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ASX Announcement Quarterly Activities Report For the Quarter Ended 31 March 2021 Genesis Minerals Limited HIGHLIGHTS Further growth and exploration success for Genesis as Ulysses Resource hits 1.6Moz | $ 11m raising to underpin next phase of growth Ulysses Gold Project , Western Australia ( GML : 100 % ) • • Ulysses Mineral Resource Estimate increases to 1.6 million ounces of gold¹ : ○ о The updated Measured , Indicated and Inferred Mineral Resource now totals 27.3Mt @ 1.8g / t gold for 1,608,000 ounces of contained gold , which represents an increase of 327,000 ounces ( 26 % ) over the previous June 2020 Mineral Resource ; Total Measured and Indicated Mineral Resource increased by 32 % ( 237,000 ounces ) to 984,000 ounces . As a result , 61 % of the total contained ounces are now in the Measured and Indicated categories ; Significant Resource growth opportunities remain through the extension of known Resources and new discoveries ; and Ongoing drilling programs will continue to evaluate these opportunities , with a further Resource update targeted for Q4 CY2021 . Updated Mineral Resource provides strong foundation for the ongoing Feasibility Study on a standalone gold project at Ulysses . The study is due to be completed in Q2 CY2021 . Highly successful ongoing drilling program at Ulysses completed during the quarter : о Confirming and upgrading existing Mineral Resources at the Admiral , Clark , Butterfly and Orient Well deposits ; о Expanding the known Resources at depth and along strike ; and ○ Targeting new discoveries . Significant drilling results continue to be reported from the Admiral - Clark - Butterfly area , Orient Well and the new Puzzle North to Puzzle corridor . Corporate • $ 11M capital raising announced subsequent to quarter - end with firm commitments received for a Placement to raise $ 10 million , plus proposed Share Purchase Plan to raise $ 1 million . Genesis Managing Director , Michael Fowler , said : “ We took further important steps during the March quarter towards our goal of creating a substantial new gold mining and processing hub near Leonora , based on our recently expanded Ulysses Gold Project . " Ongoing drilling programs delivered outstanding results , paving the way for a 26 % increase in the Ulysses Mineral Resource to 1.6 million ounces - an increase of 327,000 ounces . The updated Mineral Resource provides a strong foundation for the ongoing Feasibility Study on a standalone gold project at Ulysses , which is due to be completed in Q2 CY2021 . " The recent announcement of an $ 11 million capital raising puts the Company in a strong position to maintain an aggressive drilling program as we complete the Feasibility Study and target the next leg of resource growth and discovery at Ulysses . " 1 Refer to Table 1 of this announcement for details of the Resource Estimate for the Ulysses Gold Project ASX Release : March 2021 Quarterly Activities Report 1