Pursuit Minerals : March 2022 Quarterly Activities and Cash Flow Report

30 April 2022

March 2022 Quarterly Activities Report

Warrior Project:

• • 40 km2 Auger sampling program from Phil's Hill to Ablett Prospect has been completed at Calingiri East with promising results:

  • o 3 high priority gold & copper targets identified in auger results with 50 times higher than background at the Ablett prospect

  • o Consultant geochemist confirms Au-Bi-As-Sb-Pb Orogenic Gold basement mineralisation signature at Ablett prospect

    Directors

    Peter Wall (Chairman)

  • o A Cr-Ni-Sc-Cu-Pd-Pt association maps ultramafic lithologies prospective for PGE-Ni-Cu mineralisation

    Bob Affleck (MD)

    Mark Freeman (Finance Director)

  • o Follow-up Air Core (AC) drill program commenced 6 April 2022, will finish once POW's in place; results expected in June 2022

  • o Calingiri West access agreement in place, MLEM survey planned

    Company Secretary

    Mark Freeman

  • o Bindi Bindi - Auger geochemical program started, awaiting POW approval some areas

Commando Gold Project

Capital Structure

• • The Company entered into an option agreement to acquire the highly prospective Commando Gold Project near Kalgoorlie in December 2021

  2.81c exp 23/12/24 2,500,000

  Perform. Rights 64,500,000

• • On 27 April 2022 the Company announced the acquisition of the Oriental Project under an asset swap deal for its Gladiator Project. This low-cost entry is a strategic addition on a tenement that lies just 900m from the 1.5-million-ounce mines at Havana-Suva and Federal

• • Field reconnaissance of project completed early March, resampling selected historical drillholes and focus on regolith depth

• • Contractor selected for 2,050 sample auger program over entire project area, program starting shortly

• • Heritage survey of P24/5967 completed, entire project area cleared for field programs

• • Follow-up Air Core (AC) drill program ~June 2022, pending POW approvals.

Combatant PGE-Ni-Cu Project

• • 3 ultramafic intrusives identified following assay of 869 soil samples

• • Working with DMIRS to have licences granted in Murchison Radio Zone

• • Proposed Exploration Program:

  • o Review existing geological and geophysical model of ultramafics January 2022, prior to heritage surveying Q2 and AC drill testing of targets in H2 20221

Gladiator Gold Project

• • The Company completed a swap of the Gladiator Project for the Oriental Project (which now forms part of the Commando Project)

Corporate:

• • Bob Affleck taken on role of full time Managing Director, Mr Mark Freeman has moved in the role of Finance Director.

• • ~$3.35m Scandinavian sale to Kendrick extended to 15 May 2022

• • Strong cash balance of ~$7m at the end of the quarter

Pursuit Managing Director, Bob Affleck, said:

"Quarter on Quarter the Company has been very active on the ground focussing our activities on the Warrior Project with 40km2 auger sampling and a 58-hole (2053m) AC Drilling Program covering 3 new identified anomalies. As cropping season is commencing, the Company has the flexibility to turn its focus on field work at the Commando Project which excitingly includes our new additional tenement, Oriental, lying a mere 900m from the 1.5 million ounce mines at Havana-Suva and Federal."

Pursuit Minerals Limited | ACN 128 806 977 | ASX: PUR

Suite 4, 246-250 Railway Parade | West Leederville | WA Australia 6007

PO Box 214 | West Perth | WA 6872 Australia

T + 61 8 6500 3271 |info@pursuitminerals.com.au|www.pursuitminerals.com.au

Pursuit Go Forward Plan 20221

Completed

Calingiri East

Pursuit Minerals Limited (ASX:PUR) ("Pursuit" or the "Company") is pleased to confirm that during the quarter a 40km2 auger soil sampling program was completed, highlighting significant Au, As, Bi, Sb, Pb, Ni, Cu, Pd, Pt and Ag anomalies, and identified 3 new high priority drill targets at Calingiri East (Figure 1). In order to expedite results from ALS Perth, the Company used an Aqua Regia digest (a partial analysis) and no pulverising of the auger samples.

Air-Core (AC) drilling over these multiple gold and copper targets commenced on 6 April 2022 and will be completed shortly once all POW's are approved, with results pending. The AC drilling explored the auger anomalies and collected fresh basement material which was analysed by handheld pXRF prior to wet assay at ALS Perth.

AC Drilling Program included:

• o 18 holes at the new, large, untested Ni-Cu-Pd-Pt anomaly at Phil's Hill West

• o 17 holes over Ni-Cu-Pd-Pt anomaly in ultramafics at Smogo's Prospect

• o 23 holes are planned across Ablett Au-Bi-As-Sb-Pb anomaly and Pd-Pt rich areas at Ablett Southeast

• o Total of ~58 holes are planned for ~2,050m

Ablett Prospect

A 700m x 250m NW-SE trending gold anomaly (50 ppb) was discovered at Ablett, 50 times higher than the surrounding background values (Figure 2) and characterised by an Au-As-Bi-Sb-Pb mineral association, typical of Orogenic Gold systems such as Boddington1 in WA. The anomaly is planned to be explored with 39 air core holes in the first-pass program. Given the size of the anomaly, there will be insufficient to time to cover the whole anomaly before cropping begins and additional work is planned after harvest in Q4.

Analysis by Dr Carl Brauhart of CSA Global confirms the geochemical signature is interpreted as a basement mineralisation association, not just reflecting a particular lithology or regolith. He also notes that the high level of gold results is encouraging in the context of an auger sampling program. Additionally, a weighted sum function of the Au-As-Bi-Sb-Pb assays is an effective tool for mapping mineralisation from the auger samples. Figure 3 shows the extent of the anomaly generated by this function, which maps the potential extent of the orogenic gold signature and is consequently much larger than the Au anomaly as shown in Figure 2.

The Ablett area is also host to significant Pd and Pt anomalism as shown in Figure 4 and 5, and highs to the SE will require drill testing.

Smogo's Prospect (new prospect)

As previously announced, field reconnaissance by Pursuit's technical team located outcropping ultramafics in this area north of Phil's Hill where auger sampling confirmed a consistent >100ppm Cu anomaly, co-incident with Ni, Cr, Sc, Pt, Pd. The anomaly measures 950m x 130m in an area that has never been explored. The anomaly has a peak value of 610ppm Cu, 219ppm Ni, 12ppb Pd+Pt, and Dr Brauhart notes that such an element association confirms the presence of ultramafic rocks in the area. 17 Air Core holes will be drilled in two traverses to cover this anomaly once POW's are approved, carefully configured to avoid disturbance to vegetation in the area.

1 Description of the Boddington Gold mine.http://crcleme.org.au/RegExpOre/Boddington.pdf

Auger sample results from Smogo's and Phil's Hill West compare very favourably with early soil results over Chalice Mining's Gonneville discovery2 where 30ppm Cu, 150ppm Ni and 6ppm Pd was considered significant. In addition, Caspin Resources notes a >10ppb Pt+Pd level is considered highly anomalous at their Yarabrook Hill project3 . Figure 4 shows 5 and 10 ppb Pd contours at Calingiri East, which Pursuit considers to be very encouraging.

Phil's Hill West (new prospect)

An extensive >100 ppm Cu anomaly co-incident with Ni, Cr, Pt, Pd and measuring 1,600m x 160m was identified to the west of Phil's Hill under cover. This was ineffectively soil sampled by previous explorers who only assayed for Au, As, Cu, Pb and therefore did not recognise the presence of ultramafics. Combined Pd+Pt values at Phil's Hill West are up to 26ppb, which compares well with the Gonneville and Yarabrook values quoted previously. Figure 5 shows Pt contours over the Calingiri East auger sampling area.

The Company completed the original 18 drill holes in this first pass program.

Results from the AC drill program are not expected until late June 2022 and will form the basis of ongoing campaigns at Calingiri East once crops are harvested at year end.

• 2https://chalicemining.com/sites/default/files/asx-announcements/61026000.pdf

• 3https://wcsecure.weblink.com.au/pdf/CPN/02417349.pdf (page 12)

Figure 6: Operation Manager Ian Lowrie (left) and Exploration Manager Mat Perrot analysing drill chips at Phil's Hill West

Bindi Bindi4

Following completion of the initial land access agreement with a large land owner, the Company started an Auger geochemical program at Bindi Bindi (E70/5392). The program will be finalised as soon as other POW's are approved.

The tenement covers part of the Bindi Bindi Intrusive Complex, comprised of scattered outcrops of weakly magnetic ultramafic rocks intruded by younger dolerite dykes. The aeromagnetic data suggests the ultramafic rocks which are prospective for PGE-Ni-Cu mineralisation are more widespread than indicated by surface outcrops.

Outcrops of ultramafic rocks mapped by the Geological Survey of Western Australia 11km to the NNW of Bindi Bindi, are likely to be the northern continuation of the Bindi Bindi ultramafic, giving further support to the interpretation that the intrusion is much larger than previously believed. However, the geological structure in the area appears to be complicated with intense folding and faulting of the narrower ultramafic units.

Commando Gold Project (option to acquire up to 100%)

Pursuit announced the option agreement to acquire the Commando Gold Project on 16 December 2021. The Commando Gold Project is located just 38km north of Kalgoorlie and 10km NNE of the Paddington Gold Mine (Figures 7) and is divided into the Federal West and Paddington North tenements blocks. Fieldwork started during the quarter with field reconnaissance, heritage surveying and auger program planning complete.

Under the terms of the acquisition agreement, the Company has a 12-month option to acquire 100% of the project subject to spending $150,000 during the option period on exploration. Pursuit will then have the right to exercise its option to acquire 100% ownership interest (via the issue of ~13.3m shares) or 45% ownership interest (via the issue of ~6.2m shares) in the right title and interest in the Project.

4 See Pursuit Minerals ASX Announcements 2 December 2020. The Company is not aware of any new information or data that materially affects the information included in the referenced ASX announcement and confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

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