Beacon Minerals Limited announces that the company and Beacon Mining Pty Ltd. (Beacon Mining) have executed a binding tenement sale agreement with Geko Pit Pty Ltd. (Geko) for Beacon Mining to acquire mining lease M15/621 and miscellaneous licence L15/355 (the Tenements) which are 100% owned by Geko (Acquisition). The acquisition of the Tenements from Geko is part of the Company's strategy of increasing the mine life at Jaurdi by acquiring projects that build mine Reserves and complement the current operations. The Tenements are located 26 kms NW of the township of Coolgardie in the Eastern Goldfields of Western Australia, Geko is only 15 kms SSW of Beacon's Jaurdi Gold Processing Plant.

Beacon intends to leverage its Jaurdi Processing Plant, mining infrastructure and operational team to realise the potential of the Geko Tenements. Beacon has completed its internal reviews of the Geko mineralisation and will rebuild the resource model with a Mineral Resource Estimate expected to be issued in first quarter 2023. The consideration payable by Beacon for the Acquisition is: A cash payment of $7,750,000 (plus GST) at settlement of the Acquisition.

$3,000,000 (plus any applicable GST) royalty from production at a rate of 4% of the recovered gold value (Royalty) until a total of $10,750,000 (plus GST) in consideration has been paid. Beacon will also contribute a payment of $50,000 (plus any applicable GST) at settlement for Bulletin Resources Limited to waive their interests to and rights in the Tenements, with evidence of this being provided to Geko at Settlement. Settlement of the Acquisition ("Settlement") is subject to satisfaction (or waiver by Beacon) of the following conditions precedent by 22 December 2022: Geko providing: all required permissions, in writing, for Beacon Mining to peg miscellaneous licences surrounding the Tenements for the purpose of road haulage and pipeline access tracks; and consent in writing for Beacon Mining to obtain access to and conduct mining operations on the Tenements and any pegged miscellaneous licences; Geko transferring ownership of the existing ore stockpiles to Beacon Mining; The receipt of all thirdparty consents necessary to give effect to the transfer of the Tenements to Beacon Mining, including the consent of the Minister under the Mining Act (if required); and at Settlement, the Tenements being in good standing, full force and effect and free of encumbrances.

Settlement will take place three (3) business days after satisfaction of the last of the conditions precedent have been met. Beacon will fund the costs of the Acquisition using its current cash reserves. Beacon has also granted Geko an option under the tenement sale agreement to acquire the Tenements back for nil consideration during the option period commencing on 31 December 2026 and ending on 31 March 2027 (Option Period).

If the option is not exercised during the Option Period, the Tenements will be retained by Beacon.