EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2021

Sep 27, 2021

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A S X A n n o u n c e m e n t | 2 8 S e p t e m b e r 2 0 2 1

500m Mineralisation Strike Potential at Western Talon Between 91.5m at 1.37% Cu in hole WT-21-31 and 28.9m at 2.34% Cu in hole WT-21-32

• Very thick mineralised interval in WT-21-31, including five high-grade zones:

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

  • 9.7m at 3.39% Cu, 29.65g/t Ag and 0.67g/t Au, and

  • 11.7m at 1.90% Cu, 15.22g/t Ag and 0.52 g/t Au, and

  • 14.8m at 1.62% Cu, 11.93g/t Ag and 0.53g/t Au, and

  • 8.7m at 2.00% Cu, 15.20g/t Ag and 0.4g/t Au, and

  • 8m at 1.9% Cu, 13.92g/t Ag and 0.85g/t Au

• Exceptional high-grade intersections in drill hole WT-21-32 (previously reported as visual observation):

• 28.9m at 2.34% Cu, 21.95g/t Ag and 0.37g/t Au, including

  • 13.2m at 3.53% Cu, 33.89g/t Ag and 0.54g/t Au. with

  • 1.4m at 9.99% Cu, 147g/t Ag, 2.83g/t Au

• WT-21-31 and WT-21-32 occur at the southern and northern end respectively of a 500 metre long corridor with highly prospective geology and limited previous drilling

• Hole WT-21-29 drilled to the east of WT-21-32 shows thinner mineralised zones than surrounding holes

• The new geological model for the Western Talon has two drill rigs testing this strong mineralisation trend

• Assays pending for 16 holes

• Capital raise - firm commitments for $16 million supports ongoing drilling with three diamond rigs

Eagle Mountain Mining CEO, Tim Mason, commented:

“What a week for the Western Talon! WT-21-32 has delivered the best assayed intersection of our resource expansion program so far. While we were assessing the significance of these strong results, hole WT-21-31 presented a very thick mineralised interval in the southernmost hole we have drilled at Oracle Ridge. The five high-grade zones within this intercept are individually significant in their own right; the fact that they occur in the same hole make for yet a further exciting result. The results from drill holes WT-21-32 and WT-21-31 justify our belief in the exploration potential of The Talon zone.

Page 1

Recent drilling has provided great insight into the geology of The Talon and suggests a potential strike length of over 500 metres. Mineralisation outside of this strike extent remains open within the magnetic geophysical anomaly which defines The Talon. We are eagerly continuing to drill this area as we are now driven by a new geological model. We are also planning additional drill pads and access roads to reach further to the south and southeast tip of The Talon.

Twelve months ago, we had just commenced drilling at Oracle Ridge with one rig on a 20 days on, 10 days off roster and a small team. Today we have three rigs drilling full time, a large and motivated team and some outstanding results to celebrate with our shareholders following our first year of drilling at Oracle Ridge.

We have recently raised $16 million via a strongly supported share placement to institutional and high net worth investors. This placement included $1 million from the Managing Director, Charles Bass which will settle subject to shareholder approval.

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 three drill holes at The Talon Zone, namely WT-21-29 and the high-grade zones from drill hole WT-21-31 and WT-21-32. These results are summarised in Table 1. Figure 1 illustrates the location of these new results.

Table 1 – Significant intersections above 1% Copper cut-off grade

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-31*	253.5	345	91.5	1.37	10.86	0.38
including	253.5	261.5	8.0	1.90	13.92	0.85
and	271.2	286.0	14.8	1.62	11.93	0.53
and	271.4	276.8	5.4	4.85	54.80	0.96
and	271.4	272.8	1.4	9.99	147.0	2.83
and	294.5	306.2	11.7	1.90	15.22	0.52
and	313.0	321.7	8.7	2.00	15.20	0.40
and	335.3	345.0	9.7	3.39	29.65	0.67
WT-21-32*	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
and	292.3	299.5	7.2	2.04	15.71	0.29
WT-21-29	211.4	213.4	2.0	1.49	11.50	0.39
	244.5	247.5	3.0	1.12	9.43	0.45
	267.0	268.1	1.1	1.92	21.30	0.20
	292.5	303.0	10.5	1.20	13.16	0.23
including	300.5	303.0	2.5	2.40	28.12	0.52

*Assays for part of the hole are still outstanding

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Figure 1 – Plan view of The Talon zone showing reported results, recent and historic drill hole locations and Eastern and Western Talon targets. Insets show location outline of detailed maps presented in Figure 3 and Figure 5. Due to the geometry of the drilling completed (ie - fan drilling from a limited number of pads), the circles represent the approximate pierce point of each hole through the Leatherwood-Sediments contact.

WT-21-31

An very thick mineralised zone was intersected in WT-21-31 from 253.5 metres to 345 metres for a total downhole length of 91.5 metres. This interval contains five high-grade zones (Figure 2) varying in thickness between approximately 5 and 15 metres and displays strong magnetite and copper sulphides. These high-grade intercepts are separated by weakly to moderately altered and mineralised sediments. Results include:

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

• 9.7m at 3.39% Cu, 29.65g/t Ag and 0.67g/t Au, and

• 11.7m at 1.90% Cu, 15.22g/t Ag and 0.52 g/t Au, and

• 14.8m at 1.62% Cu, 11.93g/t Ag and 0.53g/t Au, and

• 8.7m at 2.00% Cu, 15.20g/t Ag and 0.4g/t Au, and

• 8.0m at 1.90% Cu, 13.92g/t Ag and 0.85g/t Au

The 91.5 metre zone is significantly thicker than any mineralisation encountered in nearby holes. The only area of the mine where similar thicknesses and grade are found is to the north where recent reported results include 110.1m at 1.06% Cu, 9.64g/t Ag and 0.16g/t Au (WT-21-24) and 96.1m at 0.98% Cu, 7.84g/t Ag and 0.15g/t Au (WT-21-18; see ASX announcement 15 September 2021). The results from WT-21-31 are highly encouraging and indicate that substantial thicknesses of mineralisation could occur also in The Talon area.

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Further assays for the upper part and the lower part of WT-21-31 (above and below the high-grade zone) remain outstanding.

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Weakly Mineralised Sediments
Leatherwood
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Figure 2 – 9.7m of strongly mineralised skarn in drill hole WT-21-31 (335.3 to 345m, red arrows). This interval returned 3.39% Cu, 29.65g/t Ag and 0.67g/t Au. Note colour contrast between dark grey-blue, magnetite-rich mineralisation, white unmineralized sediments (top left) and Leatherwood intrusive (bottom right). The section between 345m and the Leatherwood contact returned moderate mineralisation between 0.5 and 1% Cu. This is the lowermost of the five high-grade zones encountered in WT-21-31.

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Figure 3 – Plan view of Western Talon zone near WT-21-31 with recently completed drill holes, received assays and historical results. Due to the geometry of the drilling completed (fan drilling from a limited number of pads), the circles represent the approximate pierce point of each hole through the Leatherwood-Sediments contact. (For historic exploration results refer to ASX announcement 25 May 2020)

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Figure 4 – North-south section through drill hole WT-21-31 showing location of 91.5m intersection and highgrade zones therein. See Figure 3 for section location. (For historic exploration results refer to ASX announcement 25 May 2020)

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WT-21-32

WT-21-32 was drilled in the Western Talon (Figure 1, Figure 5, Figure 6) area and encountered a 28.9 metre zone of moderate to strong copper mineralisation (see ASX announcement 23 September 2021). Assays have now been received for this interval, confirming its very high-grade nature. The best results include:

• 28.9m at 2.34% Cu, 21.95g/t Ag, 0.37g/t Au from 270.6m, across two zones:

• Upper zone:

• 13.2m at 3.53% Cu, 33.89g/t Ag, 0.54g/t Au from 270.6m, including

• 5.4m at 4.85% Cu, 54.80g/t Ag, 0.96g/t Au from 271.4m, including

• 1.4m at 9.99% Cu, 147g/t Ag, 2.83g/t Au from 271.4m

• Lower zone:

• 7.2m at 2.04% Cu, 15.71g/t Ag, 0.29 g/t Au from 292.3m

These results are some of the best ever at Oracle Ridge. The upper zone is characterised by abundant disseminated to semi-massive bornite and chalcopyrite (copper minerals) while the lower zone contains the same minerals hosted in bands. The two intersections are separated by a lower grade zone of 8.5m at 0.76% Cu, 8.68g/t Ag and 0.16g/t Au. Further details about the geological interpretation of this zone are provided in the latter part of the announcement.

Assays for the some of the upper and lower parts of WT-21-32 are still awaited.

WT-21-29

WT-21-29 was drilled approximately 35 metres to the east of WT-21-32 (see Figures 5 and 6). The hole intersected multiple narrow zones of greater than 1% copper mineralisation with the best intervals being:

• 3.0m at 1.12% Cu, 9.43g/t Ag and 0.45 g Au from 244.5m

• 10.5m at 1.20% Cu, 13.16g/t Ag and 0.23g/t Au from 292.5m

This second intersection occurs at the Leatherwood-Sediment contact and is interpreted to be the continuation of the high-grade mineralisation in the lower part of WT-21-32. The lower grade and less extensive mineralised zones in WT-21-29 may be explained by the local geology. Stratigraphy in the area dips steeply to the east, as confirmed by structural observations in the core. This geometry causes the most favourable sediments for hosting skarn alteration and mineralisation to be intersected only at the very bottom of WT-21-29, just before the Leatherwood intrusive truncates them.

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Figure 5 – Plan view of Western Talon zone near WT-21-32 and WT-21-29 with recently completed drill holes, received assays and historical results. Due to the geometry of the drilling completed (fan drilling from a limited number of pads) the circles represent the approximate pierce point of each hole through the Leatherwood-Sediments contact. (For historic exploration results refer ASX announcement 25 May 2020)

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Figure 6 – East-west section through drill holes WT-21-32 & 29. See Figure 5 for section location.

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New geological model at The Talon

New information gathered through drilling has significantly improved the understanding of the geology and mineralisation of The Talon target. The technical team has developed a new geological model that is currently being used to guide drill targeting in the area (Figure 7). The geological model is based on a limited number of holes, especially for the Western Talon area, and it is likely that additional information will result in changes and improvements to the current interpretation.

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Figure 7 – Conceptual geological and mineralisation model of The Talon target. See Figure 1 for hypothetical location of the section

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Structural setting

There are two major faults at The Talon: the Talon Fault and the Wave Fault (Figure 7).

• the Talon Fault is an interpreted north-south striking feature, possibly curving to the south-east at the southern end of The Talon, which separates the Eastern and Western Talon zones. The structure is interpreted to be sub-vertical and offsets the geology with rocks to the east of the Fault being downthrown. The nature of the fault zone itself is still poorly understood because of the few drill holes that have crossed it. Interestingly there are indications that the Talon Fault could be a conduit for mineralising fluids with sediments adjacent to the structure being potentially mineralised. Due to the poor rock condition expected along The Talon Fault, drilling of this structure is currently considered lower priority.

• The Wave Fault is an interpreted structure in the Western Talon area. It dips moderately to the west and is intimately related to a Leatherwood phase named the Leatherwood Q Sill. The structures may also provide the weakness zone exploited by the intrusive.

The Talon Fault and the Wave Fault bound to the east and west a geological block with a different dip to the overall local stratigraphy. Within this block the stratigraphy dips steeply to the east while to the east of the Talon Fault and to the west of the Wave Fault the overall dip is gently to the east (Figure 7).

Stratigraphy

The Talon is characterised by the Leatherwood granodiorite, of Laramide-age, which has intruded a sequence of older sediments including three key formations hosting mineralisation at Oracle Ridge: Escabrosa Limestone, Martin Formation and Abrigo Formation. The Western Talon is characterised by more abundant Martin and Abrigo formations bounded to the east by the Talon Fault and to the west by an apophysis of the Leatherwood intrusive named the Leatherwood Q Sill, of the Wave (see below). The Eastern Talon shows more abundant Escabrosa limestone without significant intrusives of Laramide age above the Leatherwood-Sediments contact.

The Wave

The Wave is a phase of Leatherwood granodiorite intruding along the Wave Fault with frequent interfingering with the sediments; it is locally named the Leatherwood Q Sill. The overall geometry of this feature resembles that of a breaking wave. The Wave is a characteristic feature of the Western Talon area with important implications for its mineralisation potential.

Alteration and Mineralisation

Most of the substantial alteration and mineralisation throughout the Oracle Ridge mine is associated with the Leatherwood-Sediments contact and the presence of the above mentioned key formations.

At the Western Talon, the geometry of the Wave results in an increase in the surface area of the Leatherwood-Sediments contact. This, coupled with the abundance of Martin and Abrigo formations, create favourable conditions for substantial mineralisation to occur. Multiple stacked lodes are found between the Talon Fault and the Wave with further concentration of skarn alteration and copper-rich mineralisation adjacent to the Wave itself (Figure 7). It is the current interpretation that both hole WT21-31 and WT-21-32 (some assays still pending) have intersected this highly mineralised volume near the Wave. The upper fringes of the Wave, interfingering with the sediments, also provide for favourable skarn alteration and copper mineralisation to occur. The corridor between the Wave and the Talon Fault is estimated to be approximately 500 metres long and is only very sparsely drilled (Figure 1). This area represents a high-priority target for exploration.

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At the Eastern Talon, the best mineralisation occurs at the Leatherwood-Sediments contact with mineralised units also occurring as pendants within the sediments above the contact (Figure 7).

Drill hole WT-21-06 intersected significant breccia-veins with abundant copper sulphides within the Leatherwood. These are currently interpreted as possible feeder structures to the overlying copper mineralisation or later stage cooling events remobilising copper into the Leatherwood from the overlying sediments. Drill holes designed to intersect these features at depth have not yet found significant lateral or depth extensions to these mineralised structures.

Next steps

Drilling is ongoing at The Talon with two rigs currently testing extensions to mineralisation in WT-21-31 and WT-21-32. The near-term schedule has been modified to test the new geological model with a specific focus on the Western Talon.

The third rig is still busy at Golden Eagle, a gold target located approximately two kilometres to the east of the Oracle Ridge mine portals, currently drilling the eleventh hole in this exciting new area. Two further holes are planned at Golden Eagle before the rig is due to recommence Resource Upgrade drilling at the mine area. Further drilling at Golden Eagle will be planned following receipt of assay results and a thorough interpretation of the new drilling data.

Assays are still outstanding for 16 holes and will be reported in due course.

Corporate

Eagle Mountain Mining recently announced that it has received firm commitments for $16 million through the issue of 24,615,385 fully paid ordinary shares to institutional investors via a placement priced at $0.65 per share.

The Company would like to thank and acknowledge the strong support of its existing shareholders and welcome a number of new international and domestic institutions to its share register.

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

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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.

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/

Twitter https://twitter.com/eagle_mining

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-21-15	524360	3592480	2195	78	270	374.6
WT-21-16	524359	3592480	2195	70	270	346.9
WT-21-17	524359	3592480	2195	63	270	337.7
WT-21-18	523958	3593086	2096	57	346	159.7
WT-21-19	524360	3592481	2195	68	319	368.2
WT-21-20	523960	3593086	2096	63	008	178.9
WT-21-21	524372	3592481	2195	71	294	362.1
WT-21-22	524436	3592408	2151	79	099	487.7
WT-21-23	524437	3592407	2150	77	123	336.7
WT-21-24	523958	3593086	2094	63	029	138.4
WT-21-25	524436	3592408	2151	67	228	370.6
WT-21-26	524024	3593218	2094	62	279	242.3
WT-21-27	524560	3592300	2108	75	003	345.9
WT-21-28	524024	3593218	2094	70	279	176.2
WT-21-29	524372	3592479	2189	73	235	373.4
WT-21-30	524560	3592300	2108	85	000	312.42
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	In progress
WT-21-40	524369	3592480	2194	61	205	In progress
WT-GE-01	527468	3593409	1497	65	035	261.5
WT-GE-02	527468	3593409	1497	60	002	249.9
WT-GE-03	527468	3593409	1497	76	002	295.7
WT-GE-04	527468	3593409	1497	64	065	253.3
WT-GE-05	527468	3593408	1497	50	260	309.4
WT-GE-06	528007	3593650	1485	80	180	487.7
WT-GE-07	526940	3593290	1559	60	45	639.2
WT-GE-08	526940	3593290	1559	83	45	526.1
WT-GE-09	526939	3593291	1559	50	340	624.8
WT-GE-10	526822	3593288	1562	45	190	449.6
WT-GE-11	526577	3593249	1591	47	0	In progress

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Summary table of significant diamond drill hole intersections at Oracle Ridge during 2021

Note - All reported intervals are downhole widths.

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-15	231.0	241.5	10.6	2.10	16.92	0.58
	275.4	282.0	6.6	1.29	8.54	0.10
	303.5	311.0	7.5	1.62	17.09	0.36
within	297.7	318.9	21.2	1.33	12.53	0.22
WT-21-16	208.9	211.0	2.1	1.11	8.06	0.46
	237.0	240.5	3.5	1.52	9.66	0.50
	256.0	263.0	7.0	1.16	10.21	0.15
	299.0	303.9	4.9	1.98	24.42	0.43
within	290.0	303.9	13.9	1.01	11.14	0.26
WT-21-17		No significant		intersections
WT-21-18	41.6	137.7	96.1	0.98	7.84	0.15
including	41.6	49.1	7.5	1.51	11.29	0.25
and	50.9	60.3	9.4	2.58	18.39	0.46
within	41.6	60.3	18.7	1.95	13.78	0.33
and including	66.9	73.0	6.1	1.10	11.42	0.31
and	94.5	96.6	2.1	1.91	15.55	0.33
and	111.9	115.9	4.0	2.03	19.43	0.30
and	128.7	137.7	9.0	2.23	11.27	0.11
WT-21-19	262.7	264.7	1.9	1.59	13.00	0.51
	308.0	321.6	13.3	0.73	5.18	0.07
including	319.8	321.3	1.4	1.02	3.40	0.04
WT-21-20	25.5	27.6	2.1	1.15	10.25	0.17
	44.0	150.0	106.0	1.15	11.73	0.16
including	44.0	47.5	3.5	1.83	16.33	0.23
and	51.3	53.0	1.7	1.06	9.14	0.20
and	54.7	61.5	6.8	2.60	22.24	0.43
within	44.0	61.5	17.5	1.80	15.38	0.27
and including	88.9	94.1	5.2	1.85	16.34	0.23
and	100.0	108.5	8.5	1.21	12.45	0.21
and	116.3	128.0	11.7	2.06	27.88	0.26
and	138.2	150.0	11.8	2.30	23.71	0.34
WT-21-21	223.3	242.8	19.55	0.60	5.19	0.2
including	223.3	224.3	1.0	1.14	8.64	0.20
and	233.6	236.1	2.5	2.36	19.20	0.75
and	241.9	242.8	0.9	1.16	13.00	0.26
	269.8	271.2	1.3	1.38	13.20	0.34
	272.5	273.0	0.5	1.48	13.20	0.34
	282.1	283.7	1.6	1.47	15.20	0.11
	291.0	292.9	1.9	1.01	3.80	0.03
	303.3	304.2	1.0	1.60	13.35	0.17
WT-21-22	208.4	220.6	14.4	1.15	10.56	0.19
including	208.4	211.8	3.4	3.14	29.05	0.28
including	208.4	209.0	0.6	12.25	118.00	0.04
	240.0	242.0	2.0	2.50	14.80	0.16
	294.9	297.0	2.1	4.30	38.20	0.29

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Hole ID	From	To	Width	Cu	Ag	Au
	307.1	309.0	1.9	1.12	9.33	0.27
within	294.9	309.0	14.1	1.14	9.69	0.23
within	294.9	320.4	25.5	0.89	7.91	0.18
WT-21-23	193.4	202.3	8.6	1.02	8.09	0.15
including	193.4	194.2	0.8	2.35	20.30	0.31
	209.5	211.4	1.9	2.36	12.30	0.05
	257.3	257.6	0.4	1.09	11.25	0.14
	289.5	290.1	0.6	2.32	21.40	0.51
	303.6	316.6	13.0	1.68	13.84	0.35
WT-21-24	28.3	138.4	110.1	1.06	9.64	0.16
including	28.3	32.1	3.8	1.60	16.11	0.23
and	44.8	45.8	1.0	2.81	41.90	0.39
and	53.0	71.4	18.4	3.12	27.83	0.51
and	74.7	78.8	4.1	1.44	11.98	0.12
and	86.5	103.5	17.0	1.17	7.70	0.16
within	50.5	53.0	103.5	1.73	16.63	0.29
and including	118.0	121.4	3.4	1.86	18.38	0.30
and	129.8	130.8	1.0	1.00	18.40	0.17
and	137.5	138.4	0.9	3.63	65.70	0.53
WT-21-25	174.1	187.9	13.8	1.54	13.22	0.28
	219.5	221.0	1.5	1.32	9.19	0.46
	225.0	228.7	3.7	3.13	25.38	0.75
	239.5	246.9	7.4	1.92	19.18	0.44
	266.4	275.5	9.1	2.39	22.47	0.22
including	266.4	268.0	1.6	6.80	67.30	0.40
WT-21-26	47.3	158.8	111.5	1.00	13.25	0.13
including	90.9	91.4	0.5	2.23	15.55	0.16
and	111.5	115.5	4.0	2.23	21.01	0.28
and	127.0	131.3	4.3	1.13	8.65	0.07
and	133.3	133.6	0.3	3.82	72.90	0.60
and	144.2	148.5	4.3	2.22	42.06	0.38
and	151.5	158.8	7.3	2.13	31.84	0.35
WT-21-27	179.5	183.0	3.5	2.24	14.23	0.36
within	179.5	187.0	7.5	1.40	8.89	0.20
	197.7	198.0	0.3	2.52	27.90	0.09
	235.3	236.8	1.5	1.84	13.08	0.29
	239.0	240.2	1.2	3.40	28.91	0.45
	243.1	247.7	4.6	2.00	18.17	0.56
within	239	247.7	8.7	1.68	15	0.38
and within	235.3	247.7	12.4	1.44	12.41	0.45
	254.9	255.6	0.7	2.36	34.80	0.61
WT-21-28	111.0	161.8	50.8	0.64	7.49	0.06
including	112.3	114.1	1.8	1.66	15.76	0.19
and	117.0	118.0	1.0	1.85	16.05	0.19
and	121.2	121.7	0.5	1.12	8.32	0.12
and	132.4	133.5	1.1	1.21	12.05	0.08
and	147.1	150.6	3.5	2.69	39.76	0.22
and	157.7	161.8	4.1	1.02	10.20	0.06
WT-21-29	211.4	213.4	2.0	1.49	11.50	0.39

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Hole ID	From	To	Width	Cu	Ag	Au
WT-21-29	225.5	227.2	1.7	1.15	9.76	0.19
	244.5	247.5	3.0	1.12	9.43	0.45
	252.0	253.9	1.9	1.09	6.43	0.16
	267.0	268.1	1.1	1.92	21.30	0.20
	292.5	303.0	10.5	1.20	13.16	0.23
including	300.5	303.0	2.5	2.40	28.12	0.52
WT-21-30	167.7	170.8	3.1	1.25	10.80	0.25
	222.7	224.2	1.5	1.67	14.40	0.61
WT-21-31*	253.5	345	91.5	1.37	10.86	0.38
including	253.5	261.5	8.0	1.90	13.92	0.85
and	271.2	286.0	14.8	1.62	11.93	0.53
and	294.5	306.2	11.7	1.90	15.22	0.52
and	313.0	321.7	8.7	2.00	15.20	0.40
and	335.3	345.0	9.7	3.39	29.65	0.67
WT-21-32*	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	Assayspending
WT-21-34	Assayspending
WT-21-35	Assayspending
WT-21-36	Assayspending
WT-21-37	Assayspending
WT-21-38	Assayspending
WT-21-39	Hole inprogress
WT-21-40	Hole inprogress
WT-GE-01	Assayspending
WT-GE-02	Assayspending
WT-GE-03	Assayspending
WT-GE-04	Assayspending
WT-GE-05	Assayspending
WT-GE-06	Assayspending
WT-GE-07	Assayspending
WT-GE-08	Assayspending
WT-GE-09	Assayspending
WT-GE-10	Assayspending
WT-GE-11	Hole inprogress

*Assays for part of the hole are still outstanding

Page 17

Attachment 2

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

==> picture [202 x 59] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Diamond drilling. Nominal sampling interval of 3m adjusted as
techniques	specific specialised industry standard measurement tools appropriate	required for local geological conditions. Core was sawn and half-core
	to the minerals under investigation, such as down hole gamma	was crushed, pulverised and split to produce a representative sample
	sondes, or handheld XRF instruments, etc). These examples should	for assaying.
	not be taken as limiting the broad meaning of sampling.	•Samples returning weighted average Cu ≥ 1% are reported in the
	• Include reference to measures taken to ensure sample representivity	announcement
	and the appropriate calibration of any measurement tools or systems	•Wider intercepts are reported using a 0.6% Cu cut-off
	used.	•Visual results presented are based on geological observations and
	• Aspects of the determination of mineralisation that are Material to the	consider the copper content of different sulphide species at a 0.6%
	Public Report.	nominal cut-off
	• In cases where ‘industry standard’ work has been done this would be	•One sample within the large 91.5m zone in drill hole WT-21-31 was
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	still being analysed due to a handling mistake at the laboratory. This
	m samples from which 3 kg was pulverised to produce a 30 g charge	interval is 0.3m long and is treated as 0 value for the purposes of
	for fire assay’). In other cases more explanation may be required,	calculating the weighted averages reported.
	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	•Diamond drilling completed by Boart Longyear using an LF-90 drill
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	rig.
	or standard tube, depth of diamond tails, face-sampling bit or other	•Core is HQ3 size.
	type, whether core is oriented and if so, by what method, etc).	•Downhole deviation surveys are performed approximately every
		30.5m (100 feet)
		•The core is oriented with a Boart Longyear TruecoreTMsystem to
		allow measurement of structural information.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Core recoveries are recorded by the drillers at the rig and verified by
recovery	and results assessed.	Company’s personnel during core logging
	• Measures taken to maximise sample recovery and ensure	•To maximise sample recovery and core quality drilling is performed
	representative nature of the samples.	with a “triple tube” set up where two splits are inserted in the barrel to
	• Whether a relationship exists between sample recovery and grade	minimize core displacement and core loss.
	and whether sample bias may have occurred due to preferential	•No relationship has been determined between sample recoveries and
	loss/gain of fine/coarse material.	grade.
Logging	• Whether core and chip samples have been geologically and	•A quick log is completed on site and detailed logging is performed at
	geotechnically logged to a level of detail to support appropriate	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 at their Tucson facility. Half
techniques	taken.	of the core is bagged and sent for assaying while the other half is left
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	in the core box for future reference.
preparation	whether sampled wet or dry.	•ALS Minerals conducted all preparation work: samples were weighed,
	• For all sample types, the nature, quality and appropriateness of the	dried, crushed and crushed to better than 70% passing 2mm; sample
	sample preparation technique.	was split with a riffle splitter and a split of up to 250g pulverised to
	• Quality control procedures adopted for all sub-sampling stages to	better than 85% passing 75µm.
	maximise representivity of samples.	•Duplicates are used to assess the sampling representativeness.
	• Measures taken to ensure that the sampling is representative of the in	When duplicates are collected the core is quartered: one quarter is
	situ material collected, including for instance results for field	sent to the laboratory as the primary sample, the other quarter is sent
	duplicate/second-half sampling.	to the laboratory as the duplicate and the remaining half of the core is
	• Whether sample sizes are appropriate to the grain size of the material	left in the box for future reference
	being sampled.	•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	•Certified Reference Material (CRM), blanks and duplicates were
	derivation, etc.	inserted/collected at a ratio of 1:10 with a minimum of 1 CRM per
	• Nature of quality control procedures adopted (eg standards, blanks,	assays batch. CRMs are inserted at intervals never exceeding 20
	duplicates, external laboratory checks) and whether acceptable levels	samples. Acceptable levels of accuracy and precision have been
	of accuracy (ie lack of bias) and precision have been established.	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
		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

Page 19

Criteria	JORC Code explanation	Commentary
		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
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

Page 20

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

Page 21

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

Page 22

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 ton were milled since commencement
		of 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 scall 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.

Page 23

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,	•Exploration results are reported as weighted averages of assays
aggregation	maximum and/or minimum grade truncations (eg cutting of high	equal or above a 1% copper cut-off. Lower grade intersections are
methods	grades) and cut-off grades are usually Material and should be	reported as weighted averages of assays equal or above a 0.6%
	stated.	copper cut-off. Intersections start and end at a sample at or

Page 24

Criteria	JORC Code explanation	Commentary
	• Where aggregate intercepts incorporate short lengths of high grade	exceeding the specified cut-off.
	results and longer lengths of low grade results, the procedure used	•No metal equivalents reported
	for such aggregation should be stated and some typical examples
	of such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	_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.

Page 25