E79 Gold Mines : Quarterly Activities Report 31.12.21

ASX ANNOUNCEMENT 28 January 2022

Quarterly Activities Report

Quarter Ended 31 December 2021

Successful listing on the ASX on 7 October 2021

Initial 25,000m aircore program commenced, with 3,330m drilled to the end of the Quarter

Newly acquired gravity data for Laverton South Project and commencement of gravity data acquisition for Murchison Project

New high priority drilling targets identified

$8.15M cash at end of Quarter

West Australian-based explorer E79 Gold Mines Limited (ASX: E79) ('E79 Gold' or 'the Company') is pleased to advise on activities during the Quarter ended 31 December 2021.

E79 Gold, which listed in October 2021 on the ASX following a successful $7 million Public Offer, has two flagship projects, the Laverton South Project in the world- class Laverton gold district and the Jungar Flats Project in the North Murchison region.

E79 Gold CEO, Ned Summerhayes, said: "This has been a busy quarter for E79 Gold, successfully listing on the ASX on 7 October and commencing our initial drill programs in November. Gravity surveys within the projects have allowed us to understand the geology in much more detail and have highlighted several high priority drilling targets, which we will test as a priority."

ASX Code: E79	Head Office
Shares on issue: 65M	168 Stirling Hwy
Market capitalisation: 13 .3M	Nedlands, Western Australia 6009
Cash: $ 8 .15M (31 December 2021)	T: [phone]
ABN 34 124 782 038	E: info@e79gold .com .au W: e79gold . com .au

Safety and Productivity

A summary of key performance indicators during the December 2021 Quarter are shown below:

• Drilling activities were undertaken safely with no incidents to report; and
• 3,330m of aircore drilling completed.

LAVERTON SOUTH PROJECT

The Laverton South Project, with an area of 346km2, covers a southern portion of the Laverton Tectonic Zone ('LTZ') approximately 130km east-northeast of Kalgoorlie, within the major gold producing Archean Yilgarn Craton of Western Australia (Figure 1).

The LTZ is one of the world's richest gold belts with more than 30 million ounces ('Moz') in historical production, reserves and resources and hosts numerous prolific deposits including Granny Smith (3.7Moz), Sunrise Dam (10.3Moz) and Wallaby (11.8Moz).

Within the Laverton South Project are two tenement packages, Lake Yindana and the Pinjin JV.

Lake Yindana (100% E79) 207km2 within a newly identified greenstone package

Pinjin JV (E79 earning-in) 139km2 of prospective ground with historical drill targets

These projects sit within 15km either side of the ~1Moz Rebecca deposit (Ramelius Resources), while the Pinjin JV ground straddles the Anglo Saxon deposits (Hawthorn Resources) and has the historic Patricia open pits 7.5km to the north.

Lake Yindana (E28/2659) 100%

Lake Yindana covers an area of 207km2 in the southern portion of the +30Moz LTZ, approximately 130km east-northeast of Kalgoorlie.

The Project consists of a large untested greenstone belt, defined by corroborating magnetics and gravity data, as well as historic drilling, which runs for over 25km through the tenement. Lithologies from the historic drilling shows gabbro, ultramafic and granitic gneiss, with the latter being a similar host to Ramelius Resource's Lake Rebecca deposit, 9km to the northwest. Additionally recent gravity data shows intrusion related targets within the greenstone stratigraphy. 1

1 Refer to ASX announcement by E79 Gold 14 October 2021

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E79 Gold believes that the largest deposits are typically found early in new exploration search spaces and the recently identified greenstone belt at Lake Yindana represents an exciting 'first mover' opportunity.

Figure 1: Map of Laverton South tenements over regional magnetics, showing neighbours and nearby deposits

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Pinjin JV (E28/2283, E28/2284, E28/2375, E31/0999, E31/1005, E31/1007, E31/1056, E31/1082) E79 Earning-In

E79 Gold has a farm-in agreement with St Barbara Limited ('St Barbara") over the Pinjin Project, covering 139km2 of prospective ground within the Laverton South Project. Details of the JV agreement can be found in the Company's Prospectus dated 17 August 2021.

The Pinjin JV contains a number of targets that were evaluated and ranked by St Barbara, including walk-up drill targets. Aircore drilling (see Figure 2) was undertaken at one of these targets, Target 3, with 40 holes for 3,330m drilled during the quarter.

Whist assays for this part of the program are not due back until February, E79 Gold is confident the lithologies and stratigraphy identified are similar to those encountered by St Barbara, which identified anomalous gold mineralisation over a width of 300m with bedrock drillhole intercepts including 8m @ 0.35g/t Au from 70m and 4m @ 0.27g/t Au from 58m2. Mineralisation remained open along strike to the south, which is the focus of current drilling by E79 Gold.

Figure 2: Aircore rig in action at Target 3 during the quarter

2 Refer to E79 Gold Mines Limited Prospectus

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MURCHISON PROJECT

Jungar Flats (E51/1975, E51/1803, E51/1848, E20/0926) 100%

The Jungar Flats Project, in the North Murchison region, is located 70km west of Meekatharra and 45km north-northeast of the 2.8Moz Big Bell gold deposit (Figure 3).

The Project tenure covers an area of 336km2, contains approximately 30km of strike of the highly prospective Big Bell Shear and straddles a narrow north-south trending greenstone belt. A ground gravity survey over the bulk of the tenement package is underway and due for completion in February 2022. Of particular interest is the central greenstone belt which is obscured by granite through the central zone of the tenements. The gravity survey will allow the Company to infer contacts between granite, the greenstone sequences and broad structural trends undercover and will assist the Company to refine and plan its initial exploration activities.

Figure 3: Jungar Flats Project area showing E79 Gold tenements

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