Great Northern Minerals : Quarterly Activities and Cashflow Reports

ASX Announcement

March 2022 Quarterly Activities Report

Great Northern Minerals Limited ("Great Northern Minerals" or the "Company") (ASX: GNM) is pleased to provide shareholders its Quarterly Report for the three-month period ending 31 March 2022.

Quarter Highlights:

•  High grade gold-antimony mineralisation intersected in Camel Creek RC drilling program

•  Initial Camel Creek Mineral Resource Estimate (MRE) of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202,000 oz Au & 9,000 tonnes of antimony)

•  Camel Creek contains a significant antimony component - highlights opportunity to produce a high-value antimony concentrate

•  65% of Camel Creek MRE is located in the Hinge Zone - open at depth and strike - potential exists to significantly increase initial resource with further drilling

•  Initial Camel Creek MRE drives a material increase in the Golden Ant Project MRE

•  Updated Golden Ant Project MRE of 6.1Mt @ 2.0 g/t Au (386koz Au)

  - 111% increase in contained gold from 183 koz to 386 koz Au - 65% increase in overall resource tonnes from 3.7Mt to 6.1Mt

•  Fully funded drill programs approved for 2022 aiming to further grow the resource base at Camel Creek and within the Golden Ant Project area

•  Mr Donald Garner appointed as an advisor to the Board

•  Established share sale facility for small shareholders who hold unmarketable parcels

1. Golden Ant Gold-Antimony Project

Great Northern Mineral's key project is the Golden Ant Gold-Antimony Project is located approximately 200km northwest of Townsville in Northern Queensland. The Project consists of the Amanda Bell Goldfield (Camel Creek and Golden Cup) and the Big Rush Goldfield which were mined from 1989 to 1998 producing approximately 150,000 oz Au.

Figure 1 Golden Ant Gold-Antimony Project Location

GNM CEO & Managing Director, Cameron McLean said: "The March 2022 quarter has proved one of the most significant in the history of the company. GNM has more than doubled its gold resources as well as reporting 9,000 tonnes of the critical mineral antimony. GNM also welcomed experienced mining executive Mr Donald Garner as advisor to the Board. The company is well funded to continue to progress The Golden Ant project with a busy year ahead commencing with drilling at Golden Cup next month".

1.1. Camel Drilling Results

In February, Great Northern Minerals received diamond drilling results from the Golden Camel deposit at the Golden Ant Project in Far North Queensland. All four holes intersected gold-silver-antimony mineralisation, with CCRCD81 confirming the high-grade gold-silver-antimony Hinge Zone is open at depth.

A total of 484m of HQ diameter diamond drilling was completed with 508m of RC (reverse circulation) pre collars. The results of the drilling were used in the estimate of the initial Camel Creek Mineral Resource, delivered in March, and to plan the next round of drilling.

Table 1 Camel Creek Diamond Drilling Program - Material Intersections

1.2. Camel Creek Mineral Resource Estimate

During the quarter, Great Northern Minerals announced the initial Camel Creek Mineral Resource Estimate (MRE) of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202 koz Au & 9,000 tonnes Sb).

Table 2 Initial Camel Creek Mineral Resource Estimate (0.5 g/t Au cut-off grade)

The Camel Creek deposit lies wholly within Mining Leases MLs 10168, 10175 and 10192 which are held by Golden Ant Mining Pty Ltd. Great Northern Minerals Limited acquired 100% of the issued capital of Golden Ant Mining Pty Ltd in August 2020 and now holds a 100% interest in the Mining Leases. The Mining Leases are all granted.

Significant potential exists to Increase the Camel Creek MRE - to date, the majority of the Camel Creek Mineral Resource Estimate is located within the Hinge Zone (comprising 61% of the total resource by volume and 65% by tonnage, at 0.5 Au g/t cut-off).

The Hinge Zone is open at depth and strike and Great Northern Minerals intends to carry out a systematic drilling program in 2022 to target these potential extensions and to support the potential for a high grade UG mining operation.

Figure 2 Central (Hinge Zone) Area Resource Classification Long Section

1.3. Golden Ant Project Mineral Resource Estimate Update

The initial Camel Creek Mineral Resource Estimate (MRE) of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202koz Au & 9,000 tonnes Sb) has driven a material increase in the Golden Ant Project Mineral Resource to 6.1Mt @ 2.0 g/t Au (386koz Au).

Table 3 Golden Ant Project Mineral Resource (0.5 g/t Gold cut off grade)

The successful completion of the Camel Creek MRE supports the Golden Ant Scoping Study, designed to assess mining, metallurgical and environmental parameters of the project and to investigate and determine the optimum path forward to understand the potential economics of both the Camel Creek mineralised zones and also the potential integration of the entire Golden Ant project.

To date, Great Northern Minerals has completed Mineral Resource Estimates for its Camel Creek, Golden Cup and Big Rush deposits delivering a total Mineral Resource of 6.1Mt @ 2.0 g/t Au (386 koz Au). The Company believes that there is significant potential to increase this resource.

All deposits (Camel Creek, Golden Cup and Big Rush) are open at depth and strike and GNM intends to undertake targeted exploration at these deposits, targeting potential high-grade mineralisation at depth.

The Golden Cup deposit is only defined to 70 metres vertical depth and further deeper drilling at depth is likely to define additional mineralisation in this area.

Great Northern Minerals is currently planning a drilling program to test the Golden Cup depth extensions and this program is scheduled to commence in Q2 2022.

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