BPM Minerals Ltd. provided an update on exploration activities at its Claw and Santy Gold Projects. The 100% owned Claw Project is located in the Murchison-Mid-West region of Western Australia, approximately 300km northeast of Perth. The Project Is located immediately along strike of Capricorn Metals Ltd.'s Mt.

Gibson Gold Project (MGGP). The Claw Project represents a rare opportunity in Western Australia - 33km of largely untested strike across a highly prospective shear zone, that hosts a multi-million-ounce gold deposit. The perspectivity of the shear zone is highlighted by two drill ready, mineralised targets the Chickie and Louie anomalies.

Capricorn recently announced a 32% increase to its Mineral Resource Estimation (MRE) from 2.08Moz to 2.76Moz @ 0.8g/t1, providing a strong basis for an Ore Reserve Estimation (ORE) which is due to be announced towards the end of 2022, with a decision to recommence mining thereafter. Capricorn has indicated a `super pit' approach to mining, a large and deeper pit encapsulating all historic pits and newly added resources, importantly for BPM, this proposed conceptual pit lies ~1km from the project boundary. During 2022, over 104,000m of drilling has been completed at the MGGP with extensive drilling programs to continue well into 2023 with the purpose of expanding and upgrading the current MRE.

Of significance, drilling at the Deep South pit intercepted 34m @ 2.93 g/t beneath the existing pit2, this pit is located ~1.5km along strike to the north of the Claw Project boundary. Further drilling between the Deep South pit and the Claw Project boundary is planned by CMM with the possibility of extending the MRE towards the BPM tenement boundary. The Claw Project is located on the fringe of the `Wheat Belt' meaning that the project overlies both `Freehold', with multiple private landowners, and the secondly the Mt Gibson Pastoral Lease which is managed by the Australian Wildlife Conservancy (AWC).

An access agreement has been secured with the Pastoral Lease holder as part of the tenement application with the company recently submitting the relevant documents for the 2023 exploration campaign. Access has been agreed with the relevant freehold landowners to undertake `first pass' geochemical sampling. The company has recently engaged an Environmental Consultancy to assist with the drilling approval process with DMIRS and the Pastoral Lease holder.

Environmental Management Plans (EMP's), Program of Works (PoW's), clearing permits and heritage surveys will be submitted/undertaken before drilling can commence. The company is currently progressing through this process and expects to commence drilling within the pastoral lease in Second Quarter 2023. Claw Gold Project ­ Targets: The Chickie and Louie anomalies (Fig.

2) were identified following a review of all available open file data sets from exploration drilling completed by Reynolds Australia Metals Ltd. (`Reynolds') more than 30 years ago. Reynolds completed limited scout drilling in the northern portion of the Project area, targeting the same structure that hosts the Mount Gibson Gold deposits. The historical review of data included 138 Air Core (`AC') and Rotary Air Blast (`RAB') holes for a total of 3,882m3.

AC and RAB drilling were extensively used within the area during that period due to its effectiveness at quickly and cheaply delineating `oxide' gold deposits within the weathering profile. Drilling was typically undertaken on an 400m line spacing with 50m-hole spacings. Chickie Anomaly: The Chickie anomaly is a ~1,000m x 500m gold-in-regolith anomaly located on an interpreted dilation within the prospective shear zone.

The prospect is characterised by a coherent, flat lying regolith anomaly with several holes finishing in mineralisation. Importantly, the fresh rock, the potential primary source of gold mineralisation, was never tested below the regolith anomaly. Key intercepts from the historic drilling include: MXR101 ­ 11m @ 0.1ppm Au (46-57m) inc. 1m @ 0.54ppm Au (48-49m); MXR102 ­ 1m @ 0.24ppm Au (72-73m EoH); MXR289 ­ 10m @ 0.17ppm Au (50-60m EoH).