Mitre Mining : Significant Rare Earth Element (REE) Results Identified

29 March 2022

Significant Rare Earth Element (REE) Results

Identified at Batemans Project

Highlights

• • Over 2,700 portable XRF (pXRF) readings were acquired over the Batemans Project (EL9146), showing widespread anomalous rare earth elements (REEs).

• • Anomalous rare earth results extend along major structures over multiple strike lengths generating a mineralised target area greater than 4 km and up to 800m wide.

• • More than 420 pXRF samples returned Total Rare Earth Oxide (TREO) results >500 ppm based on just 5 of the 17 rare earth elements (La, Ce, Pr, Nd and Y).

• • High grade rare earth (TREO) results included:

  • o 2,218 ppm;

  • o 2,193 ppm;

  • o 2,061 ppm;

  • o 1,497 ppm; and,

  • o 1,432 ppm

• • Extensive field reconnaissance, including detailed mapping and logging, shows evidence of major sheeted vein systems, extensive alteration zones and large-scale structural controls associated with rare earth elements (REE).

• • More than 450 pXRF samples returned silver (Ag) values of 7 g/t or higher.

• • Zones of anomalous bismuth (Bi) up to 211 ppm have been identified.

• • Zones of anomalous titanium (Ti) up to 1.47% have been identified.

• • Assay results are pending and anticipated shortly.

• • Ongoing exploration work is being conducted to further determine the potential large scale rare earth, gold and silver mineralisation at the Batemans Project.

Mitre Mining Corporation Limited (ASX: MMC)(Mitre Mining or the 'Company') is pleased to announce that it has achieved significant inroads on the exploration program of work over the Batemans Project (EL9146).

Clinton Carey, Mitre Mining CEO, says, "The field teams have worked systematically to map and sample the exploration area. The Company has gathered a comprehensive suite of exploration data from which to make more detailed, future exploration decisions. Results to date have shown that the Batemans Project has significant rare earth occurrences and strong silver showings. The next stages of work will further investigate the major structural

DIRECTORS	MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing Non-Executive Director/	Melbourne VIC 3000
Company Secretary	T: [phone]
www.mitremining.com.au	E:[e-mail]

and alteration zones known to be associated with rare earths and possible gold, silver, and base metals."

Current Field Work

Over 2,700 portable XRF (pXRF) readings incorporating 39 different elements (>105,000 data points) have been acquired to date across the Batemans Project (EL9146).

Over 420 pXRF samples returned Total Rare Earth Oxide (TREO) results >500ppm based on five elements (La, Ce, Pr, Nd and Y) of the 17 rare earth elements (which are classified as the 15 Lanthanides + Scandium + Yttrium). The highest TREO result recorded to date was 2,218 ppm. Full suite analytical results will be acquired for some higher-grade zones to capture the other 12 REEs not picked up by the portable XRF (operational constraint of the pXRF).

The plotted analytical results for the TREOs revealed significant geochemical trends with the TREOs associated with extensive alteration zones and major faults, which have been observed from mapping along the margins of the granodiorites (refer to Figure 1).

Multiple anomalous zones have been traced for strike lengths greater than 4km and up to 800m wide, potentially even more extensive. To obtain bulk samples and further characterisation work, trenching (costeaning) will commence across the higher-grade zones.

DIRECTORS	MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing Non-Executive Director/	Melbourne VIC 3000
Company Secretary	T: [phone]
www.mitremining.com.au	E:[e-mail]

Figure 1: EL9146 showing Total Rare Earth Oxide (TREO) plots in parts per million (ppm)

and association with major alteration and structural (fault) zones.

Some broad N-S trends associated with higher grade TREO readings within the granodiorites were observed and are considered to support the significant degree of chemical fractionation within the granodiorites.

Silver (Ag) results were also widespread, associated with the major granodiorites, adjacent metasedimentary units, the alteration zones and major fault areas (dilational zones). The highest result recorded to date was 54 ppm (g/t) and 451 samples returned a silver value of 7 ppm (g/t) or greater (refer to Figure 2).

DIRECTORS	MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing Non-Executive Director/	Melbourne VIC 3000
Company Secretary	T: [phone]
www.mitremining.com.au	E:[e-mail]

Figure 2: EL9146 showing Silver (Ag) plots in ppm (grams per tonne).

A new portable XRF was acquired by the Company, with the new model having the capacity to detect gold (Au), which will be added to the in-field analytical regime.

Fieldwork by the Company's geological team continued to identify areas of intense, sheeted quartz veining (refer to Figure 3A) characteristic of many reduced intrusion related gold systems (RIRGS) and intense folding (refer to Figure 3B). These are associated with the primary deformation event (D1), responsible for structural control on the emplacement of the granodiorites, which is known to be a critical component of mineralising events in the region.

DIRECTORS	MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing Non-Executive Director/	Melbourne VIC 3000
Company Secretary	T: [phone]
www.mitremining.com.au	E:[e-mail]

Figure 3 - A: Sheeted quartz vein arrays within the metasedimentary units reflect the same dilational stresses that controlled emplacement of the granodiorite and represented both early and late-stage fluid flow events that are important for potential mineralisation.

Figure 3 - B: Intense isoclinal folding from the primary deformation event (D1) shows a strong alignment with major fault structures (fluid conduits) along the boundaries of the granodiorites.

The Batemans Project continues to provide evidence for significant rare earth occurrences and strong Silver showings.

The Company has received multiple quotes for detailed radiometric and aeromagnetic survey work over the Batemans Project and is currently reviewing those quotes prior to selecting a preferred service provider. The Batemans Project has only been partially covered by low-resolution geophysical survey work (undertaken by NSW Government). A detailed radiometric and magnetic survey is expected to provide considerable insight into the structural setting and alteration zones (including internal fractionation) which will significantly enhance the next stage of the Company's program of work.

-ENDS-

This announcement has been approved for release by the Board of MMC.

For further information:

Clinton Carey - [e-mail]

About Mitre Mining

Mitre Mining Corporation Limited is an Australian mineral exploration and development company focusing on large scale gold, base metals and lithium discoveries in the eastern Lachlan Fold Belt near Batemans Bay on the New South Wales south coast. The Company holds a 100% interest in EL 9146, The Bateman Project, comprising multiple Reduced Intrusion Gold System (RIRGS) and associated sheeted vein targets; Sn-W skarn targets and pegmatites with potential to host lithium and rare earth elements. The Company also holds

DIRECTORS	MITRE MINING CORPORATION LIMITED	REGISTERED OFFICE
Clinton Carey Managing Director/ CEO	ACN: 645 578 454	Level 2
Patrick Gowans Non-Executive Director	ASX: MMC	480 Collins St
Adrien Wing Non-Executive Director/	Melbourne VIC 3000
Company Secretary	T: [phone]
www.mitremining.com.au	E:[e-mail]