Ann: Half-Year Report for 31 December 2020, page-2

BPM Minerals Limited (the Company) was incorporated on 11 September 2020
to acquire its three Western Australian based gold and nickel projects,
the Santy Gold Project, Nepean Gold and Nickel Project and the Claw Gold Project
and proceed to explore and develop the projects.

Nepean Project,
The Nepean Gold and Nickel Project comprises a single granted exploration licence covering an area of approximately 39km2. The Project is located approximately 500 km east of Perth and 30 km south-southwest of Coolgardie. The Nepean Gold and Nickel Project area is located within the Coolgardie Domain, close to the Bullabulling Domain which are separated by the Bullabulling Shear Zone. The historical Nepean nickel sulphide deposit, which was discovered in 1968, is located less than 4 km north of BPM’s Nepean Gold and Nickel Project. Previous exploration during the 1980s targeted nickel sulphide mineralisation with only some drill hole samples sporadically analysed for gold.
First assays from 5m composite samples at three high priority targets, as defined from historical exploration results, are expected to be received in late March.

Santy Project
The Santy Gold Project comprises two exploration licence applications covering an application area of approximately 251km2. The project is located approximately 430 km north of Perth and 130 km northeast of Geraldton. The Santy Gold Project lies on the northeastern end of the Archaean Tallering Greenstone Belt, within the Norie Group, located along the western edge of the Murchison domain in the Yilgarn Craton. The Santy Gold Project hosts various gold prospect areas within a mostly outcropping part of the Tallering Greenstone Belt. Previous prospecting and reconnaissance at Santy discovered numerous sightings of visible gold within gossanous quartz scree proximal to outcropping and thinly concealed shear zones, within a strongly silicified package of felsic to intermediate tuffs, dacites, and rhyolites. The Project is expected to be granted in late March 2021, with initial site visits by the BPM Exploration team for late map to include regolith mapping, ground truthing and sampling programs.

Claw Project
The Claw Gold Project comprises a single exploration licence application covering an application area of approximately 143km2. The Project is located approximately 250 km northeast of Perth and 40 km east of Wubin in the northern Wheatbelt region of Western Australia. The Claw Gold Project is located on the western margin of the Retaliation Greenstone Belt within the Murchison Province of the Yilgarn Craton. The Project is immediately south of the Mount Gibson gold mine and covers the interpreted southern extension of the Mount Gibson fault, which is interpreted to control the primary gold mineralisation at Mount Gibson. The Claw Gold Project is mostly under cover and only limited previous exploration has occurred within the immediate project area. The Company expects the Project to be granted in H2-2021 with initial exploration work to comprise an early or conceptual stage assessment for orogenic style gold mineralisation similar to the Mount Gibson gold mine area.