Maximus Resources : High-grade gold intersections continue at Wattle Dam Project

ASX Announcement

25 MAY 2022

For personal use only

High-grade gold intersections continue at Wattle Dam Project

Maximus Resources Limited ("Maximus" or "the Company", ASX:MXR) is pleased to announce the assay results from a ~7,000m combined diamond and reverse circulation drill programme focused on the Redback Gold Deposit and Golden Orb prospect, at the Company's Wattle Dam Project.

• Drilling has intersected high-grade gold, with multiple occurrences of visible gold.
• Drilling also intersected high-grade mineralization and visible gold noted outside of the known Golden Orb mineralised envelope with hole (GORC058) returning 6m @ 8.8 g/t Au from 198m incl. 3m @ 14.2 g/t Au adding exploration potential for the discovery of further high-grade domains within the Wattle Dam Project.
• The second phase of the resource drill programme at Redback Gold Deposit has confirmed mineralisation continuity, from surface to ~270m vertical depth with significant intercepts including:

1. 6m @ 4.7 g/t Au from 127m incl. 3m @ 8.2 g/t Au (RBRC031)

1. 18m @ 2.3 g/t Au from 230m incl. 4m @ 4.3 g/t Au and 5m @ 2.4 g/t Au (RBDD006W1)

• 1. 5m @ 1.7 g/t Au from 39m incl 1m @ 3.4 g/t Au and 5m @ 2.2 g/t Au incl 2m @ 3.9 g/t Au (RBRC025)
  1. 2m @ 3.7 g/t Au from 43m, 5m @ 1.2 g/t Au from 50m (RBRC023)
  1. 5m @ 1.6 g/t Au from 46m incl. 2m @ 2.9 g/t Au (RBRC024)
  1. 6m @ 2.7 g/t Au from 190m incl. 1m @ 9.6 g/t Au (RBDD010)
  1. 6m @ 2.0 g/t Au from 198m incl. 2m @ 4.0 g/t Au (RBRC032) - hole ending in mineralisation.
  1. 2m @ 6.4 g/t Au from 205m (RBDD013)
  1. 1.9m @ 4.2 g/t Au from 273m and 10m @ 2.9 g/t Au from 310m incl. 1.8m @ 6.7 g/t Au (RBDD014)
• Redback deep drilling (EIS programme) confirms gold mineralisation at depth, with reported intersections of 11m @ 3.2 g/t Au from 626m and 2.5m @ 6.0 g/t Au (RBDD008) and follow- up wedge hole (RBDD008W1) intersecting:
• 1. 5m @ 2.5 g/t Au from 539m incl. 3m @ 3.3 g/t Au and 1m @ 7.9 g/t Au from 570m
• Completed drill programme to support a Mineral Resource Estimate update at Redback Gold Deposit, with focus on development options for the Wattle Dam project.

Commenting on the results Maximus' Managing Director Tim Wither said, "the completed Redback RC and Diamond Drill resource programme continues to return wide, high-gradegold domains, demonstrating the near-termpotential for Redback to be developed into another high-gradegold mine in the Wattle Dam Project area. These results also include further Western Contact mineralisation, confirming Redback is open at depth and along strike."

"It is also encouraging to receive the high-grade gold intersection from initial drilling at Golden Orb, which benefited from the learnings from previous drill programmes at the S5 prospect, ~200m to the north. The 6m @ 8.8 g/t Au intersection is outside the interpreted mineralisation envelope, and at the prospective margin of the Western Shear zone and provides confidence in progressing future drill programmes planned along the fertile Wattle Dam corridor."

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063	ASX:MXR

For personal use only

REDBACK GOLD DEPOSIT - DRILL PROGRAMME

Redback Gold Deposit (Redback) is located ~600 metres southeast of the previously mined high-grade Wattle Dam Gold Mine, with a JORC 2012 Inferred Resource of 440,000 t @ 3.0 g/t Au for 42,900 oz (ASX:MXR announcement 11 April 2017).

The completed resource drill programme forms part of Maximus' near-term strategy aimed at building value by increasing gold resources across the Wattle Dam Project area, leveraging from the existing mine infrastructure at Wattle Dam Gold Mine and potential toll treating at several processing plants located within 100km radius, including Pantoro Limited (ASX:PNR) Norseman Gold Project processing plant, which is currently under construction and is expected to be commissioned during the September Quarter.

The successfully completed resource drilling programme, designed to improve definition of high-grade domains at Redback for a Mineral Resource Estimate (MRE) update, has continued to deliver wide, high- grade gold intersections such as 18m @ 2.3 g/t Au from 230m incl. 4m @ 4.3 g/t Au and 5m @ 2.4 g/t Au (RBDD006W1) which complements previously reported high-grade drill results including:

• 16.3m @ 9.3 g/t Au and 5.8m @ 17.9 g/t Au from 229.5m (RBDD003)
• 6.0m @ 9.4 g/t Au incl. 3.0m @ 17.2 g/t Au from 257m (RBDD006)
• 10.0m @ 4.6 g/t Au and 8.0m @ 3.9 g/t Au from 170m (RBDD005)
• 7.0m @ 7.0 g/t Au incl. 1.0m @ 10.2 g/t Au and 2.0m @ 10.2 g/t Au from 42m (RBRC019)

Gold mineralisation at Redback has been interpreted as subparallel and near-vertical domains, largely controlled by porphyry/ultramafic contacts. These occur as laterally continuous eastern and western structures which are connected by linking shears/mineralised domains associated with the margins of interflow sediments. Redback remains open at depth and along strike (Figures 1 & 2).

Figure 1 - Redback and Wattle Dam longitudinal section showing completed assay results from recent drill programme.

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063

For personal use only

Figure 2 - Redback cross-section at 6527310mN (20m window) - Looking North

Figures 3 and 4 - Left - Visible gold from RBDD004W1 at 246m - NQ2 size drill core. Right - Visible gold in rock chip from GORC058 at 202m. Visible gold does not characterise all mineralised intercepts at Redback or Golden Orb.

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063

For personal use only

REDBACK DEEPS / WESTERN CONTACT

The completed drill programme also included two EIS co-funded drill holes which successfully extended gold mineralisation, ~300 metres below the known Redback gold resource, with multiple intersections of high- grade gold including previously reported 11.0m @ 3.2 g/t Au from 626m incl. 3.0m @ 5.7 g/t Au (RBDD008).

Additional drilling was completed at the Redback Western Contact which confirmed interpreted mineralization trend and location, including 5m @ 2.5 g/t Au from 539m incl. 3m @ 3.3 g/t Au, and 1m @

7.9 g/t Au from 570m (RBDD008W1) opens up a new target area for exploration and materially adds to the Redback mineralised system for future resource growth.

WATTLE DAM SOUTH

Two diamond holes were completed at the Wattle Dam South mineralised domain, situated below the southern end of the Wattle Dam open cut (Figure 1), designed to test for a steeply plunging high-grade shoot. Both holes intersected significantly altered and deformed ultramafics with minor interflow sediments. WDSDD001 intersected 8.0m @ 2.4 g/t Au incl. 2.0m @ 5.8 g/t Au and WDSDD002 did not intersect significant gold mineralisation. Both holes may be utilised as platforms for future drilling.

GOLDEN ORB DRILLING

Three RC holes (527m total) were drilled into the Golden Orb mineralised domain (Figures 5-7) to confirm legacy drilling in this area and were drilled from the east as opposed to the majority of legacy drilling from the western side.

Intersected gold mineralisation of 6m @ 8.8 g/t Au from 198m incl. 3m @ 14.2 g/t Au (GORC058) occurs adjacent to the Western Shear Zone analogous to the drilling of the S5 prospect (ASX:MXR Announcement 11 May 2021). The new intersection in hole GORC058 occurs outside the previously interpreted broad mineralised zone and indicates potential for a steeply dipping high-grade shoot at Golden Orb (Figure 6).

Figure 5 - Wattle Dam Project - showing Golden Orb location and other gold prospects - Looking North.

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063

The new results at Golden Orb are in addition to previously reported high-grade legacy drill intersections (Figure 6) which include:

For personal use only

• 6m @ 4.5g/t Au from 16m (WDRC089)
• 6m @ 13.1 g/t Au from 91m (WDRC197)
• 6m @ 10.7 g/t Au from 118m (GODH0011)
• 17m @ 3.0 g/t Au from 88m (GORC0050)

Figure 6 - Golden Orb / Redback Project cross-section (looking North) at 6527215mN.

FORWARD PLAN - WATTLE DAM GOLD PROJECT

Mineral Resource Estimate Update - Following the completion of the resource drilling programme, the Company will commence a Mineral Resource Estimate update, aimed at increasing the Redback Gold Mineral Resource and defining high-grade domains within the mineralisation system.

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063