Miramar Resources Limited outlined an initial gold Exploration Target at the Company's 80%-owned Gidji JV Project in the Eastern Goldfields of WA (‘Gidji' or ‘the Project'). An initial shallow gold Exploration Target of 1.3 to 3.1 million tonnes, at a grade of 1.2 - 1.5g/t Au, has been estimated for the Marylebone target The Exploration Target was estimated from aircore, RC and diamond drilling conducted by the Company since commencing exploration at Gidji in late 2020 and is currently restricted to the shallow supergene and/or alluvial gold mineralisation encountered within the Marylebone target. According to the parameters of the Exploration Target, the Marylebone target could conceivably contain 55,000 - 155,000 ounces of gold and appears similar to the historic Panglo gold deposit, which reportedly had a maiden supergene gold resource of approximately 117,000 ounces in 1987 Other large aircore footprints similar in size to Marylebone, including the Blackfriars and Highway targets, have not been included in the Exploration Target at this stage, due to a relative lack of drilling data when compared with Marylebone.

The initial Exploration Target estimate (‘the Estimate') was prepared by Miramar's Executive Chairman, Mr. Allan Kelly, who is a ‘Competent Person'. The Estimate utilised a subset of the Miramar drilling database, comprising 121 aircore holes (7,726), 26 RC holes (4,007m) and 1 diamond hole (190.75m) drilled over the Marylebone target, as well as limited historical drilling data from various previous tenement holders. Drilling intersected supergene and/or alluvial gold mineralisation in a sub-horizontal layer within and/or beneath later paleochannel sediments.

examples of this mineralisation. Drill hole spacing averages 80 x 50m but can be up to 400m x 100m in some areas. Hole depths for vertical aircore holes drilled to ‘blade refusal' range from 3m to 108m, with an average depth of 52m.

The RC and diamond holes were angled and drilled to a down-hole depth of between 180 - 240m. Aircore holes drilled at Gidji before August 2021 (approximately 400 holes) were initially sampled as 4m composites for the entire hole and assayed for low-level gold and a multi-element suite via aqua-regia digest followed by analysis by ICPMS. Composite samples returning above 250ppb Au (i.e. 0.25g/t Au) were re-sampled as 1 metre resplits and re-assayed whilst any composite or resplit samples returning over the upper detection limit of 2,000ppb Au (i.e. 2g/t Au) were also routinely re-assayed by fire assay. After August 2021, a modified sampling procedure was implemented to avoid sampling and assaying the overlying paleochannel sediments.

Once the base of alluvial material (‘BOA') is identified: · The 4m interval containing the BOA is split into two samples: one above and one below the BOA · A single 4-meter composite sample is taken directly above the upper BOA sample · 4-meter samples are then taken below the lower split BOA sample to the end of hole Quality control (QAQC) samples were inserted at a frequency of 4 QAQC samples (standards, blanks, duplicates) per 100 samples. A range of gold standards were used and no issues were identified. A lower cut-off grade of 0.2g/t Au was used to define the Exploration Target domains with a top cut of 7g/t Au applied to the Marylebone data.

Within the Marylebone target, a number of RC holes and 1 diamond drill hole were drilled underneath the mineralised aircore holes. This RC drilling mostly confirmed the tenor of the aircore gold assay results and that there was no down- hole ‘smearing' of high-grade results evident in the aircore holes. The Estimate uses a minimum vertical thickness of 1 meter and an average thickness of 2 meters.

As the mineralisation is sub-horizontal and the aircore drilling is vertical, the intersections are interpreted to represent the ‘true width' of the mineralisation. At this stage, no specific gravity measurements have been taken for either the aircore or RC drilling samples. To calculate tonnages, the Company has therefore used theoretical SG values from 2.3 g/cm3 to 2.5 g/cm3, which is comparable with published data for other deposits in the area.

Further work will be required to convert the initial Exploration Target estimate to a JORC-compliant Mineral Resource, including increasing the drill density with further RC drilling and fire assay analysis, and conducting systematic specific gravity measurements across several holes. The Company will continue exploring for bedrock gold mineralisation at Gidji, including under the Marylebone Exploration Target.