Musgrave Minerals : Letter to Shareholders

ASX RELEASE

16 October 2020

ASX: MGV

Letter to Shareholders - Annual General Meeting

Musgrave Minerals Limited (ASX: MGV) (Company) advises that the attached letter regarding the Company's Annual General Meeting materials has been sent to Shareholders who have not elected to receive notices by email.

This release was authorised by the Board of Musgrave Minerals Limited.

ENDS

Should you wish to update your online details, please visit www.computershare.com.au

For further information please visit www.musgraveminerals.com.auor contact:

Rob Waugh

Managing Director

Musgrave Minerals Limited

Telephone: + 61 8 9324 1061

Email: [e-mail]

5 Ord Street, West Perth WA 6005

Telephone: [phone] Fax: [phone]

Web: www.musgraveminerals.com.auEmail: [e-mail]

ABN: 12 143 890 671

Annual General Meeting - Notice and Proxy Form

16 October 2020

Dear Shareholder,

Musgrave Minerals Limited (ABN 12 143 890 671) (Musgrave or Company) is convening its Annual General Meeting (Meeting) to be held at Ground Floor, 5 Ord Street, West Perth, Western Australia on Thursday 19 November 2020 at 9am (AWST).

The Company and the Board are acutely aware of the current circumstances resulting from COVID- 19 and the impact it is having, and is likely to continue to have on physical meetings. Accordingly, the Board has made the decision that Shareholders will not be able to physically attend the Meeting. The Company will publish a Virtual Meeting Guide on the ASX and the Company's website in the week prior to the Meeting, outlining how Shareholders will be able to participate in the Meeting via the internet.

Shareholders are urged to attend the Meeting virtually or by returning a completed Proxy Form.

In accordance with subsection 5(f) of the Corporations (Coronavirus Economic Response) Determination (No.3) 2020, the Company will not be dispatching physical copies of the Notice of Meeting (Notice). Instead, a copy of the Notice will be available under the "ASX Announcements" section of Musgrave's website at www.musgraveminerals.com.au.

As you have not elected to receive notices by email, a copy of your personalized proxy form is enclosed for your convenience. Shareholders are encouraged to complete and lodge either proxies

online or otherwise in accordance with the instructions set out in the proxy form and the Notice.

Your proxy voting instruction must be received by 9am (AWST) on Tuesday 17 November 2020, being not less than 48 hours before the commencement of the Meeting. Any proxy voting instructions received after that time will not be valid for the Meeting.

The Notice is important and should be read in its entirety. If you are in doubt as to the course of action you should follow, you should consult your financial adviser, lawyer, accountant or other professional adviser. If you have any difficulties obtaining a copy of the Notice of Meeting, please contact the Company's share registry Computershare Investor Services Pty Limited on 1300 850 505 (within Australia) or [phone] (overseas).

Circumstances relating to COVID-19 are changing rapidly. The Company will update shareholders if changing circumstances will impact the planning or arrangements for the Meeting by way of announcement on ASX and the details will also be made available on our website at www.musgraveminerals.com.au.

The Company appreciates the understanding of shareholders during this time.

Graham Ascough

Non-Executive Chairman

5 Ord Street, West Perth WA 6005

Telephone: [phone] Fax: [phone]

Web: www.musgraveminerals.com.auEmail: [e-mail]

ABN: 12 143 890 671