Bastion Minerals : Quarterly Activities Report & Appendix 5B - 31 March 2022

ASX ANNOUNCEMENT

Quarterly Activities Report and Appendix 5B - 31 March 2022

28 April 2022

ASX Markets Announcement Office Exchange Centre

20 Bridge Street Sydney NSW 2000

BY ELECTRONIC LODGEMENT

Quarterly Activities Report and Appendix 5B - 31 March 2022

Please find attached for release to the market, Bastion Minerals Limited's Quarterly Activities Report and Appendix 5B for the quarter ended 31 March 2022.

-ENDS-

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

For more information contact:

Ross Landles

Executive Chairman

E:[e-mail] M: [phone]

Bastion Minerals Limited ABN: 19 147 948 883

Level 6, 22 Pitt Street, Sydney NSW 2000

Page 1 of 24

Quarterly Activities

Quarterly Activities Report

March 2022

Bastion Minerals Limited (ASX: BMO) (Bastion or the Company) is pleased to provide a summary of its activities for the period ended 31 March 2022. During the March quarter, the Company progressed exploration activities at its100% owned Capote Gold and Cometa Copper Projects, located within the mineral-rich Atacama Region of Chile.

Highlights

Capote Gold Project

• • Detailed 52-line-km of 25m spaced dipole Gradient Array Induced Polarisation (IP) and Audio-Magnetotellurics (AMT) acquired over the San Juan Gold Mine and surrounding vein systems.1

• • One-hundred and fifty-six (156) rock-chip samples taken across multiple veins returned:2,3

  • o Average gold grade of 2.34g/t Au with a maximum up to 22g/t Au.

  • o Average copper value of 0.3% with a maximum up to 4.5% Cu.

• • Final environmental permit application submitted to the Corporación Nacional Forestal (CONAF).4

• • Maiden 5,000m drill program to commence on 20 May 2022.

Cometa Copper Project

• • Systematic exploration activities at Cometa have defined six large-scale copper-gold-silver targets.

• • One-hundred and three (103) new rock-chip samples across multiple targets returned.5

  • o Copper assays up to 4.1% Cu

  • o Gold assays up to 9.4g/t Au

  • o Silver assays up to 30.7g/t Ag

• 1 ASX Announcement 28 February 2022 - Induced polarisation highlights sub-surface potential of high-grade gold at Capote

• 2 ASX Announcement 28 February 2022 - Induced polarisation highlights sub-surface potential of high-grade gold at Capote

• 3 ASX Announcement 29 March 2022 - High-Grade Copper Gold Rock-Chips Capote

• 4 ASX Announcement 22 March 2022 - Final approval submitted for drilling at Capote

• 5 ASX Announcement 11 April 2022 - Exploration Update - Cometa Copper Project

Corporate

• • Appointment of Alvaro Trujillo as Country Manager, Chile.6

• • Exploration expenditure incurred during the quarter totalled $458,000. Cash at the end of the quarter was $2,713,000.

Executive Chairman, Ross Landles, commented:

"We are very happy with our progress this quarter and we are excited for the next steps in our activities.

"At Capote, the extensive geophysical datasets we have collected, together with the extensive groundwork completed, has given us great confidence for early drilling success when drilling commences in the next quarter.

"Furthermore, the submission of our final environmental application to CONAF gives us a tangible countdown to commencing the first ever modern exploration drilling program to be undertaken in this historically significant gold district.

"At our Cometa Copper Project, our geologists have been advancing an impressive number of copper and precious metal drill targets. The latest rock-chip results confirm this to be an incredibly prospective mineral belt."

Capote Gold Project, Chile

The Capote Gold Project consists of approximately 88.5km2 of granted mining and exploration tenements surrounding the historic San Juan Gold Mine, 20km northeast of Vallenar. Known mineralisation at Capote consists of high-grade gold occurring within quartz-carbonate-sulphide (iron oxide at surface) veins associated with north to northwest trending structures cutting the host granite and metamorphic rocks.

During the quarter, the Company completed detailed geophysical activities within the Capote Mining District and surrounding vein systems, as well as surface geochemistry with the collection of rock-chip samples.

Induced Polarisation (IP) / Audio-Magnetotellurics survey (AMT)

A program of IP and AMT has been conducted to cover Yayito, San Juan, Resurgimiento and other recognised vein systems at Capote (Figure 1). The objective of this work was to image the subsurface expression of mineralisation. Detailed 52-line-kilometres of 25m spaced dipole gradient array IP has been acquired to identify areas of sulphide associated with mineralised veins and AMT to identify key shallow structures.

6 ASX Announcement 17 January 2022 - Chile country manager appointed

Induced Polarisation (IP) is a geophysical method which maps the sub-surface distribution of "chargeable" minerals. The sulphide minerals associated with the gold mineralisation at Capote (e.g., pyrite) are chargeable and the distribution of these minerals may correlate with the distribution of gold.

Audio-Magnetotellurics (AMT) is a geophysical method which maps the flow of natural electrical currents within the earth's crust. These currents will follow conductive zones such as faults and structures and through mapping these, key structures can be imaged. Together, the 3D magnetics, IP, AMT, surface geological mapping and geochemistry provide a highly detailed dataset for accurate drill targeting.

Detailed Geophysical Modelling

Geophysical datasets become more powerful and predictive when multiple datasets are combined into 3D models. The highly detailed ground magnetics acquired in late 2021 and new IP data have been combined using clustering processes (Self Organising Maps) to highlight areas of "like" geophysical properties and identify areas of the datasets which are anomalous. These anomalous areas often represent the areas of strongest alteration or mineralisation. This process has been run for the new Capote geophysical data (Figures 2 and 3). These cluster maps are mapping the geology and alteration below surface, and more importantly they pinpoint the location and orientation of key structures associated with mineralisation at surface.

Surface Geochemistry

Rock-chip samples have been collected during the quarter during detailed mapping exercises, these were aimed at understanding the size and orientation of mineralised veins at surface.

One-hundred and fifty-six (156) rock-chip samples were collected (Figures 4 and 5), returning:

• • Average gold grade of 2.34g/t with a maximum of 22g/t Au.

• • Average silver value of 4.05g/t Ag with a maximum of 124g/t Ag.

• • Average copper value of 0.3% Cu with a maximum of 4.5% Cu.

These rock-chips highlight the multicommodity potential of the Capote District, with potential for not only high-grade gold deposits, but iron oxide copper-gold (IOCG) deposits. As the gold potential of the district is focused on, Bastion Minerals will work up copper-gold targets in parallel.

Next Steps

Once all regulatory and environmental approvals have been finalised, the Company will 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. Drillhole locations have been designed pending the regulatory and environmental approvals.