Beacon Minerals : Exploration Update at 100% Owned MacPhersons Project

ASX ANNOUNCEMENT

19 April 2022

EXPLORATION UPDATE AT 100% OWNED MACPHERSONS PROJECT

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HIGHLIGHTS

•  Drilling completed for the quarter included 98 holes for 3,955m of aircore at the Jaurdi Gold Project and 82 holes for 2,200m of RC drilling at the MacPhersons Project

•  First drill program at MacPhersons Project (Queenslander Prospect) is now complete. Assays are expected at the end of April

•  Fieldwork for exploration target generation has commenced at MacPhersons Project. Rock chip samples returned grades up to 5.24 g/t Au from costean sampling and 20.2g/t from mine shaft mullock heaps

•  Lost Dog Panel 3 drilling has returned the highest intercept to date from the mine.

  •  LD3_174 11 metres @ 21.73 g/t Au from 13 metres, inc. 6 metres @ 38.05 g/t from 13 metres

  Other new intercepts from Lost Dog Panel 3 drilling include:

  •  LD3_192 9 metres @ 10.20 g/t Au from 13 metres, inc. 1 metre @ 48.20 g/t from 13 metres

  •  LD3_194 12 metres @ 4.52 g/t Au from 13 metres, inc. 2 metres @ 14.28 g/t from 17 metres

  •  LD3_439 9 metres @ 5.61 g/t Au from 15 metres, inc. 2 metres @ 18.8 g/t from 17 metres

Figure 1: Beacon Minerals Project Map.

BEACON MINERALS LIMITED ACN 119 611 559

Registered Address 144 Vivian Street, Boulder, WA 6432

Websitewww.beaconminerals.com Phone [phone]

1

LOST DOG PANEL 3 GRADE CONTROL UPDATE

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Drilling at Lost Dog Panel 3 has been expedited due to increased mill throughput rates. At the end of the quarter 1,352m of a planned 20,000m had been completed at Lost Dog Panel 3 to enable mine design work to be finalised. Drilling will continue through the next quarter. Assay results so far have confirmed the modelled high‐grade zone within Panel 3. Hole LD3_174 returning 11 metres @ 21.73g/t from 13m below surface. This is the best intercept at the Lost Dog Mine to date.

•  Best new intercepts from Lost Dog Panel 3 drilling include:

  •  LD3_174 11 metres @ 21.73 g/t Au from 13 metres, inc. 6 metres @ 38.05 g/t from 13 metres

  •  LD3_192 9 metres @ 10.20 g/t Au from 13 metres, inc. 1 metre @ 48.20 g/t from 13 metres

  •  LD3_194 12 metres @ 4.52 g/t Au from 13 metres, inc. 2 metres @ 14.28 g/t from 17 metres

  •  LD3_439 9 metres @ 5.61 g/t Au from 15 metres, inc. 2 metres @ 18.8 g/t Au from 17 metres

Figure 2: Lost Dog Mine at the end of March 2022

EXPLORATION UPDATE

Drilling at the MacPhersons Project commenced in mid‐March with RC programs completed at Queenslander and Creswick prospects.

Aircore drill programs were also completed at Big Cat, Lynx, and Great Western prospects at the Jaurdi project. Drilling during the quarter consisted of 180 holes for 6,155m (see Table 1 for a detailed breakdown of drilling by location).

Exploration assay results for the quarter have been partially returned from regional rock chip sampling across the MacPhersons Project tenements. Exploration assays from Queenslander, Creswick, Big Cat and Great Western are expected to be returned at the end of April.

BEACON MINERALS LIMITED ACN 119 611 559

Registered Address 144 Vivian Street, Boulder, WA 6432

Websitewww.beaconminerals.com Phone [phone]

Table 1: Drilling physicals for the March 2022 Quarter

For personal use only

Prospect	Drilling Type	Number of Holes	Total Metres
Queenslander	RC	55	1,501
Creswick	RC	27	699
Big Cat	Aircore	14	923
Lynx	Aircore	14	933
Lost Dog Grade Control	Aircore	54	1,352
Great Western	Aircore	16	747
Total	‐	180	6,155

Queenslander and Creswick

During March 2,200m of RC drilling was completed at the Queenslander and Creswick prospects. This is Beacon's first drilling program at the MacPhersons Project. Drilling in these areas follows up a series of historic workings and drill holes.

Figure 3: Queenslander Prospect March 2022 Drilling

BEACON MINERALS LIMITED ACN 119 611 559

Registered Address 144 Vivian Street, Boulder, WA 6432

Websitewww.beaconminerals.com Phone [phone]

As anticipated, drilling has intercepted relatively consistent geology on all sections. The interpreted ore position sits on a flat easterly dipping mafic / ultramafic contact with evidence of veining, sulphides and shearing at or near the contact. Assay results are expected by the end of April.

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MacPhersons Field Mapping and Sampling

Fieldwork at MacPhersons commenced during the quarter to assist with generating new exploration targets. Over 50 historic shafts and costeans have been identified over the project, the majority of which are without any accompanying lithology or assay data. Sampling of these features along with several rock outcrops, quartz blows and dumps will assist with establishing a robust surface dataset at MacPhersons. Although only in the early stages of this program there has already been several successes, including the Quartzite prospect.

At the Quartzite prospect several grab samples have been taken along an historic costean adjacent to the original shaft. Assays have returned up to 5.24g/t across several metres. There has been no modern‐day exploration or drilling within 200m of this location. First‐pass aircore drilling has been planned for the June quarter to further assess this target.

Regional mapping identified quartz outcrop spanning over 400m. The previously unidentified quartz along the mafic ultramafic contact sits to the south along strike from MacPhersons Reward gold mine. Three assays taken returned low order anomalism between 0.1 g/t Au and 0.19g/t Au from grab samples.

Sampling of rock dumps around a shaft North‐West of Bakers Find returned an average of 11.88g/t over 5 samples, the highest sample returning 20.20g/t. No previous exploration drilling has been targeted around this shaft.

Figure 4: Plan view of costean sampling at Quartzite prospect

BEACON MINERALS LIMITED ACN 119 611 559

Registered Address 144 Vivian Street, Boulder, WA 6432

Websitewww.beaconminerals.com Phone [phone]

For personal use only

Figure 5: MacPhersons Fieldwork Map

BEACON MINERALS LIMITED ACN 119 611 559

Registered Address 144 Vivian Street, Boulder, WA 6432

Websitewww.beaconminerals.com Phone [phone]