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ASX Announcement Quarterly Activities Report For the Quarter Ended 31 December 2020 Genesis Minerals Limited HIGHLIGHTS Ulysses Gold Project , Western Australia ( GML : 100 % ) • • • Acquisition of 100 % of the Kookynie tenements completed . Major drilling program ongoing at Ulysses with over 35,000m of RC and diamond drilling completed to date over the recently - acquired Kookynie tenements with the aim of : Confirming and upgrading existing Mineral Resources at Admiral , Clark , Butterfly and Orient Well ; ○ Expanding the known Resources at depth and along strike ; and O Targeting new discoveries along the 15km of prospective strike that has been consolidated through the acquisition . The current Mineral Resource of the Greater Ulysses Project currently stands at 17Mt at 2.34g / t Au for 1.28Moz¹ . Initial Reverse Circulation drilling confirmed the presence of extensive gold mineralisation at the Butterfly and Orient Well deposits . Following the success of the initial drilling , Genesis expanded the drill program at Orient Well by a further 75 holes for 9,100m of drilling . The overall drilling program is aimed at delivering an updated Mineral Resource in the first quarter of 2021 as the foundation for an expanded Feasibility Study . The expanded Feasibility Study , which is based on a larger standalone gold project at Ulysses fed by both underground and open pit ore sources , is well underway and due to be completed in Q2 CY2021 . Corporate • Cash on hand of $ 18.3M at quarter - end . Genesis Managing Director , Michael Fowler , said : “ We continued to take important steps during the December quarter towards our goal of creating a substantial new gold mining and processing hub near Leonora . The Ulysses Project was a hive of activity throughout the period , which saw our team successfully execute a major exploration program across the expanded project area . " Over 35,000m of RC and diamond drilling has been completed to date , aimed at expanding and upgrading the current 1.28Moz Resource as the foundation for an expanded Feasibility Study . " The drilling has so far delivered outstanding results from within the known resources at the Admiral , Clark , Butterfly and Orient Well deposits , providing us with a high degree of confidence in the existing JORC Resources and in the potential to grow these resources . " We have a large number of assay results still outstanding from drilling completed prior to Christmas with samples from ~ 100 holes currently in the laboratory and expected to be received in the coming weeks . " The drilling to date has given us a high degree of confidence in the deposits located on the Kookynie tenements , underpinning our decision in December to exercise the option to complete the acquisition of these tenements . " 1 Measured , Indicated and Inferred Mineral Resource of 17Mt at 2.34g / t Au for 1.28Moz , refer to Tables 1 & 2 of this Report for further details . ASX Release : December 2020 Quarterly Activities Report 1