Infinity Mining : Quarterly Activities Report for period ended 31 March 2022

29 April 2022

QUARTERLY ACTIVITIES REPORT

FOR THE PERIOD ENDING

31 MARCH 2022

Highlights:

• • Infinity received gold assay results for its first pass, 12-hole (724m) RC drilling program, from the Great Northern Gold Prospect near Leonora, WA.

  • o The 2022 RC Drilling Program was designed to verify gold mineralisation reported in historical RC drill holes completed by Melita Mining NL in 1987-1988.

  • o The 2022 RC drilling program returned multiple gold intersections over 1 g/t Au, with individual assays up to a maximum of 10.95 g/t Au (1 m sample).

  • o Significant gold intercepts include:

    • ▪ 5 m @ 2.48 g/t Au from 37 m depth in hole GN22RC101.

    • ▪ 4 m @ 3.68 g/t Au from 30 m depth in hole GN22RC111.

    • ▪ Including 1 m @ 10.95 g/t Au from 32 m depth in hole GN22RC111

  • o Detailed 3D modelling of the geology and mineralisation is to be undertaken, which will allow Infinity to design a follow-up drilling program to test possible extensions of the gold mineralisation.

• • A 194-hole Aircore drilling program was completed at Barlows Gully for a total advance of 679 m. Assay results are pending.

• • Exploration work has continued at Victor Bore and Craig's Rest tenements including geological mapping, soil sampling and rock chip sampling. Assay results are pending.

• • A new comprehensive data compilation and data interpretation program in the Pilbara has identified a range of new target areas to focus on in the future.

Infinity Mining Limited (ASX: IMI) ("Infinity" or the "Company") is pleased to report on its activities for the quarter ending 31 March 2022.

The Company's planned exploration programs are focused on a package of tenements in the Pilbara region and the Central Goldfields region of Western Australia. Infinity holds 697 sq km in the Pilbara area to the SW of Port Headland, and a further 13.81 sq km in the Central Goldfields around Leonora (see Figure 1).

Figure 1: Location map showing Infinity's two areas of exploration.

Review of Operations

Central Goldfields Projects - Leonora District

The Central Goldfields Tenements are highly prospective for orogenic gold systems, in the area around the gold mining district of Leonora, WA. A map showing the location of Infinity's tenements is included as Figure 2.

Figure 2: Location map showing Infinity's Central Goldfields Projects

Great Northern

A 12-hole RC drilling program for 724 m total drilling was completed during the March quarter at the Great Northern tenement (P37-8310). The program was completed in January 2022 and gold assays were returned to the company in March 2022. Multi-element analyses for a selection of samples are still pending. The results were included in the Infinity ASX Announcement dated 25 March 2022 and are summarised below.

The RC program was designed to verify the gold mineralisation intersected in a historical RC drilling program completed by Melita Mining NL in 1987-1988. The Melita drilling program was originally reported in 1988 (see WAMEX Report A25349). Drill collar tables for both Infinity and Melita RC drilling programs are included below (see Tables 1 and 2). A map showing the collar locations (and drill traces) of both Infinity and Melita RC drill holes, is included below as Figure 3.

Table 1: RC Drill hole collar details for 2022 Infinity drilling program at Great Northern.

Hole_ID	GDA_EAST	GDA_NORTH	RL	Dip	Azimuth	Depth (m)	Date Completed
GN22RC100	351587	6801331	412	-60	212	90	10/01/2022
GN22RC101	351583	6801295	430	-60	212	66	10/01/2022
GN22RC102	351573	6801284	395	-60	212	48	9/01/2022
GN22RC103	351557	6801326	389	-60	212	60	11/01/2022
GN22RC104	351547	6801312	394	-60	212	48	11/01/2022
GN22RC105	351574	6801316	398	-60	212	78	11/01/2022
GN22RC106	351564	6801304	351	-60	212	66	11/01/2022
GN22RC107	351603	6801288	394	-60	212	60	9/01/2022
GN22RC108	351598	6801281	391	-60	212	48	9/01/2022
GN22RC109	351625	6801288	388	-60	212	66	9/01/2022
GN22RC110	351617	6801270	396	-60	212	40	8/01/2022
GN22RC111	351554	6801287	386	-60	212	54	12/01/2022

Table 2: RC Drill hole collar details for 1987-1988 Melita drilling program at Great Northern.

Hole	GDA94 East	GDA94 North	Dip	Azimuth	Depth (m)
GN01	351577	6801288	-60	210	45
GN02	351584	6801303	-60	210	65
GN03	351554	6801320	-60	210	54
GN04	351621	6801278	-60	210	78
GN05	351592	6801312	-60	210	80
GN06	351559	6801283	-60	210	13
GN07	351545	6801297	-60	210	38
GN08	351553	6801275	-60	210	32
GN09	351603	6801288	-60	210	60
GN10	351521	6801340	-60	210	60
GN11	351570	6801311	-60	210	61

Figure 3: Drill hole collar location map at Great Northern showing both Infinity and Melita drill holes, plus drill hole traces.

The Great Northern RC drilling program was successful in verifying the subsurface gold mineralisation, as reported by Melita Mining NL in Melita's Annual Report to August 1988 (WAMEX Report A25349). Assays from the Infinity RC program returned multiple gold intercepts over 1 g/t Au, with individual assays up to 10.95 g/t Au (1 m sample).

Significant gold intercepts from the Infinity RC program are reported below in Table 3, which were calculated using a 0.2 g/t Au cut-off grade. Significant intercepts from the Melita Mining ML RC drilling program (1987-88) are also included below in Table 4 for comparison.

The maximum gold assay from the Melita program was 24.1 g/t Au, from 12-13 m (EOH) in hole GN06. All gold intercepts quoted within Tables 3 and 4 are weighted averages of the gold assays from 1 m RC drilling samples, using a cut-off grade of 0.2 g/t Au. Infinity has confidence in the Melita drilling data, as the historical results compare moderately well with Infinity's drilling results. Infinity reported the Great Northern drilling results under the JORC (2012) Code including a JORC Table 1, in its ASX Announcement dated 25 March 2022.