EAGLE MOUNTAIN MINING LIMITED

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A S X A n n o u n c e m e n t | 2 8 J u l y 2 0 2 0

Placement to Raise $3.0 Million Completed

Eagle Mountain Mining Limited ( ASX : EM2 ) (“ Eagle Mountain ” or “the Company ”) is pleased to confirm completion of the Placement announced on 21 July 2020.

The Placement to qualified, institutional and professional investors raised $3 million (before costs) through the issue of 23,076,923 fully paid ordinary shares in the Company (Shares) at an issue price of $0.13 per Share (Placement).

The Placement was completed pursuant to the Company’s security issue capacities under Listing Rule 7.1 and 7.1A. A total of 11,486,818 Shares were issued pursuant to Listing Rule 7.1 and 11,590,105 Shares issued pursuant to Listing Rule 7.1A. Further details of the Placement are included in the Appendix 3B lodged with ASX on 21 July 2020.

PAC Partners and Taylor Collison acted as Joint Lead Managers (“ JLM ”) to the placement and in addition to a 6% fee on funds raised have been issued 3,846,154 unquoted options 50% exercisable at $0.20 per share on or before 30 June 2021, and 50% exercisable at $0.30 per share between 1 July 2021 and 1 July 2022.

A cleansing notice in respect of the share issue is attached.

Eagle Mountain’s Chief Executive Officer, Tim Mason said:

“Eagle Mountain is delighted with the strong support for the Placement and is pleased to welcome a number of high profile domestic and international institutions to the Eagle Mountain share register, and thanks existing shareholders for their continued support in the raising. The successful completion of this Placement sees the Company being well funded to conduct a maiden diamond drilling program at our high-grade Oracle Ridge copper project in Arizona. Priority drill targets have been defined in prospective zones for higher-grade copper mineralisation as extensions to the existing mineralisation. We look forward to updating the market as results arise in the coming months.”

An Appendix 2A and an Appendix 3G follow this announcement for immediate release.

For further information please contact:

Tim Mason Mark Pitts BEng, MBA, GAICD B.Bus, FCA, GAICD Chief Executive Officer Company Secretary [email protected] [email protected]

This Announcement has been approved for release by the Board of Eagle Mountain Mining Limited

Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of highlyprospective greenfields and brownfields projects in Arizona, USA.

Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.

COMPETENT PERSON STATEMENT

Where the Company references results and technical information from previous ASX announcements JORC Table 1 disclosures are included within them. The Company confirms that it is not aware of any new information or data that materially effects the information included in those announcements, and all material assumptions and technical parameters underpinning the results and resource estimates with those announcements continue to apply and have not materially changed. In addition the form and context in which the Competent Persons findings are presented have not been materially modified from the original reports.

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Forward looking statements inherently involve subjective judgement, and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, the Company.

Statements regarding the Company’s plans with respect to its mineral properties and programmes are forwardlooking statements. There can be no assurance that the Company’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to confirm the presence of additional Mineral Resources/Ore Reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties. The performance of the Company may be influenced by a number of factors which are outside the control of the Company and its Directors, staff and contractors. Given these uncertainties, readers are cautioned not to place undue reliance on forward looking statements.

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A S X A n n o u n c e m e n t | 2 8 J U L Y 2 0 2 0