EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2022

Mar 23, 2022

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A S X A n n o u n c e m e n t | D a t e 2 4 M a r c h 2 0 2 2

Successful Placement to Raise $16 million to Advance Exploration at Oracle Ridge Copper Mine

Highlights

• Eagle Mountain Mining has received firm commitments to raise $16 million via a strongly supported Placement

• Proceeds will be primarily used for:

• Further expansion and upgrades to mineral resources at Oracle Ridge

• Drill testing other prospective targets around Oracle Ridge

• Recommission the underground mine at Oracle Ridge

• Managing Director, Charles Bass, to invest $1 million, subject to shareholder approval

Eagle Mountain Mining Limited (ASX: EM2) (“Company”) is pleased to announce it has received firm commitments to raise $16 million through the issue of approximately 35.5 million fully paid ordinary shares to institutional investors at $0.45 per share (“Placement”).

The Company would like to thank and acknowledge the strong support of its existing institutional shareholders. In addition, as part of the Placement, Managing Director, Mr Charles Bass, intends to subscribe for $1 million which is subject to shareholder approval to be sought at a forthcoming General Meeting.

Commenting on the successful capital raise, CEO, Tim Mason said:

“ The Board and I are very pleased with the strong support received for this equity raising, in particular from our existing major institutional shareholders who continue to back the Company in our objective to become a significant copper producer.

This fund raise will allow us to continue to expand and upgrade the high-grade mineral resources at Oracle Ridge and pave the way for a preliminary feasibility study to commence in 2023. As part of our development pathway, we are refurbishing the underground mine to dramatically improve drilling efficiency and allow for the potential development of an exploration drive which could later be used as an access for mining purposes.

I wish to thank Charlie Bass, our Managing Director, who continues to show his unwavering financial support for the Company with another commitment to subscribe for $1 million as part of the Placement.

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The combination of the strong outlook for the copper market, the competitive strengths of the Oracle Ridge project and ongoing exploration success positions the Company with a solid base for growth in shareholder value.“

Placement Details

The Company has received binding commitments from institutional and sophisticated investors to raise $16 million through the issue of approximately 35.5 million fully paid ordinary shares at an issue price of $0.45 per share (“Offer Price”). The Placement comprises two components:

• An unconditional placement to raise $15 million via the issue of 33,333,333 fully paid ordinary shares to be issued under the Company’s available placement capacity in accordance with Listing Rules 7.1 (10,161,575 shares) and 7.1A (23,171,758 shares) (“Unconditional Placement”).

• A conditional placement to Managing Director, Mr Charles Bass, who intends to subscribe for $1 million via the issue of 2,222,223 fully paid ordinary shares (“Conditional Placement”).

The Offer Price of $0.45 represents a 6.2% discount to the last close price of $0.48 per share and a 12.5% discount to the 5-day VWAP of $0.514 per share.

The Unconditional Placement is expected to settle on Tuesday 29 March 2022, with the issue and trading of new shares expected to commence on Wednesday 30 March 2022.

Mr Bass’ participation in the Conditional Placement will be subject to shareholder approval at a forthcoming General Meeting. A Notice of Meeting will be sent to Shareholders in due course seeking approval for the issue of the Placement Shares to an entity associated with Mr Charles Bass.

Canaccord Genuity (Australia) Limited and PAC Partners Securities Pty Ltd acted as Joint Lead Managers to the Placement.

An Appendix 3b follows this announcement providing additional detail.

Use of Funds

The Company intends to use the funds raised from the Placement for the following purposes:

Continue to expand and upgrade the JORC Mineral Resources at Oracle Ridge

In early March 2022, the Company completed an updated JORC Mineral Resource Estimate (“MRE”) which increased the contained copper by 36% by adding 59 holes (refer ASX announcement 10 March 2022). Since the cut-off date for the updated MRE, multiple strong high-grade results continue to be received (refer ASX announcements 3 March 2022 and 15

March 2022). The Company is currently undertaking resource upgrade and expansion drilling and plans to complete a further update to the MRE later in 2022. This update is expected to include over 100 new holes.

Drill testing other prospective targets at Oracle Ridge

A range of prospective exploration targets have been identified at Oracle Ridge, in particular at the OREX target which shows extensive out-cropping copper mineralisation along with a strong magnetic anomaly within an area with striking geological similarities to the Oracle Ridge mine. If significant mineralisation is discovered at OREX, it will provide a positive catalyst for the development of Oracle Ridge.

Recommissioning the underground mine at Oracle Ridge

The Company is planning to re-open the existing mine to enable drilling from underground, providing far more efficient drilling compared to surface drilling due to shorter hole lengths, improved drilling accuracy and faster turn-around times. Underground access will also allow collection of bulk samples for metallurgical test work and other studies.

Other

• Geophysical surveys over Golden Eagle and potential drill testing

• • Minor exploration work on the Silver Mountain project

• General working capital purposes

For further information please contact:

Tim Mason Mark Pitts BEng, MBA, GAICD B.Bus, FCA, GAICD Chief Executive Officer Company Secretary tim@eaglemountain.com.au mark@eaglemountain.com.au

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

COMPETENT PERSON STATEMENT

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

EAGLE MOUNTAIN MINING LIMITED

Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfield (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 developments through our website and social media channels

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Website https://eaglemountain.com.au/ Twitter https://twitter.com/eagle_mining

LinkedIn https://www.linkedin.com/company/eagle-mountain-mining-ltd/