EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2021

Feb 24, 2021

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leveraged to rising copper prices investor update ASX : EM2 | 25 February 2021

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INVESTMENT update

• Capital raise - commitments to raise A$11m to further advance exploration at Oracle Ridge

• Appointment of former ASARCO President and COO as CEO (US Operations)

• Further strong assays from Oracle Ridge drilling show potential to expand the existing JORC Resource

• Drilling ongoing - 12m at 3.47% Cu , 50.22g/t Ag from 73.7m*

• Refer announcement 25 February 2021

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Capital Raise

Overview

• Commitments to raise A$11m via a share Placement

• $0.35 per share - 0% Discount on last traded price

• Strongly supported – covered several times over

• Raise supported by Managing Director with A$2m in contributions by related entity *

• Two new prominent institutions added to register

Use of Funds

• Acceleration efforts at Oracle Ridge

Issued Capital

	Shares on issue (M)
Balance at Date of Announcement	154.6m
To be issued under the Placement	31.4m*
Balance after Equity Raising	186.0m

• 5,714,286 shares are subject to shareholder approval as they related to issue to an entity associated with Managing Director Charles Bass.

• Addition of new team members in both Tucson and Perth

• Assess growth opportunities within Arizona

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EXPERIENCED head of US Operations appointed

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Mr M a n u e l R a m o s

CHIEF EXECUTIVE OFFICER (US Operations)

• Mr Ramos is a veteran of the Arizona copper industry

• Former President and COO for ASARCO LLC between 2009 and 2018 which operates the:

• Mission, Silver Bell and Ray copper mines

• Hayden and Ray Copper smelters

• Brings a wealth of experience and resource industry knowledge

• Broad US networks

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Christmas
Freeport McMoRan
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AN EMERGING COPPER COMPANY

Eagle Mountain holds two complementary copper projects located in Arizona, a tier-one mining jurisdiction

• Clear corporate focus on copper - strong leverage to strengthening fundamentals

• Experienced Board and management team with skin in the game

Oracle Ridge Copper Project (80%) – Revival of a high-grade copper mine

• Existing underground mine on care and maintenance

• High grade copper resources with significant gold and silver

• Strong exploration potential

• Excellent local and regional infrastructure to support future mining

• Maiden Drill Program currently underway

• Significant Mineral Resource Estimate (JORC 2012) See ASX Announcement 14 Dec 2020

• Supportive community for future mining operation

• Tier 1 miners in the district – BHP, Rio Tinto, Freeport McMoran, Asarco, Hudbay, South 32

Silver Mountain (100%) - Exploration

• High grade copper and gold on surface and multiple historic mines

• No modern exploration or drilling prior to Eagle Mountain

• First drilling results in 2019 indicate potential for large-scale copper porphyry

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Silver Mountain
Oracle Ridge
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Ownership of Oracle Ridge Copper Mine and assets are held 100% within Wedgetail Operations LLC, which in turn is held 80% by a wholly owned subsidiary of Eagle Mountain and 20% by Vincere Resource Holdings LLC, , refer ASX Announcement 29 October 2019’

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Arizona - major copper projects
Multiple significant copper deposits within Arizona have been mined for decades.
The source of mineralisation at Oracle Ridge has not been found – remains a key
exploration focus for the Company
Oracle Ridge shares many similarities with other major mining projects in Arizona
Arizona Porphyry-Skarn Deposit Comparisons
Oracle Ridge Mission Complex Twin Buttes Bisbee Silver Bell Christmas
Distance from Oracle Ridge n/a 60 Km SW 65Km SW 140Km SE 70Km E 60Km NE
Primary Skarn Skarn Skarn Manto Porphyry Porphyry
Orebody Type
Secondary Porphyry? Porphyry Porphyry Porphyry Skarn Skarn
Mineralogy, Fracturing-Veining-
Main Stratigraphy, Intrusive Stratigraphy, Faulting Faulting-Fracturing- Brecciation, Supergene,Fracturin Fracturing-Veining
contact, Faulting Veining, Stratigraphy g-Veining
Ore Control Structural
N-S to NE-SW, SW-NE
orientatio NW-SE, N-S, NE-SW NW-SE NW-SE, NE-SW, N-S NW-SE, NE-SW NW-SE, E-W
to NW-SE
n
Other Folding Intrusive contact Supergene Stratigraphy Stratigraphy
Paleozoic sediments - Paleozoic Paleozoic Paleozoic sediments - Quartz Diorite, Mafic
Main Escabrosa, Martin and sediments - Concha, sediments - Escabrosa, Martin and Quartz Monzonite Volcanics, Paleozoic
Sherrer and Epitaph Abrigo Formations, sediments - Horquilla,
Abrigo Formations Multiple Formations
Host Rock Formations Breccias Escabrosa and Martin
Mesozoic
Other Quartz Monzonite Formations, Quartz Intrusives Limestone n/a
Monzonite
Age 69My 58My 58My 180My 67.5 63.5My
Width (m) 1800 2400 1600 610 [e] 2500 1500
DimensionsOrebody Length (m) 1500 1600 2400 610 [e] 1300 900
Area (Km [2] ) 1.35 3 1.92 0.29 2.6 1.1
Production Started 1900s 1961 1965 1885 1874 1900
Current Status Care and Maintenance Operational Care and Maintenance Care and Maintenance Operational Care and Maintenance
Ownership Wedgetail (EM2 80%) Asarco Freeport-McMoran Freeport-McMoran Asarco Freeport-McMoran
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a ~~Singer et alii (2008)~~

d ~~NI43-101. ACS Consulting~~ (2014)

e ~~Lavender pit only~~

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b L ~~avender pit from Singer et alii (2008) and Manto from Stegen et alii (2005)~~

c F ~~CX Form 10-K (2019). Excludes historical production~~

SIGNIFICANT LEVERAGE TO RISING COPPER PRICES

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Oracle Ridge - JORC Resources
Copper prices reacting to
increased demand and Contained Copper
450,000
tightening supply
400,000
350,000 Significantly more
300,000 contained copper
in the Resource at
250,000
lower cutoff
200,000
grades
150,000
100,000
50,000
0
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8
Cutoff Grade (% Cu)
Contained Copper - tonnes Cu
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From kitco.com accessed 24 Feb 2021

Refer ASX Announcement 14 December 2020

Oracle Ridge Mineral Resource Estimate JORC * (1% Cu cut-off) *

Class	Tonnage (Mt)	Cu (%)	Ag (g/t)	Au (g/t)	Cu (t)	Ag (Oz)	Au (Oz)
Indicated	6.6	1.52	15.8	0.19	100,000	3,348,000	40,000
Inferred	5.6	1.50	17.0	0.18	84,000	3,033,000	33,000
Total	12.2	1.50	16.3	0.19	184,000	6,382,000	73,000

*The JORC 2012 MRE does not include any drilling results from 2020.

*Refer ASX Announcement 14 December 2020

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Oracle Ridge AIM & Exploration Strategy

Eagle Mountain Mining aims to create a low cost, low emission, sustainable mining operation to supply copper to the growing green energy sector.

To support this aim, Eagle Mountain is focusing on expanding the Resource base:

1. Incremental expansion of existing MRE

• Focus higher grade zones

• Depth potential at Oracle Ridge

3. Other prospective targets

• Exploration within a few kilometers of a future mill site

• Regional geophysical anomalies

Eagle Mountain believes there is significant potential to expand the existing Resources at Oracle Ridge

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ORACLE RIDGE – existing mine infrastructure

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• Excellent ground conditions

• The project has significant infrastructure in place including ~18km of underground development, access roads, tailings dam, underground electrical and water services

• Ore body is accessible

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Photos taken February 2020

drilling program update

• WT-21.03 Drill Interval in a Newly drilled zone :

• 12m at 3.47% Cu, 50.22g/t Ag from 73.7m

• All intercepts outside the Mineral Resource Estimate, which demonstrate that the high-grade mineralisation continues beyond the existing Mineral Resource Estimate

• Ongoing assay results due

Red boxes show assay results released earlier today

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Refer ASX announcement 25 Feb 2021 6

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Oracle Ridge - Growth strategy – recently staked ground near oracle ridge

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Two crews of geologists currently
mapping at recently staked
grounds
OREX – Oracle Ridge Extension Strong geophysical
• Adjacent to Oracle Ridge and anomalies
similar geology
•
Prospective for additional skarn-
hosted Cu-Ag-Au mineralisation
below and within the
Leatherwood intrusive
•
High-grade surface samples
9.15% Cu, 192 g/t Ag
•
Historical widely spaced drilling and 0.15g/t Au - Dump
confirms prospectivity
2.38% Cu, 721g/t Ag
Red Hawk and 0.44g/t Au - Outcrop
•
5Km NE of Oracle Ridge
• Geophysical anomaly
Strong double electromagnetic
with copper in assays
anomaly
• Altered and brecciated hematite-
rich quartzite at surface
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*Refer ASX Announcement 12 October 2020

EXPLORATION POTENTIAL AT DEPTH

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Eagle Mountain is the first
group to undertake
oriented core at Oracle
Ridge with the aim of
defining structures – the
‘plumbing system’ of major
Arizona copper projects
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Oracle Ridge – Conceptual Geological Model Note - The Section shown is both conceptual and speculative. There has been no exploration drilling beneath the ‘Leatherwood’ at Oracle Ridge and it is therefore uncertain if any future exploration will define the source of mineralisation as conceptualised. Refer ASX Announcement 10 June 2020

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ENHANCED RESTART POTENTIAL

Studies

• Various technical studies completed including Environmental, Metallurgical, Processing, Geotechnical, Mining & Infrastructure

Permits

• Several permits required for mining previously secured with some needing amendment depending upon final project design

Existing infrastructure

• 18 kilometres of underground workings proximal to existing resources

• Excellent ground conditions underground

• Existing air, ventilation, water and electrical reticulation services (disconnected currently)

• Tailings Storage Facility (requires extension prior to use)

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Existing electrical infrastructure
at Oracle Ridge
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Photo taken February 2020

Oracle Ridge – 2021 Outlook

Expand, Upgrade and build further JORC Mineral Resources at Oracle Ridge Define the pathway for a commercially viable mining operation for the Oracle Ridge Project Maintain a pipeline of discovery opportunities to complement the current portfolio Continue to build our exploration team, and nurture our culture of:  Humble (it’s not about me)

• Hungry (eager to work which drives fulfillment)

• People Smart (open & honest communications)

Maintain focus for expenditure to be on exploration Continue to build trust with our key stakeholders – landowners, local communities and governing organisations Expand our sustainability presence (environmental, social and governance) to uphold our social license to operate

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ORACLE RIDGE – ongoing and future activities

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Q1 2021
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Resource Expansion Drilling

• Ongoing drilling to expand known resource

• Evaluation of the new mineralised zone in the southern area of the MRE

Depth potential and regional work

• Drilling of Copper / Gold targets near Oracle

• Porphyry alteration study

• Porphyry geochemical vectoring study

Q2 2021

Resource Expansion Drilling

• Ongoing drilling to expand known resource

• Evaluation of potential in the western and southern area of the MRE

Depth potential and regional work

• Drilling of Copper / Gold targets near Oracle

• Deeper drilling to test structures and Leatherwood Deeps potential

Q3 2021

Resource Expansion Drilling

• Ongoing drilling to expand known resource

• Evaluation of potential in the northern and southern area of the MRE

Depth potential and regional work

• Drilling of Copper / Gold targets near Oracle

• Deeper drilling to test structures and Leatherwood Deeps potential

• Field mapping and sampling: Red Hawk and OREX

Note - Timetable is indicative and subject to change

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THE SILVER MOUNTAIN PROJECT

• Phase One drilling at Silver Mountain has confirmed prospectivity of Project

• Project hosts multiple historic copper / gold mining operations with copper grades up to 10% and gold up to 10g/ t

• Drilling identified highly anomalous assay values and the presence of porphyry indicator minerals, including molybdenum and bismuth

• Geological, geochemical and geophysical studies were undertaken following the completion of drilling

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Refer ASX Announcement 6 March 2019 and 28 October 2019

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CORPORATE OVERVIEW

Key Metrics

ASX Code	EM2
Shares on Issue	154.6m (pre-raising)
Share Price	$0.35 (pre-raising)
Cash (approximate)	$2.35m (31 Dec 2020)
Debt1	A$9.6m
Market Capitalisation	$54m(undiluted, pre-raising)
Unlisted Options	22m(avg exercise price $0.23)
Performance Rights	0.2m

Top Shareholders (pre-raising)

Board / Management / Employees	37%
Institutions	15%
HNW’s / Retail	48%
Total	100%

12 Month Share Price

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1Debt
Unsecured loan owing to Quartz Mountain Pty Ltd, a company associated with Charles Bass (Managing Director) - Due Dec 2021	US$1.0m (~A$1.3m)
Secured loan over Oracle Ridge, owing to Vincere Holdings for 80% ownership. Repayment from 2025-2030	US$6.4m (~A$8.3m)
Total	US$7.4m (~A$9.6m)

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P u r p o s e o f p r e s e n t a t I o n : This presentation has been prepared by Eagle Mountain Mining Limited (ACN 621 541 204) (Eagle Mountain) and should be read in conjunction the Company’s Annual Report, issued by Eagle Mountain 28 October 2020 and subsequent ASX announcements made by the company.

N a t u r e o f p r e s e n t a t I o n : This presentation is not investment advice and should not be relied upon to make any investment decision. This presentation is not a prospectus or other disclosure document and does not contain all of the information which would be found in such documents or which may be required by an investor to make a decision regarding an investment in Eagle Mountain. This presentation has not and will not be lodged with the Australian Securities and Investments Commission.

or ‘expects’. These statements have been prepared with all reasonable care and attention, based on an evaluation of current economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this presentation, expected to take place, but there cannot be any guarantee that such events will occur as anticipated or at all given that many of the events are outside Eagle Mountain’s control. The stated events may differ materially from results ultimately achieved. Accordingly, Eagle Mountain and its officers, employees and advisers, cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur. Further, other than as required by law, Eagle Mountain may not update or revise any forward-looking statement if events subsequently occur or information subsequently becomes available that affects the original forward-looking statement

N o w a r ra n t I e s o r r e p r e s e n t a t I o n s : Although Eagle Mountain has used due care and diligence in the preparation of this presentation, to the extent permitted by law, no representation or warranty is made by Eagle Mountain nor any of its officers, employees or advisers, as to the accuracy or completeness of the information in this presentation. No information contained in this presentation or any other written or oral communication transmitted or made available shall be relied upon as a promise or representation and no representation or warranty is made as to the accuracy or attainability of any estimates, forecasts or projections set out in this presentation. No liability will attach to Eagle Mountain, or its officers, employees or advisers, with respect to any such information, estimates, forecasts or projections.

D I s c l a I m e r : Except for statutory liability which cannot be excluded, Eagle Mountain, its officers, employees, contractors and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

C o p y r I g h t : Eagle Mountain holds the copyright in this paper. Except as permitted under the Copyright Act 1968 (Cth), this paper or any part thereof may not be reproduced without Eagle Mountain’s written permission.

C O M P E T E N T P E R S O N S T A T E M E N T

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 refers to the JORC 2012 Mineral Resource Estimate it confirms it is not aware of any new information or data that materially affect the information included in the initial announcement made on 14 December 2020 and all material assumptions and technical parameters underpinning the resource estimates within that announcement continue to apply and have not changed.

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.

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

C O N T A C T I N F O R M A T I O N A Ground Floor, 22 Stirling Highway Nedlands, Western Australia, 6009 E info@eaglemountain.com.au W

Ground Floor, 22 Stirling Highway Nedlands, Western Australia, 6009 info@eaglemountain.com.au eaglemountain.com.au

APPENDIX 1

Mineral Resource Estimation - JORC 2012

Based on the estimate prepared by SRK Consulting using a 1.0% Cu cut-off grade, Oracle Ridge contains 12.2Mt at 1.51% Cu, 16.3/t Ag and 0.19g/t Au for a contained 184kt Cu, 6.4Moz Ag and 73koz of Au as shown in Table 1and Table 2 below.

Table 1 – Oracle Ridge Copper Project JORC 2012 Mineral Resource Estimate (1.0% Cu cut-off)

Class	Tonnage (Mt)	Cu (%)	Ag (g/t)	Au (g/t)	Cu (t)	Ag (Oz)	Au (Oz)
Indicated	6.6	1.52	15.8	0.19	100,000	3,348,000	40,000
Inferred	5.6	1.50	17.0	0.18	84,000	3,033,000	33,000
Total	12.2	1.51	16.3	0.19	184,000	6,382,000	73,000

Note - Totals may not add due to rounding differences

Table 2 – Oracle Ridge Copper Project cut-off grade comparison (Indicated and Inferred)

Copper Cut- off(% Cu)	Tonnage (Mt)	Cu (%)	Ag (g/t)	Au (g/t)	Cu (t)	Ag (Oz)	Au (Oz
0.4	44.5	0.87	9.7	0.11	389,000	13,791,000	158,000
0.6	28.4	1.08	12.0	0.13	309,000	10,923,000	125,000
0.8	18.6	1.30	14.1	0.17	242,000	8,453,000	97,000
1.0	12.2	1.51	16.3	0.19	184,000	6,382,000	73,000
1.2	8.1	1.72	18.5	0.21	140,000	4,845,000	55,000
1.4	5.6	1.91	20.6	0.23	108,000	3,718,000	42,000
1.6	3.7	2.12	22.9	0.25	79,000	2,729,000	29,000

Note - Totals may not add due to rounding differences

The MRE is the culmination of over six months of work by Eagle Mountain including:

•Review, verification and interpretation of historical datasets;

•Integration of historical datasets with information uncovered during the review which had never been previously digitised (e.g. structures, alteration, mineralogy, missing surveys);

•Development of a maiden structural model as previous geological models did not include any structural data or interpretation; and

•Development of a new geological model.

SRK Consulting (Australasia), a highly reputable mining consultancy, was engaged to complete the MRE using a methodology best suited for the mineralisation style at Oracle Ridge

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