Great Northern Minerals : Quarterly Activities and Cashflow Reports

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25 January 2022

December 2021 Quarterly Activities Report

Great Northern Minerals Limited ("Great Northern Minerals" or the "Company") (ASX: GNM) is pleased to provide shareholders its Quarterly Report for the three-monthperiod ending 31 December 2021.

Quarter Highlights

• High grade gold-antimony mineralisation intersected in Camel Creek RC drilling program
• Camel Creek diamond drilling program completed - results due in late January 2022
• Positive Golden Ant Project review - scoping study to commence
• A$3 million capital raising completed post quarter end - GNM fully funded to deliver 2022 work program

1. Golden Ant Project

The Golden Ant Project is located approximately 200km northwest of Townsville in Northern Queensland. The Project consists of the Amanda Bell Goldfield (Camel Creek and Golden Cup) and the Big Rush Goldfield which were mined from 1989 to 1998 producing approximately 150,000 oz Au.

Figure 1 Golden Ant Project Location

Great Northern Minerals Limited	T: [phone]
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA 6005

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The Amanda Bell Goldfield was named in 1989 and covers an area of approx. 1,000 km2 and the major mining centres were Camel Creek and Golden Cup. Gold bearing oxide ore has been mined from open pits on eight deposits and these plus others all have material primary mineralisation remaining, many of them with significant antimony mineralisation in addition to the gold.

Total gold production from the Amanda Bell Goldfield was approximately 95,000 oz Au (57,000 oz from Camel Creek and 14,000 oz from Camel Creek satellite deposits plus 18,000 oz from Golden Cup and 6,000 oz from Golden Cup satellite deposits). Mining activities commenced in 1989 and ceased in 1995 with the depletion of oxide gold mineralisation.

• At the Camel Creek deposit there were 28 pits mined over 5,000 metres of strike length for >1 million tonnes mined at an average grade of 1.7 g/t Au. The heap leach pads contain a significant amount of relic auriferous oxide & sulphide ores.
• At the Golden Cup deposit there were 9 pits mined over 1,700m of strike length for 200,000 tonnes mined at an average grade of 2.8 g/t Au. Similarly, the heap leach pads contain a significant component of relic auriferous oxide & to a lesser extent sulphide ores.

The Big Rush Goldfield covers an area of approximately 500km2. Approximately 60,000 oz Au was produced between 1995 and 1998 from 4 shallow open pits at the Big Rush Mine. The predominantly oxide ore was processed via heap leach cyanidation / carbon recovery. Operations ceased with depletion of oxide mineralisation.

Great Northern Minerals acquired the Golden Ant Project in 2019 and commenced exploration activities in December 2020. To date, Great Northern Minerals has drilled 143 RC holes for 18,552 metres and 8 HQ diamond holes at the projects and has successfully completed Mineral Resource Estimates for the Big Rush and Golden Cup deposits (refer to Table 1). The Camel Creek Mineral Resource Estimate commenced during the quarter and once the recent Camel Creek diamond drilling assay results are received, the Mineral Resource Estimate will be completed during March 2022 quarter.

Table 1 Current Golden Ant Mineral Project Resource at a 1 g/t Gold cut off

	Classification	Tonnes	Gold	Contained Gold
Big Rush (1)		(kt)	(g/t)	(Koz Au)
Measured	-	-	-
	Indicated	1,411	1.7	78
	Inferred	723	1.8	42

Golden Cup (2)	Sub Total	2,134	1.8	120
Measured	-	-	-
	Indicated	-	-	-
	Inferred	242	3.8	29
Golden Ant Project	Sub Total	242	3.8	29
Measured	-	-	-
	Indicated	1,411	1.7	78
	Inferred	965	2.3	71
	Total	2,376	2.0	149

Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding.

1. Great Northern Minerals ASX release dated 21 February 2021
2. Great Northern Minerals ASX release dated 9 December 2019

Great Northern Minerals Limited	T: [phone]
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA 6005

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1.1. Camel Creek Reverse Circulation Drilling Program

During the quarter, Great Northern Minerals successfully completed a reverse circulation (RC) drilling program at Camel Creek (refer to ASX release dated 18 October 2021). The program consisted of 12 RC holes for 2,861 metres plus 3 diamond drill hole precollars (401 metres). The drill program was designed to follow up on the previous significant results returned from the Hinge Zone and beneath the Northern Pit area. A number of excellent results were returned and included:

Table 2 Camel Creek RC Drilling Program - Material Intersections
	Hole ID			From			To			Down Hole Intersection			True Width Estimate			Au			Sb
				(m)			(m)			(m)			(m)			(g/t)			(%)
	CCRC86	124.0		130.0		6.0		4.0		19.7		0.6
	inc.	127.0		128.0		1.0		0.6		105.5		0.6
	CCRC80	169.0		173.0		4.0		3.5		7.8		0.6
	CCRC90	120.0		128.0		8.0		5.5		1.5		1.5
	CCRC83	281		286		5.0		3.0		1.6		0.3

CCRC86 intersected bonanza grade mineralisation (1m @ 105.5 g/t Au and 0.6 % Sb) from 127-128 metres down hole. This intersection can be directly correlated down dip with the high-grade intersection of 3m @ 23.8 g/t Au and 2.66 % Sb in CCRC54 (166-169 metres down hole) and further down dip again with the bonanza grade mineralisation of 1m @ 153.9 g/t Au and 10.4 % Sb in CCRC50 (191-192 metres down hole).

The bonanza grade structure has now been confirmed over 100 metres of vertical down dip continuity and is open at depth and represents a compelling target for potential underground mining operations.

Great Northern Minerals Limited	T: [phone]
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA 6005

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Figure 2 Golden Ant RC Drilling Cross Section

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Great Northern Minerals Limited	T: [phone]
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA 6005

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1.2. Camel Creek Diamond Drilling Program

Following on from the RC program, a diamond drilling program was completed on the 30 November 2021 for a total of 484 metres of HQ diameter diamond drilling.

All diamond holes intersected favourable lithologies and potential mineralisation as defined by anomalous sulphide accumulations and have been geotechnically and geologically logged. The core has been dispatched for assay and results are expected in late January 2022.

Following receipt of the final diamond assays and insitu bulk density determinations (ISBD) the initial Camel Creek Mineral Resource Estimate will be completed.

Figure 3 Camel Creek Diamond Drilling Locations (Long Section)

1.3. Golden Ant Project Review

During the quarter, a review of the Golden Ant Project was undertaken. The review focused on the following aspects of the Golden Ant Project.

• Conceptual mining operations (open pit and UG) at Camel Creek, Golden Cup and Big Rush
• Potential to retreat historic heap leach pads to recover unleached mineralisation
• Centralised processing facility located at Camel Creek
• Production of gold (either as bullion or concentrate) and production of antimony concentrates
• All infrastructure and mining operations would be located on existing mining leases

The outcome of the review was positive, and subsequent to the end of the quarter, a decision was taken to commence the Golden Ant scoping study.

Great Northern Minerals Limited	T: [phone]
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA 6005

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