Millennium Minerals Limited announced that its ongoing aggressive exploration programs at the Nullagine Gold Project in WA have again successfully extended mine life, with an updated Ore Reserve estimate for the 12 months to 31 December 2018 delivering a 70% increase in Ore Reserves, net of mining depletion, to 375,300 ounces. The increase in Ore Reserves is a result of recent successful drilling programs, as well as the conversion of several Mineral Resource estimates to Ore Reserves. The Project's Ore Reserves at 31 December 2018 have increased by 70% to 375,300 oz, up from 221,600 oz as at 31 December 2017 (net of mining depletion of 98,900 oz for current year 2018). The Mineral Resource at 31 December 2018, net of mining depletion, stands at 22.9 million tonnes at 1.6 g/t Au for 1.16 Moz, with approximately 65% of the total in the higher confidence Measured and Indicated categories. The updated Ore Reserve delivers mine life visibility approaching four years, based on Millennium's current annualised production rate of approximately 100,000 oz.pa, which the Company has successfully maintained since September 2018. The updated Ore Reserve includes a maiden Ore Reserve estimate for Golden Gate Underground of 220,000 tonnes at 3.8 g/t Au for 27,100 oz. This Ore Reserve is underpinned by the recent strong metallurgical test work results from arsenopyrite-dominant sulphide ore using Millennium's patented pressurised in-mill oxidation process (PINOX), which delivered gold recoveries averaging approximately 70%. As a result of this test work, Millennium is proceeding with a two-stage expansion of the Nullagine processing plant, with the Stage 1 upgrade comprising the addition of in-mill oxidation (INOX), and Stage 2 comprising the addition of the PINOX processing capability. The Stage 1 INOX upgrade will be completed for a total capital cost of approximately $15 million, with commissioning expected in April 2019. The Stage 2 PINOX upgrade is expected to be completed in early 2020 for a total capital cost of $5 million. Development of the portal for Golden Gate Underground is scheduled to commence in third quarter of 2019, with first ore to coincide with commissioning of the Stage 2 PINOX upgrade.

Annual production guidance for the 2019 calendar year is 90,000 - 100,000 ounces at an all-in sustaining cost (AISC) of between $1,300 and $1,375 per ounce.