Resolution Minerals : Positive Trenching Results Identify Pogo-Style Drill Targets

24 February 2022

onlyPOSITIVE TRENCHING RESULTS IDENTIFY POGO-STYLE DRILL TARGETS - TOURMALINE RIDGE, 64NORTH PROJECT, ALASKA

• Gold bearing quartz veins up to 4.8g/t Au identified in initial 34% of trenching results received

• The style of veins intersected at surface are narrow, curved and typically merge into wider, flatter, gold bearing veins at depth, which are extremely high-value targets a.k.a. Pogo-style

• Resolution has defined 4 high-priority drill targets supported by both trenching and historical drilling

use	data. Historical drilling is now understood to have targeted narrow hanging wall veins, rather than the
wider Pogo-style shear, which will be the target of upcoming drilling

• An 1800m x 750m anomaly of gold-in-soil and rock chips also supports the prospectivity of these targets

• These drill targets are the highest ranked on the project to date, identified from previous 2½ years

of drilling, geophysics, structural analysis, geochronology and detailed 3D review

• A ground ELF-EM geophysics survey in April will tighten targets for drill pad preparation

• A 4 hole, ~2000m drilling program will aim to intersect high-gradePogo-style gold mineralisation on the TR-Aurora-Goodpaster trend using existing RML access tracks in late Q2, 2022

	Pogo-style is a type of quartz hosted gold mineralisation unique to the district. It typically has stacked
	sets of shallow dipping veins, each vein 5-20mthick with 15-100g/tAu. Smaller curved quartz veins
	(medium grade) permeating outwards (antithetic veins) can indicate proximity to a significant ore body.
	Tourmaline Ridge (TR) is road accessible and 4km from the world-class 11m oz Pogo Gold Mine.
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	P go-stylehigh-grade drill
	target is the NW dipping
	shear with large surface
	geochem anomaly and new
	4.8g/t Au trenching results
		4m @ 67.5g/t Au (2017) discovery hole 17-041-G1
	For

Figure 1 The red zone indicates the Tourmaline Ridge - Aurora - Goodpaster (NST) NW dipping shear zone; the target for proposed drilling at TR under the 1800m x 750m gold in soil anomaly (gold oval) and positive trench results. Aurora Prospect 2020 drill collars indicated in yellow (7m thick quartz vein intersected 20AU007), RML tracks illustrated. (Hole ID 17-041-G1: NST ASX Announcement 16/9/19)

	CAPITAL STRUCTURE			BOARD
	Ordinary Shares	Performance Shares	Craig Farrow - Chair
	Issued 658 M
	Class A 9.6 M	Duncan Chessell - MD
	Options and rights	Class B 3.6 M	Andrew Shearer - NED
	Listed options 6 M @ 10c		Jarek Kopias - Co Sec
	Listed options 74 M @ 12c	Last Capital Raise
	Unlisted options 13 M @ 8c	Sep-Oct-21 - Placement and SPP	Level 4, 29 King William Street
	Unlisted options 59 M @ 4c	$3.4M @ 2c
	Adelaide SA 5000
	Unlisted options 79 M @ 3c
		www.resolutionminerals.com
	Unlisted rights 18 M

ASX RELEASE

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personalFigure 2 Deposit sizes stated as Endowment (Resources & Reserves + Historic Production) *sourced from Company websites

Managing Director, Duncan Chessell commented:

It often takes a couple of drilling campaigns to obtain enough information to vector in on the best prospects. Now after 2 ½ years of geophysics, geochemistry, drilling, structural analysis and geochronology, the Resolution geology team have identified the highest ranked drill targets on the project to date.

We are very excited to put a potential road accessible large scale Pogo-style discovery in front of the drill bit for Resolution investors. It has been a difficult road until this point, but we have high expectations for this drill program.

ForWe are confident that these trenching results in combination with all the other contributing factors support the potential for a large-scalePogo-style gold mineralisation, below Tourmaline Ridge.

Consulting to Resolution has been Pogo specialist Mr *Gabe Graf who has eight (8) years' experience in the Pogo District. Gabe initially started out as an underground geologist at Pogo Gold Mine, before shifting into the exploration team. As Exploration Manager for Sumitomo Mining, Mr Graf is credited with the 2017 Goodpaster Prospect discovery, which is now undergoing a $21M resource drill out by Northern Star. Based on publicly available data and Resolution's target ranking systems, Mr Graf indicates the targeting criteria for the Tourmaline Ridge Prospect is right on par with the Goodpaster Prospect prior to the discovery hole of 4m @ > 2oz/t Au drilled in 2017.

(*Gabe Graf - Senior Project Geologist, Millrock Resources RML's project partner on the 64North Project)

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ASX RELEASE

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personalFigure 3 The 64North Project Claims (Feb 2022) in blue surrounding Northern Star's Pogo Gold Mine. Key prospects Miranda, Last Chance, Elaine, Kramer, George, ER, Tourmaline Ridge and Aurora Prospects annotated with mineralisation style.

Resolution Minerals Ltd (Company or RML) is pleased to announce the first results from the Tourmaline Ridge trenching program completed in September 2021. On 24 December 2021 the Company advised the market of considerable delays to assays results due to a cyber hack of our service provider Bureau Veritas (BV), and the return to a slow paper-based processing system. We have disclosed all results available, ~34% of the samples submitted in September 2021, and have no indication from BV of a timeline for the remaining assays. Positively, our geology t am has seen enough new assay results in conjunction with a detailed review and update to the 3D geological model, to upgrade the TR Prospect to a Priority One drill target and commence logistics planning for drilling this summer. We will update the market when the remaining trench results are received.

Resolution has also undertaken a detailed regional review of the 64North Project, ranking all prospects and has Forderived drill targets in order of priority 1 to 4. The Company intends to focus its efforts on the Priority One drill targets at the Tourmaline Ridge (TR) prospect which has a high probability of success and all-year-access via existing roads allowing lowest drilling costs to maximise shareholder value. If the East Pogo drill targets identified by the 2021 RC drill program, were road accessible, they would have ranked equivalent or second only to the TR targets - see project ranking table below. Results of the full project review are described below in more detail and highlight the potential

of the 64North Project to host multiple gold deposits with drilling targets ranked in order of priority.

Divide Block Cu-Mo-Au Porphyry Detailed Review Results

A separate release will be made to the market shortly, with the results of a detailed technical review of the separate Divide Block with prospects Elaine, George and Kramer as indicated in Figure 3 above.

A Webinar will then be announced to discuss the entire 64North Project with shareholders.

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High Angle Veins (North Zone, X-Vein)

• Previously not important sources of ore

• 1-5m thick N-S/NE-SWoriented escape structures for plutonic fluids, which are thought to be feeder structures

Other characteristics of Pogo

• Free milling gold

• Low-sulphidequartz veins ~3% pyrite, arsenopyrite, pyrrhotite, Bi-Te-S

• Dolomite-sericitealteration halo

• Magmatic fluid source

Low-AngleVeins (Liese 1-3,East Deep)

• These veins contain the bulk of the ore at Pogo

• 5-20m thick

• Hosted in regional shear zone - compression with later extension for more dilation

• Shear exploits mafic and graphitic rocks within gneiss

ASX RELEASE

onlyNext Steps

In April, our team will undertake a ten-dayELF-EM surface geophysics program to sharpen up the interpreted depths of the NW dipping shear zone - potential Pogo-style target and identify the best location for drill holes to minimise the depth of drilling to intersect the target on the Goodpaster-Aurora-Tourmaline Ridge trend.

Current interpretation warrants a ~2,000m 4-hole diamond core drill program at The Tourmaline Ridge Prospect in summer 2022. We are currently making enquiries to lock in a drilling rig. The planned program will take 6 weeks to complete, selective samples will be cut and transported to laboratories outside of Alaska for efficient turn-aroundusetimes. As part of the drilling program, Resolution will make improvements to the access tracks to allow for follow up winter drilling, in anticipation of the summer season results. We will provide an update to the market of the ELF-EM

program results and more detailed plans as details are locked down.

A minor regional exploration program is being planned, aiming to sharpen drill targets at East Pogo and follow up other prospects with the aim to upgrade selected prospects to drill ready status.

Pogo Mine Mineralisation Model

Pogo-style is essentially the interplay of three geological ingredients (Figure 4):

1. hydrothermal fluid source (intrusions)
2. fluid conduits (high-angle faults)
3. dilation zones (low-angle regional shear - compression with later extension for more dilation)

personalThis results in the formation of high-grade5-20m thick, flat-lying,low-sulphide quartz veins (~ 3%) with a dolomite- sericite alteration halo with a typical resistivity of <600 Ohm.m. A detailed description of vein types is outlined below

(Larimer, 2016). To the end of 2019 the total production history of Pogo was: 3.9 million oz Au @ 13.1g/t Au.

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Elevated gold/arsenic/bismuth anomaly

Gold-bearing quartz veins

Serpentinite, amphibolite

Graphitic schist

Figure 4 Pogo-style mineralisation model (Twelker et al., 2017 adapted from Larimer, 2016)

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Historical holes were drilled to intersect the hanging wall veins, missing the higher priority NW dipping shear.

ASX RELEASE

onlyTourmaline Ridge Trenching Results

Trench 1 Cross Section

usepersonalFigure 5 Tourmaline Ridge Prospect cross section including the first assay results on trench 21TR001. Historical holes WP12-01 and WP-1 are included, aiding interpretation of antithetic hanging wall veins relative to an interpreted northwest dipping shear, prospective for Pogo-style

mineralisation. See section line reference on Figure 6 (Trench One).

The Tourmaline Ridge trenching program was completed in September 2021, however only partial results are available to present, due to extreme lab delays in northern America.

Despite the availability of only partial results, mineralisation links have been observed between the trenching results and historical drill data. Preliminary trenching assay results confirm Resolution's 3D geological model for the surface expression at Tourmaline Ridge, representing antithetic hanging wall veins, which RML believe to sit directly above

Fora dilation northwest dipping shear, with a high probability of hosting significant gold mineralisation.

Resolution updated the 3D geological model and the 64North target ranking summary over a 3-month period during the field off-season, which has incorporated the latest trenching results.

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