St George Mining Limited announced further strong results from the seismic survey completed late last year at its high-grade Mt Alexander Project, located in the north-eastern Goldfields. Three new targets have been added to the portfolio of seismic targets prioritised for drill testing. These large targets are named S3, S4 and S5, and have been selected as prospective for massive nickel-copper sulphides based on their increased seismic amplitude and coincidence with an intrusive structure.

The three new seismic targets are in addition to targets S1 and S2. Seismic Results Unlock Standout Targets and 9 December 2021 Seismic Delivers Another Standout Target at Mt Alexander. The seismic targets are located within Exploration Licence E29/548 (100% St George) apart from S3 which is within E29/638 (75% St George: 25% Western Areas).

Key features of the three new targets are: S3 - located within an unexplored south-dipping structure that intersects the Cathedrals Belt. structure at depth. S3 is modelled with a dip-extent of 350m commencing at 210m below surface.

S4 - located within the Transits Belt, an underexplored structure parallel and 1,200m to the north of the Cathedrals Belt. S4 is modelled with a dip-extent of 320m commencing at 475m below surface. The target was identified on seismic survey Line 1 and is 1,000m east of S2, also within the Transits Belt.

S5 - located within an unexplored north-dipping structure parallel and 3,000m to the north of the Cathedrals Belt. S5 is modelled with a dip extent of 300m commencing at 250m below surface, and was identified on Line 3. The reflective properties of the new targets are consistent with the reflective properties recorded in the seismic for the known massive sulphides in the Cathedrals Belt. All targets are within an intrusive structure, which is a favourable setting for potential massive sulphides.

Large network increases prospectivity: Large intrusive networks of the type identified at Mt Alexander are indicative of a mineral system with potential to host significant volumes of mineralisation. The petrographic analysis completed by St George in 2021 indicated that the nickel-copper sulphides in the Cathedrals Belt are likely to have been associated with a large igneous event. This is now supported by the St George-CSIRO research project that has linked the Mt Alexander intrusives to the Warakurna Large Igneous Province.

Diamond Drilling Resumes at Mt Alexander for further details. The petrography also supported a dynamic emplacement environment including multiple magma pulses from a deeper magmatic chamber. High Impact Drilling at Mt Alexander for a discussion on the petrography.

The structural network identified by the seismic data further corroborates the existence of an extensive plumbing system that has potential to host large mineral deposits in the Mt Alexander project area. Complex intrusion network: The seismic data has revealed a complex network of deep structures in the survey area. These structures are likely to have acted as a control on the nickel-copper sulphide mineralisation at the project.

`Series 1' structures are east-west striking and dip to the north between 30 to 40 degrees. The Cathedrals Belt and Transits Belt are Series 1 structures and considered to be primary hosts to known and interpreted further mineralisation in the project area. `Series 2' structures are east-northeast striking and dip to the south between 35 to 50 degrees.

Series 2 structures are newly recognised and remain unexplored. Massive sulphide mineralisation has been discovered in the Cathedrals Belt, suggesting potential for repetition of mineralisation in other Series 1 structures. The structures seen in the seismic data correlate with linear features observed in magnetic data.

This supports an interpretation that the structures continue beyond the survey area in line with the magnetics. Seismic surveys will be required outside the existing survey area to determine the orientation of the structures at depth in those other areas, and whether any folding or other displacement has occurred. Extension of survey: Three north-south 2D seismic lines were completed in the first-ever seismic survey at Mt Alexander.

Each line has provided a vertical plane of seismic data. The potential for off-plane events in the survey area is minimal because of the planar nature and continuity of the structures hosting mineralisation. Accordingly, 2D seismic surveys are considered effective for this project.

The three seismic lines span an east-west strike of 3,000m. This is much less than the full east-west strike of the Cathedrals Belt and other structures, interpreted to be more than 15km. Further seismic surveys will be designed to cover the remaining strike of the structures.

In addition, future survey lines will be extended to the south to cover an interpreted Series 1 structure to the south of the Cathedrals Belt. DRILL PROGRAMME Diamond drilling of target S1 is in progress, with drilling at 398m downhole as at 18 January 2022. Drilling in double shifts commenced on January 15, much earlier than expected, which will fast-track the outcomes of these highly anticipated holes.

Drill holes to test targets S3, S4 and S5 are being designed and will be added to the current drill programme. St George continues to manage its operations in compliance with COVID-19 regulations issued by State and Commonwealth authorities. Border restrictions in Western Australia and elsewhere have impacted the movement of personnel for drill rig crews, which is constraining the availability of drill rigs.

St George is in close contact with its drilling contractors to best manage access and continuity to drilling services.