Tanami Gold NL : Quarterly Activities/Appendix 5B

FOR THE PERIOD ENDING 31 DECEMBER 2021

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CORPORATE

Unit 202, Level 2, 39 Mends Street, South Perth WA 6151

Tel: [phone]

Email: [e-mail]

Website: www.tanami.com.au ABN: 51 000 617 176

useCash and Cash Equivalents

As at 31 December 2021, Tanami Gold NL ("Tanami" or the "Company") had available cash of $37.688 million.

Northern Star Resources Limited Shares

As at 31 December 2021, the Company held 500,000 Northern Star Resources Limited ("Northern Star") shares.

Corporate

Tanami holds a 50% interest in the Central Tanami Project Joint Venture ("CTPJV") with Northern Star. Tanami personalnd Northern Star are jointly funding all exploration and development activities on the CTPJV. Tanami paid $5

million to the CTPJV in September 2021.

As previously stated, the objective of the CTPJV is to develop and mine the Groundrush gold deposit and any other Ore Reserves and Mineral Resources delineated in the CTPJV tenements at the earliest possible time, utilising mining infrastructure already in place on the project area, commensurate with good mining practice.

The first meeting of the CTPJV Management Committee ("Committee") was held during the quarter. The Committee resolved that the updating of the CTPJV Mineral Resource estimate was to be undertaken to allow reporting of the Mineral Resources in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code").

In addition, the Committee resolved to carry out a Metallurgical Scoping Study, the results from which could be utilised in the updating of the Mineral Resources and other Scoping Study models, as well as providing information as to where future exploration should be prioritised. Scoping Studies will be carried out to identify the potential optimal open pit and underground production limits at Groundrush deposit and a high level study looking at

ossible alternative production rates.

As previously announced, non-executive director Mr Gerard McMahon tendered his resignation from the ForCompany effective 9 December 2021 to pursue other business interests.

EXPLORATION

Central Tanami Project Joint Venture (Tanami 50%)

Personnel and contractor travel was severely impacted during the Quarter due to road and border closures associated with the recent COVID-19 outbreaks in the eastern states and the Northern Territory, and several programs were deferred. Work completed during the quarter included:

• construction of all-weather drill pads for the planned drilling at Jims;
• the diamond drilling contractor for the planned drilling at Jims and the open pit airborne survey and pit modelling contractor scheduled for December were deferred;
• historical drill core resampling; and
• rehabilitation completed at Farrands Hill, including sign-offs for tracks, air core ("AC") pads and sumps on tenements EL22061 and EL9843 (Figure 1).

FOR THE PERIOD ENDING 31 DECEMBER 2021

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personalFor	Figure 1: EL22061 Farrands Hill Rehabilitation
Drilling

Jims

During the quarter, a diamond drilling contractor was engaged to complete the proposed resource definition drilling program at Jims. All weather drill pads were constructed and tracks prepared during the quarter.

Road and border closures due to the COVID-19 outbreak, and the onset of seasonal rains, prevented exploration activity in December. The Jims drill program has been deferred until early 2022, depending on the re-opening of State borders and roads.

FOR THE PERIOD ENDING 31 DECEMBER 2021

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Figure 2 : Jims Down Plunge Proposed Drilling. Proposed drill hole traces shown in Red.

FOR THE PERIOD ENDING 31 December 2021

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Open Pit Survey and Modelling Project

Arvista were engaged to complete aerial surveys using unmanned aerial vehicles (UAV) over several open pits at the CTPJV to assist with mapping and pit stability assessments. Arvista proposed that low-level oblique aerial imagery of the pits be captured to enable high-resolution, rendered 3D pit models to be generated that are suitable for mapping of features of geological or geotechnical interest. The focus for the surveys will be the open pits at Groundrush, Hurricane-Repulse, Carbine, and Jims.

Arvista was scheduled to complete these surveys in December. The Arvista UAV survey program however has been deferred to early 2022, pending the re-opening of borders.

Resampling

Ten samples were despatched to ALS in Perth during the quarter (Table 1). Nine samples were from drill cores returned from the recent CSIRO GeoMet research project. Samples were selected from high grade gold zones from the Ripcord, Carbine, Beaver, Hurricane, Jims, and Groundrush deposits. One sample was from historical drilling at Crusade, which was not included in the CSIRO research project.

All samples will be analysed for the full multi-element suite plus rare earth elements, palladium and platinum.

Table 1 - Drill Samples Dispatched

		Tenement	Number of
Project	Prospect	Number	Samples	Comments
CTP	Groundrush	ML22934	1	NGRCD00107
CTP	Ripcord	ML22934	1	RPDD0001G
CTP	Hurricane	MLS153	2	NHDD0001
CTP	Carbine	MLS167	3	CADD0023
CTP	Jims	MLS168	1	JDD001
CTP	Crusade	MLS172	1	CDH007
CTP	Pendragon	MLS180	1	PGDH009
		TOTAL	10

Tenement Management

Northern Star advised the following updates for the tenements during the quarter:

• EL22061 - 2 year renewal application lodged 16/12/2021
• EL9843 - 2 year renewal application lodged 16/12/2021
• ML22934 - annual expenditure report lodged 8/11/2021
• ML22934 - annual technical report lodged 8/11/2021
• EL32149(A) - ALRA negotiation period extension approved - new expiry date 31/10/2023

FOR THE PERIOD ENDING 31 DECEMBER 2021

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Figure 3: Central Tanami Project Joint Venture Holding

Transactions to Related Parties

As reported in the quarterly cash flow report part 6.1, amounts paid to related parties of $101k consist of directors' fees and expenses paid during the quarter of $76k .The company also obtains financial services and the provision of a part time Chief Financial Officer from Dragon Mining Limited, a company with the same major shareholder. Tanami paid a fee of $25k for these services.