Gold Mountain Limited update the market on the progress of its exploration activities at the company's Wabag Project in PNG. The Wabag Project: the company porphyry copper-gold molybdenum deposits at its Wabag Project in the highly prospective Papuan Mobile Belt (PMB) of Papua New Guinea. The location of the Wabag Project with respect to significant deposits within the PMB. The Wabag Project contains ten Exploration Licences (ELs) which cover an area of approximately 2,775 km2, and which was previously covered by Exploration Licences Applications (ELAs) held by BHP in 2012. The company has identified three distinct copper-gold porphyry targets at the Wabag Project (Mt Wipi, Sak Creek and Monoyal) and as a result of this, the company has developed a multi-target exploration programme to advance these projects. The company's exploration strategy provides the opportunity for a copper-gold discovery at three prospects as well as exploration upside to identify other areas of significant mineralisation within the tenement package. Exploration work has resumed at Mt Wipi and Monoyal after the Christmas break with further work on Sak Creek scheduled to begin in the near future. The locations for the three main areas targets by the company, Mongae-Monoyal, Sak Creek and Mt Wipi. The mineralisation at Mt Wipi, Sak Creek and Monoyal all sit on and are adjacent to prominent NE trending structural lineaments, these lineaments are usually associated with mineral deposits within the PMB, (i.e. Ok ­ Tedi, Mt Kara, and Hidden Valley). Mt Wipi (EL2632) Update: exploration at Mt Wipi is at an early stage. The company applied for this tenement in 2019 as it was located along strike of Sak Creek and the Mongae /Monoyal prospects. The company initiated exploration in the Waa Creek drainage as this was an area that was highlighted as containing copper bearing rocks by the local landowners. After the grant of the tenement, the company undertook an initial reconnaissance sampling programme in and around the Waa Creek drainage identifying copper mineralisation associated with skarns and intrusive. As a result of this initial work, the company followed up the results with channel sampling and mapping. The results of which are presented below. Rock Chip Samples: a total of 28 rock chip samples weighing approximately 3 to 4 kg have been collected to date with EL2632. The rock chip samples were (predominantly outcrop samples collected from the Waa Creek area. These samples have returned copper values to 9.2%, gold to 1.03 g/t and silver to 84 g/t (sample number 152158). Rock chip samples collected in and around Waa Creek within EL2632, and the rock chip samples in and adjacent to the Waa Creek drainage with respect to a distinct magnetic low. In the Waa Creek area, outcrop and float rock samples were selectively collected over a 3 km by 1 km area. The rocks sampled were predominantly associated with mineralised skarns and intrusives. Petrology from two samples collected from Waa Creek identified two different styles of copper-gold mineralisation in the drainage with one sample (152157) being a highly silicified, potassic altered diorite which has been flooded by hydrothermal fluids causing strong pervasive alteration and mineralisation including covellite (supergene after chalcopyrite) chalcopyrite and pyrite. A second petrological sample (152158) was classified as an endoskarn, which contained garnet (38%), epidote (20%) and biotite (10%) with copper minerals such as malachite, chalcopyrite and chysocolla being observed, which is indicative of a shallow weathering profile of the outcropping lithologies. The petrological studies also identified fine-grained native gold (20-40 microns diam.) in sample 152160 and is associated with skarn mineralisation. This sample was also collected from Waa Creek. Channel Samples: On receipt of the rock chip assays and the petrological studies from the Waa Creek area, follow up work in the form of continuous channel sampling along the banks of Waa Creek was undertaken (where possible). The aim of this work was to obtain detailed rock chip geochemistry for the drainage and to geologically map the area. A total of 67 channel samples were collected from outcrops along the banks of Waa Creek. Four highly anomalous Cu-Au-Ag intercepts associated with veining and or structures were recorded, these intercepts are: 5m @ 2.57% Cu, 0.53 g/t Au and 33.56 g/t Ag from 172m; 3m @ 2.51% Cu, 0.54 g/t Au and 27.36 g/t Ag from 163m; 7m @ 0.91% Cu, 0.19 g/t Au and 3.62 g/t Ag from 33m; and 7m @ 0.82% Cu, 0.63 g/t Au and 7.37 g/t Ag from 45m. The channel samples were collected as continuous 1m samples from outcrops along the creek bank with each sample weighing between 3-4kg. Samples were dispatched to Intertek in Lae for sample preparation and analysed for gold (FA50) as well as multi-element analysis (4A/OE). Where possible, sampling was extended into zones either side of the mineralised veins or structures, however, some of the channel sampling ended in mineralisation and could not be extended due to dense foliage, steep topography and, or lack of exposure.