GENS MINE22 : Exceptional New Drilling Results Set To Underpin Resource Growth At Ulysses

Genesis Minerals Limited (ASX: GMD)

ASX Announcement - 3 February 2022

EXCEPTIONAL NEW DRILLING RESULTS SET TO UNDERPIN

RESOURCE GROWTH AT ULYSSES

Broad, high-grade intercepts at Puzzle North discovery plus significant new results at Orient Well highlight opportunity to grow 1.6Moz Resource base

Key Points:

• Outstanding new results received from Reverse Circulation (RC) drilling across multiple areas, confirming the potential to expand the 1.6Moz Mineral Resource at the Ulysses Gold Project1 near Leonora in WA.

Puzzle Corridor

• Broad, high-grade zones of gold mineralisation intersected from shallow depths in RC drilling at the Puzzle North discovery, including:

o	27m	@ 8.18g/t Au from 30m	21USRC1186
o	34m	@ 13.36g/t Au from 42m	21USRC1190

• Including 1m @ 382.6g/t Au from 68m

o 29m @ 2.91g/t Au from 52m	21USRC1192
o 20m @ 2.03g/t Au from 12m	21USRC1214
o 23m @ 1.61g/t Au from 61m	21USRC1214
o 35m @ 1.00g/t Au from 72m	21USRC1218
o 12m @ 3.95g/t Au from 13m	21USRC1219
o 11m @ 2.57g/t Au from 60m	21USRC1222
o 10m	@ 3.83g/t Au from 128m	21USRC1222
o 43m	@ 2.17g/t Au from 99m	21USRC1223
o 28m	@ 1.08g/t Au from 13m	21USRC1225
o 15m	@ 3.08g/t Au from 2m	21USRC1228

• Drilling at Puzzle North has now defined mineralisation over 600m of strike and up to 100m wide, with the mineralisation remaining open both at depth and along strike.
• Mineralisation at southern end of Puzzle pit (existing shallow Resource of 1.7Mt at 1.1g/t Au for 59,000oz) extended over 200m south with results including:

o 11m @ 2.20g/t Au from 82m	21USRC1114
o 4m @ 9.07g/t Au from 92m	21USRC1119
o	5m @ 5.98g/t Au from 79m	21USRC1123
o	47m @ 1.07g/t Au from 95m	21USRC1127

• Large exploration target remains open at depth and along strike adjacent to the granite- greenstone contact for Puzzle - Puzzle North corridor.

Orient Well Area

• Extensional drilling targeting southern part of Orient Well Resource (5.43Mt at 1.1g/t Au for 189,000oz) intersected wide zones of mineralisation, including:

o 24m @ 1.14g/t Au from 72m	21USRC1070
o	9m @ 2.56g/t Au from 51m	21USRC1071
o	20m @ 2.23g/t Au from 67m	21USRC1071

1 Refer to Table 1 of this announcement for details of the Resource estimate for the Ulysses Gold Project

ABN: 72 124 772 041	ASX Code: GMD
Unit 6, 1 Clive St	www.genesisminerals.com.au
West Perth, WA, Australia, 6005	T: [phone]

3 February 2022	Genesis Minerals Limited
o 38m @ 1.39g/t Au from 88m	21USRC1072
o 20m @ 1.35g/t Au from 82m	21USRC1073
o 70m @ 1.01g/t Au from 65m	21USRC1074

• Including 12m @ 2.42g/t Au from 122m

o 17m @ 3.29g/t Au from 110m 21USRC1231

• • Including 1m @ 31.8g/t Au from 124m
• Extensional drilling targeting Orient Well East Resource area returned:

o	6m	@ 2.14g/t Au from 91m	21USRC1077
o	1m	@ 19.81g/t Au from 118m	21USRC1077
o	5m	@ 7.20g/t Au from 0m	21USRC1078

• Including 1m @ 32.02g/t Au from 2m

Current Drilling Program

• RC and diamond drilling continuing at the ABC Mine area and Orient Well with a large drilling program currently being planned for the Puzzle North to Puzzle corridor.

Genesis Minerals Limited (ASX: GMD) is pleased to report significant new results from ongoing drilling aimed at growing the resource base at its 100%-owned1.6Moz Ulysses Gold Project in Western Australia.

The new results, including from the emerging Puzzle North discovery and the Orient Well area, will feed into a Mineral Resource update scheduled to be completed later this quarter.

RC drilling continued in the December quarter at Puzzle and the emerging Puzzle North area (Figure

1. targeting extensions to the 59,000oz Puzzle Mineral Resource and in-fill and extensional drilling of the Puzzle North discovery. Drilling at Puzzle North has now defined an extensive zone of gold mineralisation, with consistent shallow, high-grade mineralisation intersected over a strike length of 600m.

Further drilling is currently being planned in this area, with the granite-greenstone contact that controls the location of the Puzzle North discovery and the Puzzle deposit considered to be a significant exploration target extending over 2km of strike.

Meanwhile, results from drilling in the Orient Well area have highlighted the potential for extensions to the current 247,000oz Mineral Resource at Orient Well. RC drilling completed south of the existing open pit and outside of the current Mineral Resource has intersected a number of broad zones of gold mineralisation.

In addition, drilling at the Orient Well east area has returned encouraging results outside of the known resource area. Also of potential significance is a wide zone of mineralisation hosted within a felsic volcanic unit in the hanging wall to the main Orient Well rhyolite host rock.

Drilling at the King deposit, which forms part of the cornerstone Admiral-Clark Butterfly mine area, also returned encouraging results, demonstrating the potential to extend the existing resources. Drilling is continuing to test the area immediately below the King open pit, outside of the current Mineral Resource.

Results from the ongoing drilling programs at the Ulysses Project are anticipated to be reported as they are received and interpreted over the coming months.

ASX Release: Exceptional New Drilling Results Set To Underpin Resource Growth At Ulysses

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3 February 2022

Genesis Minerals Limited

Management Comment

Genesis Managing Director, Michael Fowler, said: "These drilling results provide clear evidence of the potential to expand the current 1.6Moz Mineral Resource at Ulysses and show that we are well on track to take this Project to the next level."

"At Puzzle North, we have now defined mineralisation over a 600m strike length, with numerous wide intersections of strong mineralisation encountered from shallow depths - including standout hits such as 27m at 8.18g/t Au from 30m, 30m at 15.07g/t Au including 1m at 382g/t and 29m at 2.91g/t Au. These results clearly demonstrate the potential to quickly add new ounces to our inventory in this emerging area.

"At Puzzle itself, we have successfully extended the mineralisation to the south of the historic open pit and current Resource, opening up a new exploration opportunity along the granite-greenstone contact which remains completely open.

"Meanwhile, at the Orient Well area, drilling is consistently hitting significant mineralisation well outside the current 247,000oz Mineral Resource, demonstrating clear potential to upgrade our resources in this area.

"The resource growth opportunity across the Greater Ulysses Project is continuing to surprise us on the upside, and we are excited about what the year ahead can deliver for Genesis shareholders."

Figure 1. Prospect location plan.

Puzzle Corridor Drilling

Puzzle North

Drilling at the Puzzle North discovery was completed during the December quarter to follow-up and extend highly encouraging results reported in April, June and October 2021. The recent program consisted of 49 RC holes (21USRC1182 to 1230) for 4,880m (average depth ~100m). Drilling has

ASX Release: Exceptional New Drilling Results Set To Underpin Resource Growth At Ulysses

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3 February 2022

Genesis Minerals Limited

been completed on 40m spaced sections extending to 80m in the northern portion of the deposit with drilling orientated on the local east west grid, with holes spaced 20m to 60m apart on section. The results reported in this release are shown in plan view in Figures 2 and 7 and in cross-section (local E-W orientated) in Figures 3 to 5 with all holes listed in Table 2.

Drilling was completed to both local grid west (250° MGA) and east (070° MGA) with drilling to grid west to locate the granite greenstone contact. Significant shallow gold results include:

o 17m @ 1.42g/t Au from 18m	21USRC1185
o	21m	@ 0.73g/t Au from 43m	21USRC1185
o	27m	@ 8.18g/t Au from 30m	21USRC1186
o	25m	@ 0.96g/t Au from 79m	21USRC1186
o	34m	@ 13.36g/t Au from 42m	21USRC1190

• Including 1m @ 382.60g/t Au from 68m

o 29m @ 2.91g/t Au from 52m	21USRC1192
o 20m @ 1.10g/t Au from 44m	21USRC1206
o 20m @ 2.03g/t Au from 12m	21USRC1214
o 23m @ 1.61g/t Au from 61m	21USRC1214
o 18m @ 1.11g/t Au from 37m	21USRC1216
o 35m @ 1.00g/t Au from 72m	21USRC1218
o 12m @ 3.95g/t Au from 13m	21USRC1219
o 11m @ 2.57g/t Au from 60m	21USRC1222
o 32m @ 0.92g/t Au from 80m	21USRC1222
o 10m	@ 3.83g/t Au from 128m	21USRC1222
o 43m	@ 2.17g/t Au from 99m	21USRC1223
o 28m	@ 1.08g/t Au from 13m	21USRC1225
o 15m	@ 3.08g/t Au from 2m	21USRC1228
o 8m @ 1.45g/t Au from 29m	21USRC1229

Gold mineralisation defined to date is constrained to the granite adjacent to the moderately east- dipping granite-greenstone contact. Mineralisation is interpreted to be best developed within a zone up to 20 to 100m wide, with a north-south orientation and dipping parallel to the granite-greenstone contact.

A potential second orientation may be interpreted to form sub horizontal to the granite-greenstone contact within the overall east dipping zone parallel to the contact, however more detailed drilling is required to understand and confirm this interpretation. One interpretation may include stacked sub horizontal zones up to 40 to 100m wide and up to 40m thick.

Gold mineralisation is associated with increased pyrite content (occurring as disseminations and veinlets) and quartz veining within the dominantly pink-red, hematite dusted granite host rock (monzogranite).

The significant mineralisation defined to date remains open at depth and along strike and has been defined over ~600m of strike.

Holes 21USRC1186 (27m @ 8.18g/t Au from 30m) and 21USRC1190 (34m @ 13.36g/t Au from 42m) returned shallow, high grade gold mineralisation from the northern portion of the deposit (see Figures 2 to 4).

The results from this program will form part of the resource update expected to be completed in the March Quarter.

ASX Release: Exceptional New Drilling Results Set To Underpin Resource Growth At Ulysses

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3 February 2022	Genesis Minerals Limited

Figure 2. Puzzle North hole locations and results. Recent Genesis results shown in dark yellow boxes with white collar positions and previously reported Genesis drilling in pale yellow boxes. Position of cross-sections highlighted.

Further drilling is currently being planned to continue testing along the granite greenstone contact from Puzzle North to Puzzle and to systematically target extensions initially to ~200m below surface along the known strike extent of the Puzzle North mineralisation.

ASX Release: Exceptional New Drilling Results Set To Underpin Resource Growth At Ulysses

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