SOUTHERN HEMISPHERE MINING LIMITED — Capital/Financing Update 2021

Nov 30, 2021

1[st] December 2021

==> picture [181 x 66] intentionally omitted <==

ASX Announcement

First Hole Complete of the Key Drilling Program at Llahuin Copper/Gold/Moly Project

• ➢ RC/diamond drill program has commenced at the flagship Llahuin project with the aim of increasing the copper resource – the first of many upcoming drill programs

• ➢ SUH Experienced Exploration Manager in Chile on site to oversee the successful execution of the drilling program

• ➢ Highly experienced, successful management team with – ~40 years of combined copper expertise

Llahuin Cu-Au-Mo Project (100%)

Southern Hemisphere Mining Ltd (ASX:SUH) are pleased to report its contracted RC drill rig has commenced drilling at the Company’s 100% owned Llahuin Copper/Gold/Moly Project in central Chile.

Drilling is designed to add to the current resource of 149mt@0.41% CuEq and is also targeting new porphyry deposits in the same geological cluster.

==> picture [253 x 338] intentionally omitted <==

The program follows completion of drilling at the Company’s Colina2 Gold project nearby (more results pending following hole 3 of 34m @ 1.39g/t gold from 24m -ASX 21 Sept 2021).

==> picture [181 x 66] intentionally omitted <==

Llahuin is located 8km SE from Colina2, and 8km East of Pucobre’s - El Espino copper/gold development project.

==> picture [404 x 277] intentionally omitted <==

Copper is a critical metal in the decarbonisation of the world's energy networks and has strong long-term market fundamentals which Southern Hemisphere aims to leverage.

==> picture [187 x 332] intentionally omitted <==

Rock examples from an old shaft spoil dump -Llahuin (November 2021)

==> picture [181 x 66] intentionally omitted <==

==> picture [319 x 425] intentionally omitted <==

Southern Hemisphere geological team at Llahuin

Historic drilling results such as 440m@0.75 CuEq from 2m depth including 208m@ 1.2%CuEq –(ASX release 18 August 2013) demonstrate the potential of the Llahuin area to substantially increase copper/gold resources.

Six exploration targets with potential for copper gold mineralisation have so far been derived from a thorough review of historical results, combined with new drone magnetic data (completed a few weeks ago).

A priority target is the Southern Porphyry which was identified from historical rock chip sampling by Hudbay Minerals Inc. (TSX/NYSE:HBM) in 2018/9 over an approximate 2.5km[2] area. (ASX release 31 July 2019).

Internal pit optimisation work has determined that the depth of drilling at Llahuin should be limited to a maximum of ~400m vertical.

==> picture [181 x 66] intentionally omitted <==

Mr Adam Anderson the Company’s Exploration Manager is managing the drilling program on site, and has extensive experience in copper and gold discoveries, including the Rosia Montana and Certej gold deposits in Romania (+20m oz), Golden Cities gold deposits Western Australia, and the Kapulo copper mine in Democratic Republic of Congo (DRC) as well as completing seven JORC compliant copper resources in the DRC.

Whilst the results to date are preliminary and need to be confirmed by follow up drilling and assaying, the Company believes that the initial exploration results are promising and require further investigation and first pass drilling during the next quarter. The targets relate to mineralisation for which there has been insufficient exploration to determine a mineral resource. The targets are conceptual in nature and it is uncertain if further exploration will result in the estimation of a mineral resource.

==> picture [452 x 252] intentionally omitted <==

Results from the Llahuin drilling program and other exploration on the company’s projects will be provided as they become available.

Approved by the board for release.

CONTACTS:

For further information on this update or the Company generally, please visit our website at www.shmining.com.au or contact the company:

cosec@shmining.com.au Telephone: +61 8 6144 0590