Gateway Mining Limited advised that it has executed a Farm- in Joint Venture agreement with SensOre Limited (S3N) to evaluate and target the lithium exploration potential at its Montague Gold Project in WA's Murchison region (Agreement). The Agreement has been executed between Gateway, Gateway's wholly-owned subsidiary Gateway Projects WA Pty Ltd. (Gateway Projects) and Exploration Ventures AI Pty Ltd. (ACN 662 260 148) (EXAI, a wholly-owned subsidiary of S3N) over selected tenements at the Montague Project. EXAI is subject to an agreement with German group Deutsche Rohstoff on lithium exploration as announced by S3N on 21 March 2022.

Under the Agreement, EXAI will have the right to acquire up to an 80% interest in the lithium rights (and related by-products) within the Montague tenements. Gateway will retain its existing rights to all other minerals within the Tenements, including precious and base metals. EXAI to acquire up to 80% of lithium rights only.

Ownership of all other minerals within the Tenements to remain unaffected and will be owned by Gateway and Gateway Projects. Where any conflicts arise as to exploration activities within the Tenements between Gateway and EXAI, the priority of exploration will be given to Gateway to conduct its exploration within the Tenements. The Agreement consists of a three stage farm-in for EXAI to ultimately acquire 80% of the lithium rights (and related by-products) within the Tenements on the following terms: (a) 18 month, non-withdrawal period with a minimum of $350,000 (excluding GST) exploration expenditure (Minimum Expenditure Amount).

(b) Exploration expenditure of $1,500,000 excluding GST (with $750,000 of the expenditure to be direct drilling expenditure) within 2.5 years of the earn-in commencing to earn a 51% interest in the lithium rights within the Tenements (First Earn-In). (c) Exploration expenditure of a further $3,000,000 excluding GST (with $1,500,000 of the expenditure to be direct drilling expenditure) within 2 years of completion of the First Earn-In commencing to earn a further 29% interest in the lithium rights within Tenements (Second Earn-In). (d) The parties have agreed to negotiate in good faith and enter into a formal joint venture agreement as soon as practicable after EXAI earns the First Earn-In.

(e) Should EXAI earn both the First Earn-In and Second Earn-In, Gateway will have the option to claw- back a further 10% interest in the lithium rights from EXAI, and Gateway will pay to EXAI cash consideration in the amount of 3 times the total expenditure paid by EXAI within the Tenements during the earn-in period pro-rata to the 10% interest Gateway is entitled to acquire (Clawback Option). (f) Provided Gateway does not exercise its Clawback Option, the remaining lithium rights held by Gateway will be free carried until a bankable feasibility study is completed in relation to lithium minerals.