quarterly Report – September 202 1

Page 19

==> picture [122 x 40] intentionally omitted <==

	Mungari – RHP Section 2 Reporting of Resource Development Results	Mungari – RHP Section 2 Reporting of Resource Development Results
Criteria	Explanation	Commentary
	geotechnical and rock characteristics; potential deleterious or contaminating _substances. _
Further work	•The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or largescale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is _not commercially sensitive. _	• Drilling will continue to target Startrek mineralisation, with emphasis on targeting a narrow high-grade laminated vein structure intercepted in previous drilling. • Drilling will also continue to target Nugget repeat structures at depth, below the currently modelled Nugget lodes.

EKJV Quarterly Report – September 202 1

Page 20