Pursuit Minerals : Oriental Tenement Acquisition at Commando

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The Company's principal business objectives are the acquisition, exploration, development and operation of PGE, copper, nickel silver, gold, vanadium and other mineral deposits.

"Oriental" Tenement Acquisition at Commando

Directors

Peter Wall (Chairman)

Bob Affleck (MD)

Mark Freeman (Finance Director)

Company Secretary Mark FreemanCapital Structure

Pursuit Minerals Ltd (ASX: PUR) ("PUR" or the "Company") is pleased to announce the acquisition of the Oriental Prospect (P24/5383) to enhance the Commando Project as part of an asset swap deal for the Gladiator Tenements. The Commando project is fast becoming a major focus for the Company and securing the Oriental tenement capitalises on the Company's growing footprint just 38km north of Kalgoorlie and immediately adjacent to 1.5-million-ounce gold mines at Havana-Suva and Federal.

Oriental Gold Prospect

27 April 2022

• o 114 historical drillholes, 80 RAB, 33 RC and 1 diamond

• o Numerous significant intercepts including:

  •  2 m @ 17.3 g/t Au from 83m incl. 1m @ 33.5 g/t Au from 83m

  •  2 m @ 7.53 g/t Au from 68m incl. 1m @ 12.3 g/t Au from 68m

  •  1 m @ 12.6 g/t Au from 26m

  •  1 m @ 9.57 g/t Au from 3m

  •  2 m @ 4.6 g/t Au from 100m

  •  2m @ 4.35 g/t Au from 63m

  •  3m @ 1.77 g/t Ag from 57m

• o Pursuit rock chip sampling around Oriental shaft returned 108 g/t Au and 10.5 g/t Au from two samples taken

• o Shallow drilling, only 29 holes deeper than 100m

• o Placer Dome 2004 non-JORC gold mineralisation calculation

• o The net cost of the asset swap to Pursuit is the issue of $70,000 in PUR shares (~2.2m shares) along with a 1% net smelter royalty.

Next Steps

• o Model mineralisation to review controls on gold orientation

• o Field validation, structural data collection and mapping

• o Plan future drill programs to extend mineralisation

Pursuit Managing Director, Bob Affleck, said:

"Pursuit is very pleased to announce a strategic addition to our Commando Project with the purchase of the Oriental prospecting licence with very

significant past gold drilling results near Paddington's Havana-Suva gold deposit. This acquisition is consistent with the Company's strategy to build a resource base in the project area with an aim of ultimately being a gold producer. The purchase terms are very favourable and the divestment of the Gladiator Project will allow us to focus on areas we believe are more likely to build shareholder value."

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 |info@pursuitminerals.com.au|www.pursuitminerals.com

Oriental Prospect significant uplift to Commando Gold Project Footprint

Pursuit Minerals Ltd ("Pursuit" or the "Company")

(ASX:PUR) is pleased to announce that as part of its diversification strategy of the recently acquired Commando Project the Company has successfully negotiated an asset swap transaction securing the Oriental Gold Prospect. The Commando project is fast becoming a major focus for the Company and securing Oriental capitalises on the Company's growing footprint just 38km north of Kalgoorlie and immediately adjacent to the 1.5-million-ounce gold mines at Havana-Suva and Federal.

The Oriental Prospect represents a significant addition to the highly underexplored Federal West area of the Commando Project, just 38km north of Kalgoorlie and 10km NNE of the Paddington Gold Mine (Figures 1 and 2). The most recent drilling at the prospect was in 2001

when the gold price varied between US$270 and US$315 per ounce. It lies just 900m along strike of the Havana-Suva and Federal gold mines.

Oriental Prospect

Pursuit will acquire the Oriental Prospect and sell its interests in the Gladiator project for a net cost of $70,000 consideration payable in shares (~2.2m shares) and a Net Smelter Royalty (NSR) of 1%. All shares issued to the vendor will be escrowed for 3 months.

Previous Exploration - Oriental

Several phases of exploration have taken place over the Oriental Prospect area, firstly in the late 1990's by Centaur Mining and Exploration as part of their Federal gold deposit exploration programs. Ownership of the Federal/Golden Cities deposits subsequently passed to Placer Pacific who purchased the Paddington operations and explored the area with RC and diamond drilling (Figure 3).

Previous exploration drilling discovered a large number of notable gold zones and a full list of significant gold intercepts can be found in Appendix 1. Some highlights include (Figure 4):

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

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 |info@pursuitminerals.com.au|www.pursuitminerals.com

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Examination of this past drilling suggests the orientation of the mineralisation is not well defined and potential exists to clarify this ahead of new drilling programs to locate additional mineralisation.

Gold mineralisation at the Oriental Prospect is similar to the Golden Cities (Havana-Suva and Federal) orebodies to the southeast with shear zones and quartz veins in the Scotia granite hosting gold bearing pyrite. These orogenic gold deposits typically display distal epidote-muscovite alteration and proximal muscovite-biotite-pyrite alteration.

Pursuit Exploration Work at Commando Gold Project

Field reconnaissance by Pursuit's exploration team includes recent rock chip sampling around the shallow workings at Oriental with highly anomalous results including sample 22CK0001 returning 108 g/t Au and sample 22CK0002 containing 10.5 g/t Au (Figure 3).

Modelling of the gold mineralisation by resource consultants Snowden Optiro, using Leapfrog software, shows a number of coherent >0.5 g/t Au grade shells (Figures 5 and 6) that suggest gold mineralisation is dipping to the northwest and possibly plunging to the NW too. Visualisations such as these are not resource models and must be interpreted as indications of what past drilling has located and not where future mineralisation will be found.

The visualisation shows gold mineralisation at the northern extent of drilling and additional drilling will be required to extend this. Prior to drilling a number of other studies will be undertaken as outlined in 'Next Steps' below.

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

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 |info@pursuitminerals.com.au|www.pursuitminerals.com

Figure 4: Significant gold intercepts in past drilling, Oriental prospect P24/5383

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

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 |info@pursuitminerals.com.au|www.pursuitminerals.com

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Figure 5: Plan view of modelled >0.5 g/t Au grade shells

Figure 6: View of >0.5 g/t Au grade shells looking to NE, indicating NW dip of mineralisation - Note the lack of drilling to the

NW of the drilling (left on the bottom image)

Next steps

Pursuit's exploration team is currently in the field at the Oriental Prospect to:

• • Audit past drillhole locations;

• • Take structural readings on veins in the shallow workings at the prospect;

• • Complete detailed mapping of the area;

• • Endeavour to locate the historical diamond drillhole which could yield important information regarding the structural setting of the gold mineralisation; and

• • Plan new drilling programs to extend gold mineralisation.

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

PO Box 214, West Perth, WA 6872 | Suite 4, 246-250 Railway Parade, West Leederville WA 6007 T + 61 8 6500 3271 |info@pursuitminerals.com.au|www.pursuitminerals.com

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