Ann: Quarterly Activities and Cashflow Report, page-3

ASX ANNOUNCEMENT

31 October 2019

SEPTEMBER 2019 QUARTERLY ACTIVITIES AND CASH FLOW REPORT

HIGHLIGHTS

 Processing plant continues to perform well with the Company now in the commercial

production phase and ramping up towards full production in the December Quarter

 1,512 ounces of gold produced in the commissioning period and quarter ending 30 September

2019

 1,152 ounces sold in the quarter at an average realised sale price of $2,217.91/oz for total

cash receipts of $2.55 million

 An additional 634 ounces has been sold post the end of the quarter for an average price of

$2,196.75/oz (total receipts $1.39 million). The total ounces sold to date are 1,786 ounces at

an average realised sale price of $2,210.40/oz.

 Exploration at Jaurdi is underway with the focus on resource definition drilling commencing

on the western side of the Lost Dog orebody and regional exploration on the tenements

located to the east of the current mining area

 Acquisition of the Panther lease located 7kms from the Jaurdi Project. The lease contains a

JORC Resource of over 10,000 ounces of gold with significant exploration potential

 Mining activities have now recommenced as part of the commercial production phase

 $8.0m raised via a placement that raised additional funds to accelerate exploration and

resource definition programmes at Jaurdi Gold Project

Beacon Minerals Limited (ASX: BCN) (Beacon or Company) is pleased to present its Quarterly Activities

Report for the period ended 30 September 2019.

JAURDI GOLD PROJECT

Plant Commissioning and Production Update

The Company is pleased to report that it has poured and sold 1,152 ounces of refined gold to the end

of September 2019 at an average realised sale price of $2,217.91/oz for cash receipts of $2.55 million.

Since September 2019 to today’s date the Company has poured and sold an additional 634 ounces of

refined gold at an average sale price of $2,196.75/oz for cash receipts of $1.39 million. Further gold

has been produced and refining outturns are expected shortly.

The processing plant continues to perform well with gold production increasing. Full production

expected in the December Quarter as the Company moves into the commercial production phase.