RESOLUTION MINERALS LTD — Capital/Financing Update 2020

Mar 30, 2020

OPERATIONS UPDATE AT 64NORTH PROJECT, ALASKA

Highlights:

• Initial visual observations and logging of drill core confirms a Pogo-style mineral system is present at Resolution's Aurora target area.
• Strong alteration associated with typical sulphide-bearing quartz veins are present in the same host rock (paragneiss) as per the Northern Star Pogo Gold Mine (assays pending), see photographs figures 1, 2, 3 and 4.
• The geology found in hole 1 aligns well with geophysical interpretation used to develop the targets
• Drilling has been completed at the Company's first diamond drill hole (20AU001) to a depth of 462m and has reached 194m (planned depth 600m) on the second drill hole (20AU002) – see Figure 5 and Figure 6.
• Detailed logging, cutting and sampling is currently underway. Logging and sample preparation for assay has been completed to ~303m on hole 20AU001.
• The USA has deemed assay laboratories as part of "essential infrastructure" allowing RML to reasonably expect assay results in approximately 4 weeks utilising ALS Laboratories in Alaska and Nevada.
• Our drilling contractor has staff based in the lower 48 states of the USA and has elected to remove their crew from site due to travel bans and COVID-19 related concerns.
• Resolution plans to resume drilling in mid-May after spring thaw and the COVID-19 situation becomes clearer. This is most likely to be with an Alaskan drill contractor to minimise travel restrictions and costs.
• Resolution is fully funded for multiple drill programs following the recently completed $4.5 million capital raise, with strong demand from institutional and sophisticated investors.

Resolution Minerals Ltd (RML, Resolution or the Company) is pleased to announce that the Company has completed hole #1 to 462m depth and has drilled to 194m on hole #2. Due to COVID-19 restricting movements of drilling contractors a decision has been made to bring forward the planned spring thaw break and suspend drilling. RML has rescheduled the drilling program until mid-May on the compelling Aurora Targets located close to the claim boundary with Northern Star (ASX:NST) and with significant geophysical similarities to NST's Goodpaster Discovery and the Pogo Gold Mine see Figure 5 and Figure 6.

Managing Director Duncan Chessell commented:

"We are very pleased that Resolution Minerals has achieved the aim of our maiden drilling program, which was to successfully identify a Pogo-style mineral system on our side of the fence, pending assay results for final confirmation.

"From these very early visual signs, it's exciting to see we have intersected the right host rocks, with strong alteration and sulphide-bearing quartz veins - demonstrating we have potentially drilled into a large Pogostyle system.

"We look forward to assay results in about 4 weeks and aim to re-start drilling operations in mid-May."

CAPITAL STRUCTURE

Ordinary Shares Issued 204.8 M

Options and rights Listed options 6.1 M @ 10c Unlisted options 12.3 M @ 25c Unlisted options 15.0 M @ 6c Unlisted rights 7.0 M

Performance Shares Class A 9.6 M Class B 3.6 M

Last Capital Raise February 2020– Placement $4.5M @ 5c

BOARD

Len Dean - Chair Duncan Chessell - MD Andrew Shearer - NED Jarek Kopias - Co Sec

Geological description of drill hole 20AU001 (hole 1)

From surface, the hole drilled through 5m of overburden and intersected predominantly biotite-quartz-feldspar paragneiss through to the end of hole. Logging indicates multiple zones of quartz veining with various orientations, thickness and vein density, as well as barren zones. The paragneiss is interpreted to be the same host rock as the Northern Star Pogo Gold Mine.

Initial visual observations and logging of drill core confirms a Pogo-style mineral system is present at Resolution's Aurora target area. Strong sericite and dolomite alteration associated with sulphide-bearing quartz veins including arsenopyrite, pyrite, bismuthinite and pyrrhotite are present in the biotite-quartzfeldspar paragneiss. These are pictured in the figures below.

Logging of the entire hole is not yet complete, but is ongoing. Section views have not been provided, given quartz veining is not necessarily a true indication of gold mineralisation and no assays are reported as of yet. Resolution Minerals will update the market once results are released from the laboratory.

Figure 1. Hole ID 20AU001 (hole 1) boxes 59 and 60 whole core; depth 126.42m to 130.37m quartz veining in paragneiss. The red inset box is enlarged in Figure 2 with a close up photograph of cut ½ drill core.

Figure 2. Hole ID 20AU001; cut ½ drill core 127.16m to 127.3m quartz veins, arsenopyrite, pyrite in paragneiss.

About the 64North Project

The 64North Project is adjacent to Northern Star's (ASX:NST) Pogo Gold Mine, 120km from Fairbanks, Alaska in the Tintina Gold Province. NST's operating world class high grade Pogo Gold Mine has an endowment of 10Moz of gold and started production in 2006, producing approximately 300,000oz/year at over 13g/t Au through this time. Recent discovery success has been announced by NST within 450m of our tenement boundary and remains open in all directions at the Goodpaster Discovery. This demonstrates the highly prospective nature of the district and the immediate Aurora drill targets on RML's tenements.

Resolution is continuing to assess regional prospectivity and will prioritise a pipeline of drill-ready prospects across the large 660km2 land package, in parallel to its drilling program at West Pogo.

Figure 3. Hole ID 20AU001 box 115 and 116; 239.88m to 243.85m zone(s) of quartz veining with pyrite and arsenopyrite mineralisation in paragneiss.

Figure 4. Hole ID 20AU001; brecciated vein with abundant arsenopyrite in paragneiss at 241.80m depth.

Figure 5. Completed drill target locations (green dots), incomplete hole (blue dot) and planned further drill holes (orange dots) – Aurora Targets, West Pogo Block, 64North Project.

Figure 6. West Pogo Block, intended drill targets for year 1, green (completed), blue (incomplete) and orange (planned) dots.

Competent Person's Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Duncan Chessell who is a member of the Australasian Institute of Mining and Metallurgy. Mr Duncan Chessell is a full-time employee of the company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Duncan Chessell consents to the inclusion in the report of the matters based on his information in the form in which it is appears and confirms that the data reported as foreign estimates are an accurate representation of the available data and studies of the material mining project. This report includes results that have previously been released under JORC 2012 by the Company on 17 October 2019, "Binding agreement earning 80% of Gold Project in Alaska", "Gold Symposium Conference Presentation" 24 October 2019 and "AGM Presentation" 26 November 2019. The Company is not aware of any new information or data that materially affects the information included in this announcement and all material assumptions and technical parameters underpinning the Mineral Resource continue to apply and have not materially changed.

Figure 7. The 64North Project and neighbours' tenement location map, March 2020; RML claims in blue, NST in golden yellow.

Resolution Minerals Ltd is a precious and battery metals mineral explorer with its gold focussed flagship 64North Project in Alaska, the Wollogorang Cu-Co Project in Australia (includes the Stanton Cobalt Deposit) and the Snettisham Ti-V-Fe (Magnetite) Project in southern Alaska.

For further information please contact the authorising officer:

Resolution Minerals Ltd M: +61 414 804 055

Duncan Chessell Follow RML on LinkedIn or Twitter Managing Director or visit our website www.resolutionminerals.com

E: duncan@resolutionminerals.com

Appendix 1. Summary table of drill hole details.

Hole ID	East(NAD83,Z6)	North(NAD83,Z6)	Elevation(m)	Azimuth	Dip	EOH Depth	Comments
20AU001	595980	7147880	595	145	-80	462.38	Assays pending
20AU002	596308	7148229	505	145	-80	194.46(incomplete)	Assays pending

Notes:

1. Logging of hole 20AU001 is completed to 303m, no logging of hole 20AU002 has commenced.

2. An accurate dip and strike and the controls on mineralisation are yet to be determined and the true width of the intercepts is not yet known.

Appendix 2. The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of the exploration results for the 64North Project – Alaska.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg 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 systems used.•Aspects of the determination of mineralisation that areMaterial to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (eg '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 Au that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure ofdetailed information.	•Not applicable as nosamples have been takenas yet, no assay resultsare reported, visual resultsonly.

Criteria	JORC Code explanation	Commentary
Drillingtechniques	•Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.)and details (eg core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by whatmethod, etc.).	•Orientated HQ diamondcore triple tube, down holesurveys every 100 feet(~30m), using a ReflexACT-III tool.
Drill samplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure 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.	•Core is processed in theFairbanks ALS laboratoryCore processing room.Recoveries were recordedfor all holes, into a loggingdatabase to 3cm on alaptop computer by aqualified geologist using thedrillers recorded depthagainst the length of corerecovered. No significantcore loss was observed.•Triple tube HQ to maximisecore recovery.•No known relationshipbetween sample recoveryand grade. As no sampleshave been taken as yet, noassay results are reported,visual results only.
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 innature. Core (or costean, channel, etc.) photography.•The total length and percentage of the relevantintersections logged.	•Core logging is carried outby project partner (MillrockResources) qualifiedgeologists using a projectspecific logging procedure.Data recorded includes, butis not limited to, lithology,structure, RQD, recovery,alteration, sulphidemineralogy and presence ofvisible gold. This issupervised by seniorgeologists familiar with themineralisation style andnature. Inspection of thedrill core by ResolutionsExploration Manager andManaging Director wasundertaken on site to~160m (prior to departingthe country due toCOVID19 travelrestrictions) and ismonitored remotely usingphotographs and logs.Lithology is measured to~3cm scale marked fromthe closest core block.

Criteria	JORC Code explanation	Commentary
Subsamplingtechniquesandsamplepreparation	•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 andappropriateness of the sample preparation technique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•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.	Rock codes have been setup specifically for theproject. Logging is to asufficient level of detail tosupport appropriate MineralResource estimation andmining studies.•Drill logging is bothqualitative by geologicalfeatures and quantitative bygeotechnical parameters innature. Photographs aretaken of all cores trays,(wet) of whole core prior tocutting.•All drilled intervals arelogged and recorded asstandard operatingpractice, however this isincomplete and onlylogging to ~303m on20AU001 has beencompleted•Not applicable as nosamples have been takenas yet, no assay results arereported, visual resultsonly.
Qualityofassaydataandlaboratorytests	•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 (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (ielack of bias) and precision have been established.	•Not applicable as nosamples have been takenas yet, no assay results arereported, visual resultsonly.
Verificationof sampling	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.	•Not applicable as nosamples have been takenas yet, no assay results arereported, visual results

Criteria	JORC Code explanation	Commentary
andassaying	•Documentation of primary data, data entryprocedures, data verification, data storage (physicaland electronic) protocols.•Discuss any adjustment to assay data.	only.
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.	•All maps and locations arein UTM grid (NAD83 Z6N)and have been measuredby hand-held GPS with alateral accuracy of ±4metres and a verticalaccuracy of ±10 metres.
Dataspacing anddistribution	•Data spacing for reporting of Exploration Results.•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.•Whether sample compositing has been applied.	•Not applicable as nosamples have been takenas yet, no assay resultsare reported, visual resultsonly.•Data spacing is insufficientto establish the degree ofgeological and gradecontinuity required for aMineral Resourceestimation.
Orientationofdatainrelationtogeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.•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.	•The relationship betweenthe drilling orientation andthe orientation of keymineralised structures hasnot been confirmed.
Samplesecurity	•The measures taken to ensure sample security.	•While no samples havebeen taken as yet, noassay results are reported,visual results only, asecure chain of custodyprotocol has beenestablished with the sitegeologist locking samplesin secure shippingcontainer at site untilloaded by courier tosecure restricted accessroom at Fairbanks ALSLaboratory for coreprocessing by Millrock andResolution staff geologists.
Auditsorreviews	•The results of any audits or reviews of samplingtechniques and data.	•No review has beenundertaken at this time.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenurestatus	•Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures, partnerships,overriding royalties, native title interests, historicalsites, wilderness or national park and environmentalsettings.•The security of the tenure held at the time of reportingalong with any known impediments to obtaining alicence to operate in the area.	•Resolution Minerals Ltdexecuted an bindingagreement with MillrockResources to acquire, viajoint venture earn-in, up to80% interest of the 64NorthProject in Alaska(ASX:RML Announcement16/12/2019).•The total tenement areacomprising the 64NorthProject consists of 1176State of Alaska claims(66,050 hectares).•The 64North Project islocated approximately120km east of Fairbanks.•The tenure is in goodstanding and no knownimpediments exist.
Explorationdonebyother parties	•Acknowledgment and appraisal of exploration byother parties.	Previous exploration work•includes;Surface Geochemical•Sampling: Panconcentrates, fine silts,silts, soils & rock chips.Airborne Geophysics:LiDAR & Magnetics.Ground Geophysics:Magnetics, radio-metrics,EM, VLF-EM, NSAMT &CSAMT.Exploration Drilling: 35Diamond.
Geology	•Deposit type, geological setting and style ofmineralisation.	•Resolution Minerals Ltd isprimarily exploring forIntrusion Related Goldmineralisation (e.g. Pogostyle) within the YukonTanana Terrane of thenorthern Cordillera, Alaska.
DrillholeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depth	•See Appendix 1 summarytable of drill hole results. Noassays are reported,therefore it could bemisleading to provide asection, given quartzveining is not necessarily atrue indication of goldmineralisation, and not all

Criteria	JORC Code explanation	Commentary
	ohole length.•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 clearlyexplain why this is the case.	vein sets would typicallycontain gold. Until assaysare obtained from areputable independentlaboratory it is premature torelease a section view.
Dataaggregationmethods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum gradetruncations (eg cutting of high grades) and cut-offgrades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregationshould be stated and some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•Not applicable as nosamples have been takenas yet, no assay results arereported, visual resultsonly.•No aggregation has beenundertaken.•No metal equivalents havebeen used.
Relationshipbetweenmineralisationwidthsandinterceptlengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (eg 'down hole length, true width not known').	•Not applicable as nosamples have been takenas yet, no assay resultsare reported, visual resultsonly.•Down hole length hasbeen reported as truewidth is not known, asinsufficient work has beenundertaken to understandthe true width of intervals.
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.	•Plan view of drill collarlocations have beenincluded in the body of thisreport.•No section view has beenprovided, given no assaysare reported and it couldbe misleading to provide asection highlighting quartzveining. Quartz veining isnot necessarily a trueindication of goldmineralisation, and not allvein sets would typicallycontain gold. Until assaysare obtained from areputable independentlaboratory, it is prematureto release a section view.Furthermore, logging ofthe entire hole is not yetcomplete.
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 Exploration	•Comprehensive reportingof all drilling, trench, soilsamples has occurred inhistorical reports and

Criteria	JORC Code explanation	Commentary
	Results.	reported when appropriatehere. Resolution has nonew samples, no assayresults are reported, visualresults only.
Othersubstantiveexplorationdata	•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 andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	•No other substantiveexploration data has beencollected by ResolutionMinerals.•Millrock Resourcescompleted a CSAMTsurvey. See TSX.V: MROannouncement, releasedon the 9/10/2019 fordetails.
Furtherwork	•The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	•A range of explorationtechniques are beingconsidered to progressexploration includingfurther drilling.