Bastion Minerals : AGM Chairman's Address and Presentation Slides

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ASX ANNOUNCEMENT

23 May 2022

2022 AGM Chairman's Address and Presentation

23 May 2022

ASX Markets Announcement Office

Exchange Centre

20 Bridge Street

Sydney NSW 2000

BY ELECTRONIC LODGEMENT

Chairman's Address and Presentation Slides

2022 Annual General Meeting

Please find attached for release to the market, the Chairman's Address and Presentation Slides to be presented to Bastion Minerals Limited's (ASX:BMO) Annual General Meeting commencing at 11:00am AEST today.

-ENDS-

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

For more information contact:

Ross Landles

Executive Chairman

1. [e-mail]

1. [phone]

Bastion Minerals Limited ABN: 19 147 948 883

Level 6, 22 Pitt Street, Sydney NSW 2000ASX:BMO

bastionminerals.com

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CHAIRMAN'S ADDRESS

I will now provide a brief update on the Company's activities.

As Chair, I am pleased to take this opportunity, to share with you my views on Bastion Minerals and where we are today, and my thoughts on the forward strategy for our Company.

I would like to start with a few comments, and then we will go through a short update on the Company's activities.

Following the successful listing of Bastion Minerals on the Australian Securities Exchange (ASX) in March 2021, the Company has been extremely busy building a solid foundation for discovery at Capote, Cometa and Garin projects, located in the mineral-rich Atacama region of Chile.

We maintain our focus on making the next significant gold discovery in Chile that will drive value creation. We believe that the combination of our innovative geoscience, our exploration capability and our sustainable business model applied to world-class mineral belts, will lead us to the next discovery.

As COVID-19 disrupted the global economy, businesses, and personal lives everywhere in the world; perhaps counter intuitively, the gold and copper market embarked on an unprecedented run of growth, led by anticipated global economic recovery and the shift towards a low carbon economy.

With this backdrop, I'm proud to say Bastion has continued to operate safely and without disruption.

Our Chilean team led by our Country Manger Alvaro Trujillo and Chief Geologist Mat Brown have made tremendous progress and I thank them for their contributions throughout our first year as a public company.

At our flagship Capote Gold Project, we successfully consolidated the entire district entering a binding Agreement to acquire 100% of the high-grade San Juan Gold Project and surrounding licences within Capote Mining District. This transformational agreement has the potential to transform Bastion into a significant future gold producer. Extensive groundwork at Capote, including geological mapping, geochemistry and detailed geophysics has identified numerous high-priority drill ready targets. We have good news on final environmental and drill permits; and expect them to be approved in coming weeks. In the background our team on the ground and drilling contractors are preparing for the first modern exploration drill program to be conducted in this historically significant gold district in the next few weeks.

The Company plans to undertake an approximately 5,000-metre diamond drilling program, with a focus on testing the shallow surface expression of multiple vein systems where high-grade gold has been returned from recent rock-chip campaigns

At our Cometa Copper Project, detailed field works has identified five large-scale copper target areas across the project. While a helicopter borne magnetic and radiometric survey was completed over the entire Garin Gold-Silver Project. The program identified multiple large-scale copper porphyry signatures.

I would also like to recognise our shareholders and their commitment to the Company, we appreciate the patience and support they have provided us throughout the year and look forward to providing them with results that reward their interest in our business and its strategy.

I would like to also take the opportunity to thank the board for their support and contribution during the year. I would like to thank Dr Andrew Stewart in his role and the support he has provided me in driving the Company forward.

Bastion Minerals Limited ABN: 19 147 948 883

Level 6, 22 Pitt Street, Sydney NSW 2000ASX:BMO

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ASX ANNOUNCEMENT

My fellow Directors, Sam Rahim and David Nolan have been a pleasure to work with, as a board we have worked closely during the year made several changes to the way we manage our business to ensure the business is on a good footing for the years ahead and success in our maiden drilling program.

The Board and I are dedicated to delivering substantial returns for shareholders through the discovery of globally significant deposits in Chile, that will drive value-creative events for all stakeholders.

I would like to personally thank you for your support over the past 12 months. We look forward to unlocking more value from Capote Gold District and our other Chilean exploration projects over the course of 2022.

Bastion Minerals Limited ABN: 19 147 948 883

Level 6, 22 Pitt Street, Sydney NSW 2000ASX:BMO

bastionminerals.com

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CHAIRMAN'S ADDRESS

Monday, 23 May 2022

Exploring the Mineral Rich Atacama Region of Chile

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Disclaimer & Competent Person's Statement

Nature of this document: The purpose of this presentation is to provide general information about Bastion Mineral Limited (the 'Company'). Unless otherwise stated herein, the information in this presentation is based on the Company's own information and estimates. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions.

Not an offer: This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

This presentation is not considered a recommendation by the Company or any of its affiliates, directors or officers that any recipient invest in the Company nor does it constitute investment, accounting, financial, legal or tax advice.

Not financial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company's Shareholders. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products.

Forward-lookingstatements: Certain statements in the presentation are or may be "forward-looking statements" and represent the Company's intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company's future performance.

These forward-looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, and

are necessarily based on assumptions, which may cause the Company's actual performance and results in future periods to differ materially from any express or implied estimates or projections. It is recognised that it is common practice for a company to comment on and discuss its exploration in terms of target size and type. All statements contained in this presentation by the Company which refer to the potential quantity and grade of the target is accompanied by a detailed explanation of the basis for the statement.

The potential quantity and grade for the target is conceptual in nature and, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company,

its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information, unless required to do so by law. Any opinions expressed in the presentation are subject

to change without notice. Recipients of this presentation should make their own, independent investigation and assessment of the Company its business, assets and liabilities, prospects and profits and losses, as well as the matters covered in this presentation. Independent expert advice should be sought before any decision based on an assessment of the Company is made.

Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

Drilling Results and JORC: The information in this report relates to the exploration results previously reported in ASX Announcements which are available on the Bastion website at https://www. https://www.bastionminerals.com/investor-centre/asx-announcements/. Bastion is not aware of any new information or data that materially affects the information included in the ASX Announcements referenced in the attached slides, and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Currency: All currencies in this presentation are in Australian dollars unless otherwise stated.

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