On 10 February 2021 the Company released to the market information regarding test work conducted to investigate whether or not there was any concentration of mineralisation within certain vertically milled size fractions.

Subsequent queries raised indicate there to be some misunderstanding of the results of the test work.

Primary Purpose of Vertical Milling Test Work

The primary purpose of the Vertical Milling test work conducted by Energy Densification Systems (EDS) South Africa was to determine whether or not Vertical Milling could be applied effectively to the Nxuu Deposit ore. The test work showed that Vertical Milling produced very encouraging results to the extent that the required power consumption can be reduced by as much as 40%, compared to the amount of power required for conventional Ball/SAG/Rod mills.

Ancillary Test Work

Further test work was then conducted to determine whether the Vertical Milling process caused excessive concentrations of mineralisation within certain size fractions. Such concentrations would potentially require additional separation processes, thereby making further processing more complex.

Assaying of the vertically milled size fractions has confirmed that Vertical Milling does not produce excessive concentrations of mineralisation within particular size fractions. This confirms that the application of a standard separation process from the overall milled product for the recovery of metal or concentrate is practicable and less complex compared to dealing with concentrations of mineralisation within certain size fractions.

Forward Looking Statement

This report contains forward looking statements in respect of the projects being reported on by the Company. Forward looking statements are based on beliefs, opinions, assessments and estimates based on facts and information available to management and/or professional consultants at the time they are formed or made and are, in the opinion of management and/or consultants, applied as reasonably and responsibly as possible as at the time that they are applied.

Any statements in respect of Ore Reserves, Mineral Resources and zones of mineralisation may also be deemed to be forward looking statements in that they contain estimates that the Company believes have been based on reasonable assumptions with respect to the mineralisation that has been found thus far. Exploration targets are conceptual in nature and are formed from projection of the known resource dimensions along strike. The quantity and grade of an exploration target is insufficient to define a Mineral Resource. Forward looking statements are not statements of historical fact, they are based on reasonable projections and calculations, the ultimate results or outcomes of which may differ materially from those described or incorporated in the forward looking statements. Such differences or changes in circumstances to those described or incorporated in the forward looking statements may arise as a consequence of the variety of risks, uncertainties and other factors relative to the exploration and mining industry and the particular properties in which the Company has an interest.

Such risks, uncertainties and other factors could include but would not necessarily be limited to fluctuations in metals and minerals prices, fluctuations in rates of exchange, changes in government policy and political instability in the countries in which the Company operates.

Other important Information

Purpose of document: This document has been prepared by Mount Burgess Mining NL (MTB). It is intended only for the purpose of providing information on MTB, its project and its proposed operations. It does not represent an investment disclosure document. It does not purport to contain all the information that a prospective investor may require to make an evaluated investment decision. MTB does not purport to give financial or investment advice.

Professional advice: Recipients of this document should consider seeking appropriate professional advice in reviewing this document and should review any other information relative to MTB in the event of considering any investment decision.

Forward looking statements: This document contains forward looking statements which should be reviewed and considered as part of the overall disclosure relative to this report.

Contact:

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Web: www.mountburgess.com

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