EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2021

May 23, 2021

A S X A n n o u n c e m e n t | 2 4 M a y 2 0 2 1

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Visual Copper Mineralisation in Recent Drilling at ‘The Talon’

• Enhanced prospectivity at the southern area of Oracle Ridge (‘The Talon’ zone) following review by world-class skarn expert

• Recent drilling at northern end of The Talon returned:

• 20 metres of bornite, chalcocite and chalcopyrite rich mineralisation over two zones in hole WT-21-15 with assays pending

• 6 metres of bornite and chalcopyrite rich mineralisation in hole WT-21-12 with assays pending

• Further prospectivity towards the south and west of the currently drilled area based on results from three recently completed holes

• Increased gold values in drilling at northern end of Talon:

• 4.84 g/t Au, 127 g/t Ag and 2.85% Cu over 2.1m in WT-21-09

• 1.98 g/t Au, 66.74 g/t Ag and 5.20% Cu over 8.7m in reported WT-21-06

• 0.94 g/t Au, 52.6 g/t Ag and 2.43% Cu over 13.3m in reported WT-20-10

• Drilling continuing at The Talon from recently established drill pads providing better drill platforms to:

• Expand the existing resource

• Explore for “feeder” structures for copper mineralisation

• Vector towards the possible source of copper-rich hydrothermal fluids

Eagle Mountain Mining CEO, Tim Mason, commented:

“Following the recent positive report by Dr Larry Meinert, the prospectivity of the southern zone, renamed ‘The Talon’ zone is enhanced and is a key priority for our future drilling. The latest set of drill results indicates there is increasing prospectivity to the south and west of our recent drilling. This conclusion aligns with Dr Meinert’s findings and presents an exciting opportunity for future exploration and drilling activities.

We are seeing good gold and silver values along with copper in several of the holes drilled in the northern and western side of The Talon zone.

Over the last few months, we have established roads and four initial drill pads in The Talon zone with more proposed. Drilling has now commenced on the first of these new pads.

Pleasingly, two step-out holes on the western and southern extent of The Talon has intersected bornite and chalcocite rich mineralisation, both of which have very high copper content minerals of 63.3% and 79.8% Cu, respectively.

Geological work at The Talon not only aims to expand our mineral resources, but will focus on delineating possible feeder zones which could connect to a deeper mineralised system. If a feeder system can be defined this will enable targeting of prospective mineralised zones below the Leatherwood intrusive.”

Page 1 of 17

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

Strong visual observations from two drill holes, WT-21-12 and WT-21-15, along with assay results from drill holes WT-21-05, WT-21-07, WT-21-8, WT-21-09 and WT-21-10 have been received and are reported in this announcement. In addition, two drill holes WT-21-13 and WT-21-14 were aborted following drilling difficulties. Assay results for WT-21-11, WT-12-12 and WT-21-15 are pending.

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Figure 1 –Plan view of ‘The Talon’ showing location of 1) new assay results, 2) selected previous drill intercepts, 3) location of visual mineralisation in drill holes WT-21-12 and WT-21-15 and 4) previous drilling results by others.

Recent work by Larry Meinert, a world-renowned skarn expert, aided by the Company’s technical team, has identified the southern geophysical anomaly at Oracle Ridge (now known as ‘The Talon’ zone) as an area of potential upwelling of copper-rich mineralisation[1] . This observation enhances the prospectivity of this area in two ways:

1. Proximity to a mineralisation hotspot suggests that more copper may be present in the sediments overlying the Leatherwood intrusive and at the Leatherwood-sediments contact.

2. Pathways exploited by the copper-rich fluids could represent copper rich “feeder zones” that can be targeted by drilling. The very high-grade vein-breccia intersected in the previously reported drill hole WT-20-10 could represent one such feeder zone (1.5m at 11.5% Cu, 273 g/t Ag and 5.41 g/t Au). Depth extensions to the feeder zones could vector exploration towards potential deep-seated mineralisation.

1 See ASX announcement 19 May 2021

Page 2 of 17

To date, drilling of The Talon zone has focused on the north-eastern side of the magnetic high anomaly. This has been due to limited access with the steep terrain. Following positive drilling results in this area, the Company has established separate access roads and four initial drilling pads to enable expanded coverage of drilling of the magnetic high geophysical anomaly. Additional pads and roads are being constructed to enable further expansion of the target area.

Selected assay results from previously reported drill holes at The Talon include[2] :

• 12.7m at 3.96% Cu, 49.1g/t Ag and 1.4g/t Au from 363.1m (WT-21-06), including; o 34.4% Cu, 367g/t Ag and 26.2g/t Au over 0.4m

• 13.3m at 2.43% Cu, 52.6g/t Ag and 0.94g/t Au from 348.7m (WT-20-10) including o 1.5m at 11.55% Cu, 273 g/t Ag and 5.41 g/t Au from 348.7 m (WT-20-10)

• 1.3m at 9.14% Cu, 52.5g/t Ag and 0.69g/t Au from 275.2m (WT-20-11)

• 39m at 1.17% Cu, 10.26g/t Ag and 0.23g/t Au from 210.0m (WT-20-06) including: o 2.95m at 6.67% Cu, 63.5g/t Ag and 0.87g/t Au

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Figure 2 – Plan view of The Talon showing 1) areas of increasing prospectivity and 2) location of visual mineralisation in drill holes WT-21-12 and WT-21-15.

Visual Mineralisation Observed in Step-out Drilling at The Talon

The drill rig worked on the eastern side of Marble Mountain until the end of April with drill holes WT-2111 and WT-21-12 completed. The latter drill hole tested the Leatherwood intrusive contact approximately 50 metres to the south of WT-20-10 (13.3m at 2.43%, 52.96/t Ag and 0.94g/t Au from 348.7m).

2 see ASX Announcement 29 April 2021

Page 3 of 17

A 30 metre zone of moderate to intense skarn alteration was encountered straddling the Leatherwoodsediments contact with strong copper mineralisation observed over approximately 6 metres. The core has been sent to the laboratory and assay results are pending.

This 30 metre alteration zone in WT-21-12 is one of the thickest encountered at Oracle Ridge in Eagle Mountain’s drilling and bodes well for potential extensions to this zone to the west, south and east.

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Figure 3 – Chalcopyrite and Bornite Mineralisation in WT-21-12 (315.3m downhole)

Drill hole WT-21-15 targeted the western extent of The Talon and was recently completed (see Figure 2). Preliminary observations identified two mineralised zones: an upper zone with visible bornite and chalcopyrite (rich copper sulphide minerals[3] ) over 8 metres and a lower zone with bornite and chalcocite (copper sulphides) over 12 metres (Figure 4). The presence of two broad intervals with copper sulphides is highly encouraging suggesting that stacked lodes may be present in this area. The core has been logged and sent to the laboratory for assay.

3Bornite and chalcocite in pure form have copper contents of 63.3% and 79.8% respectively

Page 4 of 17

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Figure 4 – Chalcopyrite Mineralisation WT-21-15 (310.2m downhole)

Assay Results Received at The Talon

Recent assay results have been received for three drill holes located towards the northern extent of The Talon. The combination of the assays received combined with work undertaken by Dr Meinert indicates that there is increasing prospectivity for further mineralisation towards the south and west of this initial drilling area. A summary of recently received assay results are included in Table 1 below.

Table 1 – Summary of significant intersections at a 1% Cu cut-off at The Talon

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-07	293.0	293.5	0.4	1.27	3.85	0.01
	320.4	321.2	0.9	2.02	16.35	0.65
WT-21-08	295.8	296.5	0.7	2.15	22.60	0.39
WT-21-09	180.2	182.8	2.6	1.02	8.94	0.23
	198.7	202.0	3.3	3.71	25.26	0.47
	277.0	278.6	1.6	1.53	14.55	0.28
	288.0	290.1	2.1	2.85	127.00	4.84

WT-21-07

WT-21-07 was drilled to close-off mineralisation constrained by a prominent geophysical anomaly in the southern part of the mine area. Two zones of thin, yet good grade mineralisation were encountered away from the Leatherwood contact (see Figures 1 and 5):

• 0.4m at 1.27% Cu, 3.85g/t Ag and 0.01g/t Au and

• 0.9m at 2.02% Cu, 16.35g/t Ag and 0.65g/t Au.

These results are very encouraging in that mineralisation is still present approximately 100 metres to the north east of drill hole WT-21-06 (12.7m at 3.96% Cu, 49.11g/t Ag and 1.38g/t Au)[4] despite being on the edge of the magnetic geophysical anomaly. Infill drilling between WT-21-06 and WT-21-07 is being planned from the recently completed drill pads (10-4 and 10-5). The new drill collar location will allow testing of this area with a steeper and more efficient drilling angle.

4 See ASX Announcement dated 31 March 2021

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WT-21-08 and WT-21-09

These holes were drilled to test the northern extensions to the mineralised areas identified in recent holes (such as WT-20-05, WT-20-06, WT-20-10 and WT-21-06) and to verify historical results.

WT-21-08 yielded an intersection of 0.7m at 2.15% Cu, 22.60g/t Ag and 0.39g/t Au (Figure 2).

WT-21-09 successfully confirmed and improved on historical results in drill hole C-128 with four separate intercepts above a cut-off grade of 1% Cu (Figure 2). The two best intercepts were 2.85% Cu, 127g/t Au and 4.84g/t Au over 2.1m from 288.0m within the Leatherwood intrusive and 3.71% Cu, 25.26g/t Ag and 0.47g/t Au over 3.3m from 198.7m within skarns sediments.

Intersections remain poorly constrained to the north.

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Figure 5 – Section A-A’. See Figure 1 for section location. Assay results reported in the current announcement are highlighted in red.

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Figure 6 – Section B-B’. See Figure 1 for section location.

Planned Drilling at The Talon

It is planned to continue drilling in the southern area of The Talon over the coming months. Drilling since September 2020 has focussed on the north eastern part of the anomaly primarily due to access constraints. Now that roads and pads have been established, drilling has commenced to test The Talon’s western and southern zones.

Page 7 of 17

Other Results Received

WT-21-05

WT-21-05 was drilled at the northern end of the mine area. The hole targeted the extension to mineralisation in WT-21-04 (14m at 2.1% Cu, 22.62g/t Ag and 0.05g/t Au)[5] . The drill hole encountered a fault zone which return assays below the cut-off limit of 0.6% Cu. The area around WT-21-05 remains prospective away from the fault as evidenced by holes WT-21-04 and WT-21-03, the latter returning 12m at 3.47% Cu, 50.22g/t Ag and 0.02g/t Au from 73.7m[6] . Follow up drilling is planned to occur in the coming months when additional rigs are mobilised to site.

WT-21-10

WT-21-10 was drilled in the central part of the mine area testing the western extension of mineralisation in underground drill hole OUH-059 at the Leatherwood intrusive contact. The hole intersected a wide skarn zone which included 22 metres of chalcopyrite mineralisation, however assays indicated that the average grade was below the cut-off grade of 0.6% Cu.

WT-21-13 and WT-21-14

WT-21-13 was drilled from Pad 10-3, a new drill site with access from the western side of Marble Peak. This hole targeted the western extension of the mineralised zone in WT-21-12. WT-21-13 ran into drilling difficulties, possibly associated with a previously unrecognised structural zone, and was abandoned at a shallow depth. A subsequent hole WT-21-14 was drilled to target the same area, however it too encountered the same difficulty and was abandoned. Further drill holes testing extensions to the mineralisation in WT-21-12 are being planned from drill pads 10-4 and 10-5.

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

5 See ASX announcement 31 March 2021

• 6 See ASX announcement 25 February 2021

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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 2021 drill holes at Oracle Ridge

Hole ID	Easting	Northing	Elevation	Dip	Azimuth	Depth
	[m]	[m]	[m]	[◦]	[◦]	[m]
WT-20-16	524437	3593062	2102	55	248	339.4
WT-21-01	524437	3593062	2102	60	252	364.0
WT-21-02	524437	3593062	2102	60	207	364.1
WT-21-03	524153	3593525	2020	73	100	211.5
WT-21-04	524153	3593525	2020	50	182	351.1
WT-21-05	524153	3593525	2020	60	182	265.5
WT-21-06	524574	3592664	2090	47	187	468.2
WT-21-07	524574	3592664	2090	50	170	357.2
WT-21-08	524507	3592571	2096	60	190	454.8
WT-21-09	524507	3592571	2096	55	213	334.7
WT-21-10	524429	3593066	2115	60	221	353.0
WT-21-11	524429	3593066	2115	70	240	331.6
WT-21-12	524519	3592579	2099	50	173	428.4
WT-21-13	524369	3592477	2195	65	132	Abandoned
WT-21-14	524368	3592476	2195	65	132	Abandoned
WT-21-15	524360	3592480	2195	78	270	374.6

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

Note - All reported intervals are downhole widths. True widths are not known nor being reported at this stage.

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-20-16	206.5	219.2	12.7	1.41	17.72	0.22
Including	215.5	217.3	1.8	3.24	32.8	0.53
	278.6	295.7	17.0	1.48	19.23	0.23
Including	279.4	283.0	3.6	2.59	32.37	0.25
WT-21-01	199.1	204.4	5.3	2.86	30.92	0.1
	209.4	214.2	4.8	2.71	23.92	0.3
within	199.1	216.9	17.8	1.71	16.89	0.15
	240.9	243.3	2.4	1.01	12.1	0.18
	251.6	256	4.4	1.25	9.34	0.09
	282.1	291	8.9	1.56	16.1	0.18
	300.9	304	3.1	1.16	7.8	0.17
within	282.1	309.3	27.2	0.88	7.89	0.11
WT-21-02	215	216.9	1.9	1.07	5.77	0.01
	261.4	263	1.6	1.06	9.96	0.11
WT-21-03	73.7	85.7	12.0	3.47	50.22	0.02
Including	73.7	78.7	4.9	4.31	61.46	0.03
WT-21-04	275.0	289.0	14.0	2.1	22.6	0.05
Including	281.3	289.0	7.7	3.2	31.5	0.06
within	272.0	296.2	24.2	1.38	14.77	0.03
WT-21-05	Fault	Zone Encountered - No significant i			ntersections
WT-21-06	315.0	316.8	1.8	2.41	18.35	0.24
	338.1	340.5	2.4	2.04	21.10	0.20
	363.1	381.0	17.9	2.95	37.62	1.03

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Including	363.1	375.8	12.7	3.96	49.11	1.38
Including	367.1	375.8	8.7	5.20	66.74	1.98
Including	371.6	372	0.4	34.4	367	26.2
WT-21-07	293.0	293.5	0.4	1.27	3.85	0.01
	320.4	321.2	0.9	2.02	16.35	0.65
WT-21-08	295.8	296.5	0.7	2.15	22.60	0.39
WT-21-09	180.2	182.8	2.6	1.02	8.94	0.23
	198.7	202.0	3.3	3.71	25.26	0.47
	277.0	278.6	1.6	1.53	14.55	0.28
	288.0	290.1	2.1	2.85	127.00	4.84
WT-21-10	22m of low-grade mineralisation
WT-21-11	Assayspending
WT-21-12	Assayspending
WT-21-13	Hole Abandoned
WT-21-14	Hole Abandoned
WT-21-15	Assayspending

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Attachment 2

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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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 Cu ≥ 1% are reported in the announcement.
	• Include reference to measures taken to ensure sample representivity	•Wider intercepts are reported using a 0.6% Cu cut-off.
	and the appropriate calibration of any measurement tools or systems	•Intercepts are reported as weighted averages
	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	•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 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.
	Mineral Resource estimation, mining studies and metallurgical	•Loggingis bothqualitative and quantitativein nature. PortableXRF

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Criteria	JORC Code explanation	Commentary
	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), Hg-MS42 (trace Hg by ICP-MS) and Au-AA23 (Au 30g charge
and	partial or total.	Fire Assay with Atomic Absorption finish). The technique is
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	considered a near total digest of relevant minerals Above detection
tests	the parameters used in determining the analysis including instrument	samples are re-assayed with Au-GRA21, Ag-OG62, Cu-OG62, Pb-
	make and model, reading times, calibrations factors applied and their	OG62, Zn-OG62.
	derivation, etc.	•Certified Reference Material (CRM), blanks and duplicates were
	• Nature of quality control procedures adopted (eg standards, blanks,	inserted/collected at a ratio of 1:10 with a minimum of 1 CRM per
	duplicates, external laboratory checks) and whether acceptable levels	assays batch. CRMs are inserted at intervals never exceeding 20
	of accuracy (ie lack of bias) and precision have been established.	samples. Acceptable levels of accuracy and precision have been
		established.
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.

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Criteria	JORC Code explanation	Commentary
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

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 is located in the Marble Peak area,
tenement and	agreements or material issues with third parties such as joint	approximately 30 kilometres by air northeast of Tucson, Arizona,
land tenure	ventures, partnerships, overriding royalties, native title interests,	U.S.A. It is located in Sections 17, 18, 19 and 20 of Township 11
status	historical sites, wilderness or national park and environmental	South, Range 16 East, Gila and Salt River Base and Meridian of the
	settings.	U.S. cadastral system. The geographical coordinates are
	• The security of the tenure held at the time of reporting along with any	approximately Latitude 32º28' North, Longitude 110º41' West.
	known impediments to obtaining a licence to operate in the area.	•The Oracle Ridge mine is 100% owned by Wedgetail Operations, an
		Arizona limited liability corporation controlled by Eagle Mountain
		MiningLtd and its subsidiaries(80%)and Vincere Resource Holdings

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Criteria	JORC Code explanation	Commentary
		LLC (20%).
		•The project consists of 57 patented mining claims covering
		approximately 364 hectares, 143 hectares of private land and 405
		hectares of unpatented claims. The project has been recently
		expanded with the staking of 105 unpatented mining claims over two
		prospects named OREX and Red Hawk.
		•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.
		•100% of the mineral rights are owned by Wedgetail Operations LLC
		•There is a 3% net smelter returns royalty on the future sale of any
		metals and minerals derived from the project.
		•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.	•The Oracle Ridge Mining District was discovered in 1873. In 1881, an
done by other		18 tonne per day copper smelter was erected at nearby Apache
parties		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
		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 confirmatorymetallurgical test work. A detailed design

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Criteria	JORC Code explanation	Commentary
		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.
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

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Criteria	JORC Code explanation	Commentary
	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 samples
aggregation	maximum and/or minimum grade truncations (eg cutting of high	with Cu≥1%. If a up to two samples with Cu<1% are shouldered by
methods	grades) and cut-off grades are usually Material and should be stated.	samples with Cu≥1%, the former samples are included in the
	• Where aggregate intercepts incorporate short lengths of high grade	weighted average calculations.
	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	• If it is not known and only the down hole lengths are reported, there
lengths	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 reported	•No other meaningful and material exploration data beyond this and
substantive	including (but not limited to): geological observations; geophysical	previous ASX announcements by the Company.
exploration	survey results; geochemical survey results; bulk samples – size and
data	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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