EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2022

Oct 5, 2022

ASX Announcement 6 October 2022

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Strong Assays Outside Updated Resource Received at Oracle Ridge Copper Mine

Highlights

• Broad and high-grade intercepts continue from the southern and eastern Talon area: − 11.9m at 2.94% Cu, 42.6g/t Ag and 0.49g/t Au , including

  • 3.3m at 7.0% Cu, 98g/t Ag and 1.01g/t Au (WT-22-159)

• 19.1m at 2.23% Cu, 34.1g/t Ag 0.43g/t Au, including

  • 9.3m @ 3.63% Cu, 59.6g/t Ag and 0.76g/t Au (WT-22-148)

• 0.7m at 16.9% Cu, 136g/t Ag and 0.25g/t Au (WT-22-158)

• 10.7m at 1.97% Cu, 23.4/t Ag and 0.32/t Au (WT-22-158)

• 3.3m at 3.38% Cu , 32.9g/t Ag and 0.51g/t Au (WT-22-156)

• These results were not included in the October MRE update[1] and represent upside potential, most intercepts remaining laterally unconstrained by drilling

• Resource infill drilling from the southern Talon area intercepted: − 6.5m at 2.32% Cu, 34.15g/t Ag and 0.71g/t Au (WT-21-153)

• Results supported by the recently updated geological model. The new model will also assist in the definition of new resource expansion targets in the mine area

• Ongoing drilling currently testing extensions to historical mines adjacent to existing portal never included in previous Mineral Resource Estimates

• Assay results from 13 holes pending

Commenting on the ongoing activities, Eagle Mountain Mining’s CEO, Tim Mason, said:

“These latest results are very pleasing as they show ongoing resource expansion potential with strong grades and minable thicknesses. The southern Talon zone is also showing higher gold grades offering a potential increase in by-product credits in a bulk Cu-Ag-Au concentrate, similar to what was previously produced on site. The recently updated MRE used a revised and vastly improved geological model which provides further confidence in developing future drill targets at Oracle Ridge.

While progressing with various aspects of pre-feasibility study works, we also plan to continue improving and expanding our mineral resources. Results like these show the opportunity to discover additional mineralisation at Oracle Ridge on the pathway to become a significant potential copper producer.“

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1 See ASX announcement 6 October 2022
AUS REGISTERED OFFICE
Ground Floor, 22 Stirling Highway
Nedlands WA 6009
ACN: 621 541 204
CONTACT ASX: EM2
E: info@eaglemountain.com.au eaglemountain.com.au
----- End of picture text -----

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

Drilling

Assays results for 12 new holes have been received, including 10 resource expansion holes and 2 resource infill holes.

Resource Expansion Results

The results for the 10 resource expansion holes (Table 1, Attachment 1) continue to support the potential for growth of the Company’s MRE. Key observations are presented below.

Eastern Talon

WT-22-158 returned two main intercepts: 10.7m at 1.97% Cu, 23.35/t Ag and 0.32/t Au, at the Leatherwood contact and a narrow but spectacular 0.7m at 16.9% Cu, 136g/t Ag and 0.25g/t Au within strongly altered sediments. This high-grade intercept could be similar to several narrow massive sulphide veins or fracture fills also seen in underground workings.

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Photo 1 – Bornite rich mineralisation in drillhole WT-22-158 from 225.8m downhole. The highlighted section graded 16.9% Cu, 136g/t Ag and 0.25g/t Au over 0.7m

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WT-22-159, drilled in the northeastern Talon approximately 45 metres to the north of WT-22-126 (13.7m at 1.97% Cu, 25.69g/t Ag and 0.39g/t Au[2] ) returned 11.9m at 2.94% Cu, 42/6g/t Ag and 0.49g/t Au including 3.3m at 7% Cu, 98g/t Ag and 1.01g/t Au. WT-22-165 was drilled approximately 50m to the northeast of WT22-159, testing for extensions to the reported mineralisation. Assays are awaited. The relatively high gold value in hole WT-22-159 is of note, being more than double than the average in the October 2022 JORC Resource (ASX announcement 6 October 2022).

WT-22-156 was also drilled at the northeastern edge of the Talon and returned stronger than expected alteration and mineralisation including two intercepts of 3.3m at 3.38% Cu, 32.94g/t Ag and 0.51g/t Au and 2.9m at 2.02% Cu, 29.27g/t Ag and 0.31g/t Au. These remain unconstrained to the north and east with topography constraining mineralisation over 120 metres away.

WT-22-149, WT-22-151, WT-22-154 returned only modest mineralisation along the Leatherwood contact. As these are extensional holes, they will have not depleted tonnes from the October 2022 Resource update.

2 Refer ASX announcement 11 July 2022

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Figure 1 – Plan view of the mine area showing holes with new assays received. Selected results shown, refer to Attachment 1 for all assay results. Drill holes used to define the JORC Resource have been omitted for clarity. The points shown represent the approximate midpoint of each intercept.

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Figure 2 – Eastern Talon – North-south cross-section including drill hole WT-22-159, showing mineralised intersections and relationships with nearby drill holes and local geology (refer Figure 1 and ASX announcement 11 July 2022).

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Figure 3 – Eastern Talon – North-south cross-section including drill hole WT-22-158, showing mineralised intersections and relationships with nearby drill holes and local geology (refer Figure 1 and ASX announcement 11 July 2022).

Southern Talon

Drilling in the southern Talon returned:

• 19.1m at 2.23% Cu, 34.1g/t Ag and 0.43g/t Au including 9.3m @ 3.63% Cu, 59.56g/t Ag and 0.76g/t Au in drill hole WT-22-148. The mineralisation is hosted along the Sediments-Leatherwood contact. Potential exist for this mineralisation to extend 70m to the southeast where WT-22-144 was drilled. This holes intersected 3.1 metres at 1.37% Cu, 21.81g/t Ag and 0.39g/t gold along the intrusive contact. Additional drilling is planned between these two holes;

• WT-22-150 was drilled approximately 150 metres west of WT-22-148 and intersected Leatherwood and Leatherwood sill with minor mineralised sediments constrained to the upper part of the hole. This provides us with further information for revising the geological model; and

• WT-22-157 was completed approximately 60 metres to the east of WT-22-153 and 85 metres to the northeast of WT-22-155 (see Resource Infill Results section). Multiple, thin zones of mineralisation were intersected over approximately 80 metres downhole suggesting mineralisation in this area is scattered and did not concentrate in specific stratigraphic horizons.

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Table 1 – Summary of Significant Resource Expansion results above 1% Copper cut-off grade

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-22-144	241.6	244.7	3.1	1.37	21.81	0.39
WT-22-148	212.0	231.1	19.1	2.23	34.10	0.43
including	212.0	215.5	3.5	1.91	20.12	0.22
including	221.8	231.1	9.3	3.63	59.56	0.76
WT-22-149	244.0	245.8	1.8	1.99	23.84	0.42
WT-22-150	107.1	107.9	0.8	2.03	16.60	0.52
WT-22-151	229.2	232.0	2.8	1.36	12.92	0.24
WT-22-154	161.9	162.9	1.0	1.44	10.60	0.19
	224.2	224.8	0.6	7.25	87.80	0.48
WT-22-156	261.4	264.7	3.3	3.38	32.94	0.51
	278.1	281.0	2.9	2.02	29.27	0.31
WT-22-157	238.3	239.4	1.1	1.59	26.60	0.44
WT-22-158	225.8	226.5	0.7	16.90	136.00	0.25
	248.1	248.6	0.5	8.29	66.80	0.49
within	244.6	255.3	10.7	1.97	23.35	0.32
WT-22-159	263.7	269.4	5.7	1.00	8.27	0.12
	292.4	295.7	3.3	7.00	98.37	1.01
within	287.3	299.2	11.9	2.94	42.58	0.49

Note – intercepts shown are downhole widths and not true widths

Resource Infill Results

Results from two infill holes were received. These holes were drilled at a nominal Inferred spacing of 50 metres within the footprint of the existing MRE at a 1% copper cut-off grade.

Drill holes WT-22-153 and WT-22-155 were drilled in the southernmost part of the Talon area testing the southern extension to strong results in WT-21-31. Both holes intersected a large section of Leatherwood intrusive with only minor sediments. WT-22-153 encountered two mineralised zones within a narrow sediments interval surrounded by intrusive (Table 2). WT-22-155, drilled approximately 80 metres to the south, intersected only minor mineralisation. A decrease in the Inferred resource in this area is expected due to the smaller than anticipated volumes of sediments encountered.

Table 2 – Summary of significant Resource Infill results above 1% Copper cut-off grade

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-22-153	238.1	244.6	6.5	2.32	34.15	0.71
	252.1	258.3	6.2	1.34	9.56	0.69
WT-22-155	121.1	121.8	0.7	1.33	9.74	0.28

Note – intercepts shown are downhole widths and not true widths

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Discussion

The Company has recently released an updated JORC Mineral Resource Estimate (ASX announcement 6 October 2022). The results presented in the current announcement are not included in the updated MRE but will be incorporated in the next MRE update. The results outlined herein provide further confidence for additional mineralisation to be discovered at Oracle Ridge and the Talon remains an exciting and evolving discovery by Eagle Mountain. The recently updated geological model is supporting the definition of new drill target with the aim to further building and upgrading the resources.

Drilling is currently ongoing with a surface diamond drill rig. This rig is currently drilling in and around the historic Daily mine where no mineral resource has been defined. Drill targets have also been established around the historic Geesaman mine which is also outside the existing mineral Resource.

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Photo 2 – CEO Tim Mason outside the historic Geesaman Mine with extensive outcropping copper mineralisation

The recent increase in Measured and Indicated resources (ASX announcement 6 October 2022) has provided the Company with further confidence to move Oracle Ridge towards feasibility work. To assist with this work, the Company is well underway with recommissioning the existing underground mine which provides valuable access to mineralisation in the drives for metallurgical testwork and optimisation of the processing plant. In addition, drill stations are being established to enable underground diamond drilling to further upgrade the resources to higher confidence categories, thereby de-risking a restart of the project.

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This ASX announcement was authorised for release by the Board of Eagle Mountain Mining Limited.

For further information please contact:

Tim Mason Mark Pitts Jane Morgan Chief Executive Officer Company Secretary Investor and Media Relations tim@eaglemountain.com.au mark@eaglemountain.com.au jm@janemorganmanagement.com.au

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 is the Director of Exploration of Eagle Mountain Mining Limited and both consent to the inclusion in this document of the information in the form and context in which it appears. Mr Vergara and Mr Paull hold shares and options in Eagle Mountain Mining Limited.

Where the Company references historic exploration results including technical information from previous ASX announcements including 25 May 2020, JORC Table 1 disclosures are included within them. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements, and all material assumptions and technical parameters underpinning the results within those announcements continue to apply and have not materially changed. In addition, the form and context in which the Competent Persons findings are presented have not been materially modified from the original reports.

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

ABOUT EAGLE MOUNTAIN MINING

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:

Linkedin

Twitter EM2 Website

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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-22-140	524642	3592289	2078	54	147	258.5
WT-22-141	524606	3592186	2059	51	145	285.0
WT-22-142	524641	3592288	2081	79	9	276.8
WT-22-143	524606	3592187	2059	48	163	276.8
WT-22-144	524644	3592288	2078	48	122	291.7
WT-22-145	524640	3592288	2076	67	19	280.7
WT-22-146	524607	3592187	2059	48	129	279.8
WT-22-147	524643	3592289	2079	66	155	310.3
WT-22-148	524607	3592187	2059	54	117	262.4
WT-22-149	524644	3592291	2079	56	130	272.8
WT-22-150	524607	3592186	2060	63	127	307.2
WT-22-151	524643	3592290	2077	64	123	279.8
WT-22-152	524606	3592186	2059	48	191	303.9
WT-22-153	524642	3592289	2077	67	88	282.6
WT-22-154	524641	3592288	2077	60	64	269.8
WT-22-155	524607	3592187	2060	57	180	306.3
WT-22-156	524640	3592287	2077	70	55	307.2
WT-22-157	524606	3592187	2060	45	177	300.2
WT-22-158	524640	3592287	2077	61	41	286.2
WT-22-159	524606	3592187	2059	60	157	335.3
WT-22-160	524604	3592183	2059	68	185	934.8
WT-22-161	524560	3592300	2108	57	43	357.5
WT-22-162	524560	3592300	2108	62	6	362.7
WT-22-163	524641	3592290	2077	46	97	319.1
WT-22-164	524641	3592290	2077	58	170	307
WT-22-165	524552	3592295	2105	59	24	358
WT-22-166	524368	3592479	2195	71	175	354
WT-22-167	525306	3593032	1831	69	277	185
WT-22-168	525306	3593032	1831	51	271	195
WT-22-169	525305	3593034	1830	69	329	95
WT-22-170	525305	3593034	1830	50	329	179
WT-22-171	525304	3593033	1830	60	315	206
WT-22-172	525304	3593034	1830	47	314	Inprogress

Summary table of recent diamond drill hole intersections at Oracle Ridge

Note - All reported intervals are downhole widths.

Hole ID	From	To	Width	Cu	Ag	Au
WT-22-140	152.7	153.3	0.6	1.77	15.30	1.49
	154.0	155.4	1.4	1.08	11.10	0.12
	158.2	159.0	0.8	1.20	11.15	0.13
	234.1	243.3	9.2	2.20	35.72	0.45
including	236.1	237.4	1.3	5.29	92.51	1.27
WT-22-141	129.5	130.6	1.1	2.83	26.75	0.24

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		149.0	158.9	9.9	1.62	12.07	0.35
		162.0	162.6	0.6	1.02	6.73	0.43
		194.6	203.4	8.8	1.55	12.77	0.45
	including	201.4	202.2	0.8	6.24	56.40	2.16
		214.6	215.5	0.9	1.17	5.79	0.11
		220.0	221.7	1.7	1.28	9.43	0.45
		224.9	225.3	0.4	1.11	8.40	0.62
	WT-22-142	157.2	157.7	0.5	1.95	16.40	1.08
		179.6	180.5	0.9	1.06	9.65	0.19
		186.5	188.0	1.5	1.14	8.50	0.20
		234.1	236.3	2.2	2.23	36.01	0.67
	WT-22-143	162.2	170.3	8.1	2.28	18.07	0.40
	including	168.4	169.3	0.9	4.48	35.90	1.41
		212.5	213.1	0.6	1.13	8.40	0.13
		236.1	244.1	8.0	2.98	27.46	0.33
	including	240.2	241.7	1.5	5.92	52.00	0.60
		250.6	252.4	1.8	1.97	20.78	0.03
	WT-22-144	195.5	196.0	0.5	2.50	15.25	0.55
		241.6	244.7	3.1	1.37	21.81	0.39
		247.4	248.1	0.7	1.23	9.97	0.46
	WT-22-145	158.6	161.0	2.4	1.72	14.98	0.48
		170.3	170.8	0.5	1.72	14.35	0.35
		184.9	188.8	3.9	1.56	12.20	0.27
		194.9	195.9	1.0	2.00	17.57	0.41
		214.8	216.4	1.6	1.30	13.77	0.25
		253.0	253.7	0.7	2.35	6.76	0.04
	WT-22-146	185.0	185.5	0.5	1.03	7.09	0.14
		232.4	233.0	0.6	1.02	13.45	0.17
	WT-22-147	250.1	251.7	1.6	3.17	28.30	0.38
	WT-22-148	212.0	231.1	19.1	2.23	34.10	0.43
	including	212.0	215.5	3.5	1.91	20.12	0.22
	including	221.8	231.1	9.3	3.63	59.56	0.76
	WT-22-149	178.4	178.9	0.5	1.25	11.50	0.21
		244.0	245.8	1.8	1.99	23.84	0.42
	WT-22-150	107.1	107.9	0.8	2.03	16.60	0.52
	WT-22-151	176.3	177.1	0.8	1.08	8.40	0.19
		180.6	181.3	0.7	1.32	11.40	0.29
		183.4	183.9	0.5	1.91	16.05	0.29
		229.2	232.0	2.8	1.36	12.92	0.24
	WT-22-152			Assayspending
	WT-22-153	238.1	244.6	6.5	2.32	34.15	0.71
		252.1	258.3	6.2	1.34	9.56	0.69
	WT-22-154	161.9	162.9	1.0	1.44	10.60	0.19
		224.2	224.8	0.6	7.25	87.80	0.48
		234.3	234.8	0.5	1.23	20.80	0.19
	WT-22-155	121.1	121.8	0.7	1.33	9.74	0.28
	WT-22-156	176.5	177.1	0.6	1.52	17.95	0.27
		194.8	195.4	0.6	1.11	10.90	0.19
		242.3	246.6	4.3	3.05	29.15	0.68
		261.4	264.7	3.3	3.38	32.94	0.51
		278.1	281.0	2.9	2.02	29.27	0.31
	WT-22-157	161.2	162.0	0.8	1.73	14.25	0.19
		198.6	200.0	1.4	1.00	11.20	0.73
		201.4	201.9	0.5	1.93	18.25	0.35
		224.1	224.7	0.6	2.00	17.30	0.45
		238.3	239.4	1.1	1.59	26.60	0.44
		242.2	243.0	0.8	1.01	13.15	0.19
	WT-22-158	164.0	165.2	1.2	1.48	12.85	0.26

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	225.8	226.5	0.7	16.90	136.00	0.25
	248.1	248.6	0.5	8.29	66.80	0.49
within	244.6	255.3	10.7	1.97	23.35	0.32
WT-22-159	210.8	212.2	1.4	1.66	16.75	0.11
	263.7	269.4	5.7	1.00	8.27	0.12
	292.4	295.7	3.3	7.00	98.37	1.01
within	287.3	299.2	11.9	2.94	42.58	0.49
WT-22-160	Assayspending
WT-22-161	Assayspending
WT-22-162	Assayspending
WT-22-163	Assayspending
WT-22-164	Assayspending
WT-22-165	Assayspending
WT-22-166	Assayspending
WT-22-167	Assayspending
WT-22-168	Assayspending
WT-22-169	Assayspending
WT-22-170	Assayspending
WT-22-171	Assayspending
WT-22-172	Hole inprogress

• *Reported at 0.6% Cu cut-off grade

a Result just below reporting cut-off included for completeness and relevance b Below detection

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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	required for local geological conditions. Core was sawn and half-
		appropriate to the minerals under investigation, such as downhole	core was crushed, pulverised and split to produce a
		gamma sondes, or handheld XRF instruments, etc). These	representative sample for assaying.
		examples should not be taken as limiting the broad meaning of	•For WT-series drilling, samples returning weighted average Cu ≥
		sampling.	1% are reported in the announcement. Wider intercepts are
		• Include reference to measures taken to ensure sample	reported using a 0.6% Cu cut-off grade.
		representivity and the appropriate calibration of any measurement	•For GE-series drilling, samples returning weighted average Au ≥
		tools or systems used.	0.5g/t or Cu ≥ 1% are reported in the announcement.
		• Aspects of the determination of mineralisation that are Material to	•Visual results presented are based on geological observations,
		the Public Report.	and for WT-series drilling consider the copper content of different
		• In cases where ‘industry standard’ work has been done this would	sulphide species at a 0.6% Cu nominal cut-off.
		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,	rig.
		triple or standard tube, depth of diamond tails, face-sampling bit or	•Core is HQ3 and PQ3
		other 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 ofstructural information.
	Drill sample	• Method of recording and assessing core and chip sample	•Core recoveries are recorded by the drillers at the rig and verified
	recovery	recoveries and results assessed.	by Company’s personnel during core logging
		• Measures taken to maximise sample recovery and ensure	•To maximise sample recovery and core quality drilling is
		representative nature of the samples.	performed with a “triple tube” set up where two splits are inserted
		• Whether a relationship exists between sample recovery and grade	in the barrel to minimize core displacement and core loss.
		and whether sample bias may have occurred due to preferential	•No relationship has been determined between sample recoveries
		loss/gainof fine/coarse material.	and grade.
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Criteria	JORC Code explanation	Commentary
Logging	• Whether core and chip samples have been geologically and	•A quick log is completed on site and detailed logging is performed
	geotechnically logged to a level of detail to support appropriate	at the Company’s facility in Tucson.
	Mineral Resource estimation, mining studies and metallurgical	•Logging is both qualitative and quantitative in nature. Portable
	studies.	XRF and magnetic susceptibility measurements are taken at
	• Whether logging is qualitative or quantitative in nature. Core (or	regular 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	•100% of the relevant intersections is logged.
	_logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•For all GE series holes (Golden Eagle) holes and WT series holes
techniques and	taken.	(Wedgetail) up to WT-21-73, the core is sawn in half by ALS
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	Minerals or Skyline Assayers and Laboratories at their Tucson
preparation	whether sampled wet or dry.	facilities. Half of the core is bagged and sent for assaying while
	• For all sample types, the nature, quality and appropriateness of the	the other half is left in the core box for future reference.
	sample preparation technique.	•Commencing with drill hole WT-21-74, holes are cut using a
	• Quality control procedures adopted for all sub-sampling stages to	Company-owned automatic core saw. Half of the core is bagged
	maximise representivity of samples.	and sent for assaying while the other half is left in the core box for
	• Measures taken to ensure that the sampling is representative of the	future reference.
	in situ material collected, including for instance results for field	•A cut line is drawn by a geologist to guide sawing and sampling of
	duplicate/second-half sampling.	intervals where sample bias might occur (e.g. mineralised vein at
	• Whether sample sizes are appropriate to the grain size of the	small angle to core axis).
	material being sampled.	•ALS Minerals or Skyline Assayers and Laboratories conducted all
		preparation work: samples were weighed, dried, crushed and
		crushed to better than 70% passing 2mm; sample was split with a
		riffle splitter and a split of up to 250g pulverised to better than 85%
		passing 75µm.
		•Duplicates are used to assess the sampling representativeness.
		When duplicates are collected the core is quartered: one quarter
		is sent to the laboratory as the primary sample, the other quarter
		is sent to the laboratory as the duplicate and the remaining half of
		the core is left in the box for future reference.
		•Sample sizes are considered appropriate to the grain size of the
		materialbeing sampled.
Quality of assay	• The nature, quality and appropriateness of the assaying and	•ALS Minerals assay methods: ME-MS61 (48 element four acid
data and	laboratory procedures used and whether the technique is	ICP-MS) and Au-AA23 (Au 30g charge Fire Assay with Atomic
laboratory tests	considered partial or total.	Absorption finish). The technique is considered a near total digest
	• For geophysical tools, spectrometers, handheld XRF instruments,	of relevant minerals. Above detection samples are re-assayed
	etc, the parameters used in determining the analysis including	with Au-GRA21, Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62
	instrument make and model, reading times, calibrations factors	•Skyline Assayers and Laboratories methods: TE-5 (47 element

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Criteria	JORC Code explanation	Commentary
	applied and their derivation, etc.	multi acid digestion with ICP-MS) and FA-01 (Au Fire Assay with
	• Nature of quality control procedures adopted (eg standards, blanks,	Atomic Absorption finish). The technique is considered a near
	duplicates, external laboratory checks) and whether acceptable	total digest of relevant minerals.
	levels of accuracy (ie lack of bias) and precision have been	•Certified Reference Material (CRM), blanks and duplicates were
	established.	inserted/collected at a ratio of 1:10 with a minimum of 1 CRM per
		assays batch. CRMs are inserted at intervals never exceeding 20
		samples. Acceptable levels of accuracy and precision have been
		established.
		•Before releasing results from geological observations (e.g. visual
		mineralisation), the Company adopts the following QA/QC
		procedures:
		o Core is dispatched to the laboratory and cut. Samples are
		bagged, crushed and pulverised (sample preparation)
		o After sample preparation is finalised, a sub-sample is returned
		to the Company while assays are being completed at the
		laboratory
		o Returned sub-samples are analysed with the Company’s
		portable XRF instrument
		o Portable XRF readings are compared with the visual logs
		o Visual results are approvedfor release to themarket
Verification of	• The verification of significant intersections by either independent or	•Significant intersections have been verified by Company’s
sampling and	alternative company personnel.	Principal 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
	verification, data storage (physical and electronic) protocols.	and Logchief software to ensure data integrity. The data is
	• Discuss any adjustment to assay data.	transferred weekly to the Datashed database after further data
		validation by the database manager
		•No assay adjustment performed
Location of data	• Accuracy and quality of surveys used to locate drill holes (collar and	•NAD83 Arizona State Plane Central (International feet). Data is
points	down-hole surveys), trenches, mine workings and other locations	presented in NAD83 UTM Zone 12N (meters)
	used in Mineral Resource estimation.	•National Elevation Dataset. Horizontal resolution of approximately
	• Specification of the grid system used.	10m and vertical resolution of 1m
	• Quality and adequacy of topographic control.	•Drill holes are located with a hand-held GPS with an estimated
		horizontal accuracy of ±5m. Collar location is subsequently
		recaptured using a DGPS system with an estimated accuracy of
		±0.5m
Data spacing and	• Data spacing for reporting of Exploration Results.	•The data spacing of the new drilling results reported is insufficient
distribution	• Whether the data spacing and distribution is sufficient to establish	to establish the degree of geological and grade continuity

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Criteria	JORC Code explanation	Commentary
	the degree of geological and grade continuity appropriate for the	appropriate for Mineral Resource estimation
	Mineral 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 relation to	possible structures and the extent to which this is known,	mineralised structures is yet to be determined
geological	considering the deposit type.
structure	• If the relationship between the drilling orientation and the orientation
	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	•Core boxes are collected at the drill rig by Company personnel
		and transported to the Tucson logging facility. After logging the
		core is delivered by Company personnel to ALS Minerals’ Tucson
		facilitiesforcutting, sampling, sample preparationand assaying.
Audits or reviews	• The results of any audits or reviews of sampling techniques and	•No audits or reviews of sampling techniques have been
	_data. _	completed.

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Section 2 Reporting of Exploration Results

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

• Criteria JORC Code explanation Mineral tenement • Type, reference name/number, location and ownership including and land tenure agreements or material issues with third parties such as joint status ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Commentary

• The Oracle Ridge Mine Project (Project) is located in the Marble Peak area, approximately 30 kilometres by air northeast of Tucson, Arizona, U.S.A. It is located in Sections 17, 18, 19 and 20 of Township 11 South, Range 16 East, Gila and Salt River Base and Meridian of the U.S. cadastral system. The geographical coordinates are approximately Latitude 32º28' North, Longitude 110º41' West.

• The Project is 100% owned by Eagle Mountain Mining Limited through its 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 60 Patented Mining Claims and 50 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 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.

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Criteria	JORC Code explanation	Commentary
		OREX
		•The OREX area is covered by 93 Unpatented Mining Claims
		within 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 27 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 operateinthe area.
Exploration done	• Acknowledgment and appraisal of exploration by other parties.	Oracle Ridge
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, Geesaman and
		other small mines in the area.

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Criteria	JORC Code explanation	Commentary
		•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 confirmatory metallurgical test work. A
		detailed design was started in November 1989 on a column
		flotation plant. Construction of the facility commenced in April
		1990 and the first ore was processed through the plant on March
		3, 1991. The capacity of the mill was initially set at 771 short ton
		per day. The mill capacity was later expanded to approximately
		1,000 short ton per day.
		•The mine closed in 1996. Production records show that
		approximately 1,200,000 short tons were milled since
		commencement of the operation.
		•Between 2009 and 2015 the project was owned by Oracle Ridge
		Mining, a TSX-V listed company, which drilled approximately 130
		surface and underground holes.
		Golden Eagle
		•Small scale mining occurred in the Golden Eagle area in the first
		half of the 1900s focussed on gold. The largest operation was the
		Sanderson Mine. The mine is part of the Golden Eagle
		mineralised system but is located outside the Company’s
		landholding. It reported smelter returns between 1936 and 1941
		averaging 0.4 Oz/short ton Au (13.7 g/t Au), 0.65 Oz/ton Ag (22.3
		g/t Ag) and 0.46% Cu (small tonnage).
		•Oracle Ridge mining conducted exploration at Golden Eagle in the
		mid-1990s. A geophysical magnetic survey was flown over the
		area. Few magnetic anomalies, postulated to be magnetite-rich

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Criteria	JORC Code explanation	Commentary
		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.
		Red Hawk
		•No historical exploration nor mining activities are known for the
		RedHawkarea
Geology	• Deposit type, geological setting and style of mineralisation.	Oracle Ridge
		•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.
		Golden Eagle
		•Based onearly stage explorationdrilling,interpretationofthe

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Criteria	JORC Code explanation	Commentary
		deposit type for Golden Eagle is ongoing. The majority of elevated
		gold and base metals (copper, lead, zinc) from drill results are
		hosted within granitic rocks. These granites are bounded by what
		are interpreted to be younger intrusive rocks to the east and
		schists to the west.
		•The gold-rich system is proximal to the lithological contact
		between the granites and younger intrusion. Although not visible
		in core, the gold is coincident with increased brecciation and
		oxidation. The base metal or polymetallic system occurs within the
		granites and occuras disseminations andveinlets.
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 aggregation	• In reporting Exploration Results, weighting averaging techniques,	•For WT-series drilling, exploration results are reported as
methods	maximum and/or minimum grade truncations (eg cutting of high	weighted averages of assays equal or above a 1% copper cut-off.
	grades) and cut-off grades are usually Material and should be	Lower grade intersections are reported as weighted averages of
	stated.	assays equal or above a 0.6% copper cut-off. Intersections start
	• Where aggregate intercepts incorporate short lengths of high grade	and end at a sample at or exceeding the specified cut-off.
	results and longer lengths of low grade results, the procedure used	•For GE-series drilling, exploration results are reported as
	for such aggregation should be stated and some typical examples	weighted averages of assays equal or above a 0.5g/t gold cut-off
	of such aggregations should be shown in detail.	or 1% copper cut-off. Intersections start and end at a sample at or
	• The assumptions used for any reporting of metal equivalent values	exceeding the specified cut-off.
	_should be clearly stated. _	•Nometalequivalentsreported
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

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Criteria	JORC Code explanation	Commentary
	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 substantive	• Other exploration data, if meaningful and material, should be	•No other meaningful and material exploration data beyond this
exploration data	reported including (but not limited to): geological observations;	and previous ASX announcements by the Company
	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
	extensions or depth extensions or large-scale step-out drilling).	results when they become available. Additional drill holes will be
	• Diagrams clearly highlighting the areas of possible extensions,	completed 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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