White Rock Minerals : 30.06.22 Quarterly Activities & Cashflow Report

ASX and Media Release

Thursday 28th July 2022

Quarterly Activities Report - for the Quarter ended 30th June 2022

ASX Code: WRM

OTCQX: WRMCF

Issued Securities

Shares: 173.6 million

Options: 1.9 million

Cash on hand (30 June 2022)

A$2.3M

Market Cap (27 July 2022)

A$20M at $0.11.5 per share

Directors & Management

Peter Mangano

Non-Executive Chairman

Matthew Gill

Managing Director &

Chief Executive Officer

Paul McNally

Lead Non-Executive Director

Toni Griffith

Chief Financial Officer

Shane Turner

Commercial Manager &

Company Secretary

For further information, contact: Matthew Gill or Shane Turner Phone: [phone]

[e-mail]

www.whiterockminerals.com.au

Key Highlights

Woods Point Gold Project, Victoria- Morning Star Gold Mine

Diamond drilling at Woods Point that began in October 2021 has identified up to

five potential gold production areas at the high-gradeMorning Star Underground Gold Mine, with mining on track to restart in Q3 of 2022.

Gap Zone

The Gap Zone represents an area underground with 200 metres of vertical

extent between areas of historic mining with historical production1 of 883,000oz gold at 26.5g/t Au.

• The first phase of drilling in the Gap Zone returned 0.4m @ 740 g/t gold2 (23 ounces per tonne) from a quartz reef interval with visible gold.
• A second significant intercept of 0.25m @ 972 g/t gold3 (31 ounces per

tonne) in a quartz reef interval with abundant visible gold from the

Achilles Reef was reported after Quarter end.

This confirms White Rock's priority of targeting high-grade gold for drill testing in the Gap Zone.

Exhibition Reef

The Exhibition Reef is a parallel mineralised quartz structure above the Dickenson Reef at the southern end of the mine and located around 4 Level thatincludes a "high-grade"gold target area that is potentially more than 100m in strike length and up to 40m down-dip.

Recent drill intersection assay results4 from the Exhibition Reef include:

• 0.5 metres at 51.6g/t gold in 22SDS012A including 0.2 metres at 140g/t gold (true width); and
• 0.4 metres at 35.9g/t gold in 22SDS015 (true width).

Woods Point Gold Project, Victoria- Regional

Review of data across the Company's strategic 660km² tenement package has identified the 1.5km long Wallaby-Eldorado-Shakespeare trend as a high priority exploration target for a 2022 regional exploration program. Permitting and stakeholder engagement to allow drilling continues.

1. Refer Department of Primary Industries "Walhalla-WoodsPoint-Tallangallook Special map area geological report,
   Geoscience Victoria", Geological Survey of Victoria Report 127, 2006.
2. Refer ASX announcement 17 May 2022.
3. Refer ASX announcement 27 July 2022
4. Refer ASX announcement 7 June 2022.

Red Mountain silver-zinc VMS and IRGS Project, Alaska

White Gold Project, Alaska

White Rock acquired a new high-grade gold project identified within the Tintina Gold Province, Alaska, during the Quarter5.

Highlights of the White Gold Project from historic exploration include:-

• 19.0m @ 4.0g/t gold including 2.6m @ 11.2/t gold in surface trenching and 27.1m @ 3.1g/t gold from 88.3m including 1.2m @ 23.1g/t gold (WG11-02)at the Shalosky Prospect.
• 9.8m @ 8.6g/t gold including 3.8m @ 14.3g/t gold in surface trenching and 20.0m @ 2.5g/t gold from 34.4m including 2.2m @ 17.4g/t gold (WG11-05)at the Low Prospect.
• 18.0m @ 9.1g/t gold including 4.0m @ 33.8g/t gold in surface trenching at the Goldberg Prospect.
• 28.0m @ 3.0g/t gold including 3.3m @ 16.4g/t gold in surface trenching at the Hunter Prospect.

Mt Carrington Gold and Silver Project, NSW

• White Rock and Thomson Resources (ASX:TMZ) finalised and executed an agreement6 to amend the initial joint venture agreement over the advanced Mt Carrington gold and silver project.
• Thomson will continue to manage the project and fund site care and maintenance costs until the formation of a Joint Venture on a 51:49 or 70:30 basis.
• Agreement provides for a two-stage exploration earn-in and option to joint venture agreement focused on exploration activities on the Mt Carrington project.
• Thomson can earn 51% of the project by spending $5M over three years and will be able to earn up to 70% of the project by spending a further $2M over a further two years under the amended agreement.

Corporate

• Appointment of Mr Peter Mangano as non-executive Chairperson7.
• Retirement of Mr Peter Lester7 as non-executive Chairperson and the retirements of Mr Jeremy Gray8 and Mr Christopher Wellesley8 as non-executive Directors.
• Signed non-binding term sheet in connection with a convertible note and equity facility with Obsidian Global Partners9:
• • Obsidian will initially invest $2.5 million; and
  • Obsidian may invest up to $30 million over a 24-month period by way of a combination of convertible notes and new fully paid ordinary shares.
• Placement of 15,979,003 shares raised approximately $2.4 million before costs at price of $0.15 per share10.
• These funds after costs will be used for:
• • Recruitment, re-capitalisation,pre-production development, and commencement of gold production at the Morning Star Gold Mine
  • Working capital
  • Red Mountain Care & Maintenance - commitment for further exploration once the Morning Star Gold Mine becomes cash flow breakeven.

1. Refer ASX announcement 11 April 2022.
2. Refer ASX announcement 23 May 2022.
3. Refer ASX announcement 20 June 2022.
4. Refer ASX announcement 8 June 2022.
5. Refer ASX announcement 4 May 2022.
6. Refer ASX announcement 11 May 2022.

White Rock Minerals Limited (ASX: WRM; OTCQX:WRMCF, 'White Rock' or 'the Company') is pleased to report on its activities for the quarter ended 30 June 2022.

Woods Point Gold Project, Victoria - Morning Star Gold Mine

White Rock's immediate objective at the Morning Star Gold Mine is a low capital cost restart of gold production from multiple reef locations. The Company seeks to achieve this by identifying and drilling areas of the dyke with potential to host multiple high-grade gold quartz reefs close to existing underground development infrastructure. Throughout the June quarter White Rock continued its diamond drilling program at the Woods Point Gold Project with results returned in the Gap Zone and at Exhibition Reef.

Drilling within the Gap Zone at Morning Star Gold Mine returned significant gold intercepts in May 2022 with drill hole 22GZL9013 returning 0.4m @ 621 g/t gold2 from a quartz reef interval. Final screen fire assays were subsequently returned grading this hole at 740g/t gold3. Earlier drilling revealed at least 10 of these quartz reef structures in the Gap Zone area (refer Figure 1).

A further significant intercept was recorded in drill hole 22GZL9016 which returned 0.25 metres @ 972 g/t gold3 (31 ounces per tonne of gold) in a quartz reef interval with abundant visible gold from the Achilles Reef in the Gap Zone.

These results provide further encouragement to White Rock's priority of targeting high-grade gold for drill testing in the Gap Zone. The Gap Zone represents an area with 200m of vertical extent between areas of historic mining that occurred above 10-level (>500,000 ounces) and below 14-level (>300,000 ounces), with historic production1 of 883,000oz gold at 26.5g/t Au. Figure 1.

Figure 1: Morning Star underground gold mine long section looking west, showing the current interpretation of multiple quartz reefs and associated alteration halos in yellow, historic interpretation of the host dyke in pale green, development in blue and drill hole traces in black and white.

Exploration will continue to progress from underground, where the drill rig recently completed a broad first pass assessment across the 600 metres of horizontal extent, testing the Gap Zone's potential to host significant mineralised quartz reefs.

The latest phase of infill drilling from surface has highlighted the potential of the Exhibition Reef to provide an additional working area for the upcoming recommencement of mining activities. Figure 2 highlights the area where a significant "high-grade" zone could extend for more than 100m strike and up to 40m down- dip. The Exhibition Reef "high-grade" target area includes the following intersections11:

• 0.2 metres @ 140g/t gold in 22SDS0012A (true width);
• 0.2 metres @ 13.1g/t gold in 22SDS013 (true width);
• 0.4 metres @ 35.9g/t gold in 22SDS015 (true width);
• 0.4 metres @ 12.7g/t gold in 21SDS005 (true width); and
• 0.4 metres @ 21.2g/t gold in L4001 (true width).

Figure 2: Exhibition Reef long section plan view showing the Morning Star host dyke (green), historic mining and mine development (blue) and all historic & current drill hole traces with pierce point intersections. The "high-grade" target area with 100 metres of strike and 40 metres across strike extent is defined by drill intercept pierce points shown.

11 Refer ASX announcement 7 June 2022.

White Rock is assessing the potential for five gold production working areas, providing a pathway to recommence mining at:

• Dickenson Reefwhere development is currently underway ahead of planned mining scheduled to commence in the short term;
• Exhibition Reefwhere an exploration rise will proceed off the Dickenson South development drive and is in progress;
• McNally Reefextensions where development is in place to commence mining immediately;
• Stacpoole / Age of Progress Reefswhere development is in place and minor infrastructure requirements will allow mining to commence in the short term; and
• Whitelaw Reefwhere minor development is required and more substantial infrastructure is needed to enable mining to commence in the mid term.

Gap Zone

Figure 3: Long section view looking towards the west showing the Morning Star host dyke (green), historic mining and mine development (blue) and all historic & current drill hole traces.

The success of drilling has now provided the impetus for the Company to commence the necessary preproduction development ahead of the scheduled recommencement of gold production in Q3 2022.

White Rock Minerals plans to become a gold producer by restarting the Morning Star Mine (refer Figures 4 and 5).