Drilling Commenced at Llahuin Copper-Gold Project, Chile

Highlights:

-          Southern Hemisphere Mining has entered into a drilling contract with DV Drilling in Chile for Diamond and RC drilling at its flagship Llahuin Copper-Gold Project

-          The drilling program will test multiple targets generated from the recent soil geochemistry sampling program and downdip zones from the previous drilling program

-          The Southern Porphyry copper-gold target will also be tested in the program

-          Recent rock chip sampling highlight grades of up to 7.28%Cu, 18.65g/t Au, 55g/t Ag

Figure 1 Southern Hemisphere Mining’s Projects Location Map

Southern Hemisphere Mining Limited (“Southern Hemisphere” or “the Company) (ASX: SUH, FWB: NK4) advises that DV Drilling from La Serena, Chile have been contracted to complete a 2,500m diamond and RC drilling program at its Llahuin Copper-Gold-Moly Project in Chile.

The rig has arrived at the Llahuin site and drilling has commenced at the Cerro de Oro deposit testing downdip extensions from the previous drilling program and the area between the Cerro de Oro and Ferrocarril sectors where recent soil geochemistry demonstrates a significant copper and gold anomaly.

Figure 2 Drill rig onsite at the Llahuin Project

A recent rock chip sampling program as part of mapping and refining drill targets returned a number of significant results as listed in Table 1 including, copper to 7.28%, gold to 18.65g/t and silver to 55g/t.

Regular updates will be provided during the drilling and as assay results are received from the ALS laboratory in La Serena with first results expected mid-November.

Figure 3 Cerro-Ferro deposits and geochem targets with comparative scale to the Kalgoorlie Super-Pit and the Southern Porphyry Copper-Gold target South

Approved by the Board for release.

CONTACTS:

For further information on this update or the Company generally, please visit our website at

www.shmining.com.au or contact the Company :

[email protected]

Telephone: +61 8 6144 0590

BACKGROUND INFORMATION ON SOUTHERN HEMISPHERE MINING:

Southern Hemisphere Mining Limited is an experienced minerals explorer in Chile, South America. Chile is the world’s leading copper-producing country and one of the most prospective regions of the world for major new copper discoveries. The Company’s projects include the Llahuin Porphyry Copper-Gold Project and the Los Pumas Manganese Project, both of which were discovered by the Company.

Llahuin Copper/Gold/Moly Project: Total Measured and Indicated Resources - JORC (2004) Compliant. As announced to the market on 18 August 2013.

Note: *Copper Equivalent (“Cu Equiv”): The copper equivalent calculations represent the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage. These results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result. It is the Company’s opinion that elements considered have a reasonable potential to be recovered as evidenced in similar multi-commodity natured mines. Copper equivalent conversion factors and long-term price assumptions used are stated below:

Notes on copper recovery from historical test work

-          “Recoveries of copper vary between 75% Cu and 91% Cu with the weighted average of the results being 84% Cu, which is a typically acceptable commercial level”;

-          “Recoveries of gold vary between 41% Au and 57% Au, which is in line with expectations given the relatively low gold grades within the deposit”; and

-          “Flotation concentrates produced during testing contained the resource weighted average copper grade of 28% Cu and 4.9g/t Au. They also contained low levels of deleterious materials in the concentrate. Given that these tests were designed to set parameters and were not optimized, the results indicated good flotation process characteristics”.

Copper Equivalent Formula= Cu % + Au (g/t) x 0.72662 + Mo % x 4.412 Price Assumptions- Cu ($3.40/lb), Au ($1,700/oz), Mo ($15/lb)

Los Pumas Manganese Project: Total Measured and Indicated Resources - JORC (2012) Compliant. As announced to the market on 3 May 2023.

Total JORC Resources for the Los Pumas Manganese Project at a 2.5% Mn cut-off.

Metallurgical studies have demonstrated greater than 38% Mn concentrates are achievable by DMS with low impurities and high silica product.

In relation to the above resources, the Company confirms that it is not aware of any new information or data that materially affects the information in the announcements, and all material assumptions and technical parameters in the announcements underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

COMPETENT PERSON / QUALIFIED PERSON STATEMENT:

The information in this report that relates to copper and gold exploration results for the Company’s Projects is based on information compiled by Mr Adam Anderson, who is a Member of The Australasian Institute of Mining and Metallurgy and The Australian Institute of Geoscientists. Mr Anderson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Anderson is a consultant for the Company and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information, please refer to the Technical Reports and News Releases on the Company’s website at www.shmining.com.au.

Appendix 1 Rock chip Location Data and Results

Llahuin Recent Gold± Copper ± Silver Rock Chip Significant Results