Gateway Mining : GIDGEE MINERAL RESOURCE INCREASES TO 449,000 OUNCES

ABN: 31 008 402 391

Level 11, 52 Phillips Street Sydney NSW 2000

GPO Box 225 Sydney NSW 2001

Tel: [phone]

Fax: [phone]

Website:www.gatewaymining.com.au

LinkedIn:@gateway-mining

Twitter:@gateway_mining

ASX Announcement: 14 December 2021 only

GIDGEE MINERAL RESOURCE INCREASES 87% TO 449,000oz

New discoveries at Evermore and Achilles North, plus extensions to the Montague-Boulder

deposit drive material growth in the Project Resource inventory

HIGHLIGHTS

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87% increase in total Mineral Resources for the Gidgee Gold Project to 449,000oz, including a high-grade Indicated Resource of 81,000oz @ 3.4g/t Au:

	Tonnes (t)	Au (g/t)	Au (oz)
Indicated	743,000	3.4	81,000
Inferred	7,422,000	1.5	368,000
Total	8,165,000	1.7	449,000

*Note - Resources reported above 0.6g/t Au. Rounding errors may occur

Updated Mineral Resources located predominantly in the upper 100m - representing high- quality shallow ounces with a significant oxide component.

Updated 163,000oz Mineral Resource estimated for the Montague-Boulder deposit, including an Indicated Resource of 67,000oz @ 4.0g/t Au:

	Tonnes (t)	Au (g/t)	Au (oz)
Indicated	522,000	4.0	67,000
Inferred	2,556,000	1.2	96,000
Total	3,078,000	1.7	163,000

*Note - Resources reported above 0.6g/t Au. Rounding errors may occur

Maiden 99,000oz Mineral Resource estimated for the Achilles North/Airport oxide deposits:

	Tonnes (t)	Au (g/t)	Au (oz)
Indicated	221,000	2.0	14,000
Inferred	1,847,000	1.4	85,000
Total	2,068,000	1.5	99,000

*Note - Resources reported above 0.6g/t Au. Rounding errors may occur

Maiden 67,000oz Mineral Resource estimated for the Evermore deposit, discovered by Gateway in October 2020:

	Tonnes (t)	Au (g/t)	Au (oz)
Inferred	1,319,000	1.6	67,000
Total	1,319,000	1.6	67,000

*Note - Resources reported above 0.6g/t Au. Rounding errors may occur

Significant scope for further resource growth at Evermore due to wide-spaced initial drilling.

Work to commence on an updated Whistler Mineral Resource early-2022.

• RC drilling completed recently at Julias and Kashmir in line with Gateway's strategy of exploring multiple targets within 5km of the Montague Granodiorite Intrusion. RC results and further extensive drill programs expected in early 2022.

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Gateway Mining Limited (ASX: GML) (Gateway or Company) is pleased to report a significant increase in the Mineral Resource for its 1,000km2 Gidgee Gold Project, within the Murchison gold district of Western Australia.

The updated Indicated and Inferred Mineral Resource of 8.165Mt at 1.7g/t Au for 449,000 contained ounces encompasses four deposits and represents an 87% increase on the previous Inferred Resource of 240,000 ounces for the cornerstone Whistler and Montague-Boulder deposits.

The upgrade is based on extensive exploration activities undertaken over the past 18 months, including new onlyMineral Resources at Evermore and Achilles North/Airport as well as upgrades to the Montague-Boulder deposit.

Importantly, it includes a robust maiden Indicated Resource of 743,000t at 3.4g/t for 81,000 contained ounces.

Management Comment

Gateway's Managing Director, Mr Mark Cossom, said: "This is an excellent result for our shareholders and marks a really important step towards unlocking the broader potential of the Gidgee Gold Project. The overall Mineral Resource has increased by 87% to 449,000 ounces, now spans four deposits and includes a high-grade Indicated Resource of 81,000 ounces at 3.4g/t. This compares with the previous all-Inferred Resource of 240,000 ounces across two deposits. Just as importantly, these resources are located predominantly in the top 100m, and

usetherefore represent excellent quality shallow ounces with a significant oxide component.

"This updated Resource provides a strong foundation for what continues to emerge as a compelling value proposition at Gidgee. Importantly, it represents a stepping-stone towards what we believe will emerge as a very significant shallow resource inventory at Gidgee at very attractive grades. Recent shallow, high-grade results from the exciting Julias target, just 3km west of Montague-Boulder and Evermore, demonstrate the excellent near-term potential to continue advancing the project.

"Our exploration strategy is to continue with focused, highly effective drill programs targeting our strong pipeline personalof exploration targets within a 5km radius of the Montague Granodiorite, and we are confident that this strategy

will continue to deliver significant resource growth into next year and beyond.

"We have recently completed drilling programs at the Julias and Kashmir targets and we look forward to reporting results from this in early 2022."

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Figure 1. Gidgee Gold Project - Deposit Location Diagram

Exploration Update

Gateway continues to progress its strategy of systematically exploring the Gidgee Gold Project, by focusing on a series of targets within 5km of the Montague Granodiorite Dome, with the intent of continuing to build a portfolio of complementary Mineral Resources within this localised area.

Consistent with this strategy, a program of Reverse Circulation (RC) drilling has recently been completed at the Julias and Kashmir targets (Figure 1).

onlyDrilling at Julias was designed to follow-up on recently released air-core results at this emerging zone of shallow, high-grade oxide gold mineralisation. Drilling at Kashmir was designed to follow-up on RC drilling completed at this target in 2020, which is located directly along strike of the 204koz Howards deposit owned by Horizon Gold Ltd (ASX: HRN).

Samples from this drill program have been submitted for assay, with results anticipated to be returned in January 2022.

In addition, preparations are well advanced for a series of drill campaigns commencing February 2022, including a significant air-core drill program to advance a series of early-stage targets, and RC drilling at the exciting Monarch target, located immediately east of Kashmir.

useMINERAL RESOURCE ESTIMATE SUMMARY

The Gidgee Gold Project Mineral Resource has been updated to 8,165,000t @ 1.7g/t Au for 449,000oz Au, classified as Indicated and Inferred (Table 1) reported in accordance with the JORC Code (2012).

This updated Mineral Resource represents an increase of 87% from the maiden Mineral Resource announced on 3 October 2019. The updated Total Mineral Resource consists of the previously announced estimate for the Whistler deposit, an updated estimate for the Montague-Boulder deposit, and maiden estimates for the Evermore

nd Achilles North/Airport deposits (Figure 1).

These new estimates for the Montague-Boulder, Evermore and Achilles North/Airport deposits were undertaken by Elizabeth Haren of Haren Consulting Pty Ltd, based on a drill database and mineralisation interpretations compiled by Gateway geological staff and Omni GeoX consultants.

The Whistler Mineral Resource has not been re-estimated as part of this process. Full details of the Whistler Mineral Resource are provided in the ASX Release dated 3 October 2019.

Table 1. Gidgee Gold Project - December 2021 Mineral Resource Estimate Summary

personal			Indicated			Inferred			Total
	Tonnes	Au	Au (oz)	Tonnes (t)	Au	Au (oz)	Tonnes (t)	Au	Au (oz)
	(t)	(g/t)			(g/t)			(g/t)
Montague-Boulder	522,000	4.0	67,000	2,556,000	1.2	96,000	3,078,000	1.7	163,000
Whistler1	-	-	-	1,700,000	2.2	120,000	1,700,000	2.2	120,000
Evermore	-	-	-	1,319,000	1.6	67,000	1,319,000	1.6	67,000
Achilles Nth/Airport	221,000	2.0	14,000	1,847,000	1.4	85,000	2,068,000	1.5	99,000
	Total	743,000	3.4	81,000	7,422,000	1.5	368,000	8,165,000	1.7	449,000
	*Notes: Montague-Boulder, Evermore and Achilles Nth/Airport Mineral Resources reported above 0.6g/t Au
	Whistler Mineral Resource reported above 0.5g/t Au for open pit and 2.0g/t Au for underground
	Rounding errors may occur
	Full details of the Estimation and Reporting of the new Mineral Resources are included in the JORC Code (2012)
	Table 1 appended to this release.
ForRegional Geology

The areas of interest are centered on the Montague Granodiorite Dome, an elliptical pluton of enriched dioritic to granodioritic composition which forms the core of an open north-plunging anticline. The granodiorite has dimensions of approximately 8.5km x 2.6km and has intruded into a sequence of metamorphosed basalts and volcano-sedimentary rocks. Steeply east dipping, the granodiorite contacts are discordant with the immediate surrounding basalt stratigraphy which on western side is shallow west dipping between 30-45 degrees and in the east, steeply east dipping.

1 Previously reported Mineral Resource, see ASX Release dated 3 October 2019.

A mafic intrusion occurs along the western margin of the granodiorite and is locally fractionated from Olivine Gabbro to Dolerite and has intruded along the contact zone after the emplacement of the granodiorite. This unit is generally <60m wide but is likely to have been structurally duplicated by shearing along the western margin of the granodiorite.

Mineralisation at the Montague Project shares a strong spatial relationship with the margin of the Montague Granodiorite and occurs predominantly as NNW striking lodes within moderate dipping shear zones laterally continuous (Montague-Boulder/Evermore) as well as steep faulting and veining (Whistler) within both basalt and onlygranitoid lithologies. Transported regolith and surficial cover mask a significant portion of the region, with outcrops

limited to low relief slopes of metabasalt and sub-cropping granodiorite.

Local Geology and Mineralisation

Montague-Boulder

The Montague-Boulder deposit is located at the north-western contact of the Montague Granodiorite with the adjacent shallow dipping basalt stratigraphy and was previously mined as an open cut pit during the 1990s. The deposit is interpreted to comprise two domains of mineralisation, the eastern SSE dipping granodiorite hosted useBoulder lodes and a western domain of WSW dipping mafic hosted Montague Lodes which predominantly

comprise the resource area.

Mineralisation within the resource area is associated with the laterally extensive and well-developed Montague- Boulder shear structure, one of several parallel shallow west dipping shears (interpreted as thrust faults) that extend along the western margin of the Montague Granodiorite occurring between basalt flow boundaries (Figure 2).

Shearing and alteration is often strongly developed and is in places several 10's of metres thick and continuous

for several kilometres along the margin. Alteration is typically zoned from outer chlorite to inner biotite-carbonatepersonal+ quartz veining which is most pronounced within the basalt stratigraphy. Mineralisation is present both within quartz veining and within shear zone alteration locally concentrated within the Montague-Boulder Resource area

in response to interpreted NE cross cutting structures and variation in geometry of the primary Montague-Boulder shear zone.

For
Figure 2. Montague-Boulder Deposit - Indicative cross-section of typical mineralisation

Evermore

The Evermore deposit is located approximately 800m along strike of the Montague-Boulder Resource and hosted in shearing within the western mafic stratigraphy, understood to be the continuation of structures hosting the Montague-Boulder resource.

The distribution of gold mineralisation within the shearing is interpreted to be related to the combination of the varying dip of the primary shear and subsidiary splay shears, host lithology and proximity of cross cutting NE trending structures. Mineralisation is similar to that at Montague Boulder, exhibiting a zoned outer chlorite and inner biotite-carbonate alteration and associated quartz veining withing shearing.

Figure 3. Evermore Deposit - Indicative cross-sectionof typical mineralisation

The majority of Evermore mineralisation is associated with a primary shallow dipping structure and flat subsidiary shear which splays from the main primary shear at a consistent RL ~400-420mRL and continuous for over 1km (Figure 3). The highest tenor mineralisation has so far been identified where this flat structure passes through a gabbro unit (altered to talc-carbonate) adjacent to the Montague Granodiorite. The intersection of the flat structure and gabbro unit creates a linear NNE trending, shallow plunging lode geometry which persists over 1km at an RL of between 430m in the south and 400m in the north.

NNE trending faults with minor offset occur north and south of the resource area which may also have had an onlyeffect in mineralisation distribution in the lode.

usepersonalAchilles North/Airport

The Achilles North deposit is located north of the historic Rosie open pit and includes direct extensions to existing mineralised zones along a strike distance of 500m. The mineralisation at Achilles/Rosie is broadly associated with the sheared western margin of the Montague Granodiorite which forms a NNE trending structural corridor also hosting the Airport, LA international and several other historical gold prospects.

Predominantly shallow oxide and supergene in nature, the mineralisation is associated with a series of moderately (55-60°) east dipping shear structures and quartz veining which host primary mineralisation and occur within the contact zone between granodiorite, dolerite and basalt lithologies. Mineralisation extends to the near surface and in places, directly beneath the base of transported cover.

The Airport deposit is hosted entirely within the Montague Granodiorite within the same NNW trending structural corridor as the Achilles/Rosie deposits and located approximately 500m south along strike. North-northeast trending cross cutting faults are believed to have localized mineralization at Airport within the greater Achilles corridor.

ForThe majority of mineralisation occurs at shallow depths within the oxide zone forming three stacked supergene blankets between 9m and 28m below surface which overprints a primary network of shallow and steep dipping, quartz stringers with associated weak shearing.