Mount Burgess Mining N L : Second Quarter Activities and Cash Flow Reports

QUARTERLY REPORT TO 31 DECEMBER 2021

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• Diamond Core Drilling Conducted at the Nxuu Polymetallic Deposit Botswana
• Mineralogical Test Work Conducted to Determine the Host Mineral for Germanium

useDiamond Core Drilling Conducted at the Nxuu Deposit, Kihabe - Nxuu Polymetallic Project Botswana During the quarter diamond core drilling was conducted at the Nxuu Deposit as follows:

• 4 PQ3 diamond core holes were drilled, totalling 141.62m
• 21 HQ3 diamond core holes were drilled totalling 907.94m
• Of the 25 holes, 6 holes were drilled to twin 6 of the original 19 holes.

personalFor details of the holes drilled, refer to the Nxuu Deposit Drill Hole Maps (Figures 1, 2 & 3)

Nxuu Deposit Characteristics

The Nxuu Deposit is a shallow basin-shaped polymetallic deposit where Zinc (Zn), Lead (Pb), Silver (Ag), Vanadium (V), Gallium (Ga) and Germanium (Ge) mineralisation is hosted within a totally oxidised quartz wacke, situated in a barren dolostone basin.

Prior to drilling conducted during the quarter, 28 holes previously drilled by the Company determined the following:

	• To a large degree the boundaries of the mineralised domain have been determined
For	• Mineralisation was intersected from as shallow as 3.0m below surface down to maximum depths of
	64m
	wacke
	•	The average depth to the base of mineralisation is 40.0m

• On average 54% of the metres drilled contained mineralisation above cut-off grades

• The remaining 46% includes 17.5% Kalahari cover, leaving only 28.6% as low grade or barren quartz

HQ and PQ Diamond Core for assaying and further confirmatory Test Work

HQ core from drilling undertaken during the quarter is being cut in half on site in preparation for assaying. Half core will be transported to South Africa, where it will be crushed, ground and split and couriered to Australia for assaying. All assay results will be reported to the market as they become available.

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Half PQ core together with portions of quarter HQ core will be used to determine the following:

• Mineralogy to assess the economic liberation of mineral assemblage throughout the process
• Confirmation of previous test work and refinement of process requirements for on-site recovery

The metallurgical test work will facilitate the determination of a likely process route, which, in turn, will form the basis for a Pre-feasibility study planned for later this year.

onlyMineralogical Test Work to Confirm the Host Mineral for Germanium

During the quarter half HQ diamond core from the Kihabe Deposit oxide zone was sent to University of Tasmania for mineralogical test work to determine the host mineral for Germanium.

Initial test work has shown that Muscovite-illite has the highest content of Germanium. Generally, Muscovite exists in the form of mica crystals which should be reasonably easy to extract.

useFurther Mineralogical Test Work to confirm the host minerals for Germanium and Gallium

The University of Tasmania now proposes to conduct further mineralogical test work on a larger composite sample to verify the initial Germanium results.

Sufficient sample is available to conduct such test work for Germanium in conjunction with mineralogical test work to determine the host mineral for Gallium (Ref to the Company's announcement of 20 January 2022)

Germanium and Gallium occur in both the Nxuu and Kihabe Deposits. Current market values are as follows:

personalFor	• Germanium US $2,181/kg (Kitco Strategic Metals)
•	Gallium US $614.60/kg (Kitco Strategic Metals)

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