Tanami Gold NL : Quarterly Activities Review & Appendix 5B

FOR THE PERIOD ENDING

31 MARCH 2022

CORPORATE

Cash and Cash Equivalents

As of 31 March 2022, Tanami Gold NL ("Tanami" or the "Company") had available cash of $33.510 million.

Northern Star Resources Limited Shares

As of 31 March 2022, the Company held 500,000 Northern Star Resources Limited ("Northern Star") shares.

EXPLORATION

Central Tanami Project Joint Venture (Tanami 50%)

Tanami holds a 50% interest in the Central Tanami Project Joint Venture ("CTPJV") with Northern Star. Tanami and Northern Star are jointly funding all exploration and development activities on the CTPJV. As of 31 March 2022, the CTPJV had available cash of $9.263 million

The objective of the CTPJV is to develop and mine the Groundrush gold deposit and any other gold deposits delineated in the CTPJV tenements at the earliest possible time, commensurate with good mining practice and utilising mining infrastructure already in place on the project area.

Government mandated COVID restrictions, primarily in Western Australia ("WA"), continued to materially impact personnel travel and limit on-ground exploration activities during the quarter. WA borders were formally re-opened on 3 March 2022.

Additionally, Government mandated biodiversity determinations, which included the entirety of the Tanami desert region, were instituted in early February to protect traditional owners from potential COVID outbreaks. The Central Land Council ("CLC") cancelled all exploration permits during this period. The determinations at Tanami were rescinded, and exploration permits reinstated on 17 February 2022.

Heavy rainfall in January and February restricted work on site to clean-up and maintenance tasks. Work completed during the quarter included:

• • Cave Hill assay interpretation

• • Bureau of Mineral Resources ("BMR") Tanami drillhole sampling, assaying and petrology

• • Clean-up of drill pads at Jims and

• • Rehabilitation completed at Solaris, Jims West, and Ripcord

Other Site activities during the quarter included:

• • Ongoing light vehicle inspections and registrations

• • Ongoing vehicle and mobile plant maintenance

• • Continued weed removal from outbreak areas

• • Burial of village water inlet pipes and sewage to protect against fire damage

• • Installation of the new satellite internet infrastructure.

CTPJV Funding

In September 2021, Tanami and Northern Star contributed initial funding of $5 million each to the CTPJV. As of 31 March 2022, the CTPJV had available cash of $9.263 million remaining (Dec-21: $9.783 million).

Drilling

Discussions continued during the quarter with preferred drilling contractors regarding availability to undertake planned drilling programs at Groundrush, Ripcord, Jims and Cave Hill. It is expected that drilling will commence during the June quarter.

Mineral Resource Estimation

Work on updating the CTPJV Mineral Resource estimates to allow reporting of the Mineral Resources in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") continued during the quarter. Estimation activities are currently advancing on the Groundrush, Ripcord and Crusade deposits. To support the estimation study, a metallurgical literature review was completed, generating a range of processing costs and recoveries for use in the current study.

CSIRO GeoMET Samples

During the quarter, results were received for ten CSIRO GeoMET samples. These samples were used in the recent CSIRO GeoMET study. In order to ensure the most complete dataset, the samples were sent for rare earth element and platinum group analysis. The results confirmed the CSIRO classifications of rock type and hydrothermal alteration.

BMR Tanami Historical Drillholes

154 drillholes completed by the Bureau of Mineral Resources in the 1970's were located in the Geoscience

Australia ("GA") open file database. An investigation revealed that many of these holes were not completely sampled. A total of 12 drillholes of the 154 identified were collared on the CTPJV tenure.

A Northern Star Tanami project geologist visited the GA core facility in Canberra in December and January to carry out lithological, structural, and alteration logging. Several of these drillholes were already logged into the Tanami AcQuire database in 2020.

A total of 206 samples were collected during the relogging exercise. Of these, 55 samples were located from drillholes on CTPJV tenure(Figure1). Samples were collected from areas of geological interest (lithological, structural, alterations) and dispatched to ALS in Perth for analysis for gold and multi-element geochemistry (61 element suite), rare earth elements, mercury, and platinum group elements.

Interpretation of the results was ongoing at the end of the quarter.

Figure 1 BMR Tanami drillhole sample locations over CTPJV Tenure

Additionally, a total of 24 samples were collected for petrographic analysis. These samples were dispatched to Applied Petrologic Services & Research (APSAR) Wanaka, New Zealand for polished thin section preparation and petrographic description. The twenty-four samples were collected from drillholes across six different geographic locations: Coomarie Range, Talbot Wells, Black Hills-East Tanami, Tanami Range, West Tanami and Granites. A total of five petrological samples were taken from the CTPJV tenure (Table 1).

Table 1 Petrological analysis for BMR Tanami samples from CTPJV tenure

Details from the descriptions include primary rock types/protoliths, microstructure, metamorphism, and related metasomatism, lithification/diagenesis, hydrothermal alteration, fluid inclusion assemblages and ore mineralogy.

The study identified several areas of ultramafic and mafic lithological units with varying degrees of metamorphism and metasomatism. This study coincides well with a previous study which demonstrated that the variation in peak metamorphic grade within the Coyote-Tanami Mine Corridor-Crusade domain is mainly related to the proximity to igneous intrusion/batholiths, with an overall increase in metamorphic grade from the northwest to southeast.

FOR THE PERIOD ENDING 31 March 2022

Continued interpretation and a formal report will be completed on all analytical and petrologic data in the coming months.

Open Pit Survey and Modelling Project

Arvista were engaged during the December 2021 quarter to complete aerial surveys using unmanned aerial vehicles ("UAV") over several open pits on the CTPJV to assist with mapping and pit stability assessments. The commencement of the program was delayed due to COVID related restrictions, the survey now scheduled to commence in late April - early May 2022.

The focus for the surveys will be the open pits at Groundrush, Hurricane-Repulse, Carbine, and Jims, where the low-level oblique aerial imagery of the pits captured will enable high-resolution, rendered 3D pit models to be generated that are suitable for mapping of features of geological or geotechnical interest.

Tenement Management

The CTPJV management advised the following updates for the tenements during the quarter:

• • Central Tanami Annual Technical Report lodged 31 March 2022

• • Central Tanami Expenditure & Environmental Protection Authority Reports lodged 29 March 2022

• • Farrands Hill Annual Technical Report lodged 21 February 2022

• • Farrands Hill Annual Expenditure Reports lodged 4 February 2022

• • Tanami Mine (GR026-02) Annual Report lodged 17 February 2022

Heritage and Environment

• • CLC Quarterly Permit Report lodged 28 March 2022

• • Increase of CTP JV Bank Guarantees provided to CLC on 24 March 2022

FOR THE PERIOD ENDING 31 MARCH 2022

Ripcord AC and Solaris AC/RC Rehabilitation

Rehabilitation was completed on 88 AC drill pads and approximately 7,000m of exploration tracks, including complete signoffs of tracks and AC pads on ML22934 at Ripcord. Rehabilitation included collar cutting, spoils, dispersion, scarified pads and tracks and heaped vegetation to facilitate flora and fauna return.

Figure 2 Ripcord AC Rehabilitation

Rehabilitation was completed on 37 AC drill pads and 7 RC drill pads including sumps, and approximately 9,000m of exploration tracks, including complete signoffs of tracks and AC/RC pads on EL26926 at Solaris and Jims West (Figure 3) Rehabilitation included collar cutting, spoils dispersion or burial where sumps were dug, fill sumps, scarified pads and tracks, and heaped vegetation to facilitate flora and fauna return.

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