VITA RESOURCES NL — Capital/Financing Update 2021

Sep 12, 2021

Bastion Minerals Limited (ASX: BMO ) (“ Bastion ” or “the Company ”) is pleased to announce that the Company has completed a placement to raise A$2.2 million ( strategic placement ) from key strategic investors to fast-track the Company’s current exploration activities and drill programs incorporating the entire Capote Gold Project and Bastion’s newly optioned ground.

Highlights

• A$2.2 million strategic placement completed to enhance and accelerate Bastion’s exploration activities and inaugural drilling campaign;

• Exploration and drilling program will begin at the high-grade Capote Gold Project and will include Bastion’s newly optioned ground, which hosts the San Juan vein system;

• Drilling is set to commence as soon as possible with a planned 2,400m campaign targeting the outcropping vein systems within the Capote Gold Project; and

• Key strategic high-net worth investors to the placement, Mr Levi Mochkin and Mr Simon O’Loughlin, both of whom are credentialed and highly regarded mining and corporate professionals.

Bastion’s Executive Chairman, Mr Ross Landles, commented:

“This strategic placement adds additional strength to our balance sheet and positions Bastion to aggressively progress exploration activities across our portfolio of assets. We now can fast track our newly optioned land package at the Capote Gold Project as well as moving forward our previously planned activities to fuel further growth for the Company.

“We welcome our new investors Levi and Simon and given their depth of knowledge and expertise, it is our intention to consider their appointment to our Board in the near future as we continue to execute our strategy to identify, acquire and explore high-grade gold districts that have been unattainable for several decades and are untouched by modern exploration methods.”

ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000

ASX:BMO bastionminerals.com

Completion of the Placement

The Placement has strengthened the Company’s register with additional strong demand from several existing sophisticated investors. Funds raised will be utilised to accelerate the Company’s planned exploration activities and increase the size of planned exploration and drilling programs to incorporate Bastion’s newly optioned land package at the Capote Gold Project.

Mr Levi Mochkin

Mr. Mochkin is a key member of the Ledger Holdings Pty Ltd Group (the Ledger Group), located in Melbourne, Australia and has been in the resources sector for over 34 years advising companies, identifying projects and raising capital of over A$1Billion for mining projects.

Mr Mochkin was a director of the highly successful WCP Resources (later known as Piedmont Lithium) from April 2006 to June 2021 and assisted the Company in capital markets, corporate strategy and assessment of investment opportunities Mr. Mochkin is currently a director of Odyssey Gold Ltd.

Mr Simon O’Loughlin

Mr O’Loughlin is the founding member of O’Loughlins Lawyers, an Adelaide based medium sized specialist commercial law firm. He also holds accounting qualifications. He is a NonExecutive Director of Bod Australia Limited, Stellar Resources Limited and Petratherm Limited.

Mr O’Loughlin has extensive experience and involvement with companies in the small industrial and resources sectors.

Former directorships: In the last 3 years, he has been a director of Kibaran Resources Ltd, Odin Mining Ltd, ARC Exploration Limited, Piedmont Lithium Limited and Oklo Resources Limited.

Placement Details

Under the terms of the placement, the Company has agreed to issue 11 million Ordinary shares at an issue price of $0.20 per share, to raise gross proceeds of A$2.2 million (before costs). The Placement price of A$0.20 represents a 5.06% premium to the 15-day VWAP of A$0.19 and a 13.88% discount to the 5-day VWAP of A$0.23 per share.

The shares have been issued under the Company’s existing authorities under ASX Listing Rule 7.1 and 7.1A.

Taylor Collison Ltd was the Sole Lead Manager for the Placement.

ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000

ASX:BMO bastionminerals.com

About Bastion Minerals

Bastion Minerals (ASX:BMO) is an Australian listed exploration company focused on discovering high-grade precious and base metals deposits within the mineral-rich Atacama Region of Chile. Bastion’s strategy is to apply cutting-edge exploration to make multiple discoveries on its highly prospective Capote Gold, Cometa Copper-Gold and Garin GoldSilver Projects, which have had no modern exploration. Bastion provides shareholders the opportunity to participate in discoveries leveraged to precious and base metals.

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1 ASX Announcement 15 March 2021 - Prospectus
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Figure 1: Bastion Minerals’ Chilean Project Portfolio

This announcement was approved for release by the Board of Bastion Minerals.

For more information contact

Ross Landles

Ross.landles@bastionminerals.com 0438 959 144

ABN: 19 147 948 883 Suite 221, 111 Harrington Street Sydney NSW 2000

ASX:BMO bastionminerals.com