M3 Mining : Quarterly Activities/Appendix 5B Cash Flow Report

QUARTERLY ACTIVITIES REPORT FOR THE

PERIOD ENDING 30 JUNE 2022

ASX Announcement

29 JULY 2022

onlyHIGHLIGHTS

• M3 Mining reports positive exploration results at both the Victoria Bore Copper Project and Edjudina Gold Project

use
Victoria Bore Copper Project (100% owned)
•	SQUID Fixed-Loop Electromagnetic (FLEM) survey successfully completed, uncovering
	multiple priority drill targets.
•	Reconnaissance rock chip sampling program identifies several base metal anomalies in
personal•	Soil sampling program planned to test covered ground for further anomalies.
	unexplored areas of M3's tenure. A targeted follow-up rock chip program will be
	conducted to identify and confine additional prospects that the tenure may hold.
•	The Company has begun planning an accelerated drill program to test targets identified
	in the FLEM and Downhole EM surveys.
•	Airborne geophysical survey planned for Q3 CY2022 to cover the entirety of the
	Project's granted and pending tenure.

Edjudina Gold Project (100% owned)

• Results received for the maiden soil sampling program. Multiple priority areas identified which will be drill tested.
• Planning for the Project's maiden drill program is well underway with a program of approximately 10,000m of aircore planned. All required Programmes of Work (POW) have been approved by DMIRS.

ForCorporate

• Well-fundedfor 2022 exploration activities with cash as of 30 June 2022 of approximately $3.5 million.
• Evaluation of potential project acquisitions continued in the June quarter.

Registered Address	Directors		Projects
M3 Mining Limited	Russell Davis - Non-Executive Chairman		Edjudina Gold Project (100% Owned)
ACN 644 548 434	Simon Eley - Executive Director		Victoria Bore Copper Project (100% Owned)
ABN 98 644 548 434	Eddie King - Non-Executive Director
			Shares on Issue	36,925,003
Level 1, 3 Ord Street,	[e-mail]		ASX Code	M3M
West Perth, WA 6005	[phone]
www.m3mining.com.au

onlyM3 Mining Limited (ASX: M3M) (M3 Mining, the Company) is pleased to provide an update on exploration and corporate activities during the June 2022 Quarter.

EXECUTIVE DIRECTOR SIMON ELEY:

"The June quarter saw progress for M3 Mining and both of its projects. A geophysical survey at Victoria Bore outlined a highly conductive body half a kilometre to the north of previously drilled area. Interpretation of the geophysical target indicates it could represent a body of semi-massive

useto massive sulphides. This represents a potential new discovery in previously untested grounds, in close proximity to an interpreted regional structure. The team has a positive outlook for the target given the presence of base metal occurrences in the wider area. M3 are currently talking to drilling contractors to organise an accelerated drill program as soon as practicable.

The Edjudina Project is advancing closer to its maiden drill program which is scheduled for Q3 CY2022. The soil sampling program was integral in identifying multiple priority drill targets across

the eastern tenement package. The Company has received approval from DMIRS for all POW's personallodged and is now in the final stages of planning the 10,000m aircore program.

In addition to Victoria Bore and Edjudina activities, the M3 team is continuing to assess potentially accretive projects that would represent a significant opportunity for the Company and all shareholders."

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Projects

onlyVictoria Bore Copper Project

The Victoria Bore Copper Project is centred on the historic Victoria Bore copper mine which produced high grade copper averaging circa 32.7% Cu for 62.5t of copper from near surface in the 1950's. The Victoria Bore Project is located approximately 120km south of the coast town of Onslow and 130km southeast of Exmouth in Western Australia. The tenements lie adjacent to the Northwest Coastal Highway and are readily accessible by gravel tracks (see Figure 1).

For usepersonal

Figure 1. Victoria Bore Copper Project

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onlyWhilst no major mining has been undertaken at the Victoria Bore Project, the mineralisation of the small-scale historical Victoria Copper Mine was discovered around 1914, with workings covering a length of 130m via a series of shallow shafts, with the main shaft to a depth of 21m with three drives. Limited exploration has occurred within the tenement with no systematic exploration ever undertaken. A historic MLEM survey identified two shallow, relatively strong late time conductors, potentially associated with mineralisation.

Since M3 Mining acquired the Victoria Bore Project it has taken multiple rock chip samples around the historically mined area confirming the documented grades from historic activities with samples useranging from 6.8% up to 49% Cu. The Company also completed a maiden drilling program, totaling 1,128m across 11 RC holes. The program uncovered the existence of a mineralised sulphide system beneath the historic Victoria Bore Mine (see Figure 2). Downhole Electromagnetic (DHEM) surveys conducted in three of the deeper holes indicated that the conductors identified by the historic MLEM survey were sulphidic shales with a conductance of ~250 Siemen (S). Multiple smaller off-hole conductors were also identified that had much higher conductance levels of

30,000S and 10,000S. personalFor

Figure 2 - Victoria Bore Copper Project November 2021 Drilling

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onlyWork completed at the Project post the June quarter consisted of the SQUID FLEM survey and a reconnaissance rock chip sampling program (see announcement dated 27 July 2022 titled "M3 Mining discovers strong EM conductor at Victoria Bore) is detailed below. Future work to test and explore for further base metals mineralisation across the Company's expansive tenure is being planned.

SQUID FLEM Survey

GAP Geophysics were engaged to complete a FLEM survey using two large-scale loops (600m x use400m) over the Victoria Bore area. The survey utilised SQUID sensor technology in order to delineate conductivity beneath the previously intersected shale. It was successful in identifying the

presence of a strong conductor on the northern boundary of the survey (see Figure 3).

The electromagnetic response of this zone is interpreted to represent an accumulation of semi- massive to massive sulphides, potentially associated with base metal mineralisation. Plate modelling reveals that the shale unit has a conductive level of ~250S whilst the highly conductive

target reads at ~5,000S. Confirmation from the consultant geophysicist indicates that it is unlikely personalthat a continuous shale could change conductivity levels from 250S to 5,000S over a distance of 400m. It is more likely that the strong conductor represents a discrete separate conductive body.

The presence of base metals in the Project area increases the chance of the new target hosting base metal mineralisation.

The new target aligns with the northern extent of a NW trending magnetic anomaly present in government magnetics data. The magnetic trend appears to be terminated by a regional scale structure that is interpreted to trend approximately NE. The combination of an interpreted regional scale structure, highly conductive body, and regionally anomalous Cu, Pb, Zn and Ag is very encouraging for the discovery of a significant base metals deposit.

The Company is planning an expedited drill program to test the high-priority conductor to the north. The planned program expects to intercept the target as shallow as 200m below surface. The program will also test the exceptionally conductive (30,000S) smaller plate that was identified near VBRC001 in the DHEM survey.

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