White Rock Minerals : Significant Resource Update for Red Mountain VMS Project

ASX ANNOUNCEMENT

17 February 2022

only	Significant Increase in Zinc-Silver Resource,
Red Mountain VMS Project, Alaska
Key Highlights
	• Recent drilling at Dry Creek has doubled the high-grade Inferred Mineral Resource to 4.9 million
	tonnes at 8.4% zinc equivalent1 or 393g/t silver equivalent2 (at a 3% Zn cut-off)from just an
use	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 high-grade Inferred Resource of 11.6 million tonnes at 12.0% zinc
	equivalent1 or 555g/t silver equivalent2, at a 3% Zn cut-off.
	• The global Inferred Mineral Resource now totals 21.3 million tonnes at 8.5% zinc equivalent1 for
	1.8Mt of contained zinc equivalent1 or 393g/t silver equivalent2 for 207Moz of contained silver
personal	equivalent2.
• Impressive overall base metal and precious metal content with 822,000t zinc, 334,000t lead, 60.9
	million ounces silver and 442,000 ounces gold.
	• This represents an increase of 28% in high grade tonnage (27% increase in the global tonnage) on
	the previous Resource estimate and places Red Mountain as a significant zinc/silver Resource
	against a background of near all-time high zinc prices.
	• Mineralisation commences at surface and is open down dip with some of the highest-grade
	intersections being at depth, such as DC21-973 (Figure 4):
	➢ 5.8 metres at 11.5% zinc, 3.4% lead, 69g/t silver, 0.8g/t gold & 0.1% copper, including
	➢ 1.4 metres at 35% zinc, 12.2% lead, 237g/t silver, 2.9g/t gold & 0.3% copper
	• Numerous VMS targets remain to be tested on the Company's district-scale tenement package of
	836km², including the exciting Kiwi prospect with massive chalcopyrite (copper sulphide) float
	assaying4 up to 16% copper, 8% zinc and 316g/t silver and a strong conductor ready to drill.
White Rock Minerals Limited (ASX: WRM; OTCQX:WRMCF), ('White Rock' or 'the Company') is
For

pleased to announce an updated Inferred Mineral Resource estimate has been completed for the Red Mountain project, Alaska. The Statement of Mineral Resources (Table 1 & 2) is reported in accordance with the requirements of the 2012 JORC Code and is therefore suitable for public reporting.

Red Mountain is a quality advanced exploration project centred on an established volcanogenic massive sulphide ("VMS") district. White Rock has shown the expansion potential, doubling the high-grade Dry Creek deposit with the addition of only 12 drill holes for 3,800 metres. Considerable upside remains, through additional drilling, to define thicker ore positions in the deposit, which is known to pinch and swell.

Future drilling will also include testing of numerous quality targets including the Kiwi prospect where there is high grade massive sulphide float at surface and a strong conductor that was defined by fixed loop electromagnetics at the end of the 2021 field season, subsequent to drilling activities.

ASX: WRM OTCQX: WRMCF

• www.whiterockminerals.com.au •

[e-mail]

| Page 1 of 11

Strategic Shareholder Crescat Capital's Geologic/Technical Director Dr. Quinton Hennigh

commented:

"This increase in the Red Mountain VMS resource to 21.3Mt grading 8.5% ZnEq, a substantial increase

over the previous resource, shows the impact that a handful of drill holes can have on an early stage project such as this. Dry Creek is open down dip and appears to become higher grade in the vicinity of hole DC21-97. While confidence is high that further drilling at Dry Creek will yet further increase Red Mountain resources, substantial upside remains in newly identified high grade VMS targets identified by

	White Rock in 2021. This is a project that could easily grow to become a world class, high grade VMS
	camp, purely organically with the drill bit."
only		Table 1 - Red Mountain February 2022 Inferred Mineral Resource Estimate
	(DC Main: 1% Zn Cut-off, WTF: 3% Zn Cut-off, DC Cu: 0.5% Cu Cut-off)
use
	Prospect	Tonnage	ZnEq		AgEq		Zn	Pb	Ag	Cu	Au		ZnEq		AgEq		Zn		Pb		Ag		Cu		Au
		Mt	%		g/t		%	%	g/t	%	g/t		kt		Moz		kt		kt		Moz		kt		koz
	Dry Creek Main	14.2	5.8		267		2.9	1.0	44	0.1	0.5	820	121.7	405	146	20.1	19	212
West Tundra Flats	6.7	14.7		677		6.2	2.8	189	0.1	1.1	985	146.3	416	188	40.8	7	229
	Dry Creek Cu	0.4	2.7		126		0.2	0.03	4	1.1	0.1	11	1.58	0.8	0.1	0.05	4	1
	Zone
	Total	21.3	8.5		393		3.9	1.6	89	0.1	0.6	1,816	269.6	822	334	60.9	31	442
personal		Table 2 - Red Mountain February 2022 Inferred Mineral Resource Estimate at a 3% Zn Cut-off
				(contained within Table 1, not additional)
	Prospect	Tonnage	ZnEq		AgEq		Zn	Pb	Ag	Cu	Au		ZnEq		AgEq		Zn		Pb		Ag		Cu		Au
		Mt	%		g/t		%	%	g/t	%	g/t		kt		Moz		kt		kt		Moz		kt		koz
	Dry Creek Main	4.9	8.4		393		4.5	1.6	58	0.2	0.5		406		60.2		217		79		9.1		10		80
West Tundra Flats	6.7	14.4		677		6.2	2.8	189	0.1	1.1		964		146.3		416		188		40.8		7		229
	Total	11.6	12.0		555		5.5	2.3	134	0.1	0.8		1,370		206.5		634		267		49.9		17		308

Note:

The Dry Creek Mineral Resource estimate has been updated as a result of additional drilling programs conducted by WRM at the deposit since the maiden Mineral Resource estimate was reported in April 2017. The West Tundra Flats Mineral Resource estimate remains unchanged

ince the April 2017 estimate, apart from updating metal equivalent formulas. The Competent Person Statement in relation to Mineral Resources below applies to both Dry Creek and West Tundra Flats as of the date of this announcement.

The Mineral Resource has been compiled under the supervision of Mr. Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code.

All Mineral Resources figures reported in the table above represent estimates at February 2022. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the

Foravailable sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code - JORC 2012 Edition).

1ZnEq=Zinc equivalent grade adjusted for recoveries and calculated with the formula (pricing units are detailed below):

ZnEq = 100 x [(Zn% x 2,425 x 0.9) + (Pb% x 2,072 x 0.75) + (Cu% x 6,614 x 0.70) + (Ag x (21/31.1035) x 0.70) + (Au x (1,732/31.1035) x 0.80)] / (2,425 x 0.9)

2AgEq=Silver equivalent grade adjusted for recoveries and calculated with the formula (pricing units are detailed below):

AgEq = 100 x [(Zn% x 2,425 x 0.9) + (Pb% x 2,072 x 0.75) + (Cu% x 6,614 x 0.70) + (Ag x (21/31.1035) x 0.70) + (Au x (1,732/31.1035) x 0.80)] / ((21/31.1035) x 0.7)

3Refer ASX Announcement 28th September 2021 "Spectacular High-grade Zinc Intersection in 200m down-dipstep-out drilling at the Dry Creek VMS deposit, Red Mountain Project Alaska."

4 Refer WRM ASX Announcement of 9 November 2021 "16% Copper, 14% Zinc, 20% Lead & 316g/t Silver in rock chip samples at Red

Mountain, Alaska.

ASX: WRM • OTCQX: WRMCF • [e-mail] • www.whiterockminerals.com.au | Page 2 of 11

This announcement has been authorised for release by the board.

onlyCompetent Persons Statement

The information in this report that relates to exploration results is based on information compiled by Mr Rohan Worland who is a Member of the Australian Institute of Geoscientists and is a consultant to White

useRock Minerals Ltd. Mr Worland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Worland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mr personalShaun Searle who is a Member of the Australasian Institute of Geoscientists. Mr Searle is an employee of

Ashmore Advisory Pty Ltd. Mr Searle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for the Reporting

f Exploration Results, Mineral Resources and Ore Reserves'. Mr Searle consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Contacts

For more information, please contact:

ForMr Matthew Gill Managing Director & CEO [e-mail]

Mr Alex Cowie

Media & Investor Relations [e-mail]

ASX: WRM • OTCQX: WRMCF • [e-mail] • www.whiterockminerals.com.au | Page 3 of 11

onlyuse

personalFigure 1: Location of Red Mountain project, Alaska. The project is located 320kms north of Anchorage nd 100kms south of Fairbanks.

For

Figure 2: Red Mountain project tenement outline on USGS geology map (after Dusel-Bason et al., 2012) draped over a topographic DEM with locations for the Dry Creek and West Tundra Flats VMS deposits, and priority target areas based on mapping of VMS horizons and geochemical anomalism (Yeti, Kiwi, Yogi, Jack Frost, Easy Ivan, Hunter, Galleon and Glacier Creek).

ASX: WRM • OTCQX: WRMCF • [e-mail] • www.whiterockminerals.com.au | Page 4 of 11

onlyuse

personalForFigure 3: Dry Creek prospect showing the surface projection of massive sulphide mineralisation lenses and all drill hole traces on the DGGS geology map (after Freeman et al., 2016). All drill hole collar information is provided in Appendix 2.

ASX: WRM • OTCQX: WRMCF • [e-mail] • www.whiterockminerals.com.au | Page 5 of 11