Focused on gold and base metal exploration and project development within Australia…

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Musgrave Minerals Limited Overview

Musgrave Minerals listed on the Australian Securities Exchange on 29 April 2011.

Musgrave’s cornerstone project is the Cue Project in the Murchison Province of Western Australia where Musgrave holds 100% of the key project tenure containing the existing gold resources. Musgrave’s objective is to focus on increasing gold resources through exploration and discovery with the near-term goal of delivering a viable path to development.

The Cue Project currently hosts 6.4Mt @ 3.2/t Au for 659koz Au.

Progress at the Break of Day and Lena gold prospects within the Cue Project has been very positive following the high-grade near-surface gold discovery of the Starlight lode at Break of Day and subsequent Break of Day resource update to 797kt @ 10.2g/t Au for 262koz Au.  This is potentially a game changer for MGV and could have a huge positive impact on the economics of future development at the Project. The application of the learnings from the Starlight success has the potential to lead to further discoveries in the belt highlighted by the recent success in the regional drill program across multiple targets including the Big Sky prospect and the ‘new gold corridor’ west of Lena.

The focus on gold exploration on the salt lakes north of Break of Day has led to the Lake Austin North gold discovery. Intercepts include 94m @ 2.4g/t Au including 52m @ 3.8g/t Au within a strong broad alteration envelope suggests the presence of a large new gold system. The system is open in multiple directions. In 2021, under the EVN JV, the team intersected high-grade gold mineralisation in basement beneath an extensive 1.6km long gold in regolith anomaly at the West Island prospect.

Musgrave has executed an $18 million Earn-in and Exploration Joint venture with Evolution Mining Ltd (Evolution) over the Lake Austin portion of the Cue Project. Evolution can earn 75% by spending $18M within 5 years including a minimum commitment of $4M within the first two years. The Break of Day, Lena and Mainland areas are excluded from the Earn-in and Exploration Joint Venture with Evolution Mining Ltd.

The Company also has a large footprint in the Musgrave Province of South Australia and continues to review new opportunities with a view to identifying additional projects that would complement the Company’s current activities and add value for our Shareholders.

Project Locations

Company Objectives and Strategy

Musgrave Minerals is a focused mineral exploration and development company applying modern-day exploration techniques and conceptual models to prospective gold and base metals regions of Australia.

Our core objective is to grow shareholder wealth through successful exploration and development of projects in the regions in which we operate.

Musgrave’s methods include early-stage exploration techniques and technologies that aim to delineate targets for near term drill testing, deposit discovery and resource definition and development. The application of airborne and ground geophysical surveys, along with ground-based mapping, sampling, and drilling programs, will be implemented and follow methodologies that have been proven successful at Cue and in other known mineral camps.

Musgrave Minerals has developed an exploration strategy that builds on the experience gained by key personnel exploring for similar deposit styles globally.

At the Cue Project, Musgrave’s objective is to increase the gold resources through exploration discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term. Musgrave has a strong track record of exploration success at Cue. Infrastructure in the Cue district is good with six operating gold plants within trucking distance of MGV’s high-grade gold resources.

The work of previous explorers in the Musgrave region, while limited, resulted in the discovery of the large Nebo and Babel nickel-copper deposit in the Western Australian portion of the region in 2000 (WMC Resources Limited). Although these deposits are not part of the Musgrave Minerals’ tenement package, they do demonstrate the potential of the region where the Company is looking for a partner to progress its land holdings.

The Company will carry out substantial drilling programs designed to discover and advance mineral deposits along a development timeline. The mineral deposits we seek are of high intrinsic value and when discovered and proven economic, would have the potential to generate high margins and significant cash from operations once developed.