Kihabe-Nxuu Polymetallic Project Silver/Gallium Potential

In response to recent enquiries, Mount Burgess Mining Ltd (MTB:ASX, the “Company”) is pleased to update the silver potential of the Kihabe-Nxuu Project (“Project”) in Botswana. With the recent increase in silver prices and multiple forecasts predicting a structural deficit over the coming years, the importance of the silver content of the Project has increased substantially.

HIGHLIGHTS

• Kihabe Mineral Resource Estimate (21 million Tonnes at 2.0% ZnEq¹) estimated to contain 5.4 million Oz of silver.
• Silver currently trading at or near 10-year highs at US$30 per Ounce² (Figure 1)
• Estimated silver deficit of 215.3 million troy ounces in 2024³
• Individual silver intersections at the Kihabe Deposit include:
• 7m @ 984g/t (31.6oz/t) from 97m incl. 1m @ 4,076 g/t (131oz/t) from 97m (KDD114)
• 7m @ 477g/t (15.3oz/t) from 63m incl. 1m @ 1,510 g/t (48.5oz/t) from 65m (KIH007)
• 50 holes in the SW domain, over a strike length of 550m, average 49.7g/t (1.6oz/t) Ag⁴
• 31 holes in the NE domain, over a strike length of 900m, average 63.67g/t (2.0oz/t) Ag⁵
• Metallurgical test work underway to determine onsite recovery of Gallium and Germanium not yet included in the Kihabe Mineral Resource Estimate. Kihabe Deposit has a large Exploration Target of up to 100 million tonnes @12 g/t Gallium.
• Gallium currently trading at US$811.2/kg⁶

The Kihabe Deposit has two significant silver domains with shallow high-grade intersections including 7m @ 984g/t from 97m and 7m @ 477g/t from 63m, previously announced in June 2021. The SW and NE domains require further infill and extensional drilling. The Company is taking this opportunity to update the market by releasing individual metres over 93g/t (3oz/t) in the following tables. Individual metres of 311g/t (10oz/t) and over, are highlighted in green. Refer to attached Figures outlined in Drill Section headings in the table to review the intersections from which the individual metres have been extracted.

The 6 million tonne Nxuu Mineral Resource Estimate, 7kms to the East of the Kihabe Deposit, contains a further 1,040,000 ounces of silver.

The Company is also undertaking metallurgical test work to determine the recovery of Gallium and Germanium onsite. Results will be released once available. Further drilling is required before the Gallium Exploration Target (refer ASX Release 6 July 2023) and Germanium can be included in the Kihabe Mineral Resource Estimate. Gallium and Germanium have been included in the Nxuu Mineral Resource Estimate.

Chairman of Mount Burgess Mining Mr. Nigel Forrester commented:

“The importance of the silver content of the Kihabe-Nxuu Project is supported by its recent significant price increase to 10-year highs. The Company sees this as being positive for the Project as the expectation is that silver demand will continue to increase due to the metal’s green technology use in solar panels, batteries and wind turbines.

The importance of the gallium content of the Kihabe-Nxuu project is also supported by its recent significant 272% price increase to US$811.2/kg since January 2020. The increase is primarily due to gallium nitride chips required to replace silicon chips not able to cope with the increase in heat generated from the increase in 5G communication traffic in computers, laptops and smart phones.”

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