Mitre Mining Corporation Limited announced that it continues to make significant developments with the exploration program at the Batemans Project (EL9146) with extensive field surveying, portable XRF work, soil samples and rock chip samples yielding encouraging results. Over 4,500 portable XRF (pXRF) readings have been acquired, since December 2021, during the field mapping and surveillance program along with soil and rock chip samples in key target zones. The mapping work has continued redefining some of the critical geological boundaries and provides significant focus to the work program.

Two batches of rock chip sample analyses have been received from ALS Laboratories. The first batch of rock chip samples comprised 50 and the second batch of 55. The first batch of rock chip samples were analysed for 49 elements, including Au (gold), Ag (silver), W (tungsten), Sn (tin), base and battery metals.

With the consistent occurrence of anomalous readings for five rare earth elements (via the portable XRF), it was decided to include a complete rare earth element (REE) specific analysis for all subsequent samples submitted to ALS Laboratories. A batch of 65 soil samples was also received from ALS Laboratories which included the full suite of elements. One sample on the north-eastern edge of the Buckenbowra Granodiorite returned a highly anomalous gold assay of 0.97g Au/t and another sample on the eastern side of the Nelligen Granodiorite also returned a grade gold assay of 1g Au/t. Several other rock chip samples returned assays between 0.01 ­ 0.09g Au/t. Five samples returned anomalous titanium (0.96 ­ 2.26%) and vanadium (144 ­ 440 ppm) which was associated with vanadium titanomagnetite in mafic dykes within the granodiorite.

The second set of samples included all the rare earth elements, which were converted to total rare earth oxides (TREO) to align with industry standard reporting. This batch of rock samples returned TREO results ranging from 6 ppm TREO in one sample to 956 ppm TREO. A total of 6 rock chip samples returned TREO results >500 ppm.

These results were associated with the altered margins of the granodiorites and major structural zones, such as the conjugate fault zones between the Nelligen and Buckenbowra Granodiorites. The first batch of soil samples was collected from an area on the NW edge of the Buckenbowra Granodiorite, with evidence of significant weathering, alteration and structural control. The samples were universally described as granodioritic saprolite/topsoil.

This area showed considerable evidence of structural control (i.e. faulting) with dilutional zones (quartz infilled), en-echelon tension gashes and fault gouge/breccia. This area had eight anomalous gold results, with five results at 10ppb, two at 30ppb and one at 70ppb. The background value for gold in soils in this area is considered to be <2ppb.

The remainder of the soil samples returned values of <10ppb (<0.01ppm) which was the cut-off grade for the ALS Laboratories Au-AA22 (fire assay) analytical methodology used for this sample batch. The TREO results were relatively consistent throughout the sample batch. All 65 samples recorded anomalous REEs were recorded in the sample batch.

The TREO values ranged between 135ppm to 575ppm, with 15 samples (23%) returning highly anomalous TREO values >500ppm and 30 samples (46%) returning TREO values >400ppm. Further detailed work will be undertaken in this area, including channel and bulk sampling. The Company continues to make significant progress at The Batemans Project and in the coming months will have several updates as the laboratory completes their analysis on submitted samples.