EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2022

Jul 10, 2022

ASX Announcement 11 July 2022

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Mineralisation Extended to Far Eastern Talon in

Previously Undrilled Area

Highlights

• Good mineralisation intersected in three of five holes drilled to the far east side of Talon

• Results of this far eastern Talon drilling include :

• 24.5m at 1.68% Cu, 14.68 g/t Ag and 0.34g/t Au (WT-22-121)

• 13.2m at 1.75% Cu, 14.51g/t Ag and 0.37g/t Au (WT-22-121)

• 14.5m at 1.57% Cu, 14.77 g/t Ag and 0.1g/t Au including

  • 6.3m at 2.86% Cu, 30.70g/t Ag and 0.21g/t Au (WT-22-119)

• 4.9m at 6.61% Cu, 70.19 g/t Ag and 0.43 g/t Au (WT-22-125)

• The mineralised zones outlined above are interpreted to connect with outcropping mineralisation at surface

• Further results from four holes pending in the far eastern Talon area

• Large diameter (PQ) drilling is being undertaken at Talon to collect metallurgical testwork samples and to infill the known resource

Commenting on the mineralisation at the eastern Talon, Eagle Mountain Mining CEO, Tim Mason, said:

“These latest results are likely to improve our anticipated Mineral Resource Estimate update and our strategy to work towards re-opening the Oracle Ridge Copper Mine.

Recommissioning of the existing underground mine will be a key milestone for the Company and will lead to faster and less expensive drilling compared to drilling from surface, due to shorter hole lengths, along with invaluable access for future works and study requirements.”

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.

Resource Expansion Results

Results for 12 resource expansion holes have been received (Table 1, Attachment 1) which continue to support the potential growth of the March 2022 Mineral Resource Estimate (MRE) at a 1% copper cut-off grade. Key observations from the new drill holes are presented below.

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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
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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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Eastern Talon

Maiden results from the far eastern Talon Target have been received with strong copper mineralisation intersected in three of five holes (Figures 1 and 2).

Results include:

• 24.5m at 1.68% Cu, 14.68 g/t Ag and 0.34g/t Au and 13.2m at 1.75% Cu, 14.51g/t Ag and 0.37g/t Au across two zones in drill hole WT-22-121. This is the easternmost hole drilled in the target with mineralisation open to the east, where it is expected to daylight, and to the south.

• 14.5m at 1.57% Cu, 14.77 g/t Ag and 0.1g/t Au, including 6.3m at 2.86% Cu, 30.70g/t Ag and 0.21g/t Au in drill hole WT-22-119.

• 4.9m at 6.61% Cu, 70.19 g/t Ag and 0.43 g/t Au, including 1.5m at 11.15% Cu, 121g/t Ag and 0.27g/t Au from drill hole WT-22-125.

• WT-22-128 and WT-22-123 returned no significant intersections and only minor mineralisation respectively.

This eastern Talon target was considered highly prospective due to its magnetic geophysical signature, similar to other strongly mineralised areas at Oracle Ridge, and the presence of historical workings along the eastern boundary of the magnetic anomaly at the surface. Due to the steep terrain, this target was not drilled by previous explorers. Following substantial earthworks to establish a suitable drilling platform, Eagle Mountain has successfully completed the first drilling program into this target which returned highly encouraging results.

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Figure 2 – Far East Talon – East-west cross-section including drill holes WT-22-119, WT-22-121, and WT-22-125, showing mineralised intersections and relationships with nearby drill holes and local geology (refer Figure 1 and ASX announcement 1 December 2021).

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Photos 1 and 2 – Copper mineralisation outcropping near the area interpreted to connect with hole WT-22-121. Refer to Figure 2.

Talon

Expansion drilling at the Talon continues to deliver strong results including:

• 15.8m at 1.94% Cu, 16.26g/t Ag and 0.28g/t Au (including 1.4m at 8.08% Cu, 65.10g/t Ag and 0.77g/t Au) and 8m at 1.80% Cu, 22.32g/t Ag and 0.32g/t Au in drill hole WT-22-116. The drill hole was completed in the southern Talon area. The area between WT-22-116 and WT-22-119 (see Figure 1) approximately 200 metres to the east lacks any historical drilling and has recently been tested with several holes. Assay results are pending.

• 13.7m at 1.97% Cu, 25.69g/t Ag and 0.39g/t Au and 5.6m at 1.57% Cu, 28.06g/t Ag, and 1.33g/t Au in drill hole WT-22-126, completed in the eastern Talon to the southeast of WT-21-06 (12.7m at 3.96% Cu, 49.11g/t Ag and 1.38g/t Au). The area to the east of this hole remains open.

• 12.3m at 1.62% Cu, 24.57g/t Ag, and 0.28g/t Au including 5.9m at 2.67% Cu, 44.58g/t Ag and 0.48g/t Au in drill hole WT-22-124, completed in the eastern Talon, approximately 60 metres to the south of WT-22-126. The area to the east of this hole remains open with assays awaited for two recently completed holes.

• 6.7m at 1.47% Cu, 11.02g/t Ag, and 0.07g/t Au in drill hole WT-22-120, completed in the northern Talon in an area where mineralisation appears less continuous.

Northern Mine Area

Thin mineralised horizons continue to be intersected in the northern part of the Oracle Ridge mine, just to the north of the main mine area. Results for four holes have been received which are expected to moderately expand future MREs in this area. Results include:

• 9m at 2.03% Cu, 14.49g/t Ag and 0.01g/t Au in WT-22-109

• 6.2m at 1.57% Cu, 35.60g/t Ag and 0.02g/t Au in WT-22-113

Mineralisation remains open to the north.

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Western Mine Area

One expansion hole in the Western Mine area returned 5.6m at 3.79% Cu, 11.22g/t Ag, and 0.05g/t Au (WT22-127, Figure 3). Interestingly this is one of the westernmost mineralised intersections encountered at Oracle Ridge since the 1970s. This new intersection remains open to the west and the area shows a structural complexity that needs to be unravelled by further drilling.

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-22-109	136.6	145.6	9.0	2.03	14.49	0.01
including	140.7	141.6	0.9	6.30	46.80	0.03
WT-22-113	149.2	155.4	6.2	1.57	35.60	0.02
WT-22-116	204.1	219.9	15.8	1.94	16.26	0.28
including	213.8	215.2	1.4	8.08	65.10	1.42
	259.0	267.0	8.0	1.80	22.32	0.32
including	259.0	260.1	1.1	4.95	72.80	1.11
WT-22-119	235.9	236.4	0.5	1.23	5.54	0.03
	247.5	253.8	6.3	2.86	30.7	0.21
	256.2	257.4	1.2	1.3	9.12	0.07
within	247.5	262	14.5	1.57	14.77	0.10
WT-22-120	362.7	369.4	6.7	1.47	11.02	0.07
WT-22-121	212.3	236.8	24.5	1.68	14.68	0.34
	244.1	257.3	13.2	1.75	14.51	0.37
within	212.3	257.3	45.0	1.48	12.67	0.30
WT-22-123	206.5	207.9	1.4	1.07	8.12	0.13
WT-22-124	266.3	272.2	5.9	2.67	44.58	0.48
including	267.8	268.3	0.5	6.33	98.00	1.17
within	259.9	272.2	12.3	1.62	24.57	0.28
WT-22-125	266.1	271.0	4.9	6.61	70.19	0.43
including	266.1	267.6	1.5	11.15	121.00	0.27
WT-22-126	261.3	275.0	13.7	1.97	25.69	0.39
	284.0	289.6	5.6	1.57	28.06	1.33
WT-22-127	190.7	196.3	5.6	3.79	11.22	0.05
including	192.5	195.2	2.7	5.15	14.87	0.07
WT-22-128	NSI, No Significant Intersections

Note – intercepts shown are downhole widths and not true widths

Resource Infill Results

Talon

Infill drilling at the Talon returned strong results in drill hole WT-22-114, at the north-eastern end of the anomaly with the best results including:

• 6.7m at 2.47% Cu, 17.46g/t Ag and 0.35g/t Au

• 14m at 2.05% Cu, 18.60g/t Ag and 0.26g/t Au

The previous results are part of a broader intersection of 53.1m at 1.26% Cu, 12.50g/t Ag, and 0.19g/t Au.

• They are located approximately 40 metres east of WT-21-06 (12.7m at 3.96% Cu, 49.11g/t Ag, and 1.38g/t Au)[1] and approximately 60 metres northwest of WT-22-126 as discussed in the Resource Expansion drilling section above.

WT-22-118 returned no significant intersection (above the 1% Cu cut-off). The hole was drilled in the northern Talon near WT-22-120, in an area where mineralisation is proving less continuous than expected.

• 1 refer ASX announcement 31 March 2021

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Northern Mine Area

Results for two infill holes have been received north of the main mine area, proximal to WT-22-109 and WT22-113:

• 4.5m at 1.43% Cu, 40.83g/t Ag and 0.02g/t Au in WT-22-115

• 5.8m at 1.31% Cu, 10.20g/t Ag and 0.01g/t Au in WT-22-117

• Drilling in this area has been deprioritised due to lower grades and widths than anticipated.

Western Mine Area

Two infill holes were drilled at the southern end of the Western Mine Area (Figure 3):

• 13.7m at 2.20% Cu, 28.97g.t Ag and 0.18g/t Au in drill hole WT-22-129

• 0.7m at 3.15% Cu, 13.45g/t Ag and 0.21g/t Au within a thicker zone of approximately 15 metres of discontinuous, low-grade mineralisation (WT-22-131)

Results from these new holes suggest that mineralisation in the area is lower grade and moderately thinner than expected from previous results. This is likely to result in an MRE downgrade for this area.

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Figure 3 – East-west cross-section including drill holes WT-22-127, WT-22-129, and WT-22-131, showing mineralised intersections and relationships with nearby drill holes and local geology (refer Figure 1 and ASX announcements 1 December 2021 and 25 May 2020).

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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-22-114	268.5	272.5	4.0	1.61	15.00	0.26
	279.4	286.1	6.7	2.47	17.46	0.35
	296.0	310.0	14.0	2.05	18.60	0.26
	314.0	321.6	7.6	1.24	22.24	0.26
within	268.5	321.6	53.1	1.26	12.50	0.19
WT-22-115	95.5	100.0	4.5	1.43	40.83	0.02
WT-22-117	102.1	107.9	5.8	1.31	10.20	0.01
WT-22-118			No Significant Intersection(NSI)
WT-22-129	249.3	263.0	13.7	2.20	28.97	0.18
WT-22-131	232.8	233.5	0.7	3.15	13.45	0.21

Note – intercepts shown are downhole widths and not true widths

Golden Eagle

Eagle Mountain’s technical team completed its preliminary review of drilling results from the Golden Eagle prospect, located less than two kilometres east of the Oracle Ridge mine. Drilling commenced at the Golden Eagle following favourable results from surface exploration work including geological mapping, sampling and geophysical surveys (refer announcement 23 August 2021).

Encouraging initial assays and visual observations from the drill core (refer announcement 28 October 2021) prompted the Company to complete 13 drill holes across two geological systems. The first system was interpreted as prospective for gold mineralisation. The second system was considered prospective for base metals mineralisation. Both geological systems are quite different to the skarn mineralisation at the Oracle Ridge Mine and both settings have historical workings.

Final assay results were received after several months due to long delays at the laboratory as well as the large number of samples collected. Drillholes at Golden Eagle were sampled from top to bottom in order to collect the best possible geochemical dataset resulting in sizable batches of samples submitted to the laboratory. Assay results have been reviewed internally as well as in conjunction with external consultants who aided the technical team in interpreting the complex dataset, the alteration styles observed and the potential link between copper mineralisation at Oracle Ridge and Golden Eagle.

While these studies have not been fully completed, few assays returned reportable gold or copper values and are presented in Table 3. At this stage, the rock lithology, structural orientation and alteration observed in the drill core are quite different from that expected from the surface mapping and sampling program.

Table 3 – Summary of Significant Assay Results from Golden Eagle

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
GE-21-02	No Significant Intersection(NSI)
GE-21-04	107.0	108.0	1.0	0.03	0.90	2.00
GE-21-05	No Significant Intersection(NSI)
GE-21-06	No Significant Intersection(NSI)
GE-21-07	No Significant Intersection(NSI)
GE-21-08	41.6	43.6	2.0	0.11	5.10	5.00
GE-21-09	No Significant Intersection(NSI)
GE-21-10	No Significant Intersection(NSI)
GE-21-11	160.0	160.6	0.6	1.00	19.30	0.06
GE-21-12	No Significant Intersection(NSI)
GE-21-13	No Significant Intersection(NSI)

Note – intercepts shown are downhole widths and not true widths

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Once final results from the technical studies are received the Company will assess if further work is required at Golden Eagle including a potential ground geophysical survey using the Induced Polarization method. This method is effective in deciphering the location of disseminated sulphides such as those associated with some of the mineralisation at Golden Eagle.

Next steps

Surface drilling activities continue to focus on Resource Expansion drilling and Metallurgical drilling. The latter program has commenced at the Talon with two large diameter holes currently planned. Metallurgical studies will be completed on core collected from these holes to ascertain the processing characteristics of the mineralisation. This will be the first time that such studies have been completed in the Talon area.

Underground activities are ramping up with contractors expected to commence the refurbishment of the underground infrastructure in the next two to three weeks following finalisation of arrangements with the contractor.

- Ends -

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,

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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:

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Linkedin

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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-22-87	524560	3592300	2108	57	238	326.7
WT-22-88	524071	3592956	2180	75	185	229.8
WT-22-89	524372	3595479	2193	85	137	356.6
WT-22-90	524556	3592292	2105	67	175	352.4
WT-22-91	524071	3592856	2180	65	177	268.2
WT-22-92	524071	3592961	2180	69	149	245.1
WT-22-93	524071	3592961	2178	35	135	356.6
WT-22-94	524555	3592291	2106	63	197	351.9
WT-22-95	524072	3592963	2183	77	128	348.7
WT-22-96	524555	3592291	2106	58	213	353.0
WT-22-97	524071	3592964	2180	66	120	260.3
WT-22-98	524069	3592959	2183	69	092	283.5
WT-22-99	524437	3592417	2152	71	205	365.2
WT-22-100	524554	3592292	2105	52	227	338.6
WT-22-101	523940	3593328	2050	69	238	227.7
WT-22-102	523940	3593327	2048	81	175	215.2
WT-22-103	524555	3592290	2104	51	205	365.2
WT-22-104	523941	3593325	2049	73	120	288.8
WT-22-105	524555	3592290	2104	47	217	301.1
WT-22-106	524437	3592417	2151	68	180	392.6
WT-22-107	523940	3593326	2047	57	098	322.2
WT-22-108	524560	3592300	2108	61	151	331.3
WT-22-109	523942	3593326	2048	66	088	269.7
WT-22-110	523942	3593326	2048	54	193	396.8
WT-22-111	523951	3593328	2045	56	078	310.3
WT-22-112	524560	3592300	2108	46	190	413.6
WT-22-113	523951	3593328	2045	61	063	278.6
WT-22-114	524551	3592296	2103	68	011	339.2
WT-22-115	523941	3593327	2050	68	047	298.1
WT-22-116	524554	3592292	2105	69	152	317.6
WT-22-117	523937	3593321	2052	84	350	214.5
WT-22-118	524519	3592579	2094	58	237	344.4
WT-22-119	524641	3592290	2077	58	089	299.3
WT-22-120	524519	3592579	2094	50	243	386.8
WT-22-121	524641	3592290	2077	49	090	332.2
WT-22-122	524560	3592300	2108	76	117	Abandoned
WT-22-123	524641	3592290	2077	55	099	289.0
WT-22-124	524560	3592300	2108	77	075	312.4
WT-22-125	524641	3592290	2077	56	079	302.7
WT-22-126	524560	3592300	2108	72	036	322.2
WT-22-127	523851	3592717	2280	54	203	326.8
WT-22-128	524641	3592290	2077	50	075	324.9
WT-22-129	523850	3592714	2279	52	155	340.8
WT-22-130	524640	3592289	2077	79	239	265.5
WT-22-131	523852	3592716	2280	51	170	340.8

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WT-22-132	524636	3592286	2077	65	184	297.5
WT-22-133	523851	3592716	2280	48	105	325.5
WT-22-134	524633	3592286	2077	57	191	269.6
WT-22-135	524642	3592289	2077	49	155	325.2
WT-22-136	523849	3592716	2279	47	239	323.1
WT-22-137	523849	3592716	2279	49	188	409.4
WT-22-138	524642	3592289	2077	47	120	306.9
WT-22-139	524431	3593348	2081	70	263	301.5
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	524642	3592289	2079	74	180	Inprogress
WT-22-161	524554	3592294	2106	65	30	357.5
WT-22-162	524605	3592188	2061	68	185	Inprogress
GE-21-01	527468	3593409	1497	65	035	261.5
GE-21-02	527468	3593409	1497	60	002	249.9
GE-21-03	527468	3593409	1497	76	002	295.7
GE-21-04	527468	3593409	1497	64	065	253.3
GE-21-05	527468	3593408	1497	50	260	309.4
GE-21-06	528007	3593650	1485	80	180	487.7
GE-21-07	526940	3593290	1559	60	45	639.2
GE-21-08	526940	3593290	1559	83	45	526.1
GE-21-09	526939	3593291	1559	50	340	624.8
GE-21-10	526822	3593288	1562	45	190	449.6
GE-21-11	526566	3593264	1592	47	0	478.8
GE-21-12	526577	3593249	1592	60	0	548.6
GE-21-13	526564	3593262	1594	85	355	276.5

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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-22-87			Assayspending
WT-22-88			Assayspending
WT-22-89			No significant intersections(NSI)
WT-22-90	145.0	147.0	2.0	2.47	20.28	0.36
	159.5	170.1	10.6	2.63	17.97	0.39
including	165.1	165.9	0.8	7.88	51.10	1.08
	178.3	180.1	1.8	2.08	23.80	0.48
	205.2	206.5	1.3	7.46	51.70	1.71
	267.9	268.9	1.0	1.87	15.60	0.62
	271.5	278.1	6.6	2.09	18.33	0.69
WT-22-91	102.4	104.5	2.1	1.01	7.97	0.13
	147.8	148.9	1.1	1.48	15.55	0.39
	179.7	181.8	2.1	1.52	8.32	0.28
	197.2	198.8	1.6	1.10	8.72	0.21
	203.0	207.0	4.0	1.77	10.60	0.16
WT-22-92	159.7	161.0	1.3	1.01	14.85	0.35
	198.5	199.8	1.3	1.18	10.60	0.23
	206.4	207.1	0.7	1.37	8.91	0.17
WT-22-93	255.2	255.7	0.5	4.34	44.00	0.24
	264.3	274.1	9.8	2.78	31.57	0.48
including	273.4	274.1	0.7	10.05	140.00	1.90
	281.1	284.3	3.2	1.22	18.66	0.23
	305.3	306.0	0.7	1.04	1.97	0.81
	316.7	319.4	2.7	1.29	13.59	0.16
	330.3	331.1	0.8	4.91	11.30	0.13
	337.6	341.5	3.9	2.06	21.44	0.28
WT-22-94	126.1	127.7	1.6	1.16	9.56	0.22
	191.0	208.0	17.0	2.34	18.35	0.61
	213.0	214.5	1.5	1.51	10.95	0.62
	217.6	238.9	21.3	3.28	26.16	0.76
	245.0	246.3	1.3	1.73	14.85	0.53
within	191.0	246.3	55.3	2.16	17.15	0.54
WT-22-95			Assayspending
WT-22-96	121.1	125.6	4.5	2.76	32.85	0.36
	165.5	166.7	1.2	1.06	7.97	0.36
WT-22-97	181.6	186.1	4.5	2.92	29.14	0.66
WT-22-98	183.9	184.7	0.8	7.72	83.10	2.45
within	181.8	185.3	3.5	3.08	32.09	0.92
WT-22-99	149.7	150.6	0.9	2.23	34.40	0.52
	202.2	210.4	8.2	2.42	18.07	0.42
	226.1	229.3	3.2	2.30	21.13	0.64
	234.5	242.6	8.1	2.08	19.70	0.46
	248.3	262.9	14.6	2.83	27.54	0.51
including	248.3	254.1	5.8	4.85	49.26	0.89
including	260.1	262.9	2.8	4.27	37.28	0.71
within	202.2	262.9	60.7	1.56	14.15	0.32
	270.8	271.5	0.7	1.94	18.55	0.43
	277.2	278.1	0.9	1.14	7.79	0.31
	286.3	287.5	1.2	1.06	10.95	0.16
WT-22-100	107.4	108.1	0.7	1.04	7.92	0.21

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	Hole ID	From	To	Width	Cu	Ag	Au
		161.2	162.5	1.3	1.47	12.70	0.23
		235.1	239.3	4.2	1.86	15.91	0.56
		242.5	244.0	1.5	1.40	12.65	1.15
	WT-22-101			No significant intersections
	WT-22-102	96.2	97.6	1.4	1.75	7.45	0.01
	WT-22-103	120.1	120.6	0.5	1.30	9.81	0.14
		125.5	125.9	0.4	1.51	14.35	0.19
		128.9	130.1	1.2	1.26	10.90	0.14
		152.5	153.1	0.6	1.37	12.65	0.16
	WT-22-104	118.0	119.1	1.1	1.37	13.35	0.03
	WT-22-105			Assayspending
	WT-22-106	149.3	150.1	0.8	1.18	7.13	0.09
		171.0	172.2	1.2	1.24	12.00	0.18
		173.3	175.4	2.1	1.87	19.40	0.24
		270.5	280.2	9.7	1.27	10.17	0.33
		287.3	298.1	10.8	1.67	12.56	0.72
	including	295.3	298.1	2.8	3.52	26.24	1.40
	within	270.5	298.1	27.6	1.18	9.11	0.43
		303.5	307.2	3.7	1.45	12.39	0.36
		313.6	314.7	1.1	2.24	27.62	0.81
	within*	270.5	314.7	44.2	0.96	7.77	0.34
		324.2	324.8	0.6	1.68	16.65	0.05
		348.5	349.7	1.2	2.96	30.30	0.76
		356.4	356.9	0.5	1.13	9.22	0.31
		361.5	369.5	8.0	1.62	16.45	0.40
	WT-22-107	175.2	175.8	0.6	1.26	10.60	0.10
		192.9	194.1	1.2	1.33	9.18	0.01
		306.7	307.4	0.7	1.60	25.10	0.03
	WT-22-108	290.5	292.0	1.5	1.39	22.90	0.33
		294.4	295.8	1.4	1.13	15.99	0.20
		303.5	305.7	2.2	1.59	16.26	0.48
		312.2	313.3	1.1	1.15	10.00	0.14
		313.9	317.4	3.5	2.04	5.11	0.07
	WT-22-109	136.6	145.6	9.0	2.03	14.49	0.01
	including	140.7	141.6	0.9	6.30	46.80	0.03
	WT-22-110			Assayspending
	WT-22-111			Assayspending
	WT-22-112	179.0	179.9	0.9	1.03	12.35	0.36
		184.0	192.9	8.9	1.53	14.11	0.34
		206.1	207.8	1.7	1.98	6.71	0.08
		214.0	216.0	2.0	2.10	18.74	0.53
		223.0	226.7	3.7	1.38	7.02	0.15
		261.0	262.6	1.6	1.89	16.50	0.20
		283.5	285.9	2.4	1.17	10.39	0.22
		298.6	299.8	1.2	1.99	43.63	0.35
		319.7	320.5	0.8	1.77	13.95	0.22
		329.0	338.4	9.4	1.35	14.88	0.23
		349.3	349.9	0.6	5.66	35.80	0.02
	WT-22-113	149.2	155.4	6.2	1.57	35.60	0.02
	WT-22-114	193.5	195.6	2.1	1.20	7.41	0.23
		250.2	250.8	0.6	1.75	21.70	0.17
		268.5	272.5	4.0	1.61	15.00	0.26
		279.4	286.1	6.7	2.47	17.46	0.35
		296.0	310.0	14.0	2.05	18.60	0.26
		314.0	321.6	7.6	1.24	22.24	0.26
	within	268.5	321.6	53.1	1.26	12.50	0.19
	WT-22-115	95.5	100.0	4.5	1.43	40.83	0.02

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	Hole ID	From	To	Width	Cu	Ag	Au
	WT-22-116	174.3	175.9	1.6	1.48	13.35	0.34
		204.1	219.9	15.8	1.94	16.26	0.28
	including	204.1	205.0	0.9	6.17	61.40	0.77
	including	213.8	215.2	1.4	8.08	65.10	1.42
		238.6	239.6	1.0	1.74	13.60	0.50
		259.0	267.0	8.0	1.80	22.32	0.32
	including	259.0	260.1	1.1	4.95	72.80	1.11
		286.0	288.6	2.6	3.60	53.97	0.68
	including	287.8	288.6	0.8	6.09	98.00	1.14
	WT-22-117	102.1	107.9	5.8	1.31	10.20	0.01
		156.0	156.5	0.5	1.28	14.30	0.03
		160.2	160.6	0.4	4.45	40.60	0.04
	WT-22-118	No Significant Intersection(NSI)
	WT-22-119	235.9	236.4	0.5	1.23	5.54	0.03
		247.5	253.8	6.3	2.86	30.7	0.21
		256.2	257.4	1.2	1.3	9.12	0.07
		261.5	262	0.5	1.24	2.41	0.02
	within	247.5	262	14.5	1.57	14.77	0.10
	WT-22-120	362.7	369.4	6.7	1.47	11.02	0.07
	WT-22-121	212.3	236.8	24.5	1.68	14.68	0.34
		244.1	257.3	13.2	1.75	14.51	0.37
	within	212.3	257.3	45.0	1.48	12.67	0.30
	WT-22-122	Assayspending
	WT-22-123	206.5	207.9	1.4	1.07	8.12	0.13
	WT-22-124	259.9	260.9	1.0	1.06	11.75	0.18
		262.1	263.8	1.7	1.45	12.59	0.18
		266.3	272.2	5.9	2.67	44.58	0.48
	including	267.8	268.3	0.5	6.33	98.00	1.17
	within	259.9	272.2	12.3	1.62	24.57	0.28
	WT-22-125	164.9	165.4	0.5	1.66	12.60	0.19
		266.1	271.0	4.9	6.61	70.19	0.43
	including	266.1	267.6	1.5	11.15	121.00	0.27
	including	270.2	271.0	0.8	9.15	92.70	0.26
	WT-22-126	245.3	246.8	1.5	3.06	30.96	2.02
	including	245.3	245.7	0.4	2.36	22.60	6.15
		254.7	255.7	1.0	1.23	12.65	0.25
		261.3	275.0	13.7	1.97	25.69	0.39
		284.0	289.6	5.6	1.57	28.06	1.33
	WT-22-127	190.7	196.3	5.6	3.79	11.22	0.05
	including	192.5	195.2	2.7	5.15	14.87	0.07
	including	192.5	193.0	0.5	7.32	14.65	0.06
	WT-22-128	No Significant Intersection(NSI)
	WT-22-129	249.3	263.0	13.7	2.20	28.97	0.18
	WT-22-130	Assayspending
	WT-22-131	232.8	233.5	0.7	3.15	13.45	0.21
	WT-22-132	Assayspending
	WT-22-133	Assayspending
	WT-22-134	Assayspending
	WT-22-135	Hole inprogress
	WT-22-136	Hole inprogress
	WT-22-137	Assayspending
	WT-22-138	Assayspending
	WT-22-139	Assayspending
	WT-22-140	Assayspending
	WT-22-141	Assayspending
	WT-22-142	Assayspending
	WT-22-143	Assayspending

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Hole ID	From	To	To	Width	Width	Cu	Cu	Ag	Ag	Ag	Au
WT-22-144	Assayspending
WT-22-145	Assayspending
WT-22-146	Assayspending
WT-22-147	Assayspending
WT-22-148	Assayspending
WT-22-149	Assayspending
WT-22-150	Assayspending
WT-22-151	Assayspending
WT-22-152	Assayspending
WT-22-153	Assayspending
WT-22-154	Assayspending
WT-22-155	Assayspending
WT-22-156	Assayspending
WT-22-157	Assayspending
WT-22-158	Assayspending
WT-22-159	Assayspending
WT-22-160	Hole inprogress
WT-22-161	Assayspending
WT-22-162	Hole inprogress
GE-21-01	200.4	202.0		1.6		0.02		0.50			0.91
GE-21-02	No Significant Intersection(NSI)
GE-21-03	236.8	258.0		21.2		0.11		1.86			1.88
including	250.0	258.0		8.0		0.20		3.79			3.80
and	236.8	244.0		7.2		0.09		0.83			1.26
GE-21-04	107.0	108.0		1.0		0.03		0.90			2.00
GE-21-05	No Significant Intersection(NSI)
GE-21-06	No Significant Intersection(NSI)
GE-21-07	No Significant Intersection(NSI)
GE-21-08	41.6		43.6		2.0		0.11		5.10	5.00
GE-21-09	No Significant Intersection(NSI)
GE-21-10	No Significant Intersection(NSI)
GE-21-11	160.0		160.6		0.6		1.00		19.30	0.06
GE-21-12	No Significant Intersection(NSI)
GE-21-13	No Significant Intersection(NSI)

*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 57 Patented Mining Claims and 45 Unpatented Mining Claims within the Coronado National Forest (United States Forest Service).

• 100% of the mineral rights starting from 15.2m (50 feet) below surface are owned by Wedgetail Operations LLC

• In 2009, the surface rights for the area necessary for potential mining access (e.g. portals), processing facilities and offices have been secured by an industrial property lease. Under the agreement, Wedgetail Operations LLC leases the surface rights to the project for the purpose of carrying out its exploration, potential development and mining. The lease has an initial term of three years and is renewable for nine additional extensions of three years each.

• A separate surface access agreement is in place to allow access to drill sites and drill pads construction.

• The mineral rights of Patented Claims at Oracle Ridge are likely to have a reversionary interest to Marble Mountain Ventures, which occurs on 18 February 2025, unless the Company exercises its Extension Option upon which the Company’s interests in the mineral rights are extended to 18 February 2040.

• There is a 3% net smelter returns royalty on the future sale of any metals and minerals derived from the Oracle Ridge mine.

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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 3 Patented Mining Claims
		and 32 Unpatented Mining Claims within the Coronado National
		Forest (United States Forest Service).
		•100% of the mineral rights are owned by Wedgetail Operations
		LLC
		•The Golden Eagle area is also partly covered by Patented Mining
		Claims controlled by Pima County. The Company has an
		agreement in place for non-ground disturbing exploration work to
		occur on Pima County’s Patented Mining Claims. The Company
		does not currently control the Mineral Rights over Pima County’s
		claims
		Red Hawk
		•The Red Hawk area is covered by 24 Unpatented Mining Claims
		within the Coronado National Forest (United States Forest
		Service).
		•100% of the mineral rights are owned by Wedgetail Operations
		LLC
		•The land tenure is secure at the time of reporting and there are no
		known impediments to obtaining permits to 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, Geesman 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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