RESOLUTION MINERALS LTD — Interim / Quarterly Report 2022

Jun 7, 2022

8 June 2022

HIGH PRIORITY GOLD DRILL TARGETS DEFINED

64NORTH PROJECT, ALASKA

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• New ground geophysics (ELF-EM) results at Tourmaline Ridge support high priority, drill targets along 1km strike length of an interpreted Pogo-style shear system

• Five targets have been prioritised based on a structural interpretation for a Pogo-style shear and cross cutting north-south faults, considered most prospective for focussing high-grade gold mineralisation

• All drillholes fall within a significant 1800m x 750m gold-in-soil anomaly and drill targets are further supported by proximal rock chips up to 118 g/t Au and trenching results up to 4.8 g/t Au

• Five diamond holes are planned, each ranging between 200-550m in length with drilling to commence in late June and take approximately six weeks

• Resolution is fully funded to complete the 2022 Alaskan field season after the recent $1.9m capital raise and announcing a 2[nd] significant ($4m) farm-in agreement with OZ Minerals on Projects in Australia*

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Figure 1 Trenching activities underway September 2021 at Tourmaline Ridge, annotated with planned drill holes in field of view.

(*13 May 2022 RML ASX announcement)

CAPITAL STRUCTURE

Ordinary Shares Issued 845 M

Options and rights Listed options 6 M @ 10c Listed options 74 M @ 12c Unlisted options 13 M @ 10c Unlisted options 79 M @ 3c Unlisted performance rights 23 M Unlisted performance shares 13 M

Last Capital Raise May-22 - Placement $1.9M @ 1.2c

BOARD Craig Farrow - Chair Duncan Chessell - NED Dr Paul Kitto - TED Andrew Shearer - NED Jarek Kopias - Co Sec

Level 4, 29 King William Street Adelaide SA 5000 www.resolutionminerals.com

ASX RELEASE

Interim-CEO / Exploration Manager, Christine Lawley commented:

Tourmaline Ridge is a must drill, stand out gold target, motivating our team to continue working hard in the lead up to executing the planned 5 hole, 2200m diamond drilling program set to start in only a few weeks. Logistics and planning are now in the final stages and we can’t wait for the drill to start turning.

We are very pleased to see that the ELF-EM ground geophysics survey results support our geological model for hanging wall gold mineralisation positioned above a Pogo-style gold system. The geophysics has allowed us to refine our drill hole design, which will cover a 1km strike and 600m change in elevation across the targeted dilational Pogo-style shear, which underlies the 1800m x 750m gold-in-soil anomaly.

Our understanding of the mineral system has continued to grow with further data analysis. The numerous north-south dilational faults, which cross-cut the shear are interpreted to be a primary focus for the gold bearing fluids at Tourmaline Ridge.

Tourmaline Ridge Planned Drill Collars

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Figure 2. Planned collars over anomalous surface geochemistry extending over a 1.8km x 750m area with a prospective ENE-SSW trending shear (red line) extending along strike from the Goodpaster Deposit to the northeast, with cross-cutting NS faults. Section line Trench 1 & 2 is reference for Figure 1. (RML ASX Announcement 26/11/2019).

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ASX RELEASE
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Figure 3 Tourmaline Ridge Prospect cross section (593650E) including full assay results on trench 21TR001 and 21TR002 and historical holes WP12-01 and WP-1 overlying recently acquired ELF-EM survey results which defines lateral changes in the subsurface conductivity and discrete conductors which have some degree of dip (i.e. less effective on flat lying or vertical features). The ELF-EM colour scale spans 0.002 (red) through to 0.11 (purple) for the ELF Tipper In-phase Divergence (units).

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Goodpaster
Northern Star
Pogo Gold Mine
12 Moz endowment
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Figure 4 The 64North Project Claims (Feb 2022) in blue surrounding Northern Star’s Pogo Gold Mine and Goodpaster Deposit. Key RML prospects Miranda, Last Chance, Elaine, Kramer, George, ER, Tourmaline Ridge and Aurora Prospects annotated with mineralisation style.

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ASX RELEASE

Resolution Minerals Ltd ( RML or Company ) is pleased to announce that the Company has completed the ELF-EM ground geophysical survey at Tourmaline Ridge. Furthermore RML has processed the results, refining and supporting compelling drill targets that are highly prospective for high-grade gold mineralisation adjacent and along trend from the Pogo Gold Mine and Goodpaster Deposit owned by Northern Star (ASX:NST) at RML’s 64North Project in Alaska.

The ELF-EM modelling further support previous trenching results (RML ASX announcement 28 April 2022), in which gold mineralisation links have been observed between the trenching assays and historical drill data. The trenching assay results confirm Resolution’s 3D geological model for the surface expression at Tourmaline Ridge (Figure 3), representing antithetic hanging wall veins, which RML believes to sit directly above the interpreted dilational northwest dipping Pogo-style shear, with a high probability of hosting significant gold mineralisation.

Resolution is very pleased with the outcome of the ELF-EM ground geophysical survey and the implications for potential high-grade Pogo-style mineralisation. Resolution looks forward to drill testing this highly prospective Tourmaline Ridge Prospect, scheduled to commence in a matter of weeks.

Next Steps

Earthworks are about to commence to access and install drill pads ahead of a late June start to the ~2,200m, 5-hole diamond core drill program. In addition, a regional exploration at the East Pogo claims (Figure 4) will be undertaken to refine drill targets at the Miranda and Last Chance prospects to drill ready status.

The planned drill program at Tourmaline Ridge will take approximately 6 weeks to complete, and selective samples will be cut and transported to laboratories outside of Alaska for optimised turn-around times. As part of the drilling program, Resolution will upgrade access tracks to enable follow up winter drilling, in anticipation of the summer season results. Once the tracks are completed in June, the Tourmaline Ridge Prospect can then be progressed all year round, using Resolution’s tracks and the all-weather Pogo Gold Mine road maintained by the operator Northern Star (ASX:NST). This provides a significant infrastructure advantage over the majority of Alaskan mineral exploration projects, which are unable to operate continually due to seasonal access constraints. The Company will provide an update to the market upon the commencement of drilling in late June.

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 12M oz of gold and started production in 2006, producing approximately 4M oz Au @ 300,000oz/year at over 13g/t Au from 2006 to 2018. RML holds a 42% interest in the 64North Project and is earning up to a 60% interest in stages (51% and 60%). RML has a conditional pathway to 80% interest in a single “Best Block” at RML’s election. RML can form a JV at any stage and holds a first right over the Vendors interest. The Project is owned by Millrock Resources (Vendor) (TSXV:MRO) see RML ASX Announcement 31 January 2022 for full details. The total size of the claim blocks in 357km[2] .

For further information please contact the authorising officer Christine Lawley:

Christine Lawley	Julian Harvey
Interim CEO	Investor Communications
Resolution Minerals Ltd	Resolution Minerals Ltd
P: +61 8 6118 7110	M: +61 404 897 584
E:christine@resolutionminerals.com	j.harvey@resolutionminerals.com
W:www.resolutionminerals.com

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ASX RELEASE

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Christine Lawley who is a member of the Australasian Institute of Mining and Metallurgy. Ms Christine Lawley holds shares, options and performance rights in and 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’. Ms Christine Lawley 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 as 26 November 2019 as “2019 AGM Managing Director’s Presentation”, 14 May 2020 as “Exploration Update - 64North Project Alaska”, on 24 June 2020 as “Drilling Update - 64North Project Alaska”, 13 July 2020 as “Investor Presentation - Noosa Mining Virtual Conference”, 25 August 2020 as “Drilling Commenced at Reflection Prospect – 64North”, 10 September 2020 as “Assays and Operations Update 64North Project Alaska”, 24 September 2020 as “Boundary Prospect Results at Pogo Trend - 64North Project”, 29 September 2020 as “Drilling Results West Pogo Block – 64North Project, Alaska”, 30 October 2020 as “Quarterly Report September 2020”, 5 November 2020 as “Alaska Miners Association Technical Presentation”, 14 December 2020 as “New Claims Added East Pogo – 64North Project, Alaska”, 18 January 2021 as “Outcropping Gold System Identified - Assay Results 2020, 64North, Alaska”, 9 February 2021 as “Positive revision of JV agreement for 64North project, Alaska”, 17 May 2021 as “Sunrise Prospect Assays confirm Fort Knox style system”, 5 July 2021 as “Drilling Program Completed at East Pogo Gold Prospect”, 6 August 2021 as “East Pogo Drilling Update - 64North Project”, 31 January 2022 as “Interest earned 64North Project”, 24 February 2022 as “Positive trenching results identify Pogo-style drill targets – Tourmaline Ridge 64North Project”, 25 February 2022 as “Positive Technical study completed – Cu-Au-Mo Porphyry Prospects – Divide Block 64North Project” and 28 April 2022 as “Tourmaline Ridge Exploration Update, 64North Project Alaska”.

The Company is not aware of any new information or data that materially affects the information included in this announcement.

Appendix 1. ELF-EM Description

Appendix 1 a: ELF-EM Geophysics

The ELF-EM (Extremely Low Frequency Electromagnetics) system is designed to measure the spatial attitude and ellipticity of the local time varying magnetic field. The specification of the ELF system is analogous to the airborne ZTEM™ system. The ELF responds well to lateral changes in subsurface conductivity & discrete conductors that have some degree of dip. The system consists of a sensor block & acquisition console. The sensor block contains three orthogonal electromagnetic sensors, preamplifiers, digital compass, and a GPS antenna. This unit is connected by a 15m cable to the data acquisition console where the user collects data & analyses the response in real time. The system is a light-weight (10kg) and typically requires two operators, making it a very low cost technique.

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ASX RELEASE

Appendix 1 b: Location of ELF-EM Survey and Raw Images of 2D ELF-EM Sections

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Figure 5: Location of ELF-EM Data Acquisition Areas, West Pogo Block, 64North Project Alaska. Black dots = 2022 acquisition over Tourmaline Ridge (also marked lines L1 to L9) and brown dots = 2019 acquisition over the Aurora Valley.

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Figure 6: 3D ELF-EM block model looking northeast, West Pogo Block, 64North Project Alaska.

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ASX RELEASE

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		a geophysical survey; 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,	•	This release relates to results from
techniques	open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g., core		a geophysical survey; this section is not relevant to this release.
	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	• 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		a geophysical survey; 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/gain of fine/coarse material.
Logging	• Whether core and chip samples have been	•	This release relates to results from
	geologically and geotechnically logged to a		a geophysical survey; this section
	level of detail to support appropriate Mineral		is not relevant to this release.

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ASX RELEASE

Criteria			JORC Code explanation	Commentary	Commentary
			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		a geophysical survey; 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
			grain size 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.		a geophysical survey; 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.		a geophysical survey; 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. _
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		a geophysical survey; therefore the accuracy and quality of
			locations used in Mineral Resource		surveys used to locate drill holes is
			estimation.		not relevant to this release.
			• Specification of thegrid system used.

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ASX RELEASE

Criteria		JORC Code explanation	Commentary	Commentary
		• Quality and adequacy of topographic control.	•	All maps and locations are in UTM
				grid (NAD83 Z6N)
			•	Ground survey lines have been
				measured by Differential GPS
				(DGPS) which has sub-metre
				(decimetre) real-time vertical and
				horizontal accuracy.
Data		• Data spacing for reporting of Exploration	•	Ground geophysical survey data
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 estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	•	was acquired at 100m station, with 300m line spacing and variable line lengths (0.5 – 2.5km). This release relates to results from a geophysical survey; therefore the data spacing is not relevant for establishing the degree of geological control and grade continuity, nor was any sample
				compositingapplied.
Orientation		• Whether the orientation of sampling achieves	•	Geophysical survey data was
of data relation	in to	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.		acquired in an orientation to avoid running parallel to the dominant structural trend and therefore
geological structure		• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have	•	maximise structural definition. This release relates to results from a geophysical survey; therefore
		introduced a sampling bias, this should be		drilling orientation and sampling
		assessed and reported if material.		bias is not relevant to this release.
Sample		• The measures taken to ensure sample	•	This release relates to results from
security		security.		a geophysical survey; 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.

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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 holds a
tenement and land			ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties,		42% interest in the 64North Project by way of exploration and earn-in agreement with Millrock Resources
tenure			native title interests, historical sites,		(TSXV: MRO). Resolution has the
status			wilderness or national park and environmental settings.		right to earn up to 60% on the entire project and an 80% interest
			• The security of the tenure held at the time of		on a single “best block”. The latest
			reporting along with any known impediments		update and full details on the
			to obtaining a licence to operate in the area.		agreement was announced by
					Resolution 31 January 2022.
				•	The total tenement area comprising
					the 64North Project consists of 655
					State of Alaska claims (35,700
					hectares or 357km2).
				•	The 64North Project is located
					approximately 120km east of
					Fairbanks.
				•	The tenure is in good standing and
					no known impediments exist.
Exploration done by			• Acknowledgment and appraisal of exploration by other parties.	• •	Previous exploration work on the 64North Project included; 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 Reduced Intrusion
					Related Gold mineralisation (e.g.,
					Pogo-style & Fort Knox-style) and
					Copper-Molybdenum-Gold
					Porphyry mineralisation within the
					Yukon-Tanana Terrane of the
					north-western Cordillera,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		a geophysical survey; 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 isjustified

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ASX RELEASE

Criteria	Criteria	JORC Code explanation	Commentary
		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
		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	a geophysical survey; 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	a geophysical survey; 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	a geophysical survey; this section
		included for any significant discovery being	is 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	a geophysical survey; 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	•Resolution Minerals completed a
substantive exploration		material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical	ELF-EM ground survey. See ASX:RML announcement released on the 5/11/2020 for more details.
data		survey results; bulk samples – size and	•Resolution Minerals completed a
		method of treatment; metallurgical test	heli-borne magnetic survey. See
		results; bulk density, groundwater,	ASX:RML announcement released
		geotechnical and rock characteristics;	on the 30/10/2020 for details.
		potential deleterious or contaminating	•Resolution Minerals completed a
		substances.	ZTEM survey. See ASX:RML
			announcement released on the
			25/08/2020 for details.
			•Millrock Resources completed a

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ASX RELEASE

Criteria	JORC Code explanation	Commentary	Commentary
			CSAMT survey. See TSX.V: MRO
			announcement, released on the
			9/10/2019 for details.
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 ground
	• Diagrams clearly highlighting the areas of		geophysics and drilling.
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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