EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2021

Nov 30, 2021

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A S X A n n o u n c e m e n t | 1 D E C E M B E R 2 0 2 1

Further Thick High-Grade Intercepts Including 22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au Strengthens Resource Increase Potential

• Drilling along The Talon’s Wave Zone at Oracle Ridge continues to intercept thick mineralisation outside the existing JORC Resource, with assays including:

• 22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au (WT-21-40) within

  • 69.5m at 1.60% Cu, 15.37g/t Ag and 0.3g/t Au

• 28.0m at 1.62% Cu, 12.44g/t Ag and 0.23g/t Au (WT-21-39)

o 1.6m at 5.23% Cu, 2.42g/t Ag (WT-21-38)

• Results further support the continuity of the Wave Zone which extends well over 500 metres in length, complemented by previous results including:

• 28.9m at 2.34% Cu, 21.95g/t Ag and 0.37g/t Au (WT-21-32) and

• 9.7m at 3.39% Cu, 29.65g/t Ag and 0.67g/t Au (WT-21-31) within:

  • 91.5m at 1.37% Cu, 10.86g/t Ag and 0.38g/t Au

• First update to the initial JORC Resource scheduled for completion in Q1 2022

• Assays pending for 18 holes in the mine area and a further 11 holes at Golden Eagle

• Drilling continues with three drills, with two of the rigs focusing on the Wave Zone.

Eagle Mountain Mining CEO, Tim Mason, commented:

“The recently discovered Wave Zone within The Talon target continues to demonstrate strong potential to increase Eagle Mountain’s JORC resource with thick zones of high-grade mineralisation. The Wave Zone is interpreted to extend well over 500 metres with outcropping mineralisation at the surface at the southern end. Large portions of the Wave Zone remain untested, with the mineralisation also being open to the east. Due to these consistently strong results, drilling is focused along the Wave and we eagerly await further assay results in this prospective area.

The Wave Zone represents part of the broader Talon anomaly which remains a prime exploration target supported by multiple strong results from drilling by both the Company and historic assays.

Our entire geology team has worked diligently, completing remarkable work to identify the potential of this new zone, with the results to be incorporated into an updated JORC Resource planned to be completed in Q1 next year.”

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Eagle Mountain Mining Limited ( ASX:EM2 ) (“ Eagle Mountain ”, the “ Company ”) is pleased to provide an exploration update at its 100% owned Oracle Ridge Mine Project (“Oracle Ridge”, “Project”) in Arizona, USA.

Assays have been received for four drill holes completed in the Western Talon area. Figures 1 and 2 illustrate the location of significant new results at the Talon.

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Figure 1 – 3D view looking west showing the Oracle Ridge Project areas and the general location of recently received assay results.

WT-21-40

WT-21-40 was drilled in the Western Talon area, testing extensions to mineralisation in hole WT-21-25 and following up on the positive results in WT-21-39, approximately 50 metres to the south (Figure 2, Figure 3). The drill hole encountered a thick mineralised zone (69.5m at 1.60% Cu, 15.37g/t Ag and 0.30g/t Au) including a high-grade core of 22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au. Results from WT-21-40 significantly improve both continuity and grade from those in WT-21-25, approximately 50 metres to the east.

WT-21-42 was drilled to the west of WT-21-40 and intersected mostly Q Sill and Leatherwood intrusives, suggesting that WT-21-40, similar to WT-21-39, was drilled “through” the Wave while WT-21-42 was drilled on the back side of the Wave with weak mineralisation encountered (similar to WT-21-43, see Figure 5).

Observations from WT-21-40 also support the current geological model for the Western Talon showing the Wave as a key feature in controlling alteration and mineralisation in the area.

Page 2

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Figure 2 – Plan view of the Talon target showing the Wave Zone, including selected results. Due to the geometry of the drilling completed (fan drilling from a limited number of pads), the points represent the approximate pierce point of each hole through the Leatherwood-Sediments contact. (refer also to ASX announcements 30 July 2021 and 29 October 2021). The Wave Zone remains open to the east while to the west it terminates against the Wave itself.

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Figure 3 – East-west section through drill hole WT-21-40 showing location of mineralised intersections and their spatial correlation with the Wave. See Figure 2 for section location. (Refer also to ASX announcements 25 May 2020, 29 October 2021 and 11 November 2021)

WT-21-39

WT-21-39 was drilled in the Western Talon area, testing extensions to mineralisation in historical holes C-113 and C-115 (Figure 5). The drill hole intersected two thick zones of skarn-hosted mineralisation interpreted to be the western extension of mineralisation in the historical holes.

WT-21-43 (assays pending) was drilled to the west of WT-21-39 and intersected thinner mineralised intervals than those in WT-21-39 and contains large sections of Q Sill and Leatherwood intrusives. These results suggest that WT-21-39 was drilled “through” the Wave while WT-21-43 was drilled mostly on the back side of the Wave and is thus less mineralised (Figure 5).

Observations from WT-21-39 support the current geological model for the Western Talon showing the Wave as a key feature in controlling alteration and mineralisation in the area.

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Figure 4 – Hole WT-21-39 at ~306.5m showing chalcopyrite mineralisation within skarn alteration. Mineralisation was within a 0.9m zone assaying 3.07% Cu, 12.50g/t Ag, 0.36g/t Au

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Figure 5 – East-west section through drill hole WT-21-39 showing location mineralised intersections and their spatial correlation with the Wave. See Figure 2 for section location. (For historical intersections refer to ASX announcement 25 May 2020)

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WT-21-38

WT-21-38 was drilled approximately 50 metres to the east of WT-21-29, targeting western extensions to mineralisation at the upper contact between the Wave and Sediments and steeper lodes hosted by the Sediments at depth. Four mineralised zones were intersected including 1.6m at 5.23% Cu, 2.42g/t Ag and 0.06g/t Au. The lower concentration of silver and gold in the assays, together with geological observations by the Company, suggest that this mineralisation could be different, and possibly later in the geological history than the main event producing the skarn-hosted copper-silver-gold mineralisation. WT-21-38 also confirmed the steep geometry of the sediments in the area, dipping to the east at a high angle.

WT-21-37

A mineralised zone of 9.8m at 1.26% Cu, 11.34g/t Ag and 0.35g/t Ag was encountered in hole WT-21-37, which was drilled approximately 60 metres to the northwest of WT-21-31 (Figure 2, Figure 6), targeting extensions to the mineralisation adjacent to the Wave. The drill hole intersected approximately 30 metres of prospective sediments between the Q Sill and Leatherwood intrusives. This observation suggests that WT-21-37 was drilled close to the eastern side of the Wave and did not intersect the full thickness of the prospective sediments. Further drilling is planned in this area targeting the northwestern and eastern extension to the mineralisation near the Wave.

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Figure 6 – East-west section through drill holes WT-21-37 showing location mineralised intersections and their spatial correlation with the Wave. See Figure 2 for section location. (Refer also to ASX announcement 11 November 2021, 29 October 2021 and 28 September 2021)

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Implications for the prospectivity of the Western Talon

Recent results have confirmed the strongly mineralised nature of the sediments located within the Wave structure. This area is bounded by an upper intrusive, locally named the Q Sill, which represents the Wave proper and the contact between sediments and the Leatherwood at depth. Extensive mineralised skarn occurs in the sediments between the two intrusions with a cumulative downhole thickness ranging between 30 and 100 metres. The interplay between stratigraphy, intrusions and structure is interpreted to create a favourable location for skarn alteration and concentration of copper, silver and gold to occur.

The Wave Zone is interpreted to extend well over 500 metres with mineralisation open to the east and north. The Wave is a priority drill target due to its potential to add significant tonnes to the existing Mineral Resource.

Next steps

Three rigs are currently operating at the Oracle Ridge mine area with two at The Talon and one continuing the resource upgrade program in the northern part of the mine area.

Drilling at the Talon will continue to focus on the Western Talon with the goal of drilling the entire length of the Wave to a spacing suitable for the estimation of an inferred resource.

The most recent resource upgrade holes were drilled using a larger core diameter (PQ). The additional material collected will be used in upcoming metallurgical studies. After the conclusion of the resource upgrade program, the rig will then remain in the area to complete a small program designed to convert the existing Inferred resource to an Indicated resource after the next mineral resource update. The mineral resource update is planned for completion by the end of Q1 2022.

Assay results are pending for 18 holes at the mine area and 11 holes at Golden Eagle. The new core cutting saw has been installed and is currently operational at the Company’s logging facility in Tucson, Arizona (Figure 7). Significant time and cost savings are expected from the operation of the dedicated core cutting saw when compared to outsourcing the same work to the assay laboratories.

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Figure 7 – Automatic core saw in operation at the Company’s logging facility in Tucson, Arizona.

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For further information please contact:

Tim Mason

Mark Pitts

BEng, MBA, GAICD B.Bus, FCA, GAICD Chief Executive Officer Company Secretary tim@eaglemountain.com.au mark@eaglemountain.com.au

Jane Morgan

Investor and Media Relations jm@janemorganmanagement.com.au

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

COMPETENT PERSON STATEMENT

The information in this document that relates to new Exploration Activities is based on information compiled by Mr Fabio Vergara and Mr Brian Paull who are both Members of The Australasian Institute of Mining and Metallurgy (MAusIMM) and have sufficient experience relevant to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Vergara is the Chief Geologist and Mr Paull Principal Geologist of Eagle Mountain Mining Limited and consent to the inclusion in this document of the information in the form and context in which it appears. Mr Vergara and Mr Paull hold shares and options in Eagle Mountain Mining Limited.

Where the Company references historic exploration results including technical information from previous ASX announcements including 25 May 2020, JORC Table 1 disclosures are included within them. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements, and all material assumptions and technical parameters underpinning the results within 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.

The information in this report that relates to historic production results was prepared and first disclosed under a pre-2012 edition of the JORC Code. The data has been compiled but NOT validated by Eagle Mountain geologists. At this stage Eagle Mountain is unable to conclude that the production data is reliable. However nothing has come to the attention of Eagle Mountain that causes it to question the accuracy or reliability of the historic production results and the various source reports.

EAGLE MOUNTAIN MINING LIMITED

Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly-prospective greenfields Silver Mountain project, both located 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.

Follow the Company’s developments through our website and social media channels

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Website[https://eaglemountain.com.au/]

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Twitter https://twitter.com/eagle_mining

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LinkedIn[https://www.linkedin.com/company/eagle-mountain-mining-ltd/]

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Attachment 1

Summary table of recent drill holes at Oracle Ridge

Hole ID	Easting	Northing	Elevation	Dip	Azimuth	Depth
	[m]	[m]	[m]	[◦]	[◦]	[m]
WT-21-31	524560	3592300	2108	50	166	391.4
WT-21-32	524372	3592479	2189	67	239	366.1
WT-21-33	524560	3592300	2108	53	153	367.3
WT-21-34	524371	3592480	2189	64	290	359.1
WT-21-35	524559	3592298	2108	48	179	380.4
WT-21-36	524372	3592479	2189	61	247	333.8
WT-21-37	524559	3592298	2108	54	188	390.8
WT-21-38	524372	3592479	2189	81	223	375.7
WT-21-39	524434	3592417	2153	54	222	395.6
WT-21-40	524369	3592480	2194	61	205	374
WT-21-41	524436	3592408	2151	47	232	Abandoned
WT-21-42	524368	3592479	2195	56	215	371.2
WT-21-43	524433	3592415	2152	46	230	376.7
WT-21-44	524372	3592479	2193	67	207	376.1
WT-21-45	524437	3592417	2151	53	199	401.4
WT-21-46	524372	3592479	2193	61	225	377.0
WT-21-47	524436	3592408	2151	49	211	Abandoned
WT-21-48	524372	3592479	2193	76	188	Abandoned
WT-21-49	524436	3592408	2157	47	197	413.3
WT-21-50	524365	3592477	2194	72	339	399.3
WT-21-51	524024	3593225	2098	63	237	176.8
WT-21-52	524023	359223	2098	59	225	218.8
WT-21-53	524365	3592477	2194	66	343	431.9
WT-21-54	524433	3592417	2152	73	260	340.8
WT-21-55	524026	3593221	2099	84	262	253.6
WT-21-56	524436	3592408	2151	76	217	362.1
WT-21-57	524372	3592479	2193	50	192	489.8
WT-21-58	524024	3593225	2098	61	259	207.6
WT-21-59	524437	3592415	2151	64	198	373.7
WT-21-60	523959	3593090	2093	62	040	172.4
WT-21-61	524437	3592416	2151	80	308	In progress
WT-21-62	524372	3592479	2193	79	311	In progress
WT-21-63	523959	3593091	2093	52	31	In progress
GE-21-01	527468	3593409	1497	65	035	261.5
GE-21-02	527468	3593409	1497	60	002	249.9
GE-21-03	527468	3593409	1497	76	002	295.7
GE-21-04	527468	3593409	1497	64	065	253.3
GE-21-05	527468	3593408	1497	50	260	309.4
GE-21-06	528007	3593650	1485	80	180	487.7
GE-21-07	526940	3593290	1559	60	45	639.2
GE-21-08	526940	3593290	1559	83	45	526.1
GE-21-09	526939	3593291	1559	50	340	624.8
GE-21-10	526822	3593288	1562	45	190	449.6

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GE-21-11	526566	3593264	1592	47	0	478.8
GE-21-12	526577	3593249	1592	60	0	548.6
GE-21-13	526564	3593262	1594	85	355	276.5

Summary table of recent diamond drill hole intersections at Oracle Ridge

Note - All reported intervals are downhole widths.

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-31	253.5	261.5	8.0	1.90	13.92	0.85
	271.2	286.0	14.8	1.62	11.93	0.53
	294.5	306.2	11.7	1.90	15.22	0.52
	313.0	321.7	8.7	2.00	15.20	0.40
	335.3	345.0	9.7	3.39	29.65	0.67
within	253.5	345.0	91.5	1.37	10.64	0.38
WT-21-32	225.4	226.1	0.7	2.46	14.75	0.17
	228.6	229.3	0.7	1.00	7.24	0.22
	270.6	299.5	28.9	2.34	21.95	0.37
including	270.6	283.8	13.2	3.53	33.89	0.54
including	292.3	299.5	7.2	2.04	15.71	0.29
WT-21-33	235.4	236.7	1.3	1.14	16.50	0.25
	243.9	244.7	0.8	1.32	11.85	0.28
	245.5	247.7	2.2	1.15	11.40	0.19
	260.8	262.4	1.6	1.40	10.45	0.23
	315.2	321.0	5.8	2.72	29.59	0.72
within	308.9	325.5	16.6	1.87	18.53	0.51
	340.0	343.0	3.0	1.34	14.45	0.25
WT-21-34	218.2	221.5	3.3	2.06	22.48	0.56
	269.6	274.0	4.4	1.07	16.78	0.17
	313.2	320.8	7.6	2.20	20.70	0.25
WT-21-35	144.2	145.3	1.1	2.51	19.80	0.19
	152.8	157.1	4.3	1.03	4.95	0.06
WT-21-36	228.6	230.7	2.1	1.51	17.55	0.07
WT-21-37	207.7	208.9	1.2	1.15	13.65	0.32
	212.5	213.7	1.2	1.31	15.26	0.50
	270.8	280.6	9.8	1.26	11.34	0.35
including	270.8	271.3	0.5	2.72	21.10	0.74
and	275.7	280.6	4.9	1.74	16.40	0.46
WT-21-38	214.0	214.9	0.9	2.71	19.90	0.67
	261.5	263.1	1.6	5.23	2.42	0.06
	299.9	300.7	0.8	2.25	33.30	0.11
	307.0	310.0	3.0	1.52	19.40	0.29
WT-21-39	198.9	199.7	0.8	1.08	4.79	0.06
	232.5	237.3	4.8	2.06	19.31	38.00
within	232.5	243.8	11.3	1.22	11.29	0.23
	249.0	255.0	6.0	1.15	9.30	0.11
within	232.5	255.0	22.5	1.06	9.28	0.17
	277.2	279.8	2.6	2.05	20.45	0.22
	282.6	289.8	7.2	1.99	21.23	0.42
	291.7	304.0	12.3	1.85	12.73	0.21

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Hole ID	From	From	To	To	Width	Width	Cu	Ag	Au
	305.9		306.8		0.9		3.07	12.50	0.36
	308.8		310.6		1.8		1.51	7.26	0.02
within	282.6		310.6		28.0		1.62	12.44	0.23
WT-21-40	265.0		270.5		5.5		1.79	13.53	0.33
	275.0		279.5		4.5		2.14	23.58	0.56
within	265.0		279.5		14.5		1.53	14.12	0.34
	287.0		288.5		1.5		1.05	8.54	0.18
	291.5		314.0		22.5		2.84	27.46	0.48
	318.5		319.9		1.4		1.04	12.15	0.29
	324.3		327.5		3.2		1.99	29.08	0.46
	333.0		334.5		1.5		1.32	3.54	0.02
within	265.0		334.5		69.5		1.60	15.37	0.30
WT-21-41	Assayspending
WT-21-42	Assayspending
WT-21-43	Assayspending
WT-21-44	Assayspending
WT-21-45	Assayspending
WT-21-46	Assayspending
WT-21-47	Hole Abandoned
WT-21-48	Hole Abandoned
WT-21-49	Assayspending
WT-21-50	Assayspending
WT-21-51	Assayspending
WT-21-52	Assayspending
WT-21-53	Assayspending
WT-21-54	Assayspending
WT-21-55	Assayspending
WT-21-56	Assayspending
WT-21-57	Assayspending
WT-21-58	Assayspending
WT-21-59	Assayspending
WT-21-60	Assayspending
WT-21-61	Hole in progress
WT-21-62	Hole inprogress
WT-21-63	Hole inprogress
GE-21-01	200.4	202.0		1.6		0.02		0.50	0.91
GE-21-02	Assayspending
GE-21-03	236.8	258.0		21.2		0.11		1.86	1.88
including	250.0	258.0		8.0		0.20		3.79	3.80
and	236.8	244.0		7.2		0.09		0.83	1.26
GE-21-04	Assayspending
GE-21-05	Assayspending
GE-21-06	Assayspending
GE-21-07*	NSI (lowerpart of the hole); Assayspending
GE-21-08	Assayspending
GE-21-09	Assayspending
GE-21-10	Assayspending
GE-21-11	Assayspending

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Hole ID	From	To	Width	Cu	Ag	Au
GE-21-12	Assayspending
GE-21-13	Assayspending

*Assays for part of the hole are still outstanding

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Attachment 2

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or
techniques	specific specialised industry standard measurement tools appropriate
	to the minerals under investigation, such as down hole gamma
	sondes, or handheld XRF instruments, etc). These examples should
	not be taken as limiting the broad meaning of sampling.
	• Include reference to measures taken to ensure sample representivity
	and the appropriate calibration of any measurement tools or systems
	used.
	• Aspects of the determination of mineralisation that are Material to the
	Public Report.
	• In cases where ‘industry standard’ work has been done this would be
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1
	m samples from which 3 kg was pulverised to produce a 30 g charge
	for fire assay’). In other cases more explanation may be required,
	such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
	or standard tube, depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what method, etc).
Drill sample	• Method of recording and assessing core and chip sample recoveries
recovery	and results assessed.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and
	geotechnically logged to a level of detail to support appropriate

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Commentary

• Diamond drilling. Nominal sampling interval of 3m adjusted as required for local geological conditions. Core was sawn and half-core was crushed, pulverised and split to produce a representative sample for assaying.

• For WT-series drilling, samples returning weighted average Cu ≥ 1% are reported in the announcement. Wider intercepts are reported using a 0.6% Cu cut-off.

• For GE-series drilling, samples returning weighted average Au ≥ 0.5g/t are reported in the announcement.

• Visual results presented are based on geological observations, and for WT-series drilling consider the copper content of different sulphide species at a 0.6% Cu nominal cut-off

• Diamond drilling completed by Boart Longyear using an LF-90 drill rig.

• • Core is HQ3

• Downhole deviation surveys are performed approximately every 30.5m (100 feet)

• The core is oriented with a Boart Longyear Truecore[TM] system to allow measurement of structural information.

• • Core recoveries are recorded by the drillers at the rig and verified by Company’s personnel during core logging

• To maximise sample recovery and core quality drilling is performed with a “triple tube” set up where two splits are inserted in the barrel to minimize core displacement and core loss.

• • No relationship has been determined between sample recoveries and grade.

• • A quick log is completed on site and detailed logging is performed at the Company’s facility in Tucson.

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Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation, mining studies and metallurgical	•Logging is both qualitative and quantitative in nature. Portable XRF
	studies.	and magnetic susceptibility measurements are taken at regular
	• Whether logging is qualitative or quantitative in nature. Core (or	intervals on the core.
	costean, channel, etc) photography.	•Core is photographed after mark-up, before sampling, wet and dry
	• The total length and percentage of the relevant intersections logged.	•100% of the relevant intersections is logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•The core is sawn in half by ALS Minerals or Skyline Assayers and
techniques	taken.	Laboratories at their Tucson facilities. Half of the core is bagged and
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	sent for assaying while the other half is left in the core box for future
preparation	whether sampled wet or dry.	reference.
	• For all sample types, the nature, quality and appropriateness of the	•ALS Minerals or Skyline Assayers and Laboratories conducted all
	sample preparation technique.	preparation work: samples were weighed, dried, crushed and crushed
	• Quality control procedures adopted for all sub-sampling stages to	to better than 70% passing 2mm; sample was split with a riffle splitter
	maximise representivity of samples.	and a split of up to 250g pulverised to better than 85% passing 75µm.
	• Measures taken to ensure that the sampling is representative of the in	•Duplicates are used to assess the sampling representativeness.
	situ material collected, including for instance results for field	When duplicates are collected the core is quartered: one quarter is
	duplicate/second-half sampling.	sent to the laboratory as the primary sample, the other quarter is sent
	• Whether sample sizes are appropriate to the grain size of the material	to the laboratory as the duplicate and the remaining half of the core is
	being sampled.	left in the box for future reference
		•Sample sizes are considered appropriate to the grain size of the
		material being sampled
Quality of	• The nature, quality and appropriateness of the assaying and	•ALS Minerals assay methods: ME-MS61 (48 element four acid ICP-
assay data	laboratory procedures used and whether the technique is considered	MS) and Au-AA23 (Au 30g charge Fire Assay with Atomic Absorption
and	partial or total.	finish). The technique is considered a near total digest of relevant
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	minerals. Above detection samples are re-assayed with Au-GRA21,
tests	the parameters used in determining the analysis including instrument	Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62
	make and model, reading times, calibrations factors applied and their	•Skyline Assayers and Laboratories methods: TE-5 (47 element multi
	derivation, etc.	acid digestion with ICP-MS) and FA-01 (Au Fire Assay with Atomic
	• Nature of quality control procedures adopted (eg standards, blanks,	Absorption finish). The technique is considered a near total digest of
	duplicates, external laboratory checks) and whether acceptable levels	relevant minerals.
	of accuracy (ie lack of bias) and precision have been established.	•Certified Reference Material (CRM), blanks and duplicates were
		inserted/collected at a ratio of 1:10 with a minimum of 1 CRM per
		assays batch. CRMs are inserted at intervals never exceeding 20
		samples. Acceptable levels of accuracy and precision have been
		established.
		•Before releasing results from geological observations (e.g. visual
		mineralisation), the Company adopts the following QA/QC
		procedures:
		o Core is dispatched to the laboratory and cut. Samples are
		bagged, crushed and pulverised (sample preparation)
		o After sample preparation is finalised, a sub-sample is returned to

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Criteria	JORC Code explanation	Commentary
		the Company while assays are being completed at the laboratory
		o Returned sub-samples are analysed with the Company’s portable
		XRF instrument
		o Portable XRF readings are compared with the visual logs
		o Visual results are approved for release to the market
Verification of	• The verification of significant intersections by either independent or	•Significant intersections have been verified by Company’s Principal
sampling and	alternative company personnel.	Geologist
assaying	• The use of twinned holes.	•No twinned holes reported
	• Documentation of primary data, data entry procedures, data	•Logging and sampling data are collected using tablet computers and
	verification, data storage (physical and electronic) protocols.	Logchief software to ensure data integrity. The data is transferred
	• Discuss any adjustment to assay data.	weekly to the Datashed database after further data validation by the
		database manager
		•No assay adjustment performed
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•NAD83 Arizona State Plane Central (International feet). Data is
data points	down-hole surveys), trenches, mine workings and other locations	presented in NAD83 UTM Zone 12N (meters)
	used in Mineral Resource estimation.	•National Elevation Dataset. Horizontal resolution of approximately
	• Specification of the grid system used.	10m and vertical resolution of 1m
	• Quality and adequacy of topographic control.	•Drill holes are located with a hand-held GPS with an estimated
		horizontal accuracy of ±5m. Collar location is subsequently recaptured
		using a DGPS system with an estimated accuracy of ±0.5m
Data spacing	• Data spacing for reporting of Exploration Results.	•The data spacing of the new drilling results reported is insufficient to
and	• Whether the data spacing and distribution is sufficient to establish the	establish the degree of geological and grade continuity appropriate
distribution	degree of geological and grade continuity appropriate for the Mineral	for Mineral Resource estimation
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•The relationship between drilling orientation and orientation of key
data in	possible structures and the extent to which this is known, considering	mineralised structures is yet to be determined
relation to	the deposit type.
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•Core boxes are collected at the drill rig by Company personnel and
security		transported to the Tucson logging facility. After logging the core is
		delivered by Company personnel to ALS Minerals’ Tucson facilities
		for cutting, sampling, sample preparation and assaying.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No audits or reviews of sampling techniques have been completed.
reviews

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Oracle Ridge Mine Project (Project) is located in the Marble
tenement and	agreements or material issues with third parties such as joint	Peak area, approximately 30 kilometres by air northeast of Tucson,
land tenure	ventures, partnerships, overriding royalties, native title interests,	Arizona, U.S.A. It is located in Sections 17, 18, 19 and 20 of
status	historical sites, wilderness or national park and environmental	Township 11 South, Range 16 East, Gila and Salt River Base and
	settings.	Meridian of the U.S. cadastral system. The geographical coordinates
	• The security of the tenure held at the time of reporting along with	are approximately Latitude 32º28' North, Longitude 110º41' West.
	any known impediments to obtaining a licence to operate in the	•The Project is 100% owned by Eagle Mountain Mining Ltd through its
	area.	Arizona subsidiaries Wedgetail Operations LLC (100%) and
		Wedgetail Holdings LLC (100%).
		•The Project consists of four main areas: Oracle Ridge, OREX,
		Golden Eagle and Red Hawk
		Oracle Ridge (including historical Tailings Storage Facility)
		•Oracle Ridge comprises 57 Patented Mining Claims and 45
		Unpatented Mining Claims within the Coronado National Forest
		(United States Forest Service).
		•100% of the mineral rights starting from 15.2m (50 feet) below
		surface are owned by Wedgetail Operations LLC
		•In 2009, the surface rights for the area necessary for potential mining
		access (e.g. portals), processing facilities and offices have been
		secured by an industrial property lease. Under the agreement,
		Wedgetail Operations LLC leases the surface rights to the project for
		the purpose of carrying out its exploration, potential development and
		mining. The lease has an initial term of three years and is renewable
		for nine additional extensions of three years each.
		•A separate surface access agreement is in place to allow access to
		drill sites and drill pads construction.
		•The mineral rights of Patented Claims at Oracle Ridge are likely to
		have a reversionary interest to Marble Mountain Ventures, which
		occurs on 18 February 2025, unless the Company exercises its
		Extension Option upon which the Company’s interests in the mineral
		rights are extended to 18 February 2040.
		•There is a 3% net smelter returns royalty on the future sale of any
		metals and minerals derived from the Oracle Ridge mine.
		OREX
		•The OREXareais covered by 93 UnpatentedMining Claimswithin

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Criteria	JORC Code explanation	Commentary
		the Coronado National Forest (United States Forest Service).
		•100% of the mineral rights are owned by Wedgetail Operations LLC
		•The OREX area is also partly covered by Patented Mining Claims
		controlled by Pima County. The Company has an agreement in place
		for non-ground disturbing exploration work to occur on Pima County’s
		Patented Mining Claims. The Company does not currently control the
		Mineral Rights over Pima County’s claims
		Golden Eagle
		•The Golden Eagle area is covered by 3 Patented Mining Claims and
		32 Unpatented Mining Claims within the Coronado National Forest
		(United States Forest Service).
		•100% of the mineral rights are owned by Wedgetail Operations LLC
		•The Golden Eagle area is also partly covered by Patented Mining
		Claims controlled by Pima County. The Company has an agreement
		in place for non-ground disturbing exploration work to occur on Pima
		County’s Patented Mining Claims. The Company does not currently
		control the Mineral Rights over Pima County’s claims
		Red Hawk
		•The Red Hawk area is covered by 24 Unpatented Mining Claims
		within the Coronado National Forest (United States Forest Service).
		•100% of the mineral rights are owned by Wedgetail Operations LLC
		•The land tenure is secure at the time of reporting and there are no
		known impediments to obtaining permits to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	Oracle Ridge
done by other parties		•The Oracle Ridge Mining District was discovered in 1873. In 1881, an 18 tonne per day copper smelter was erected at nearby Apache
		Camp. The ore for this smelter was supplied from the Hartman,
		Homestake, Leatherwood, Stratton, Geesman and other small mines
		in the area.
		•Phelps Dodge Copper Company (Phelps Dodge) entered the District
		in 1910 and undertook considerable development and exploration
		work.
		•Continental Copper, Inc began exploring in the District in the 1950s.
		Continental leased the property in 1968 with an option to purchase
		and undertook a large exploration and development program. This
		was the first time there was a large scale assessment of the
		mineralisation.
		•Union Miniere began a new exploration program in April 1980. In

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Criteria	JORC Code explanation	Commentary
		1984, a feasibility study for an 1,814 short ton per day operation was
		completed.
		•In October 1988, South Atlantic Ventures acquired Union Miniere's
		interest and entered into a 70-30 partnership with Continental to
		develop the mine. Minproc Engineers Inc. was contracted to
		supervise the confirmatory metallurgical test work. A detailed design
		was started in November 1989 on a column flotation plant.
		Construction of the facility commenced in April 1990 and the first ore
		was processed through the plant on March 3, 1991. The capacity of
		the mill was initially set at 771 short ton per day. The mill capacity
		was later expanded to approximately 1,000 short ton per day.
		•The mine closed in 1996. Production records show that
		approximately 1,200,000 short tons were milled since
		commencement of the operation.
		•Between 2009 and 2015 the project was owned by Oracle Ridge
		Mining, a TSX-V listed company, which drilled approximately 130
		surface and underground holes.
		Golden Eagle
		•Small scale mining occurred in the Golden Eagle area in the first half
		of the 1900s focussed on gold. The largest operation was the
		Sanderson Mine. The mine is part of the Golden Eagle mineralised
		system but is located outside the Company’s landholding. It reported
		smelter returns between 1936 and 1941 averaging 0.4 Oz/short ton
		Au (13.7 g/t Au), 0.65 Oz/ton Ag (22.3 g/t Ag) and 0.46% Cu (small
		tonnage).
		•Oracle Ridge mining conducted exploration at Golden Eagle in the
		mid-1990s. A geophysical magnetic survey was flown over the area.
		Few magnetic anomalies, postulated to be magnetite-rich skarn were
		tested by reconnaissance drilling. Results were not deemed
		sufficiently encouraging and no further drilling was conducted in the
		area.
		OREX
		•Details of historical (pre-1980s) exploration and mining activities in
		the OREX area are not known. Few small-scale workings were found
		during mapping.
		•In 1980 a Joint Venture between Gulf Minerals Corporation and W.R.
		Grace Company completed mapping of the area and drilled 7 holes.
		Results of the program were reviewed by Oracle Ridge Mining
		Partners and summarised in an internal communication in 1992.

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Criteria	JORC Code explanation	Commentary
		Red Hawk
		•No historical exploration nor mining activities are known for the Red
		Hawkarea
Geology	• Deposit type, geological setting and style of mineralisation.	•The deposit is classified as copper dominated skarn. Minerals
		representative of both prograde and retrograde skarn development
		are present, the former being represented by diopside and garnets,
		the latter by epidote, magnetite and chlorite.
		•Copper dominated mineralisation generally contain chalcopyrite and
		bornite. The deposits are most commonly associated with Andean-
		type plutons intruded in older continental-margin carbonate
		sequences. The associated intrusive rocks are commonly porphyritic
		stocks, dikes and breccia pipes of quartz diorite, granodiorite, monzo-
		granite and tonalite composition, intruding carbonate rocks,
		calcareous-volcanic or tuffaceous rocks. The deposits shapes vary
		from stratiform and tabular to vertical pipes, narrow lenses, and
		irregular zones that are controlled by intrusive contacts.
		•The copper rich skarn deposits at Oracle Ridge are found in
		conformable lens along the contact with the Leatherwood
		Granodiorite or associated with faults and shear zones which
		intersect the Leatherwood. These have acted as feeders into the
		reactive carbonate horizons. The latter can form a “Christmas Tree”
		type shape.
Drill hole	• A summary of all information material to the understanding of the	•See body of announcement including Attachment 1.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should
	_clearly explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•For WT-series drilling, exploration results are reported as weighted
aggregation	maximum and/or minimum grade truncations (eg cutting of high	averages of assays equal or above a 1% copper cut-off. Lower grade
methods	grades) and cut-off grades are usually Material and should be	intersections are reported as weighted averages of assays equal or
	stated.	above a 0.6% copper cut-off. Intersections start and end at a sample

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Criteria	JORC Code explanation	Commentary
	• Where aggregate intercepts incorporate short lengths of high grade	at or exceeding the specified cut-off.
	results and longer lengths of low grade results, the procedure used	•For GE-series drilling, exploration results are reported as weighted
	for such aggregation should be stated and some typical examples	averages of assays equal or above a 0.5g/t gold cut-off. Intersections
	of such aggregations should be shown in detail.	start and end at a sample at or exceeding the specified cut-off.
	• The assumptions used for any reporting of metal equivalent values	•No metal equivalents reported
	_should be clearly stated. _
Relationship	• These relationships are particularly important in the reporting of	•All intervals reported are down hole length. True widths are not
between	Exploration Results.	known at this stage.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole
widths and	angle is known, its nature should be reported.
intercept lengths	• If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•See body of announcement
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All exploration results obtained so far have been reported.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be	•No other meaningful and material exploration data beyond this and
substantive	reported including (but not limited to): geological observations;	previous ASX announcements by the Company
exploration data	geophysical survey results; geochemical survey results; bulk
	samples – size and method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock characteristics;
	_potential deleterious or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for lateral	•Further work will include interpretation of logging and assay results
	extensions or depth extensions or large-scale step-out drilling).	when they become available. Additional drill holes will be completed
	• Diagrams clearly highlighting the areas of possible extensions,	at Oracle Ridge in the coming weeks.
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

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