Gold Mountain : Wabag Project Drilling Update

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(ASX: GMN)

ASX RELEASE

29 November 2021

Wabag Project Drilling Update

Highlights

• Four holes (MWD001 to 004) for 1,110m have been completed at the Mt Wipi Prospect with the drilling of a fifth hole, MWD005, due to commence in the coming days
• The samples from MWD001 to MWD003 have been despatched to the Intertek laboratory in Lae and results are pending. Samples from MWD004 will be sent to the laboratory in early December
• Turn around in results from the laboratory is slow with results taking 6 to 8 weeks to be received which is significantly longer than normal; the first results from the Mt Wipi drilling programme are expected within the next 2 weeks

Mt Wipi Drilling Programme

Gold Mountain Ltd (ASX:GMN) is pleased to provide its shareholders with an update on the

Company's current drilling programme at its Wabag Project, PNG.

Drilling commenced at the Mt Wipi prospect in August 20211, and as at 29 November, four holes (MWD001 to MWD004) have been completed for a total of approximately 1,110m. The drill rig is currently in the process of being moved to another site and it is expected that a fifth hole (MWD005) will be completed prior to a break for Christmas and the New Year.

All the samples from the first three holes have been transported to the Intertek laboratory in Lae with assays pending. Samples from MWD004 will be despatched to the laboratory in the first week of December.

The Intertek laboratory is experiencing slow turn around of samples due to a shortage of staff Australia wide and more particulary at their Townsville laboratory where the sample pulps

1 First reported in ASX Announcement of 24th August 2021,: 'Maiden Diamond Drilling Programme Commenced at Highly Prospective Mt Wipi Prospect". Competent Person: Mr Patrick Smith Diamond Drilling Programme

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from the current drilling programme are sent for multi-element analysis. Once assay results are received Gold Mountain will release them to the market.

MWD001 to MWD003 were drilled to test the Northwest copper - molybdenum and gold anomaly, where a distinct copper + molybdenum and gold in soil anomaly was identified by a -80 mesh soil programme2 followed up by anomalous results in trench MWTR003. The copper in soil anonmaly has dimensions of 1000m x 500m and contains values up to 0.29% Cu, 0.5 g/t Au and 37ppm Mo.

Hole MWD001 intersected oxidised skarn, intruded by various diorites and intermediate dykes and a number of structures. MWD002 intersected a variably altered feldspar diorite interspersed with a strongly calc-silicate altered sediment sequence which contains evidence of skarn mineralisation, and MWD003 intersected a moderately structurally affected quartz feldspar porphyritic diorite.

The drill hole parameters are detailed in Table 1 and the drill hole locations are shown in Figure 1.

Table 1. EL2632 - Mt Wipi, drill hole parameters

Hole No.	Easting	Northing	RL	Dip	Azim	Depth	Proposed
							Depth
MWD001	799,154	9,734,487	1,616	-60	90	203.4	300
MWD002	799,358	9,434,786	1,434	-60	131	235.8	300
MWD003	799,312	9,433,717	1,501	-60	350	348.0	300
MWD004	799,312	9,435,087	1,245	-60	315	324.0	350

The recently completed hole, MWD004, was designed to test highly anomalous trench sampling in the Waa Creek drainage, where previous channel sampling in late 2020 identified two zones of strong copper + gold skarn mineralisation. Key results included: 5m @ 2.57% Cu,

0.53 g/t Au and 33.56 g/t Ag from 172m, 7m @ 0.91% Cu, 0.19 g/t Au and 3.62 g/t Ag from

33m and 7m @ 0.82% Cu, 0.63 g/t Au and 7.37 g/t Ag from 45m3. MWD004 was drilled to test the down dip extensions to these zones and to attempt to intersect the marbleised contact between calc-silcaterocks and a prophyry intrusive.

The diamond drill core from MWD004 is currently being geologically logged, photographed and sampled, and it is expected that all the samples from this hole will be despatched to Intertek laboratory by early December.

1. First reported in ASX Announcement of 19 May 2021: 'Drill Targets Identified at Mt Wipi". Competent Person: Mr Patrick
   Smith
2. First reported in ASX Announcement of 20 January 2021: 'Significant results at Mt Wipi, Affirm Gold Mountain's multiple target strategy". Competent Person: Mr Patrick Smith

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Figure 1. Drill Hole location map

Planned Drilling Programme

Prior to the end of the year Gold Mountain plans to drill an additional hole to test the down dip extension of mineralisation intersected by trench three, (MWTR003), which intersected two wide anomalous zones of copper and gold geochemistry4, including: 37m @ 0.24g/t Au, 0.25% Cu and 5.4g/t Ag from 6m and 62m @ 0.20g/t Au, 0.18% Cu and 4.65g/t Ag from 145m. It is expected that this hole will be completed in mid-December when drilling will be paused for the Christmas - New year break.

4 First reported in ASX Announcement of 9 September 2021: 'Sucessful Trenching at Mt Wipi Highlights Porphyry Prospectivity". Competent Person: Mr Patrick Smith

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Gold Mountain currently has four other targets that it plans to test at the Mt Wipi prospect, which were identified earlier in the year5, however the company is continually exploring and identifying new targets on a monthly basis. Over the Christmas and New Year break, the Company will evaluate and integrate all new exploration data ahead of follow-up drill programs in 2022.

Gold Mountain CEO, Tim Cameron, stated: "I am very happy with the progress of the drilling progamme, with four holes completed to date, and the liklihood that we will complete another hole prior to years' end. While laboratories across Australia have been impacted by increased exploration activity and disruptions from COVID-19 travel restrictions, the technical team is working extremely hard to minimise any delays".

"The Company has achieved a lot this year, with our successful regional rock chip and soil sampling programmes culminating in this current diamond drilling programme. Our systematic exploration programme is continuing and our geologists are identifing additional targets that warrant follow-up. Results from current drilling, which we expect to start receiving over coming weeks, will be integrated into our existing database, and will allow the Company to map out an aggressive and high-impact exploration program for the coming year".

"With the good work we are doing at our key Mt Wipi prospect, I believe all of this brings us closer to a breakthrough discovery. I am confident that 2022 will be a great year for GMN".

-END-

For further information please visit the website www.goldmountainltd.com.auor contact:

Tim Cameron

Chief Executive Officer & Executive Director

M [phone]

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www.twitter.com/GoldMountainASX

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YouTube Channel

5 First reported in ASX Announcement of 4th August 2021,: 'Aditional Highly Prospective Diamond Drill targets Identified at Mt Wipi". Competent Person: Mr Patrick Smith

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Reference to Previous Releases

Soil and trench results and target identification referred to in this announcement have been previously announced to the market in the reports dated: 20 January 2021, 19 May 2021, 4 August 2021, 24 August 2021 and 9 September 2021, and are available to view and download from the Company's website: https://goldmountainltd.com.au/corporate/asx-announcements/.

The Competent Person responsible for the original reports on the soil sampling and trench data was Mr Pat Smith. Gold Mountain confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. Gold Mountain confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Patrick Smith, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy.

Patrick Smith is the owner and sole director of PSGS Pty Ltd and is contracted to Gold Mountain Ltd as their Operations Manager. Mr Smith confirms there is no potential for a conflict of interest in acting as the Competent Person. Mr Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Smith consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

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