Vango Mining Limited: Quarterly Activities and Cash Flow Reports 31 December 2021

Sydney, Australia - Vango Mining Ltd. (ASX:VAN) is pleased to present its Quarterly Activities Report for the period ended 31 December 2021.

Vango is focused on exploring and developing the Company's key asset, the 100% owned Marymia Gold Project (Marymia, the Project) in the Mid-West region of Western Australia (Figure 1*). In the near-term, the Company is focused on expanding its high-grade resource base to support its plans to become a significant gold mining and production company.

During the quarter, the Company continued to progress its major 2021 drilling campaign at the Marymia Project. Drilling targeted open pits (Figure 1*) not currently part of the Marymia JORC 2012 resource - 1.02Moz @ 3.0 g/t Au2. (VAN ASX, 20/05/20)

It is designed to add significant near-surface resources amenable to open pit mining, as part of any future mining operation at the Project.

This campaign is also designed to deliver 'critical mass' to increase the mine life of a proposed future mining operation from Marymia's resource base, specifically targeting an increase in total ounces to ensure that mill capacity of any future mining operation is maximised over the Project's total mine life.

Operations

Vango completed the first phase of its 2021 drilling campaign at the Marymia Project. This comprised 8,914 metres of RC drilling across 56 holes, at all 11 targeted open-pits (Table 1*). All results have been reported from eight open-pit targets - Skyhawk, Parrot, Apollo, Prickleys, Ibis, Exocet, Rosella and Pigeon. Results from the remaining three open-pits will be released when available. Vango plans to conduct a follow-up drilling at all targets that deliver positive results in the completed first phase of drilling, to test for further extensions of gold mineralisation to add to the Marymia resource base.

Pigeon Open Pit - Drilling Results

Vango completed five drillholes at the Pigeon open-pit. All five holes from the program returned significant gold intercepts. Highlight results included:

o 2m @ 1.2 g/t Au from 94m in VPIRC0005 including 1m @ 1.9 g/t Au from 94m
o 3m @ 3.2 g/t Au from 133m in VPIRC0005 including 1m @ 8.31 g/t Au from 134m
o 1m @ 2.5 g/t Au from 159m in VPIRC0005 (repeat of 8.84 g/t Au)
o 2m @ 4.9 g/t Au from 166m in VPIRC0005 incl 1m @ 8.7 g/t from 166m
o 1m @ 1.2 g/t from 190m in VPIRC0005
o 9m at 3 g/t Au from 111m in VPIRC0004 incl. 3m at 7.9 g/t Au from 114m
o 2m at 1 g/t Au from 157m in VPIRC0004
o 4m at 1.1 g/t Au from 134m in VPIRC0001
o 2m at 2.2 g/t Au from 115m in VPIRC0002
o 7m at 0.8 g/t Au from 124m in VPIRC0002
o 12m at 1 g/t Au from 121m in VPIRC0003

The results showed the continuity of a strong gold zone that broadly follows an interpreted mineralised structure, following the contact between sediments and mafic packages. Results from hole VPIRC0005 suggested this structure is still important but has been offset somewhat by a later structure. This structure appears to have offset this mineralised zone and opens up the potential at Pigeon significantly to the west, which is also supported by historical intercepts.

Rosella Open Pit - Drilling Results

Rosella is interpreted to be a faulted-off continuation of the adjacent Parrot Open Pit, which may present the potential for large-scale open-pit development and mining across the two open-pits. The gold mineralisation at Rosella is well-defined along a moderately north-west dipping structure within mafics, and near the contact with sediments in places.

Vango's current drilling successfully confirmed the continuity of gold mineralisation at depth at Rosella. Results included:

o 1m at 4.0 g/t Au from 54m in VRORC0001
o 3m at 10.0 g/t Au from 80m in VRORC0001 incl 1m @ 27.0 g/t Au from 80m
o 2m @ 1.2 g/t Au from 89m in VRORC0002
o 1m @ 2.2 g/t Au from 50m in VRORC0003
o 3m at 2.6 g/t Au from 101m in VRORC0003 incl 1m @ 6.7 g/t Au from 102m
o 11m at 4 g/t Au from 83m in VRORC0004 incl. 6m at 6.6 g/t Au from 85m

Exocet Open Pit - Drilling Results

Five holes were reported during the quarter from drilling at the Exocet open-pit area. Drilling at Exocet was designed to test below and adjacent to the historical pit. There is significant potential at depth and to the north-east of these historical workings. The mineralisation appears to follow low angle thrust structures in the area and is hosted within ultramafics in the most part.

Drilling was focused on defining the continuity of the mineralised structures at depth, and results confirmed the structures do continue to depth:

o 1m at 1.1 g/t Au from 83m in VEXRC0001
o 6m at 1.3 g/t Au from 68m in VEXRC0002 incl. 1m at 3.7 g/t Au from 72m
o 1m at 2.8 g/t Au from 97m in VEXRC0002
o 2m at 0.8 g/t Au from 55m in VEXRC0003
o 3m at 0.9 g/t Au from 71m in VEXRC0003 incl. 1m at 1.1 g/t Au from 72m
o 1m at 5.2 g/t Au from 135m in VEXRC0004

These results are surrounded by historical intercepts outside of the initial pit. Further details of results, including historical intersections were provided in ASX VAN announcement of 24 November 2021. See Figure 4* for a plan view showing historical and current drilling at Exocet.

Ibis Open Pit - Drilling Results

The mineralisation at Ibis sits within steep mineralised shears partially controlled by the contact between a felsic intrusive and mafics.

The Company completed five holes at the Ibis open-pit. This drilling returned four holes with gold grades greater than 1g/t (often within broader mineralised envelopes of >0.3g/t Au). The results confirmed the continuity of the mineralised structures below the Ibis open-pit and extended gold mineralisation to a greater depth than previous drilling. Results included:

o 7m @ 0.7 g/t Au from 72m in VIBRC0001 Incl 2m @ 1.3 g/t Au from 77m
o 2m @ 2.1 g/t Au from 87m in VIBRC0002
o 1m @ 1 g/t Au from 108m in VIBRC0002
o 1m @ 1.6 g/t Au from 89m in VIBRC0003
o 5m @ 0.5 g/t Au from 71m in VIBRC0005 Incl 1m @ 1.3 g/t Au from 71m and 1m @ 1.5 g/t Au from 75m

Prickleys Open Pit - Drilling Results

Results from eight holes at the Prickleys open-pit area were reported in the quarter. There are significant historic gold intercepts below the Prickleys open-pit. Vango's drilling tested for extensions to this mineralisation as well as repeating structures at depth.

The drilling returned six holes with gold greater than 1g/t and all holes returned gold greater than 0.5g/t. The results confirmed the continuity of the mineralised structures below the open-pit and significantly extended the depth of the mineralisation in many cases.

Results included:

- 10m @ 1.6 g/t Au from 116m in VPKRC0006 incl 3m @ 4.3 g/t Au from 116m
- 4m @ 1.0 g/t Au from 45m in VPKRC0007 incl 1m @ 3.5 g/t Au from 48m
- 11m @ 0.4 g/t Au from 72m in VPKRC0007 incl 1m @ 1.2 g/t Au from 75m
- 10m @ 0.3 g/t Au from 128m in VPKRC0002 incl 1m @ 1.3 g/t Au from 135m
- 6m @ 0.5 g/t Au from 139m in VPKRC0004 incl 1m @ 1.2 g/t Au from 143m
- 13m @ 0.7 g/t Au from 150m in VPKRC0005 incl 1m @ 2.6 g/t Au from 153m

Parrot Open Pit - Drilling Results

Four RC drill holes for a total of 815m were completed at the Parrot open-pit target.

The drilling at the Parrot (and Apollo) open-pits targeted the identification of un-mined high-grade mineralisation below these pits, which were previously mined to shallow depths only at a time of low gold prices.

The results successfully confirmed the continuity of the mineralised structures below the pits and in areas of previous gold mineralisation, and continued to strengthen the significant open-pit potential at the Marymia Project.

Highlight Parrot open-pit results, including intersections from previous drilling, included;

- 3m @ 1.3 g/t Au from 124m in VPARC0003
- 1m @ 2.5 g/t Au from 177m in VPARC0001
- 12m @ 2.6 g/t Au from 43m in PARC0073
- 2m @ 11.1 g/t Au from 99m in PBR7797
- 8m @ 1.6 g/t Au from 67m in PBRD1753

Significant assay results from Vango's drilling in its 2021 drilling campaign are shown in Table 1* of ASX VAN announcement of 20 October 2021.

At Parrot, broad zones of elevated gold values associated with sulphides within the mineralising structures were returned. This confirmed the continuation of mineralised zones from historical drilling.

Apollo Open Pit - Drilling Results

At the Apollo open-pit, three holes for 471m were completed.

As with the drilling at Parrot, the Apollo drilling targeted un-mined high-grade mineralisation below the open-pit.

Highlight Apollo open-pit results, including intersections from previous drilling, included;

- 2m @ 6.0 g/t Au from 80m in VAPRC0003
- 1m @ 1.5 g/t Au from 48m in VAPRC0002
- 6m @ 19.7 g/t Au from 50m in ARC0067
- 4m @ 3.7 g/t Au from 56m in ARC0074
- 4m @ 11.0 g/t Au from 54m in ARC0105
- 8m @ 2.5 g/t Au from 52m in ARC0115
- 3m @ 15.3 g/t Au from 40m in ARC0129

Significant assay results from Vango's drilling in its 2021 drilling campaign are shown in Table 2* of ASX VAN announcement of 20 October 2021.

The results from the Apollo drilling enhanced a known gold mineralised zone, which includes un-mined previous high-grade intersections.

Drilling at Ned's Creek Joint Venture Project

During the quarter, the latest phase of drilling was completed at Vango's Ned's Creek joint venture Project with Lodestar Minerals Limited (Lodestar) (ASX:LSR), in the Mid-West region of WA (Figure 1*).

The program comprised 29 holes for a total for 3,715m as follows;

- 12 vertical RC holes, drilled to a depth of 90m over an area of 120m by 140m, to verify significant supergene gold intersected in previous aircore drilling and support a maiden resource estimate for the supergene hosted mineralisation;

- 14 holes targeting the Contessa granite contact as a potential source of the widespread supergene and nugget-related gold discovered in the Contessa area; and

- 3 additional RC holes completed on the contact zone, 1500m southwest of Contessa, at the Central Park prospect.

Vango is earning a 51% interest in the Ned's Creek Project by spending $5 million on exploration over 3 years (ASX VAN announcements, 1 May 2019 and 17 July 2019).

*To view the full Quarterly Report with tables and figures, please visit:
https://abnnewswire.net/lnk/4887NZEQ

About Vango Mining Limited:

Vango Mining Ltd. (ASX:VAN) is a minerals exploration mining company with ambitions of becoming a high-grade WA gold miner by developing the 100% owned Marymia Gold Project (Marymia) in the mid-west region of Western Australia. The Project comprises 45 granted mining leases over 300km. It has an established high-grade resource of 1Moz @ 3g/t Au, underpinned by the Trident Deposit, whose resource is 410koz @ 8g/t Au, with immediate extensions open at depth/along strike.

The Marymia Project has the potential to become one of Australia's largest high-grade producers. The Greenstone Belt in the Marymia region includes six major gold corridors, which remain largely un-tested beyond 100m depth - supported with an extensive drilling and geophysical database. Previous mining between 1992-2001, produced 580,000 ounces of gold almost entirely from open-pits.

Vango is focused on growing its high-grade gold resource to support a proposed stand-alone gold mining and production operation at Marymia. The Project is located along strike, immediately to the north of Superior Gold's (CVE:SGI) Plutonic Gold Mine which has produced more than 5.5Moz of gold.

Source:
Vango Mining Ltd.

Contact:

Bruce McInnes Executive Chairman Vango Mining Ltd. E: info@vangomining.com T: +61 418 183 466 W: www.vangomining.com Media and Investor Inquiries James Moses Mandate Corporate E: james@mandatecorporate.com.au T: +61 420 991 574