Aurumin Limited (ASX: AUN) ('Aurumin' or 'the Company') is pleased to announce it is launching a partially underwritten non-renounceable entitlement offer, on the basis of one (1) new fully paid ordinary share for every seven (7) Shares held as at 5.00pm on the record date, being 25 July 2022 (Record Date) to raise up to $3.0 million at a price of $0.15 per Share (Entitlement Offer).

The Company lodged its prospectus in respect of the Entitlement Offer with ASIC on 19 July 2022 (Prospectus).

Capitalised terms used, but not defined, in this announcement have the meaning ascribed to them in the Prospectus. Participants in the Entitlement Offer and Shortfall Offer will be offered one (1) free attaching option (Quoted Option) for every one (1) Share subscribed for and issued under the Entitlement Offer and Shortfall Offer (further details in respect of which are set out below) (Quoted Option Offer). The Quoted Options will be exercisable at $0.25 each and have an expiry date of 18 August 2024. The Quoted Options will be listed on the ASX, subject to ASX approval.

Funds raised from the Offers (and any funds raised on exercise of the Quoted Options) will be applied to fund exploration on the Company's projects, including the Company's wholly owned Central Sandstone Project, general working capital and to pay the costs of the Offers. Further details on the Offers can be found below and in the Prospectus. The Entitlement Offer, Shortfall Offer and Quoted Option Offer are partially underwritten by Lazarus Corporate Finance Pty Ltd (Lazarus) for up to $2,000,000, being up to 13,333,333 Shares, pursuant to an underwriting agreement between Lazarus and the Company dated 19 July 2022 (Underwriting Agreement).

Aurumin's Managing Director, Brad Valiukas, commented: 'The Offers will enable Aurumin to continue to aggressively explore and expand our Sandstone Operations, where we have already completed a first geochemical programme, RC and diamond drilling programmes and expanded our footprint. 'Early results have been good with additional targets from the geochemical programme and a great first diamond drill result at Two Mile Hill that returned 344m @ 1.29g/t. We continue to see the Two Mile Hill underground deposit as a key part of the project going forward, with the scale to potentially underpin future production. 'We look forward to results of the remaining three diamond drill holes and RC drilling and progressing follow up drilling at Sandstone.'

Contact:

Brad Valiukas

Tel: +61 (8) 6555 2950

Email: admin@aurumin.com.au

Web: www.aurumin.com.au

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