White Rock Minerals : 31.3.22 Quarterly Activities & Cashflow Report

ASX and Media Release

Friday 29th April 2022

Quarterly Activities Report - for the Quarter ended 31st March 2022

ASX Code: WRM

OTCQX: WRMCF

Key Highlights

Issued Securities Shares: 157.6 million Options: 1.9 million

Woods Point Gold Project, Victoria - Morning Star Gold Mine The current diamond drilling program, which commenced in October 2021, has already identified three new areas for mine planning as part of the assessment process ahead of any re-start of underground mining.

Cash on hand (31 March 2022)

• 1. The Dickenson Reef shows strong potential for a significant "high-grade"

  A$3.7M

  Market Cap (28 April 2022)

  A$30.7M at $0.195 per share

  zone to exist towards the southern margin of the dyke where mineralisation could extend for over 100 metres of strike, with up to 50 metres of down-dip potential, highlighted by four adjacent drill holes:-

  • • 0.6 metres @ 21.5g/t gold in 21SDS003 (true width).

    Directors & Management Peter Lester Non-Executive Chairman

  • • 1.2 metres @ 24.4g/t gold in 21SDS007 (true width).

  • • 1.6 metres @ 10.6g/t gold in 21SDS010 (true width).

  • • 0.7 metres @ 13.3g/t gold in 20MS01 (true width).

  Matthew Gill

  Managing Director & Chief Executive Officer

  Paul McNally

  Lead Non-Executive Director

• 2. The Stacpoole Reef shows strong potential for another significant "high- grade" zone to exist along the eastern margin of the dyke where there is potentially over 120 metres in strike and up to 20 metres down-dip, with significant true widths greater than three metres where the Stacpoole and Age of Progress Reef's merge, highlighted by multiple drill holes:-

  Jeremy Gray

  • • 3.8 metres at 5.5g/t gold in 21SDS007 including 0.6 metres at 19.5 g/t gold (true width).

    Non-Executive Director

    Christopher Wellesley Non-Executive Director

  • • 3.7 metres at 6.1g/t gold in 21SDS006 including 1.8 metres at 10.0g/t gold (true width).

  • • 5.3 metres at 3.7g/t gold in 22SAP005 including 0.4 metres at 20.1g/t gold (true width).

    Toni Griffith

    Chief Financial Officer

  • • 1.1 metres @ 13.5g/t gold in MSA24 (true width).

  Shane Turner Commercial Manager & Company Secretary

  Rohan Worland Exploration Manager

• 3. The northern extension of the Whitelaw Reef shows good potential for a third significant new mining area with a "high-grade" target area potentially over 100 metres in strike length and up to 30 metres across strike, centred on an area of limited historic mining and which is close to existing development. Drill hole highlights in the target area include:-

  • • 4.3 metres at 9.3g/t gold in 22KPL9002 including 0.3 metres at 68.3g/t gold (true width).

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

  • • 0.2 metres at 56.6g/t gold in 22KPL9004 (true width).

  • • 0.8 metres at 34.2g/t gold in 21L7006 including 0.3m at 107g/t gold (true width).

    [e-mail]

  • • 0.6m at 74.8g/t gold in MS402 (true width).

Drilling of the Gap Zone target has been re-prioitised with the focus of both the surface and underground diamond drill rigs on the near-term potential of new mining areas at Dickenson, Stacpoole and Whitelaw North. As mining studies progress the underground drill rig will recommence testing of the Gap Zone target (this has commenced in April). The Gap Zone represents an area with 200 metres of vertical extent where there has only been minimal drilling betweenareas of historic mining that occurred above 10-level (>500,000 ounces) and below 14-level (>300,000 ounces)1.

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 to allow drilling has commenced.

Red Mountain silver-zinc VMS and IRGS Project, Alaska Recent drilling at Dry Creek has doubled the high-grade Inferred Mineral Resource to 4.9 million tonnes at 8.4% zinc equivalent or 393g/t silver equivalent (at a 3% Zn cut-off) from just an additional 12 drill holes for 3,800 metres.

The Red Mountain Project now comprises two significant deposits at Dry Creek and West Tundra Flats with a combined global resource of 21.3 million tonnes at 8.5% Zinc Equivalent11 or 393 g/t Silver Equivalent12.

Within the global resource is a high-grade Inferred Resource of 11.6 million tonnes at 134 g/t silver, 5.5% zinc, 2.3% lead and 0.8g/t gold for a 12% Zinc Equivalent (ZnEq) or 555 g/t Silver Equivalent (AgEq) grade, at a 3% Zn cut-off.

White Gold Project, Alaska

A new high-grade gold project identified within the Tintina Gold Province, Alaska, was staked by the Company during the Quarter. Highlights 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

Thomson Resources is continuing to progress the Mt Carrington Project through an Earn-In joint venture2 with the Company.

Corporate

A 1 for 4 pro-rata non-renounceable Entitlement Offer of fully paid ordinary shares closed on Friday 28 January 2022 raising $1,403,849 and 5,849,367 fully paid ordinary shares were issued.

The Company advised on 21 February 2022 that the Auditor of the Company changed.

1 Refer ASX Announcement 19 October 2021 "Drilling Starts in the High-Grade Gold Gap Zone Target at the Morning Star Gold Mine".

2 Refer ASX Announcement 3 May 2021 "Thomson & White Rock Execute a Definitive Agreement to Advance the Mt Carrington

Gold and Silver Project".

Woods Point Gold Project, Victoria - Morning Star Gold Mine

White Rock's vision is to ramp-up exploration drilling throughout the Morning Star Gold Mine in order to define sufficient mineral inventory in multiple reef positions, prior to considering recommencement of production in 2022.

Throughout the March Quarter, White Rock has been pursuing an aggressive diamond drilling campaign at the Morning Star underground gold mine, within the Woods Point Gold Project.

The Company's goal is to identify and drill areas of the dyke that have the potential to host multiple high-grade gold quartz reefs that are proximal to existing underground development infrastructure, with a view to supporting a low capital restart of production from multiple reef locations. The results generated by the team this Quarter have brought White Rock materially closer to achieving this objective with significant mineralisation identified in multiple reefs. The team is now focused on assessing the continuity of high-grade mineralisation at the Dickenson, Stacpoole, McNally and Whitelaw Reef's as part of the mining restart assessment process.

Dickenson South Target Area

The Dickenson South target area is a primary target with multiple high-grade gold bearing reefs and proximity to surface and existing underground infrastructure.

Figure 1: Long section view looking west highlighting the Dickenson South target area. The long section view shows the host dyke (green), historic stoping and mine development (blue) and all drill hole trace (grey), together with the location of the Reef's currently being drill tested as part of the mining restart assessment.

During the Quarter, White Rock continued drilling the Dickenson South target area with a surface diamond core rig. Drilling intersected multiple mineralised reefs with several intercepts of visible gold3 in the Age of Progress Reef (21SDS003, 005 & 006), the Dickenson Reef (21SDS007) and the Whitelaw Reef (21SDS005).

3 Refer AX Announcement 18 January 2022 "Multiple visible gold intercepts at Dickenson South Target, Morning Star Gold Mine".

Significant results (true width) reported during the Quarter included: 0.4 metres at 29.8g/t gold from 193.2 metres (21SDS001) in the Whitelaw Reef, 0.6 metres at 21.5g/t gold from 153.4 metres (21SDS003) and 1.2 metres at 24.4g/t gold from 216.5 metres (21SDS007) in the Dickenson Reef4. A full listing is presented in Table 1.

Table 1: Significant intersections for surface drilling at Dickenson South target area, drill holes 21SDS001 to 22SDS011 and 22SAP001-006. Samples with asterisks (*) have visible gold.

Hole ID	From (m)	To (m)	Interval (m)	True Width (m)	Au g/t)	Reef
21SDS001	52.10	52.30	0.20	0.20	8.32	Age of Progress
21SDS001	193.20	193.78	0.58	0.41	29.79	Whitelaw
Including	193.20	193.53	0.33	0.23	51.40
21SDS003	53.25	53.48	0.23	0.20	10.90	Age of Progress
21SDS003*	54.79	55.02	0.23	0.20	2.52	Age of Progress
21SDS003	153.45	154.1	0.65	0.61	21.47	Dickenson
21SDS005*	56.41	56.95	0.54	0.50	3.67	Age of Progress
21SDS005	117.70	118.20	0.50	0.43	12.67	Exhibition
21SDS005*	170.10	170.34	0.24	0.18	9.78	Whitelaw
21SDS006*	59.10	62.90	3.80	3.74	6.11	Age of Progress
Including	59.52	61.40	1.88	1.80	9.95
21SDS007	119.48	123.51	4.03	3.79	5.47	Age of Progress
including	121.07	121.75	0.68	0.64	19.45
21SDS007	216.50	217.85	1.35	1.22	24.40	Dickenson
Including*	216.50	216.70	0.20	0.18	57.45
and	217.20	217.85	0.65	0.59	28.85
22SDS008	149.00	153.72	4.72	3.34	2.73	Stacpoole
Including	153.15	153.72	0.57	0.40	7.46
22SDS010	116.00	117.80	1.80	1.63	11.13	Dickenson HW
including	117.60	117.80	0.20	0.19	92.20
22SDS010	125.40	127.10	1.70	1.60	10.55	Dickenson
including	125.40	126.00	0.60	0.56	27.25
22SDS011	136.27	139.41	3.14	2.41	1.39	Stacpoole
22SAP001	74.75	78.00	3.25	3.20	1.54	Stacpoole
22SAP002	78.13	79.08	0.95	0.93	5.80	Stacpoole
22SAP003	67.10	68.80	0.7	0.68	4.83	Age of Progress
22SAP003	74.60	76.45	1.85	1.79	3.17	Stacpoole
22SAP005	51.50	52.10	0.60	0.58	13.60	Age of Progress
22SAP005	58.10	63.45	5.35	5.32	3.71	Stacpoole
including	61.35	61.75	0.40	0.38	20.05
22SAP006	61.40	62.2	0.80	0.78	5.07	Stacpoole

The Dickenson South underground target area at the Morning Star underground Gold Mine, between surface and 6 Level, is within 100 metres of the existing shaft and accessible from multiple levels. Preliminary interpretations suggest over eight reefs with the potential for economic mineralisation extend across the Dickenson South target area.

Drilling results have been extremely encouraging with multiple high-grade gold intersections across various reefs. These results support the interpretation that there may be an extension of the gold mineralisation from historic stoping with existing development access near the shaft, through to the southern dyke margin. A three-dimensional interpretation of the reefs is well advanced (Figure 2). The focus is now on closer spaced drilling through the Dickenson and Stacpoole Reef's, where results indicate these reefs have the potential to contribute to a near-term production restart without the need for extensive capital works.

Figure 2: Schematic cross section ~12,890mN looking north showing the interaction of the various mineralised reefs intersected in drilling as part of a 3D model.

Dickenson Reef

The Dickenson Reef shows strong potential for a significant "high-grade" zone to exist towards the southern margin of the dyke with high grades (>10g/t) encountered in four adjacent drill holes (21SDS003, 21SDS007, 22SDS010 & 20MS01), with thicknesses (0.6 to1.6 metres) better than the average reef thickness through the deposit (0.4 to 0.6 metres)5; refer Figure 3. Infill drilling is currently testing the high-grade target area where mineralisation could extend for over 100 metres of strike from the area of historic stoping through to the southern end of the dyke, with up to 50 metres of down-dip potential. On current results the Dickenson Reef is shaping up as an important area of potential mining in any restart scenario.