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 12.3Mt @ 2.3/t Au for 927koz Au.

Progress at 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.  Subsequent resource growth following the discoveries of the White Heat-Mosaic and Big Sky deposits resulted in 2022. 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 and White Heat-Mosaic success has the potential to lead to further discoveries in the belt.

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 from October 2019. The Break of Day, Lena, White Heat-Mosaic, Big Sky 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 dedicated to building a sustainable and profitable gold mining business driven by exploration and development success.

Musgrave’s mission is to safely and responsibly deliver exploration success and advance development opportunities to build a profitable gold mining business at Cue for the benefit of our shareholders and the communities within 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 at Cue 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 at Cue 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.