WESTAR RESOURCES LIMITED — Capital/Financing Update 2022

Nov 23, 2022

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24 November 2022

ASX:AUN

SANDSTONE FOOTPRINT EXPANDED

ABOUT AURUMIN

Aurumin Limited (ACN 639 427 099) is an Australian exploration company with advanced projects.

AURUMIN BOARD

Piers Lewis Non Executive Chairman

Brad Valiukas Managing Director

Shaun Day Non Executive Director

Darren Holden Non Executive Director

CAPITAL STRUCTURE

165.1 million shares 17.8 million listed options 34.5 million unlisted options

PROJECTS

Sandstone Mt Dimer Mt Palmer Johnson Range Karramindie

CONTACT US

ACQUISITION OF HISTORICAL BIRRIGRIN MINING

CENTRE FROM WESTAR RESOURCES LIMITED

Aurumin Limited (ASX: AUN) ("Aurumin" or "the Company") is pleased to announce it has entered into a binding Heads of Agreement (HoA) to acquire the highly prospective Birrigrin Mining Centre (tenement M57/352) from Westar Resources Limited (ASX:WSR), increasing Aurumin’s Sandstone Gold Operations footprint.

M57/352 contains the historical high-grade Birrigrin Mining Centre and is located within the Gum Creek Greenstone sequence, approximately 70km north of Aurumin’s Central Sandstone Project.

The tenement has 39 mapped shafts dating to the early 1900s with recorded production grades up to 196g/t Au. These are largely untested at depth by drilling. Further data collation of other previous activity is ongoing.

Little modern exploration has occurred on the tenement with existing surface geochemistry thought to be largely ineffective to date. A 2020 aeromagnetic survey and recent mapping have provided new insight into the geology of the area and multiple untested targets exist. Additionally, recent prospecting on the tenement has successfully unearthed numerous gold nuggets requiring follow-up work.

Key terms of the acquisition are:

2,000,000 AUN shares ($168,000 at 8.4c)

In addition, Aurumin has applied for exploration tenement E57/1273 that borders the Birrigrin Mining Centre to the east, west and south.

Aurumin's Managing Director, Brad Valiukas, commented:

T: +61 8 6555 2950

E: admin@aurumin.com.au

W www.aurumin.com.au

• P: PO Box 446, Subiaco WA 6904

"We are pleased to be further expanding our footprint in the Sandstone region with this mining lease, covering the historical Birrigrin Mining Centre and its historical small scale, but high-grade, production.

The Birrigrin Mining Centre is approximately 70km north of the existing processing plant location and we remain focused on generating critical mass for future production. This acquisition provides another opportunity to build on our existing 946koz Au Sandstone Operations Resource.”

Aurumin Limited

24 November 2022

ASX:AUN

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Figure 1 - M57/352 (Birrigrin Mining Centre) with Historical Shafts and Grades.

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24 November 2022

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Figure 2 - M57/352 (Birrigrin Mining Centre) and Application E57/1273

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24 November 2022

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Figure 3 - Sandstone Gold Operations Location Map

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24 November 2022

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Table 1. Historical Shaft Production

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Deposit Quantity (t) Grade (g/t)
Golden Spur 358 12.77
Hawthorne 2971 30.69
Hawthorne Leases 2465 27.66
Ione 24 27.00
Pelerin 2680 51.87
Pelerin Leases 1083 41.52
Reply 138 10.69
Stranger 621 40.25
Wheel Ellen 230 196.23
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Figures sourced from Minedex (https://minedex.dmirs.wa.gov.au)

Authorisation for release

The Aurumin Board has authorised this announcement for release.

For further information please contact

Brad Valiukas

Managing Director

T: +61 (8) 6555 2950 E admin@aurumin.com.au W www.aurumin.com.au

Competent Person Statements

The information in this announcement that relates to exploration results for the Central Sandstone Project and Greater Sandstone Project is based on information compiled by Peter Aldridge, Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Aurumin Limited. Mr Aldridge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Aldridge consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

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24 November 2022

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About Aurumin Limited

Aurumin Limited is an ASX-listed mineral exploration company focused on two project areas in Western Australia.

The Sandstone Gold Operations were cornerstone by the acquisition of the Central Sandstone Project by the Company in early 2022.

• The Central Sandstone Project comprises an 881,300 ounce gold mineral resource and significant project infrastructure that the Company aims to use to support a gold mining operation in the future.

• The Company's Johnson Range Project has a Mineral Resource of 64,700 ounces at a grade of 2.51g/t Au , located midway between Southern Cross and Sandstone.

In addition to the Sandstone Gold Operations, the Company has a significant landholding at its Southern Cross Operations , including two historical high-grade production centres, Mt Dimer and Mt Palmer.

• The Mt Dimer Project produced over 125,000 ounces of gold from open pit and underground production of approximately 600,000 tonnes @ 6.4 g/t, and has a substantial tenure footprint.

• The historical Mt Palmer Project produced via open pit and underground methods, generating approximately 158,000 ounces of gold at an average grade of 15.9 g/t.

The Company is actively exploring its tenements and pursuing further acquisitions that complement its existing focus and create additional Shareholder value.

Subscribe for Announcements

To keep abreast of the Company's latest announcements and developments available to investors please subscribe to our mailing list at https://aurumin.com.au/contact/ .

Previous ASX Announcements

• 1 16-Dec-21 Aurumin To Acquire 784,000oz Au Sandstone Gold Project 2 25-Aug-21 64,700oz Johnson Range Mineral Resource Estimate 3 31-Oct-22 Re-release - Sandstone Resource Increased to 946koz

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Annexure A – Resource Table

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Sandstone Operations Resources
Indicated Inferred Total
Deposit Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
(kt) (g/t Au) (oz) (kt) (g/t Au) (oz) (kt) (g/t Au) (oz)
Central Sandstone
Sandstone Open Pit Deposits – Summary Mineral Resource Estimates (2012 JORC Code) at 0.5g/t cut-off
Two Mile Hill 1738 1.3 71,700 378 1.5 18,200 2116 1.3 89,900
Shillington 1300 1.5 60,800 613 1.5 29,800 1913 1.5 90,600
Wirraminna 300 1.3 12,100 280 1.1 9,700 580 1.2 21,800
Old Town Well 282 1.0 8,800 68 0.6 1,400 351 0.9 10,100
Plum Pudding 384 1.1 13,100 35 0.9 1,000 419 1.1 14,100
Eureka 340 0.9 9,700 221 0.9 6,500 561 0.9 16,200
Twin Shafts 149 1.0 4,700 37 0.7 900 186 0.9 5,600
Goat Farm 398 1.0 13,200 398 1.0 13,200
McIntyre 496 1.2 19,400 67 0.9 1,900 562 1.2 21,300
Ridge 173 1.2 6,700 67 1.9 4,000 240 1.4 10,700
McClaren 236 1.4 10,600 60 1.7 3,200 296 1.5 13,800
Open Pit Subtotal 5,398 1.3 217,600 2,223 1.3 89,800 7622 1.3 307,400
Sandstone Underground Deposits – Summary Mineral Resource Estimates (2012 JORC Code) at 0.73g/t cut-off
Two Mile Hill
10,676 1.6 554,100 10,676 1.6 554,100
Underground – Tonalite
Two Mile Hill
48 6.8 10,400 105 2.8 9,400 153 2.8 19,800
Underground – BIF
Underground Subtotal 48 6.8 10,400 10,782 1.6 563,500 10,829 1.6 573,900
Central Sandstone
5,446 1.3 228,000 13,005 1.6 653,300 18,451 1.5 881,300
Total
Johnson Range^
Johnson Range Open Pit Deposits – Summary Mineral Resource Estimates (2012 JORC Code) at 1.0g/t cut-off
Gwendolyn 803 2.51 64,700 803 2.51 64,700
Sandstone
5,446 1.3 228,000 13,808 1.6 718,100 19,254 1.5 946,000
Operations Total
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• *Data has been rounded to the nearest 1,000 tonnes, 0.1g/t and 100 ounces. Rounding variations may occur.

• ^Data has been rounded to the nearest 1,000 tonnes, 0.01g/t and 100 ounces. Rounding variations may occur.

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