Axiom Mining : Isabel Nickel Project - San Jorge deposit drilling results

Axiom Mining Limited

ARBN 119 698 770

Mendana Ave, Honiara Solomon Islands

Level 6, 15 Astor Terrace Spring Hill QLD 4000

Australia

T + 61 7 3319 4100

www.axiom-mining.com

ASX Announcement

Isabel Nickel Project - San Jorge deposit drilling results

6 March 2017

• The Phase 1 drilling program at San Jorge is now complete with assay results of 144 holes received to date.
• Drilling has continued to intersect encouraging grades of nickel mineralisation.
• Key highlights from the drilling include:
  • 15.4m @ 1.07% Ni from 2.5m including 3.6m @ 1.65% Ni from 6.7m
  • 12.5m @ 1.22% Ni from 2.5m including 6.1m @ 1.59% Ni from 7.5m
  • 8.5m @ 1.12% Ni from 2.0m including 2.0m @ 1.7% Ni from 8.0m
  • 10.5m @ 1.11% Ni from 1.5m including 3.5m @ 1.58% Ni from 8.5m
• Drilling results will be used to construct a Mineral Resource estimate in early 2017.
• Mining lease application awaiting government approval.

Axiom Mining Limited ('Axiom' or 'the Company') is pleased to announce further results from the drill program at the Isabel Nickel Project on San Jorge Island in the Solomon Islands.

Axiom has targeted an area within the San Jorge tenement that presents optimal logistical characteristics of an initial mining DSO operation. Results from the drilling program will be used to deliver a Mineral Resource estimate in early 2017. Assay results for further holes remain outstanding.

The Phase 1 of the program at San Jorge has been successfully concluded with the 50 by 50m drill pattern complete across the initial area of focus. The definition program included selected 25m infill holes as well as sterilisation holes on the edge on the known mineralised zone to assist with initial mining boundaries to ensure efficiency in proceeding to stockpiling and mining.

With the completion of Phase 1 of the program, the Company is currently focused on key elements to commence mining including licencing and permitting. Further to this Axiom is also assessing the additional historically modelled mineralised areas over the remainder of the tenement, as well as new exploration targets, that occur at San Jorge recently identified. Significant potential for additional saprolite mineralisation occurs at San Jorge that warrants modern testing - this will likely to occur parallel to mining operations.

Phase 1 of the drilling program was designed to establish an initial area for mining, satisfy criteria for the submission of a mining lease application and produce an initial JORC Mineral Resource. Drilling activities will now pause while waiting the grant of a mining license at San Jorge although some other exploration and development activities will continue during March. Phase 2 of the Resource and exploration drilling program is planned to commence in tandem with start-up mining activities upon grant of the mining lease.

The project location is indicated in Figure 1 with drilling details provided in Figure 3 and Table 1.

Figure 1 San Jorge drilling location overview Figure 2 Drilling and sampling operations Table 1 New assay results from San Jorge drilling

Hole ID Entire Limonite Saprolite Easting* Northing* RL EOH intersection^ intersection# intersection~ (m)(m)
SJ-090	7.7m @ 0.77% Ni from 2m	572998	9059400	208	9.7
SJ-091	9m @ 0.86% Ni from 2m	1m @ 1.32% Ni from 9m	572950	9059600	183	12.7
SJ-092	1.1m @ 0.88% Ni from 0.9m	572615	9059700	202	4.2
SJ-093	3.4m @ 0.93% Ni from 7m	572904	9059654	184	10.4
SJ-094	4m @ 0.79% Ni from 2m	573002	9059299	216	7.2
SJ-095	6m @ 1.13% Ni from 2m	3m @ 1.47% Ni from 5m	572943	9059700	167	11.4
SJ-096	2m @ 1.09% Ni from 3m	1m @ 1.23% Ni from 4m	573004	9059196	213	6.8
SJ-097	2.7m @ 0.84% Ni from surface	572902	9059706	169	6.0
SJ-098	2m @ 0.7% Ni from 2m	572953	9059202	217	5.2
SJ-099	10m @ 1.1% Ni from 1m	4m @ 1.2% Ni from 3m	2m @ 1.52% Ni from 7m	572903	9059404	214	12.5
SJ-100	3.3m @ 0.91% Ni from 4m	572944	9059663	176	8.2
SJ-101	11m @ 1.26% Ni from 2m	7m @ 1.49% Ni from 5m	572891	9059450	199	14.1
SJ-102	3m @ 0.82% Ni from surface	572850	9059650	176	4.7
SJ-103B	No significant intersection			572845	9059687	170	6.0
SJ-104	10m @ 1.03% Ni from surface	2m @ 1.35% Ni from 6m	1m @ 1.38% Ni from 8m	572799	9059902	145	12.0
SJ-105	9m @ 1.18% Ni from 2m	3m @ 1.5% Ni from 6m	2m @ 1.42% Ni from 9m	572901	9059505	202	14.5
SJ-106	10m @ 0.94% Ni from surface	572602	9059296	134	11.0
SJ-107	9.2m @ 1.07% Ni from 2m	2m @ 1.4% Ni from 7.5m	572904	9059554	193	17.2
SJ-108	5m @ 1% Ni from surface	1m @ 1.26% Ni from 2m	572598	9059248	139	6.5
SJ-109	8.9m @ 1% Ni from 3m	3.1m @ 1.24% Ni from 5m	1.3m @ 1.34% Ni from 8.1m	572645	9059253	167	12.2
SJ-110	8.5m @ 1.12% Ni from 2m	2m @ 1.7% Ni from 8m	572647	9059195	195	10.5
SJ-111	No significant intersection			572698	9059147	184	5.6
SJ-112	2m @ 0.71% Ni from 1m	572650	9059454	205	5.8
SJ-113	No significant intersection			572648	9059547	200	2.4

Hole ID	Entire intersection^	Limonite intersection#	Saprolite intersection~	Easting*	Northing*	RL (m)	EOH (m)
SJ-114	No significant intersection			572654	9059500	202	3.1
SJ-115	No significant intersection			572600	9059446	213	1.7
SJ-116	2.8m @ 0.86% Ni from 4.5m	572354	9059698	216	11.5
SJ-117	3.5m @ 0.76% Ni from 1.5m	572405	9059699	218	6.5
SJ-118	8.1m @ 0.81% Ni from 2.5m	572352	9059746	220	13.4
SJ-119	3.8m @ 1.08% Ni from 3.6m	572399	9059752	215	11.2
SJ-120	19.3m @ 1.04% Ni from 2m	6m @ 1.39% Ni from 6.6m	572303	9059747	212	23.3
SJ-121	2.7m @ 0.73% Ni from surface	572405	9059802	219	4.2
SJ-122	No significant intersection			572450	9059702	204	4.5
SJ-123	1.2m @ 0.7% Ni from 3.2m	572451	9059747	209	5.2
SJ-124	15.4m @ 1.07% Ni from 2.5m	2.2m @ 1.29% Ni from 4.5m	3.6m @ 1.65% Ni from 6.7m	572351	9059802	207	18.5
SJ-125	8.8m @ 1.05% Ni from surface	2m @ 1.5% Ni from 4.5m	1.5m @ 1.29% Ni from 6.5m	572298	9059802	222	8.8
SJ-126	12.3m @ 1.19% Ni from 1.2m	3.2m @ 1.33% Ni from 6.3m	3.4m @ 1.46% Ni from 9.5m	572351	9059853	206	13.8
SJ-127	10.5m @ 1.11% Ni from 1.5m	3.5m @ 1.58% Ni from 8.5m	572301	9059849	223	14.2
SJ-128	1.8m @ 0.69% Ni from 1.5m	572495	9059748	187	4.2
SJ-129	6.9m @ 0.92% Ni from 0.9m	572352	9059903	187	7.8
SJ-130	1.7m @ 0.72% Ni from surface	572493	9059700	183	3.0
SJ-131	4.1m @ 0.78% Ni from surface	572486	9059800	197	4.7
SJ-132	4.4m @ 0.86% Ni from 1.5m	572441	9059797	207	7.0
SJ-133	10.7m @ 1.27% Ni from surface	2m @ 1.8% Ni from 4.3m	3.7m @ 1.47% Ni from 6.3m	572306	9059900	201	11.1
SJ-134	5.1m @ 1.08% Ni from 3.5m	2.1m @ 1.46% Ni from 5.5m	572449	9059851	185	9.2
SJ-135	5.1m @ 0.78% Ni from 0.9m	572353	9059952	189	6.8
SJ-136	5m @ 0.88% Ni from 0.9m	572399	9059840	205	5.9
SJ-137	6m @ 0.97% Ni from 1.5m	572396	9059948	184	7.5