Bastion Minerals : High-Grade Copper Gold Rock-Chips Capote

ASX ANNOUNCEMENT

29 March 2022

HIGH GRADE COPPER GOLD ROCK-CHIPS AT CAPOTE

Bastion Minerals Limited (ASX: BMO)(Bastion Minerals or the Company) is pleased to provide an update on its on-going exploration program within the Capote Mining District and surrounding vein systems in the mineral rich Atacama Region of Chile.

Highlights

• • High-grade rock-chip samples received from recent sampling program at Capote:

  • o Maximum Gold value of 22.9g/t Au (average 1g/t Au)

  • o Maximum Copper value of 2.75% Cu (average 0.36% Cu)

• • Final environmental approval is now in the review stage to be granted.

• • Maiden 5,000 metre drilling campaign to commence as soon as permit is granted.

Bastion's Executive Chairman, Mr. Ross Landles, commented:

"These new rock-chips provide a significant reminder of the grade potential of the Capote System. While high-grade gold is our primary focus, copper-gold results add multi-commodity blue sky to the project. We are very pleased to be counting down the days until the final government approval is completed and will drill immediately following."

Surface Geochemistry

Forty-five (45) rock-chip samples have been collected during the past months during detailed mapping exercises, aimed at understanding the size and orientation of mineralised veins at surface (Figure 1).

• • The average gold grade of the 45 samples is 1g/t with a maximum of 22.9g/t Au.

• • The average copper value of these samples is 0.36% Cu with a maximum of 2.75% Cu.

These rock-chips highlight the multicommodity potential of the Capote District, with potential for not only high-grade gold deposits, but iron oxide copper-gold (IOCG) deposits. As the gold potential of the district is focused on, Bastion Minerals will work up copper-gold targets in parallel.

Next Steps

The final preparation stages of the Company's maiden drilling program are currently underway. Drilling is aimed at expanding gold mineralisation around the known historical deposits at Yayito and Resurgimiento veins and testing several new greenfield target areas.

1

Bastion Minerals Limited

ABN: 19 147 948 883

Level 6, 22 Pitt Street Sydney NSW 2000

The Company will undertake an approximately 5,000-metre diamond drilling program, with a focus on testing the shallow surface expression of multiple vein systems where high-grade gold has been returned from recent rock-chip campaigns. Drill hole locations are being designed and regulatory and environmental approvals process have commenced.

Figure 1: Capote Mining District showing geology, Bastion tenements (blue outline) and option agreement area (yellow tenement boundary) showing recently received rock chip results (Au).

ABN: 19 147 948 883

Level 6, 22 Pitt Street Sydney NSW 2000

About Bastion Minerals

Bastion Minerals Limited (ASX:BMO) is an Australian listed exploration company focused on discovering high-grade precious and base metals deposits within the mineral-rich Atacama Region of Chile (Figure 2). Bastion's strategy is to apply cutting-edge exploration to make multiple discoveries on its highly prospective Capote Gold, Cometa Copper-Gold and Garin Gold-Silver Projects, which have had no modern exploration. Bastion Minerals provides shareholders the opportunity to participate in discoveries leveraged to precious and base metals.

Figure 2: Bastion Minerals' Chilean Project Portfolio

This announcement was approved for release by the Executive Chairman of Bastion Minerals.

For more information contact:

Ross Landles

Executive [e-mail] [phone]

ABN: 19 147 948 883	ASX:BMO
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Level 6, 22 Pitt Street Sydney NSW 2000	www.bastionminerals.com

APPENDIX 1

Statements and Disclaimers

Competent Person Statement

The information in this Announcement that relates to exploration results is based on information compiled by Mr Mathew Brown, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Mr Brown who is an independent consultant to Bastion Minerals and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the "Competent Person" as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Brown consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Forward-Looking Statements

Certain statements contained in this Announcement, including information as to the future financial or operating performance of Bastion Minerals and its projects may also include statements which are 'forward‐looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Bastion Minerals, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.

Bastion Minerals disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this Announcement or to reflect the occurrence of unanticipated events, other than required by the Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX). The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements.

All 'forward‐looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward‐looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward‐looking statements' due to the inherent uncertainty therein.

For further information please visit the Bastion Minerals website atwww.bastionminerals.com

ABN: 19 147 948 883	ASX:BMO
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Level 6, 22 Pitt Street Sydney NSW 2000	www.bastionminerals.com

JORC Code, 2012 Edition - Table 1 Report

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld X-ray fluorescence (XRF) instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Samples collected were taken as either continuous channel samples across the veins sampled or when the vein was too large as 30 small golf ball sized chips from an area covering 2m2. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • No drilling has been conducted on any project to date
Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • No drilling has been conducted on any project to date • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • No drilling has been conducted on any project to date • Rock Chip and channel samples have been logged to record location, sample type, sample width, alteration and mineralisaiton visible and structural orientation data • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.

Bastion Minerals Limited ABN: 19 147 948 883

Level 6, 22 Pitt Street Sydney NSW 2000