Dundas Minerals : - Conductive Anomalies Identified at Matilda South

ASX ANNOUNCEMENT

29 March 2022

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CONDUCTIVE ANOMALIES IDENTIFIED

AT MATILDA SOUTH PROSPECT

Dundas Minerals Limited

Directors

Non-Executive Chairman

Mark Chadwick

Managing Director

Shane Volk

Technical Director

Tim Hronsky

Company Secretary

Shane VolkIssued Capital (ASX: DUN and DUNO)

Ordinary Shares: 60,180,216

ASX Quoted: 36,113,652

Escrow: 24,066,564

Listed Options: 30,090,138

Unlisted Options: 14,000,000

Highlights

• o Low resistivity anomalies interpreted to represent high conductivity areas identified at Matilda South

• o Resistivity consistent with previous interpretation of a large mafic / ultramafic intrusion

• o Multiple targets generated for future drill testing

Dundas Minerals Limited (ASX: DUN) ("Dundas Minerals" or "the Company") is actively exploring for nickel, copper and gold in the prospective Albany-Fraser Orogen, Western Australia.

Low resistivity values identified at Matilda South prospect

Preliminary results from a three (3) line Audiomagnetotellurics (AMT)

survey recently completed at the Company's 100% owned Matilda

South exploration prospect, has returned low resistivity (equivalent to high conductivity) values.

The AMT survey model results are shown in Figures 1, 2 and 3 (lines 9800, 10200 and 10600).

The AMT survey was designed to investigate for zones of resistivity within the large Matilda South circular gravity anomaly, to a maximum depth of ~1500m. The Matilda South anomaly was previously reported by Dundas Minerals as being interpreted to be almost certainly due to a mafic / ultramafic intrusion (refer ASX Announcement of 18 January 2022).

The AMT survey results are most encouraging as resistivity values are interpreted as being consistent with a mafic / ultramafic intrusion.

Pleasingly, distinct zones of low resistivity (equivalent to high conductivity) have been modelled on each of the three AMT lines.

These zones will be the focus for the planning of an initial drilling program at Matilda South to test for mineralisation.

Commenting on the Matilda South anomalies, Dundas Minerals managing director Shane Volk said "the identification of resistivity anomalies at Matilda South is the outcome that we wanted from this AMT survey program - although this was never guaranteed. These encouraging results now provide us with distinct areas of focus, as we continue to progress Matilda South towards a maiden drilling program, which we are targeting to commence by mid-year.

Suite 13, 100 Railway Road

Suite 13, 100 Railway Road

Subiaco, WA 6008

Subiaco, WA 6008

[e-mail]www.dundasminerals.comwww.dundasminerals.com

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The exploration history of the Matilda South area is quite intriguing. Much of the area that now sits within Dundas Minerals granted exploration licence E63/2056 was held by Canadian junior explorer IGC Resources Inc., from 2005 until 2009 (via its Australian subsidiary Goldport Pty Ltd). During this time a soil sampling campaign and a gravity survey were completed, which culminated in a wide-spaced air-core drilling program (44 holes spaced 1km or 2km apart (2006)). The deepest air-core drill hole was to 64m and only one hole was drilled within the area covered by the AMT survey, that hole was to a depth of 11m. Likewise, only one soil sample was taken from within the AMT survey area, and none of the soil samples taken by Goldport were assayed for nickel. Despite a recommendation being made to proceed to deeper drilling following completion of its 2006 air-core drill program1, no further drilling was ever undertaken, and no ground based exploration has taken place at, or in the vicinity of the Matilda South prospect since that time."

Figure 1: Cross Section line 9800 (see Figure 4) showing modelled AMT data (dark reds are areas of low resistivity - high conductivity).

Matilda South L9800N AMT 2D-Resistivity Model

Low Resistivity (possible drill target)

1

WAMEX Open File Report ITAR (https://www.dmp.wa.gov.au/WAMEX-Minerals-Exploration-1476.aspx) A76573 - Fraser Range Project Annual Technical Report for the period 1/07/2006 to 1/08/2007, EL63/885, 884 and 883 GOLDPORT PTY LTD

Suite 13, 100 Railway Road

Subiaco, WA 6008

Figure 2: Cross Section line 10200 (see Figure 4) showing modelled AMT data (dark reds are areas of low resistivity - high conductivity).

Matilda South L10200N AMT 2D-Resistivity Model

For personal use only

Figure 3: Cross Section line 10600 (see Figure 4) showing modelled AMT data (dark reds are areas of low resistivity - high conductivity).

Matilda South L10600NAMT 2D-Resistivity Model Low Resistivity (possible drill target)

Low Resistivity

(possible drill target)

Suite 13, 100 Railway Road

Subiaco, WA 6008

Figure 4: Left:

Matilda South prospect showing location of AMT lines over gravity image. AMT Lines 9800, 10200 and 10600 have been completed

Right: Location of the Matilda South prospect (colour image gravity, background magnetics)

For personal use only

Central Target

(North- East prospect area)

Completed AMT lines

9,800

10,200 10,600

Authorised by: Shane Volk (Managing Director and Company Secretary)

About Dundas:

Dundas Minerals Limited (ASX: DUN) is a battery-minerals and gold focussed exploration company exploring in the highly prospective southern Albany-Fraser Orogen, Western Australia. Dundas Minerals holds 12 contiguous exploration licences (either granted or under application) covering an area of 1,201km2. All licences are 100% owned by Dundas and are located within unallocated Crown Land. The Albany-Fraser Orogen hosts the world-class Tropicana gold mine (AngloGold Ashanti ASX: AGG / Regis Resources ASX: RRL) and the Nova nickel mine (Independence Group ASX: IGO). The Dundas tenements are located ~120km south west of Nova, have not been subject to modern exploration and are deemed prospective for battery materials (nickel, copper and rare earths), and gold. Dundas Minerals listed on the ASX on 10 November 2021.

Capital Structure:

Ordinary shares on issue (DUN): 60,180,216; ASX Listed Options (DUNO): 30,090,138 (Ex: $0.30, Exp 25-02-2024)

Unlisted Options: 3,000,000 (Exp. 2-11-24 Ex. $0.30); 4,000,000 (Exp. 1-7-24 Ex. $0.25 & $0.30); 5,000,000 (Exp. 1-7-26 Ex. $0.25 & $0.30); 2,000,000 (Exp. 10-11-26 Ex. $0.25 & $0.30)

COMPETENT PERSONS STATEMENTS

The information in this report relating to Exploration Results is based on information compiled by the Company's Technical Director, Mr Tim Hronsky, a competent person, and Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Hronsky has sufficient experience relevant to the style of mineralisation and to the type of activity described 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 Hronsky is a shareholder in the Company and a Director. Mr Hronsky consents to the inclusion in this announcement of the matters based on his information in the form and content in which it appears.

The information contained in this report relating to historic exploration activities is extracted from the report entitled Independent Technical Assessment Report created on 30 August 2021, and is included in the Initial Public Offering Prospectus for the Company dated 17 September 2021, both the technical report and the Prospectus are available to view onwww.dundasminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Suite 13, 100 Railway Road

Subiaco, WA 6008

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", "target", "anticipate", "forecast", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.

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The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about Dundas and the industry in which it operates. They do, however, relate to future matters and are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of Dundas is no guarantee of future performance.

None of Dundas's directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

Suite 13, 100 Railway Road

Subiaco, WA 6008