St George Mining : Expansion Drill Programme - Mt Alexander

ASX / MEDIA RELEASE

31 March 2022

EXPANSION DRILL PROGRAMME - MT ALEXANDER

HIGH-GRADE NICKEL-COPPER PROJECT

Massive nickel-copper sulphides intersected in extensional drilling at Stricklands Deposit

HIGHLIGHTS

Expansion drill programme commences with success in first drill hole at Stricklands:

• • MAD209 has intersected more than 5m of nickel-copper sulphides from 112.9m downhole

• • This high-grade intersection is located approximately 35m north-west of the existing high-grade envelope for the Stricklands Deposit and confirms the continuity of mineralisation in the down-dip direction

• • MAD209 tested a strong off-hole electromagnetic (EM) conductor (9,825 Siemens), with a number of similar EM conductors scheduled for drilling along the Cathedrals Belt including at Stricklands

Major extension and infill drill programme across the Cathedrals Belt:

• • All four shallow, high-grade discoveries in the Cathedrals Belt - Stricklands, Cathedrals, Investigators and Radar - remain open with potential for additional high-grade nickel- copper-PGE mineralisation to be delineated by further drilling

• • Major drill programme - using both diamond and reverse-circulation (RC) drilling - to continue into June and September quarters

Growth-focused Western Australian nickel company St George Mining Limited (ASX: SGQ) ("St George" or "the Company") is pleased to announce excellent results from the first drill hole completed in the new extension and infill drill programme underway at its flagship high-grade nickel-copper-PGE Mt Alexander Project, located in the northern Goldfields.

MAD209 was completed by diamond drilling to test an EM conductor (9,825 Siemens) at Stricklands. The drill hole intersected 5.2m of nickel-copper sulphide mineralisation from 112.9m downhole and has confirmed the continuity of mineralisation approximately 35m to the north-west of the existing mineralised envelope for the Stricklands Deposit.

The success of MAD209 bodes well for the potential of the current extension and infill drill programme to deliver a significant expansion of the known near-surface, high-grade nickel-copper-PGE mineralisation along the Cathedrals Belt.

John Prineas, St George Mining's Executive Chairman, said:

"Our exploration strategy at Mt Alexander has a dual-track approach. Firstly, we aim to increase the known areas of shallow, high-grade nickel-copper sulphides. Secondly, we will test several large, high-priority conceptual targets areas that have potential for a new discovery.

ST GEORGE MINING LIMITED ACN 139 308 973

Suite 2, Level 2, 28 Ord Street West Perth WA 6005 |PO Box 100 West Perth WA 6872

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"The shallow deposits along the Cathedrals Belt are open and further drilling offers an excellent opportunity to add more tonnes to a potential mining inventory at a low cost. All metallurgical testwork completed on these ore bodies has confirmed the ability to produce separate nickel and copper concentrates at high-grades and quality that will be attractive to end-users.

"This underscores St George's strategy to expand the mineralised envelope for these deposits as we continue to assess potential development scenarios.

"We are also excited by the second limb of our exploration strategy - to test the new targets that could deliver a large-scale discovery at the Project as we announced in our ASX release on 29 March 2022.

"The shallow, high-grade discoveries already made in the Cathedrals Belt are proof of a fertile, high-grade mineral system. The extensive strike of the discoveries - over more than 5km along the Cathedrals Belt - supports the case for further significant mineralisation to be present at depth or along strike.

"We are determined to create substantial shareholder value through these compelling opportunities at the high-grade Mt Alexander Project."

FIRST HOLE IN STRICKLANDS EXTENSION PROGRAMME DELIVERS

MAD209 was completed to a downhole depth of 173m. The drill hole intersected nickel-copper sulphides where predicted by the EM modelling. The following is a geological summary of the drill core:

Interval

Style of Mineralisation

0m to 112.9m 112.9m to 117.9m 117.9m to 118.1m 118.1m to 145m 145m to 173m

Granitic rocks punctuated by intervals of mafic extrusive rocks with trace chalcopyrite (cp) and pyrrhotite (po) observed in the mafics

Disseminated and blebby sulphides within ultramafic rocks; 15% to 20% sulphides comprising pentlandite (pn), cp and po. Massive nickel-copper sulphides; 100% sulphides comprising pn, cp and po.

Mafic extrusive rocks with trace sulphides; cp and po Bleached zones suggesting overprinted greenstone

Granitic rocks

Figure 1 - drill core from MAD209 showing massive, blebby (highlighted by red circles) and disseminated sulphides.

Analysis of the drill core by portable XRF has confirmed the presence of nickel and copper sulphides in the mineralised interval logged in MAD209. Laboratory assays are pending and required to confirm the nickel and copper grades as well as the values of cobalt and PGEs in the interval.

Initial assessment of the core confirms the sulphide mineralisation in MAD209 appears similar to other high-grade mineralisation intersected at Stricklands and we expect assays to return comparable values.

Based on the intersection angle of the drilling with the modelled intrusive unit, downhole widths noted are interpreted to be close to true widths.

STRICKLANDS CONTINUES TO GROW

Ongoing drilling at Stricklands has consistently been able to expand the footprint of the high-grade deposit below the sub-cropping mineralisation. Figure 2 highlights the growth of the deposit from 2020 to 2022.

Figure 2 - Top left: shows the interpreted mineralised envelope for Stricklands in 2020. Bottom right: shows the increase in the interpreted mineralised envelope today at Stricklands and Investigators East. Both figures are plan view maps with schematic diagrams of the mineralised envelope and completed drill holes shown (set against RTP_1VD magnetics).

The success of MAD209 confirms the continuity of the Stricklands Deposit to the north-west, with mineralisation still open in this down-dip direction.

Drilling of MAD210 has now commenced to test a strong EM conductor (22,500 Siemens), also located north-west of the Stricklands Deposit - approximately 30m to the south-west of MAD209.

As part of the major extension and infill drill programme underway an additional 3,000m of RC drilling is planned at Stricklands and Investigators East to further test the extent of the known high-grade mineralisation. Figure 3 highlights the open areas to be tested by the planned RC drilling.

250m

Figure 3 - Top: plan view map (against magnetics) with schematic diagram of the Stricklands and Investigators East mineralised envelope. Bottom: Long section looking north of the mineralised envelope at Stricklands and Investigators East with completed drill holes shown.

INVESTIGATORS - INFILL FOR WIDESPREAD MINERALISATION

Drilling to date has shown an extensive mineralised system at Investigators over a strike of more than 1km. Mineralisation starts from 25m below surface, in MAD038, and continues at depth with our deepest intersection of massive sulphides in MAD199 at 333m downhole.

Many high-grade intercepts have been returned from drilling at Investigators - including MAD127 and MAD177, the best-ever intercepts for the Mt Alexander Project to date, and both at less than 200m below surface.

Assays returned for the abovementioned high-grade dill holes are: MAD038: 10.14m @ 1.1% Ni, 0.38% Cu, 0.03% Co and 1.0 g/t total PGEs from 18m, including 2.74m @ 3.28% Ni, 1.27% Cu, 0.08% Co and 3.41 g/t total PGEs from 25.4m

MAD127 (photo of drill core at left below):

8.49m @ 5.48% Ni, 2.53% Cu, 0.18% Co and 3.61 g/t total PGEs from 183.9m, including 6.39m @ 6.48% Ni, 2.77% Cu, 0.21% Co and 3.68 g/t total PGEs from 184.42m

MAD177 (photo of drill core at right below):

10.5m @ 4.82% Ni, 1.67% Cu, 0.15% Co and 2.87 g/t total PGEs from 182.5m, including 4m @ 7.53% Ni, 2.47% Cu, 0.23% Co and 3.92 g/t total PGEs from 186m

MAD199: 11.07m @ 1.58% Ni, 0.71% Cu, 1.23g/t total PGEs from 333.5m, including 3.9m @ 3.98% Ni, 1.8% Cu, 3.1g/t total PGEs from 340.67m, and including 1.28m @ 6.54% Ni, 2.96% Cu, 3.88g/t total PGEs from 342.12m