RESOLUTION MINERALS LTD — Interim / Quarterly Report 2020

Oct 29, 2020

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30 October 2020
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SEPTEMBER 2020 QUARTERLY ACTIVITIES REPORT

Exploration 64North Project, Alaska

• Resolution Minerals Ltd ( ASX:RML , Resolution or Company ) focused drilling efforts on the West Pogo Block at the Aurora, Echo and Reflection Prospects, announcing results for five (5) diamond core drill holes.

• Encouraging results included an intersection of a 7m thick Pogo-style quartz vein in hole #7 (20AU07) at the compelling Aurora Prospect, adjacent to Northern Star’s (ASX:NST) highgrade Pogo Gold Mine and Goodpaster Discovery.

• Follow up drilling is planned to commence in early November on the Aurora Prospect to test grade variability along-strike and up-dip of the 7m thick Pogo-style quartz vein intersected at 20AU07 .

• Airborne ZTEM geophysical surveys were completed over RML’s West Pogo Block (Aurora, Reflection and Echo Prospects) and Northern Star’s Goodpaster Prospect for comparison analysis and refining of drill targets.

• Airborne magnetic and radio-metric geophysical surveys were completed on a shared costs basis in collaboration with the Alaska Division of Geological & Geophysical Surveys over Resolutions West Pogo, LMS-X and Eagle Blocks.

• CSAMT & ZTEM geophysical surveys and surface geochemical surveys were conducted over the East Pogo Block, Boundary Prospect, with geochemistry assays and final processing of the ZTEM survey pending.

• At the Eagle Block, E1 Prospect: an access track was constructed and trenching work undertaken with assays expected in December.

• Further regional exploration, including geochemical surveys and mapping, with assays pending.

Exploration Australia

• A desktop review of copper potential of the RML’s Wollogorang Project in the NT, which hosts the Stanton Cobalt Deposit, has commenced with results expected in November.

CAPITAL STRUCTURE BOARD Ordinary Shares Performance Shares Len Dean - Chair Issued 279 M Class A 9.6 M Duncan Chessell - MD Class B 3.6 M Andrew Shearer - NED Options and rights Craig Farrow - NED Listed options 6.1 M @ 10c Last Capital Raise Jarek Kopias - Co Sec Listed options 69.8M @ 12c July 2020 - Placement & SPP Unlisted options 12.3 M @ 25c $5.1M @ 7c Level 4, 29-31 King William Street Adelaide SA 5000 Unlisted options 13.4 M @ 6c Unlisted rights 7.5 M

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Summary Corporate

• Completion of a successful share placement and SPP which raised $5.1 million at 7 cents per share with 1:1 Option, including a strategic investment by Palisades Goldcorp, a North American gold fund, with experience in Alaskan projects.

• The Company has now deployed sufficient funds to complete the first year earn-in expenditure of US$5M and lock in a 30% interest in the 64North Project, Alaska.

• Appointment of new non-executive Director, Mr Craig Farrow, planned transition to Chair after the 2020 AGM.

• Fully funded exploration with news flow for the remainder of 2020.

• Virtual AGM to be held at 10:30am (ACDT) on 27 November 2020.

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Photographs of encouraging intersection of a 7m thick Pogo-style quartz vein in hole #7 (20AU07) at the compelling Aurora Prospect, 64North Project Alaska.

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Figure 1 Hole #7 (20AU07) 485.65m to 489.85m quartz and sulphide Pogo-style veins cross cutting the paragneiss host rock

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Figure 2 Hole #7 (20AU07) 488.69m - 488.93m quartz vein with arsenopyrite, pyrite and pyrrhotite.

Project Location and Tenement Maps

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Figure 3 Tintina Gold Province Map: Deposit sizes stated as Endowment (Resources & Reserves + Historic Production)

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Figure 4 The 64North Project and neighbours’ tenement location map, 31 July 2020; RML claims in blue, others in tan.

About the 64North Project, Alaska

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 11Moz of gold and started production in 2006, producing approximately 300,000oz/year at over 13g/t Au through this time. RML is earning into to a 60% interest the 64North Project which is owned by Millrock Resources (TSXV:MRO) the details of which were announced 17 October 2019 by the Company.

Resolution holds a dominant 660km[2] land package surrounding the Pogo Gold Mine and is on track to earn-in to a 30% interest in year 1 in line with the earn-in agreement.

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Exploration Activities, details

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Completed 19 Aug
Completed
1 Sep
Completed
21 Jul
20AU07 Completed 14 Sep
2 further holes planned (Nov)
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Figure 5 West Pogo Block, Aurora, Echo and Reflection Prospects with diamond drill holes completed as green dots.

West Pogo Prospects Drilling summary

Assays and visual logging of drill core confirm a Pogo-style mineral system is present at Resolution’s Aurora Prospect area. Strong sericite and dolomite alteration is present in the biotite-quartz-feldspar paragneiss and are associated with sulphidebearing quartz veins including arsenopyrite, pyrite, bismuthinite and pyrrhotite. Assays with high levels of arsenic (As), bismuth (Bi) and elevated

Prospect	Hole ID	Depth	Completed
Aurora	20AU01	462m	18 March
Aurora	20AU02	194m	22 March
Aurora	20AU03	615m	21 June
Aurora	20AU04	1093m	14 July
Echo	20EC05	321m	19 August
Reflection	20RE06	553m	1 September
Aurora	20AU07	712m	14 September
	TOTAL	3952m

tellurium (Te) support the geological logging. The correlation between Au-As-Bi-Te is typical of a Pogo-style mineral system. The paragneiss is the same host rock as Northern Star’s Pogo Gold Mine .

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Assay Results Hole ID’s 20AU03 and 20AU04

Assays from Aurora drill holes #3 and hole #4 indicate minor gold mineralisation as detailed below. The alteration observed in the drill core matched the CSAMT and ZTEM geophysics anomalies. The Company is encouraged by the strong alteration, presence of minor gold mineralisation, paragneiss host rocks and presence of sulphides indicating the strong fertility of the system. We interpret that correct structural “dilation” event, or opening of “space”, to allow thick high-grade gold mineralisation did not occur at these locations. We conclude these holes intersected thick zones that were clearly the fluid pathways for a large mineralising system and further drilling will target potential high-grade zones of gold mineralisation.

Intervals Hole 20AU003

• 0.86m @ 0.35 g/t Au from 19m depth

• 0.86m @ 0.44 g/t Au from 423m depth

Intervals Hole 20AU004

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Figure 6 Quartz and sulphide veins at 1,060m Hole ID 20AU04 - typical of this hole.

• 0.78m @ 0.41 g/t Au from 522m depth

• 1.19m @ 0.76 g/t Au from 762m depth

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Figure 7 Cross section with assay results from 20AU001 and 20AU004 - Aurora Prospect, West Pogo Block

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Figure 8 Cross section of new assay results for Hole ID 20AU004 and historic results MR-12-02 and MR-12-01

Assay Results Hole ID’s 20EC05, 20RE06 and 20AU07

This was the Company’s third phase of drilling for 2020 on the West Pogo Block adjacent to Northern Star’s (ASX:NST, Northern Star) Pogo Gold Mine, Alaska. The location of the holes drilled so far this year on the West Pogo Block are shown in Figure 5, along with the locations of the Echo, Reflection and Aurora target areas. Also depicted is the location of the Pogo Mine and the Goodpaster deposit located on claims owned by Northern Star. Northern Star has recently indicated that it intends to perform delineation drilling at Goodpaster with a $21 million dollar budget in the coming year and has commenced that program recently. Assay results returned no significant gold intersections for Hole ID’s: 20EC05 Echo, 20RE06 Reflection and 20AU07 Aurora Prospects. Although these results are below expectations, we know from quartz vein hosted gold systems generally and the Pogo Mine and Goodpaster Prospect, that there can be large variations in grade and vein thickness within short distances. The geology team is encouraged by the presence of the 7m thick quartz vein at Hole #7 and it is important to drill more holes into this immediate area to test for grade variation, lateral extents of the vein and possible stacked vein sets nearby, shown in Figure 1 and Figure 2.

Echo Prospect Hole ID: 20EC05

Hole 20EC05 was drilled to test a strong, gently northwest dipping CSAMT conductor in a prospect area that is down dip and 3.3km from Northern Star’s Goodpaster deposit. Numerous fault zones with some pyrite and strong dolomite-sericite alteration were intersected from 224m to 293m down hole. No anomalous gold results were returned from these zones.

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Reflection Prospect Hole ID: 20RE06

At the Reflection prospect, hole 20RE06 was drilled to test conductive rocks in an area where an intrusive rock body was interpreted from airborne magnetic data, 1.4km due east from Northern Star’s Goodpaster deposit. A fault zone with pyrite and arsenopyrite, locally with quartz breccia clasts, was intersected from 279.4m to 289.1m. Also, a zone of stockwork quartz mineralisation was intersected over 0.6 metres starting at a depth of 324.9m. The sulphide mineralisation zones did not contain any anomalous gold.

Aurora Prospect Hole ID: 20AU07

Drilled directly along strike from the Goodpaster deposit, hole 20AU07 intersected a zone of shallowdipping quartz veining over a seven-metre interval starting at 488m down hole. The zone of veining is hosted by paragneiss and is within a sericite – chlorite – dolomite altered zone measuring 22m thick from 476m to 498m. The alteration and veining contains pyrite, arsenopyrite and pyrrhotite. The assay results show only weakly anomalous gold values.

Oriented drill core measurements indicate the vein dips gently at approximately 25-35 degrees to the west. It appears that the structural dilational event which gives rise to the space required for thick sulphide bearing quartz mineralisation to occur has “popped open” in this “central zone” on the northern edge of the Aurora Prospect. This dilational event was the missing ingredient from the other zones tested to date on the Aurora Prospect. The nearest holes are 670m to the west (hole#4) and 950m to the south-east (hole#3) and we believe there is significant exploration space to warrant a concerted effort at this “central zone”.

ZTEM Geophysics West Pogo

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Figure 9 3D view of ZTEM (2D) inversion resistivity voxel model looking to the NE (note different colour scale to CSAMT)

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Figure 10 West Pogo Block with recent ZTEM / Magnetics geophysics survey collected over RML’s Echo, Reflection and Aurora Prospects, and Northern Star’s Goodpaster Discovery and Pogo Gold Mine surface projections.

Collaborative Airborne Magnetics & Radio-metrics Geophysics Surveys

Three blocks were identified for airborne magnetics and radio-metric geophysical surveys to be undertaken on a shared costs basis in collaboration Alaska Division of Geological & Geophysical Surveys (DGGS) and were completed over RML’s West Pogo, LMS-X and Eagle Blocks. A total of 2,061 line kilometres at 100m line spacing of data was collected. This “base layer” of information is critical to understanding the 64North Project geology and structural setting and sets the Company up well for exploration into the future on the 64North Project. Alaska has less than 10% coverage by modern airborne geophysical surveys at sufficient quality for mineral exploration purposes as compared to Australia which has >95% coverage readily available from government archives. RML is now in a good position to capitalise on the investment made in the first year and focus funds on the ground to follow up the areas of interest highlighted by the various first year geophysical surveys.

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Boundary Prospect, East Pogo Block

• CSAMT geophysics survey over historic high-grade gold drill intersections, up to 35g/t Au, identifies coincident anomaly and potential extensions at the Boundary Prospect.

• Boundary Prospect located on Pogo Trend between the Pogo Gold Mine and recent discovery by Tectonic Metals on the Tibbs Project.

• A new larger second target of 2.2km x 1.5km in size was also identified by the CSAMT survey 900m to the south-west of historic drilling.

• Surface rock chip sampling over this new target has identified sulphide bearing quartz boulders - assay results expected in November.

• Drilling targets for the 2021 summer season will be prioritised after assay results are received.

• Identification of new drill targets and extensions of historic prospects using modern geophysics demonstrates the Camp Scale potential for the region and how highly prospective and under explored the 64North Project remains.

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Figure 11 Boundary Prospect, East Pogo Block - CSAMT results from 2020 field season

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Figure 12 CSAMT survey lines with footprint defined for large anomaly. Follow up surface samples (assays pending) have been plotted (grey squares = Rock, blue circles = Soil). Background imagery is airborne magnetics (ASVI).

About ZTEM and Magnetic geophysics surveys

ZTEM (Z-Axis Tipper Electromagnetic System) is a passive Electromagnetic (EM) technique used to map subsurface resistivity and conductivity. ZTEM can penetrate conductive cover (often causing interference in other EM systems) to depths beyond 1km and is excellent for discriminating subtle resistivity contrasts. The heli-borne magnetic data is being used to define the likely structural controls for mineralisation within the prospect areas. The new data is being analysed in conjunction with knowledge learnt from the current drilling and CSAMT data to define new drill targets and refine existing drill targeting.

The Goodpaster Prospect and Pogo Gold Mine are structurally controlled, with alteration and associated gold and sulphide mineralised zones expressed as subtle resistivity contrasts (i.e. weakly conductive). Therefore, the combination of close spaced airborne ZTEM and magnetics data, with existing wide spaced ground acquired CSAMT lines and drilling data will be a very powerful tool for further defining drill targets within an Intrusion-related Gold System (IRGS) setting. Furthermore, RML collected data across neighbouring Northern Star’s Goodpaster Prospect to allow for direct comparison with potential targets on RML’s ground.

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Corporate

Cash position and Appendix 5B expenditure disclosure

Resolution has a cash balance of $4.6 million at 30 September 2020.

The Company’s Appendix 5B includes amounts in item 6.1 representing payments of executive and non-executive director fees paid as salaries and to entities nominated by relevant directors.

During the quarter RML expended $2,133k on exploration activities. This expenditure primarily represents exploration activities at the Company’s 64North Project in Alaska. Due to COVID-19 restrictions no on ground exploration activities was undertaken on the Wollogorang Copper-Cobalt Project in the Northern Territory, Australia.

Share capital changes

During the quarter 51,608,421 shares were issued under a share placement raising $3.6 million and a further 21,428,682 shares were issued under an SPP raising $1.5m.

Additionally, 56,394,135 Options were issued during the quarter with an exercise price of $0.12 and a three-year expiry of 30 Sep 2023 under a prospectus lodged on 21 September 2020. The options form a new class of quoted security RMLOB .

Subsequent to the end of the quarter, a further 13,448,264 RMLOB options were issued under the prospectus.

A summary of movements and balances of equity securities between 1 July 2020 and this report are listed (*changes subsequent to the end of the quarter):

		Quoted			Unquoted
	Ordinary shares (RML)	Options $0.10 (RMLOA)	Options $0.12 (RMLOB)	Options	Performance rights	Performance shares
On issue at start of the Quarter	206,433,688	6,098,225	-	25,650,000	7,500,000	13,175,000
Issue of placement shares	51,608,421	-	-	-	-	-
Issue of SPP shares	21,428,682	-	-	-	-	-
Issue of quoted options	-	-	56,394,135	-	-	-
Issue of quoted options*	-	-	13,448,264	-	-	-
Total securities on issue at the date of this report	279,470,791	6,098,225	69,842,399	25,650,000	7,500,000	13,175,000

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Tenement table

Tenement table
Tenement number	Tenement name	Beneficial Interest at the end of the Quarter	Changes during Quarter
Wollogorang Project – Northern Territory, Australia
EL30496	Karns	100%	None
EL30590	Selby	100%	None
EL31272	RunningCreek	100%	None
EL31546	Wollogorang	100%	None
EL31548	Wollogorang	100%	None
EL31549	Wollogorang	100%	None
EL31550	Wollogorang	100%	None
Alaska USA – Snettisham
AKAA 095408 to AKAA 095408	Snettisham (48 contiguous blocks)	100%	None

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Figure 13 Remote mapping, rock chipping and CSAMT geophysics survey field camp, Boundary Prospect 2020.

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For further information please contact the authorising officer:

Duncan Chessell Managing Director Resolution Minerals Ltd +61 6118 7110

Follow RML on LinkedIn or Twitter or visit our website www.resolutionminerals.com

E: info@resolutionminerals.com

Tintinta Gold Province Map – source of data: Pebble (Northern Dynasty, www.northerndynastyminerals.com), Pogo (Northern Star Resources, www.nsrltd.com), Fort Knox (Kinross, www.kinross.com), Donlin Creek (NovaGold, www.novagold.com), Livengood (International Tower Hill Mines, www.ithmines.com), Eagle & Dublin Gulch (Victoria Gold Corp, www.vgcx.com), Brewery Creek (Golden Predator, www.goldenpredator.com), White Gold (White Gold Corp, whitegoldcorp.ca), Coffee (Newmont, www.newmont.com), Kensington (Coeur Mining, www.coeur.com).

This announcement contains disclosure under the JORC-2012 code . The new results included in this Quarterly Activities Report are not considered material.

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Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Duncan Chessell who is a member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Chessell is a Director and full-time employee of the company. Mr Chessell holds Shares, Options and Performance Rights in the Company as has been previously disclosed. Mr Chessell 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.

JORC Information

This report includes results that have previously been released under JORC 2012 by the Company “Binding agreement earning 80% of Gold Project in Alaska” on 17 October 2019, “2019 AGM Managing Director’s Presentation” on 26 November 2019, , “Exploration Update - 64North Project Alaska” on 14 May 2020, “Drilling Update - 64North Project Alaska” on 24 June 2020, “Investor Presentation - Noosa Mining Virtual Conference” on 13 July 2020, “Drilling Commenced at Reflection Prospect – 64North” on 25 August 2020, “Assays and Operations Update 64North Project Alaska” on 10 September 2020, “Boundary Prospect Results at Pogo Trend - 64North Project” on 24 September 2020, “Drilling Results West Pogo Block – 64North Project, Alaska” on 29 September 2020.The Company is not aware of any new information or data that materially affects the information included in this announcement.

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Figure 14 Goodpaster River, West Pogo, 64North Project in September.

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Appendix 1. Airborne Magnetic Survey, 64North Project.

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Figure 15 Airborne Magnetics and Radio-metric survey summary 2020

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Appendix 1a: Airborne Magnetic Geophysics Survey Results

Airborne magnetics is a passive geophysical technique which measures the total intensity of the Earth’s magnetic field. Variations in magnetic intensity relate to the amount and type of iron rich minerals present within any given rock type. Magnetic data can be used to interpret rock types and map geological boundaries at surface and within the sub-surface when there is sufficient magnetic contrast between neighbouring rock types.

Summary Geophysics 64North Project: The magnetic data and historic mapping indicate the area is structurally complex. Structural preparation of host rocks is considered important in many mineral systems because structures provide conduits for mineralising fluids. Furthermore, demagnetised zones in the magnetic data have a strong correlation with fluid flow and magnetically destructive alteration. The host rock across the region has been mapped predominately as paragneiss and orthogneiss with various cross cutting intrusive rock units. Discrete magnetic highs have been interpreted as diorite intrusions. The geology, geochemistry and geophysical signatures seen at the 64North Project are analogous to the Goodpaster Prospect and Pogo Gold Mine.

The Goodpaster Prospect and Pogo Gold Mine are structurally controlled, with alteration and associated gold and sulphide mineralised zones expressed as subtle resistivity contrasts (i.e. weakly conductive). Intrusive rocks provide the source for mineralisation and provide the heat to drive mineralising processes. Diorite (an intrusive rock with a strong magnetic signature) is known to be spatially important to mineralisation at the Pogo Gold Mine. Therefore magnetics data can define the locations of intrusive rocks and the likely structural controls for mineralisation. As the known mineralisation in the region is relatively shallow dipping there need not be a surface expression of mineralisation (i.e. a “blind” deposit) making geophysics a crucial tool.

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Appendix 1b: Airborne Magnetic (TMI) Survey Areas.

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Figure 16 Echo Magnetic Survey (TMI), 591 line km, 100m line spacing, NS orientation, West Pogo Block, 64North Project Alaska.

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Figure 17 Eagle Magnetic Survey (TMI), 465 line km, 100m line spacing, EW orientation, Eagle Block, 64North Project Alaska.

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Figure 18 LMS-X Magnetic Survey (TMI), 905 line km, 100m line spacing, EW orientation, LMS-X Block, 64North Project Alaska.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Resolution Minerals Ltd ABN Quarter ended (“current quarter”) 99 617 789 732 30 September 2020

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (11) - - (56) (152) - - - - 38 -	- (11) - - (56) (152) - - - - 38 -
	(181)	(181)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - (2,133) - -	- - - (2,133) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(2,133)	(2,133)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	5,113 - - (301) - - - - -	5,113 - - (301) - - - - -
	4,812	4,812
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	2,161 (181) (2,133) 4,812	2,161 (181) (2,133) 4,812

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	4,659	4,659
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other - cash held by joint venture partner 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	2,588 20 - 2,051	933 20 - 1,208
	4,659	2,161
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 86 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		86
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	Not applicable

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (181) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (2,133) Total relevant outgoings (item 8.1 + item 8.2) (2,314) Cash and cash equivalents at quarter end (item 4.6) 4,659 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,659 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.0 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(181) (2,133) (2,314) 4,659 -
		4,659
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 October 2020

Authorised by: the Board of the Company

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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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 in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (e.g. cut	•	This release relates to results from
techniques	channels, random chips, or specific specialised industry standard measurement		geophysical surveys; this section is not relevant to this release.
	tools appropriate to the minerals under
	investigation, such as down hole gamma
	sondes, or 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 representivity 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 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 Au
	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-	•	This release relates to results from
techniques	hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter,		geophysical surveys; this section is not relevant to this release.
	triple or standard tube, depth of diamond tails,
	face-sampling bit or other type, whether core
	_is oriented and ifso, by what method, etc.). _
Drill sample	• Method of recording and assessing core and	•	This release relates to results from
recovery	chip sample recoveries and results assessed. • Measures taken to maximise sample recovery		geophysical surveys; this section is not relevant to this release.
	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 preferential
	loss/gainof fine/coarse material.

ASX RELEASE

Criteria		JORC Code explanation	Commentary	Commentary
Logging		• Whether core and chip samples have been	•	This release relates to results from
		geologically and geotechnically logged to a		geophysical surveys; this section
		level of detail to support appropriate Mineral		is not relevant to this release.
		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. _
Sub-		• If core, whether cut or sawn and whether	•	This release relates to results from
sampling techniques		quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or		geophysical surveys; this section is not relevant to this release.
and sample		dry.
preparation		• 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
		_grainsize of the material being sampled. _
Quality	of	• The nature, quality and appropriateness of	•	This release relates to results from
assay and	data	the assaying and laboratory procedures used and whether the technique is considered partial or total.		geophysical surveys; this section is not relevant to this release.
laboratory tests		• 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
		(e.g. standards, blanks, duplicates, external
		laboratory checks) and whether acceptable
		levels of accuracy (i.e. lack of bias) and
		precision have been established.
Verification		• The verification of significant intersections by	•	This release relates to results from
of sampling and		either independent or alternative company personnel. • The use of twinned holes.		geophysical surveys; this section is not relevant to this release.
assaying		• Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
		• Discuss any adjustment to assay data.

ASX RELEASE

Criteria		JORC Code explanation	Commentary	Commentary
Location	of	• Accuracy and quality of surveys used to	•	This release relates to results from
data points		locate drill holes (collar and down-hole surveys), trenches, mine workings and other		geophysical surveys; therefore the accuracy and quality of surveys
		locations used in Mineral Resource		used to locate drill holes is not
		estimation.		relevant to this release.
		• Specification of the grid system used.	•	The grid system used for the
		• Quality and adequacy of topographic control.		geophysical surveys was UTM grid
				(NAD83 Z6N) and survey lines
				have been measured by a Real
				time GPS Navigation System
				providing an in-flight accuracy up
				to 1.5 metres.
			•	Topographic control of the
				geophysical surveys was achieved
				using a Laser altimeter with sub-
				metre accuracy.
Data		• Data spacing for reporting of Exploration	•	Geophysical survey data was
spacing and distribution		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	•	acquired continuously on 100m line spacing. This release relates to results from geophysical surveys; therefore the
		estimation procedure(s) and classifications		data spacing is not relevant for
		applied.		establishing the degree of
		• Whether sample compositing has been		geological control and grade
		applied.		continuity, nor was any sample
				compositingapplied.
Orientation		• Whether the orientation of sampling achieves	•	Geophysical survey data was
of data relation geological structure	in to	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 mineralised structures is considered to have	•	acquired in an orientation to avoid running parallel to the dominant structural trend and therefore maximise structural definition. This release relates to results from
		introduced a sampling bias, this should be		geophysical surveys; therefore
		assessed and reported if material.		drilling orientation and sampling
				bias is not relevant to this release.
Sample		• The measures taken to ensure sample	•	This release relates to results from
security		security.		geophysical surveys; this section is not relevant to this release.
Audits	or	• The results of any audits or reviews of	•	No independent audit was
reviews		sampling techniques and data.		undertaken on the geophysical
				data.
			•	Internal review of all data was
				undertaken by RML geoscientists
				on contractor provided data and
				analysis.
			•	The internal review determined the
				data and analysis are of good
				quality. No issues were identified.

ASX RELEASE

Section 2 Reporting of Exploration Results

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

Criteria	Criteria		JORC Code explanation	Commentary	Commentary
Mineral			• Type, reference name/number, location and	•	Resolution Minerals Ltd executed a
tenement and land			ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties,		binding agreement with Millrock Resources to acquire, via joint venture earn-in, up to 80% interest
tenure			native title interests, historical sites,		of the 64North Project in Alaska
status			wilderness or national park and environmental settings.		(ASX:RML Announcement 16/12/2019).
			• The security of the tenure held at the time of	•	The total tenement area comprising
			reporting along with any known impediments		the 64North Project consists of
			to obtaining a licence to operate in the area.		1176 State of Alaska claims
					(66,050 hectares).
				•	The 64North Project is located
					approximately 120km east of
					Fairbanks.
				•	The tenure is in good standing and
					noknown impediments exist.
Exploration done by			• Acknowledgment and appraisal of exploration by other parties.	• •	Previous exploration work includes; Surface Geochemical Sampling:
other parties					Pan concentrates, fine silts, silts,
					soils & rock chips. Airborne
					Geophysics: EM, LiDAR,
					Radiometric & Magnetics.
					Ground Geophysics: Magnetics,
					Radio-metrics, EM, VLF-EM,
					NSAMT & CSAMT.
					Exploration Drilling: 46 Diamond.
Geology			• Deposit type, geological setting and style of	•	Resolution Minerals Ltd is primarily
			mineralisation.		exploring for Intrusion Related Gold
					mineralisation (e.g. Pogo-style)
					within the Yukon-Tanana Terrane
					ofthenorthernCordillera,Alaska.
Drill	hole		• A summary of all information material to the	•	This release relates to results from
Information			understanding of the exploration results including a tabulation of the following		geophysical surveys; this section is not relevant to this release.
			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 is justified
			on the basis 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

ASX RELEASE

Criteria	Criteria	JORC Code explanation	Commentary	Commentary
		this is the case.
Data		• In reporting Exploration Results, weighting	•	This release relates to results from
aggregation methods		averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually		geophysical surveys; this section is not relevant to this release.
		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	•	This release relates to results from
between mineralisati		in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its		geophysical surveys; this section is not relevant to this release.
on	widths	nature should be reported.
and intercept		• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole
lengths		length, true width not known’).
Diagrams		• Appropriate maps and sections (with scales)	•	This release relates to results from
		and tabulations of intercepts should be		geophysical surveys; this section is
		included for any significant discovery being		not relevant to this release.
		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	•	This release relates to results from
reporting		Exploration Results is not practicable, representative reporting of both low and high		geophysical surveys; this section is not relevant to this release.
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.
Other		• Other exploration data, if meaningful and	•	A heli-borne magnetic and
substantive exploration		material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical		radiometric survey was conducted by MPX Geophysics Limited, over three survey areas, which fall
data		survey results; bulk samples – size and		within the of the West Pogo, Eagle
		method of treatment; metallurgical test		and LMS-X Blocks of the 64North
		results; bulk density, groundwater,		Project.
		geotechnical and rock characteristics;	•	The survey comprises 1961 line
		potential deleterious or contaminating		km of data, with an E-W line
		substances.		orientation at Eagle (465km) and
				LMS-X (905km) and a N-S line
				orientation at West Pogo (591km).
			•	All three survey areas were flown
				with 100m line spacingand

ASX RELEASE

Criteria	JORC Code explanation	Commentary	Commentary
			nominal sensor height of 80m.
		•	The Geometrics G822A caesium
			magnetometer was mounted to a
			forward-facing fixed boom
			(“stinger”). The Radiation Solutions
			RSX-5 Gamma Ray
			Spectrometers was located in the
			cabin of the helicopter.
		•	The grid system used for the
			geophysical surveys was NAD83
			Z6N.
Further	• The nature and scale of planned further work	•	A range of exploration techniques
work	(e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).		are being considered to progress exploration including drilling.
	• Diagrams clearly highlighting the areas of	•	Refer to figures in the body of this
	possible extensions, including the main		report.
	geological interpretations and future drilling
	areas, provided this information is not
	_commercially sensitive. _