Greenvale Mining : Re-release of Maiden JORC Resource for Alpha Project

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ASX ANNOUNCEMENT

10 March 2022

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In response to a request made by the ASX, the Company advises that this release is a revised version of the announcement dated 9 March 2022 titled "Maiden JORC Resource for Alpha Project".

The revised announcement now includes a drill hole summary table which can be found as an appendix to this announcement (pp. 22-25).

In addition, the release contains supplementary commentary regarding the JORC Tables, which are unchanged from the prior release.

Authorised for Release

This announcement has been approved by the Managing Director for release.

Alan Boys

Company Secretary

Contact

For further details, contact:

Neil Biddle Managing Director 0418 915 752

Media Inquiries

For further details, contact: Nicholas Read - Read Corporate

[e-mail]

Mobile: [phone]

R E G I S T E R E D O F F I C E :

130 Stirling Hwy, NORTH FREMANTLE, WA 6159 | Locked Bag 4, North Fremantle, WA Australia, 6159 t:[phone] | e: [e-mail] | www.greenvalemining.com

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ASX ANNOUNCEMENT

10 March 2022

O U T ST A N D I N G MAIDEN JORC MINERAL RESOURCE HIGHLIGHTS STRATEGIC POTENTIAL OF THE ALPHA TORBANITE PROJECT, QLD

High-quality 18.6Mt JORC Mineral Resource together with

enhanced renewable energy strategy confirms substantial value of

Greenvale's Alpha Project

Highlights:

• Maiden JORC Mineral Resource Estimate (MRE) completed for the Alpha Torbanite Project by highly regarded consultants, SRK Consulting.
• Inferred Resource of 18.6Mt of Torbanite and Cannel Coal at a yield of 179 litres per tonne at zero moisture (LTOM) for 21.29 million barrels of synthetic oil equivalent.
• Mineral Resource includes 4.6Mt of rare Torbanite.
• Potential to expand the Resource both down-dip, as well as on the adjacent EPM.
• Mineral Resource is in line with expectations for the deposit, confirming pre- JORC and non-JORC historical records.
• Large, high-quality MRE highlights the strategic importance of the Alpha Project as a potential domestic source of bitumen, synthetic oil critical to major infrastructure projects.
• Application made for four geothermal licences (and corresponding mineral rights) as part of an enhanced renewable energy strategy now being pursued for the Alpha Project.
• The Company is examining the opportunity for an exploitable geothermal power source to provide sufficient carbon credits to offset production at Alpha, while also opening exciting new potential income streams.

R E G I S T E R E D O F F I C E :

130 Stirling Hwy, NORTH FREMANTLE, WA 6159 | Locked Bag 4, North Fremantle, WA Australia, 6159 t:[phone] | e: [e-mail] | www.greenvalemining.com

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Summary

Greenvale Mining Limited (ASX: GRV, "Greenvale" or "the Company") is pleased to advise that it has taken another key step towards the commercial development of its flagship Alpha Torbanite Project in Queensland, with the completion of a maiden JORC Mineral Resource Estimate (MRE) for the deposit.

The maiden MRE, which has been completed by highly regarded independent consultants SRK Consulting, comprises a total Mineral Resource of 18.6Mt for the Alpha Deposit, including approximately 4.6Mt of the rare torbanite, equivalent to 21.29 million barrels of synthetic oil equivalent.

The maiden MRE reinforces the rare and strategic nature of the Alpha Deposit, which is the only known Torbanite Deposit of its kind in Australia.

The significant scale, high-quality and high-yielding nature of the deposit reinforces its strategic importance as a long-life domestic supplier of high-value products including bitumen, critical to major infrastructure projects.

The maiden MRE will now underpin Greenvale's ongoing commercialisation strategy, including the ongoing Pre- Feasibility Study on the Project, which is being expanded to include an enhanced green energy strategy based on geothermal power (see below).

Geology of the Alpha Deposit

The Project contains a cannel coal and torbanite oil shale deposit situated in the axis of a southwest-plunging syncline structure that occurs on the eastern flank of the Permian Galilee Basin. The deposit is part of the Permian Colinlea Sandstone, which contains 150 m of cross- bedded sandstone with minor conglomerate, siltstone and mudstone. The sequence has a gentle dip of 2 to 5 degrees to the west and south. The oil shale resource comprises an upper cannel coal seam (Upper Seam) and a lower seam that contains a torbanite lens enclosed in cannel coal (Lower Seam). The Lower Seam is interpreted to be equivalent to the 'E' Seam which is recognised more broadly across the Galilee Basin.

The Upper Seam is composed entirely of cannel coal ranging in thickness from 0.3 m to 1.4 m. The Lower Seam interval comprises a cannel coal seam ranging from 1.3 m to 2.8 m thick, with a torbanite lens in excess of 1.6 m thick at its maximum. The torbanite is lenticular in shape and has a variable thickness. The interval between the two seams is dominantly quartzose to lithic sandstone with minor conglomerate, siltstone and claystone. The thickness of the inter-seam interval ranges between 13 m and 18 m (Figure 1).

The Lower Seam is the main oil-yielding unit of the deposit. It consists of two main types of oil shale namely cannel coal and torbanite, which is olive-grey to olive-black and is finely laminated. The Lower Seam can generally be split into three plies, as described below:

• L1 - comprising a relatively clean cannel coal interval
• LT - comprising the main torbanite interval, including coal bands
• L2 - comprising a relatively clean cannel coal interval.

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Figure 1: Summary of the seam geology within MDL 330

Drilling techniques

The Project has been subject to extensive exploration and laboratory testing since its initial discovery in 1939, over 80 years ago. Due to exploration, sampling and analysis practices at the time and loss of verifiable records, much of the historical exploration information is considered unsuitable for a modern-day assessment of the Resource potential of the deposit.

An open hole (non-core) drilling program (Stage 1 program) was competed by Greenvale in MDL 330 between 28 February and 12 March 2021. A total of 49 open holes were completed for a total of 3,027 m. All drill holes were drilled vertically from the topographic surface to depths ranging from 38 to 116 m, averaging approximately 62 m.

Drill holes were geophysically logged (except re-drills) by Weatherford International Plc, based in Emerald, Queensland. The slimline tools used included downhole gamma, density and verticality surveys. An optical televiewer tool was run in selected drill holes. The wireline logs provided accurate measurement of the Upper and Lower seam intervals (depth and thickness) but were unable to provide an accurate measurement of the torbanite lens.

A partly cored drilling program (Stage 2 program) was competed in MDL 330 between 31 March and 31 May 2021. A total of 62 partly cored holes (4C - 100 mm diameter) were drilled for a total of 2,222 m. The core drill holes were sited on an approximately 250 m × 250 m infill grid pattern (including 8 re-drills and one test hole) across the priority area as indicated by the Stage 1 program.

All drill holes were drilled vertically from surface using a hammer bit until the coring point was reached. Rods were then pulled and a 4C (100 mm) core barrel was run into the drill hole. A total of ~284 m of 4C core was acquired during the program. The partly cored program drill

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hole depths ranged from 11 m to 75 m, averaging approximately 36 m in depth. Wireline geophysical logs were also acquired on the core holes and all drill holes were professionally surveyed by Precise Positioning Solutions Pty Ltd.

Geological interpretation of drilling results

The density and distribution of the 2021 drill holes support a reasonable level of confidence in the depth and thickness of the Upper and Lower seams across the MDL area. Open hole drilling alone is insufficient to determine the geometry of the deposit as the torbanite lens within the Lower Seam cannot be accurately determined in chip samples or readily distinguished in the downhole wireline logs (due the similar density of the cannel coal and torbanite lens). Accurate mapping of the oil shale sub-units, including the torbanite lens, are provided by drill core measurements.

The Upper Seam was intersected in a total of 20 drill holes (including three core holes) at depths from approximately 7 m to 47 m, with thickness ranging from 0.31 m to 1.41 m (and an average thickness of 1.01 m). The distribution of the seam is controlled by subcrop in the northeast of the drilling area. The Upper Seam interval consists mainly of cannel coal, which is generally consistent and clean in the density log, with little to no stony bands where well developed.

The Lower Seam thickness ranged from 1.28 m to 2.80 m, averaging 2.09 m. Spatial analysis of the Lower Seam thickness suggests a general decrease in thickness down-dip to the west and south of the deposit area.

The L1 ply is generally consistent across the Project area ranging from absent to, where present, a minimum of 0.39 m to 1.73 m thick with an average thickness of 1.03 m (Table 1). The L1 ply generally does not appear to have any consistent stony bands or partings. Local instances of claystone and bands exist but are not laterally continuous into adjacent holes and usually represent less than 5% of the L1 ply where present.

The LT ply is variable across the Project area ranging from absent to a minimum of 0.07 m to

1.68 m thick, with an average thickness of 0.71 m. The upper and lower boundaries of the LT unit are variable with examples of sharp and planar boundaries and highly gradational and interbedded/ interlaminated torbanite and cannel coal intervals evident in drill core. The LT ply appears to be split into three or more lithotypes with logged torbanite often comprising an upper and lower section with a more cannel coaly middle section. The LT unit generally does not appear to have any consistent stony bands or partings. Local instances of claystone bands do exist, but these do not appear to be laterally continuous into adjacent holes and usually represent less than 5% of the LT where present.

The L2 ply is fairly consistent across the Project area ranging from absent or, where present, to a minimum of 0.05 m to 1.23 m thick, with an average thickness of 0.38 m. The L2 ply generally does not appear to have any consistent stony bands or partings. Local instances of claystone and tuffaceous bands do exist; these do not appear to be laterally continuous between nearby drill holes and usually represent less than 5% of the L2 ply where present. There are three instances where the L2 ply appears to have pinched out, in three drill holes. These holes are not spatially related and therefore, while locally anomalous, they are not specific to one or more areas of the deposit.

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