EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2022

Mar 2, 2022

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A S X A n n o u n c e m e n t | 3 M a r c h 2 0 2 2

Strong Drill Results Continue at Oracle Ridge

• Thick high-grade intersections continue in both Resource extension and Infill drilling

• Resource extension drilling at the Talon included the following results:

• 30.7m at 2.54% Cu, 21.84g/t Ag, 0.42g/t Au (WT-21-56) within

  • 63.1m at 1.84% Cu, 15.68g/t Ag, 0.30g/t Au

• 38.1m at 1.97% Cu, 20.64g/t Ag, 0.51g/t Au (WT-21-59) including

  • 11.0m at 2.55% Cu, 28.84g/t Ag, 0.81g/t Au

• Resource infill drilling in the Mine Area included the following results:

• 17.3m at 2.23% Cu, 25.34g/t Ag and 0.21g/t Au (WT-21-55)

• 10.5m at 1.95% Cu, 26.04g/t Ag and 0.28g/t Au (WT-21-58) within a fully diluted

  • 46.0m at 1.49% Cu, 17.91g/t Ag, 0.20g/t Au

• 10.9m at 2.45% Cu, 18.97g/t Ag and 0.41g/t Au (WT-21-60) within

  • 45.6m at 1.62% Cu, 17.30g/t Ag and 0.31g/t Au

• Resource infill drilling results support the decision to recommission the existing underground mine for more effective diamond drilling and bulk sampling

• The first JORC Mineral Resource Estimate (MRE) update including drilling completed since the Oracle Ridge acquisition is on track for completion this month

• Assays for the 10 holes reported in this announcement have not been included in the MRE update and will be included in the next MRE update planned for Q4 2022

• Assays are currently pending for a further 56 holes

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

Assays have been received for 10 drill holes, comprising six resource extension holes and four resource infill holes. Figures 2 and 3 illustrate the location of significant new results while Tables 1 and 2 summarise key intercepts.

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Eagle Mountain Mining CEO, Tim Mason, commented:

“The Western Talon has delivered some of the thickest and highest-grade intersections to date with mineralisation getting richer to the south. We are delighted that these results continue to add confidence to the historical drilling and demonstrate the Resource growth potential at Oracle Ridge.

The resource infill drilling is designed to allow us to declare Measured Resources for the first time under the JORC Code and increase tonnes in the Indicated category in the MRE update, which is scheduled for completion in a few weeks. Expanding the resource base in the Measured and Indicated categories is critical, as following completion of successful feasibility studies, we aim to translate these to Proven and Probable Reserves.

These exceptional results will be included in a further MRE revision later this year which will benefit from the strong results reported in this announcement plus all other assays received up to the time of finalising that revision. By that time, we are planning to have re-opened the existing mine and have an underground rig conducting infill drilling to increase the Measured and Indicated Resource with more efficient drilling. At the current and expected rate of drilling, we should have well over 100 new drillholes to be incorporated into that MRE revision.”

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Figure 1 – 3D view looking west showing the Oracle Ridge Project areas and the general location of recently received assay results.

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Figure 2 – Plan view of main mine area at Oracle Ridge showing the location of recent and previously reported assay results for the Resource Infill drill program. (refer ASX announcement 24 January 2022)

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Figure 3 – Plan view of the Talon target showing the Wave Zone, including selected results. Due to the geometry of the drilling completed (fan drilling from a limited number of pads), the points represent the approximate pierce point of each hole through the Leatherwood-Sediments contact. (Refer also to ASX announcements 30 July 2021 and 29 October 2021). The Wave Zone remains open to the east, while to the west it terminates against the Wave itself.

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Resource Infill Results

Four holes were drilled in the north-west of Oracle Ridge (“main mine area”) as part of the Resource Infill program (WT-21-52, WT-21-55, WT-21-58, WT-21-60).

The main objective of this program is to integrate and confirm historical results and allow Measured Resources, the highest confidence level under the JORC Code, to be declared. All drill holes provided good support to nearby historical intercepts. Interestingly, mineralisation continued to be intersected between the main mineralised lodes in historically unsampled areas. While more work is required, these results are encouraging and could have favourable implications for reducing mining costs in a potential production scenario.

A second goal of the Resource Infill program is to collect samples for upcoming metallurgical studies. For this reason, some of the holes were drilled using a larger diameter drill bit to collect a larger sample more suitable for metallurgical testwork. A summary of key intercepts from infill drilling is outlined in Table 1 below.

Table 1 – 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-21-52	111.3	125.5	14.2	2.40	28.45	0.36
including	119.3	121.3	2.0	4.94	64.79	0.57
	129.9	130.8	0.9	7.49	153.00	1.11
	133.5	142.5	9.0	2.07	26.47	0.25
	151.3	158.0	6.7	2.41	16.28	0.18
within	111.3	158.0	46.7	1.78	20.82	0.23
WT-21-55	156.0	173.3	17.3	2.23	25.34	0.21
including	168.0	170.4	2.4	4.09	28.76	0.24
WT-21-58	110.5	115.3	4.8	2.11	20.18	0.32
	146.0	156.5	10.5	1.95	26.04	0.28
within	110.5	158.0	46.0	1.49	17.91	0.20
WT-21-60	25.9	30.7	4.8	1.94	26.97	0.33
	35.8	43.0	7.2	2.04	31.81	0.60
	49.7	56.4	6.7	2.93	28.03	0.52
	59.1	70.0	10.9	2.45	18.97	0.41
within	25.9	70.0	44.1	1.64	17.58	0.32
	95.3	97.5	2.2	4.19	31.46	0.55
	159.7	172.8	13.1	2.07	17.47	0.31

Note – intercepts shown are downhole widths and not true widths

WT-21-55

WT-21-55 was drilled in the main mine area as part of the Resource Infill program (Figure 2; Figure 5). This drill hole encountered significantly more continuous mineralisation than the adjacent historical holes.

The drill hole intersected a steeply dipping vein carrying significant copper sulphides (Figure 4). This represents the second time such a vein has been intersected in this area (see ASX announcement 24 January 2022) suggesting that, notwithstanding their limited thickness, these veins could be more widespread than originally thought. The current interpretation is that there is a “vein swarm” oriented perpendicular to the gently dipping skarn bodies in the area. Should this concept be confirmed by

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further exploration, these veins could significantly upgrade the volumes of sediment between the skarnhosted copper lodes which have previously been considered devoid of any significant mineralisation.

As can be seen in Figure 5, gaining access to the underground workings will assist exploration in these previously discounted areas.

Best intersections in WT-21-55 include:

• 17.3m fully diluted at 2.23%Cu, 25.34g/t Ag and 0.21g/t Au; including o 2.4m at 4.09% Cu, 28.76g/t Ag and 0.24g/t Au

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Figure 4 – Section of core from WT-21-55 showing moderately altered sediments crosscut by strongly mineralised vein sub-parallel to the core axis. The extent and significance of this style of veining is not yet well understood, but its presence in multiple recent Resource Infill holes is highly encouraging. The vein was not the primary target of this hole which explains the sub optimal drill orientation (Depth 163.9 – 166m).

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Figure 5 – East-west cross section through drill holes WT-21-55 and WT-21-58 showing mineralised intersections and relationships with nearby drill holes and local geology. Historical results above 1% Cu are shown in grey though assays omitted for clarity (refer ASX announcement 25 May 2020).

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WT-21-58

WT-21-58 was an infill hole completed in the main mine area as part of the Resource Infill program, approximately 50 metres to the east of WT-21-55 (Figure 2, Figure 5). The drill hole intersected abundant skarn-hosted mineralisation confirming the results of historical drill holes in the vicinity. Only minor cross-cutting veins carrying Cu-sulphides were noticed. WT-21-58 was drilled using a larger diameter drill bit to obtain a larger sample size through mineralised zones. These samples will be used to complete metallurgical testwork later in the year. Key intersections from WT-21-58 include:

• 4.8m at 2.11% Cu, 20.18g/t Ag and 0.32g/t Au from 110.5m

• 5.4m at 1.85% Cu, 20.33g/t Ag and 0.23 g/t Au from 118.3m

• 6.9 m at 1.95% Cu, 28.86g/t Ag and 0.27 g/t Au from 136.1m

• 10.5 m at 1.95% Cu, 26.04g/t Ag and 0.28 g/t Au from 146.0m

The above intersections are contained within a broad fully diluted mineralised interval of 46.0m at 1.49% Cu, 17.91g/t Ag and 0.20g/t Au from 110.5m.

WT-21-52

WT-21-52 was an infill hole completed in the main mine area as part of the Resource Infill program (Figure 2, Figure 6). The drill hole intersected abundant skarn-hosted mineralisation confirming the results of historical drill holes in the vicinity. Key intersections from WT-21-52 include:

• 14.2m fully diluted at 2.40% Cu, 28.45 g/t Ag and 0.36 g/t Au from 111.3m including o 2.0m at 4.94% Cu, 64.79 g/t Ag and 0.57 g/t Au from 119.3m

• 0.9m at 7.49% Cu, 153.00 g/t Ag and 1.11 g/t Au from 129.9m

• 9.0m at 2.07% Cu, 26.47 g/t Ag and 0.25 g/t Au from 133.5m

• 46.7m fully diluted at 1.78% Cu, 20.82 g/t Ag and 0.23 g/t Au from 111.3m including

• 6.7m at 2.41% Cu, 16.28 g/t Ag and 0.18 g/t Au from 151.3m

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Figure 6 – East-west cross section through drill hole WT-21-52 showing mineralised intersections and relationships with nearby drill holes and local geology. Historical results above 1% Cu are shown in grey for clarity (refer ASX announcement 25 May 2020).

WT-21-60

WT-21-60 was an infill hole completed in the main mine area as part of the Resource Infill program (refer Figure 7) and intersected abundant skarn-hosted mineralisation confirming the results of historical drill holes in the vicinity. The hole was terminated after drilling through an underground drive but still tested its primary targets. As for WT-21-58, WT-21-60 was drilled using a larger diameter drill bit to collect a larger sample size through mineralised zones. These samples will be used to complete metallurgical testwork later in the year. Key intersections from WT-21-60 include:

• 4.8m at 1.94% Cu, 26.97g/t Ag and 0.33g/t Au from 25.9m

• 7.2m at 2.04% Cu, 31.81g/t Ag and 0.60g/t Au from 35.8m

• 6.7m at 2.93% Cu, 28.03g/t Ag and 0.52g/t Au from 49.7m

• 10.9m at 2.45% Cu, 18.97g/t Ag and 0.41g/t Au from 59.1m

The above intersections are contained within a broad fully diluted mineralised interval of 44.1m at 1.64% Cu, 17.58 g/t Ag and 0.32 g/t Au from 25.9m. A deeper mineralised zone was also encountered:

• 13.1m at 2.07% Cu, 17.47g/t Ag and 0.31g/t Au from 159.7m (this hole ended in mineralisation with the drill hole piercing an underground drive)

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Figure 7 – East-west cross section through drill hole WT-21-60 showing mineralised intersections and relationships with nearby drill holes and local geology. Selected historical results above 1% Cu are shown in grey for clarity (refer ASX announcement 25 May 2020). WT-21-60 terminated in mineralisation at the lower underground workings.

Resource Expansion drill holes

Six holes were drilled as part of the Resource Expansion program. Hole WT-21-75 was drilled just to the south of the main mine area and confirmed mineralisation at the Leatherwood-Sediments contact extends to this area. Five holes (WT-21-53, WT-21-54, WT-21-56, WT-21-57, WT-51-59) were drilled in the Western Talon. Results from these holes continue to confirm the interpreted geological model and suggest that the:

• Stacked mineralised lode extends further to the north than previously interpreted (WT-21-53)

• Mineralisation grade and thicknesses show an increase to the south with recent results in WT21-56 and WT-21-59 returning some of the best intersections at the Talon to date.

A summary of key intercepts from Resource Expansion drilling is outlined in Table 2 below.

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Table 2 – 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-21-53	266.2	281.0	14.8	1.74	13.98	0.33
	308.5	313.2	4.7	1.54	12.60	0.22
	381.6	391.2	9.6	1.99	13.14	0.10
WT-21-54	149.4	151.1	1.7	2.16	22.10	0.28
	190.6	193.5	2.9	1.61	16.18	0.19
	235.6	239.5	3.9	1.41	13.45	0.31
	274.9	277.6	2.7	2.38	24.34	0.66
WT-21-56	207.9	238.6	30.7	2.54	21.84	0.42
	242.7	255.4	12.7	1.13	9.14	0.13
	262.3	271.0	8.7	2.19	19.22	0.39
within	207.9	271.0	63.1	1.84	15.68	0.30
WT-21-57	332.5	338.6	6.1	1.83	26.50	0.59
WT-21-59	196.0	207.0	11.0	1.35	10.61	0.51
	228.0	236.9	8.9	2.66	25.83	0.66
	243.8	254.8	11.0	2.55	28.84	0.81
	263.3	266.1	2.8	4.73	48.83	1.04
within	228.0	266.1	38.1	1.97	20.64	0.51
	274.9	276.8	1.9	2.06	20.18	0.51
	315.7	316.9	1.2	2.60	20.50	0.44
WT-21-75	159.8	165.0	5.2	1.04	11.06	0.15
	169.4	173.3	3.9	2.04	14.32	0.42

Note – intercepts shown are downhole widths and not true widths

WT-21-75

WT-21-75 was drilled in a poorly explored area at Oracle Ridge, between the main mine area to the north and the central mine area to the east and south. Mineralisation in this part of the mine is located along the Leatherwood-Sediments contact with the Company having drilled several holes in this area to test continuity of mineralisation in the area.

WT-21-75 is the first one of this series of holes where assays have been received. Two zones of mineralisation near the contact were encountered with similar grade and thickness to historical holes in the vicinity (Figure 8):

• 5.2m at 1.04% Cu, 11.06g/t Ag and 0.15g/t Au from 159.8m

• 3.9m at 2.04% Cu, 14.32g/t Ag and 0.42g/t Au from 169.4m

Mineralisation remains open to the south, east and west with results from recent holes in this area still pending.

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Figure 8 – East-west cross section through drill hole WT-21-75 showing mineralised intersections and relationships with nearby drill holes and local geology (refer also ASX announcement 25 May 2020).

WT-21-53

WT-21-53 was drilled at the northern end of the Talon approximately 60 metres to the north of WT-2150 (14.1m at 1.51% Cu, 12.06g/t Ag, 0.42 g/t Au; Figure 3, Figure 9). The drill hole intersected three mineralised zones:

• An upper zone returning 14.8m at 1.74% Cu, 13.98g/t Ag and 0.33g/t Au from 266.2m.

• A middle zone with scattered intersections over 30 metres starting from approximately 290m downhole and including 1.4m at 1.88% Cu, 14.65g/t Ag and 0.29g/t Au and 4.7m at 1.54%Cu, 12.60g/t Ag and 0.22g/t Au.

• A lower zone of 9.6m at 1.99% Cu, 13.14g/t Ag and 0.10g/t Au within a larger 15.1m zone at 1.55% Cu, 11.39g/t Ag and 0.08g/t Au using a lower 0.6% Cu cut-off. This is hosted within the Leatherwood with mineralisation hosted in quartz veins and fractures with abundant copper sulphides (chalcopyrite and bornite).

The results from WT-21-53 are encouraging and suggest that multiple stacked mineralised zones may extend from the Talon to the north towards the central mine area. Presence of mineralisation within the Leatherwood is also anomalous and the technical team will review the intersection in WT-21-53 in detail to better understand this style of mineralisation and its potential extensions.

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Three holes have been completed in the vicinity of WT-21-53 and WT-21-50 with further assays pending (Figure 9).

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Figure 9 – North-south cross section through drill hole WT-21-53 showing mineralised intersections and relationships with nearby drill holes and local geology (refer also ASX announcement 12 January 2022).

WT-21-54

WT-21-54 was drilled in the Central Talon (Figure 3 and Figure 10) approximately 70 metres east of WT21-44 (61.5m fully diluted at 1.07%Cu, 9.87g/t Ag and 0.14g/t Au), 50 metres south of WT-21-38 (1.6m at 5.23% Cu, 2.42g/t Ag) (refer ASX announcement 1 December 2021) and 60 metres north of WT-2156 (Figure 10). The drill hole intersected multiple narrow mineralised zones over 80 metres including:

• 2.9m at 1.61% Cu, 16.18 g/t Ag, 0.19g/t Au from 190.6m

• 7.0m at 1.17% Cu, 10.48 g/t Ag, 0.19 g/t Au from 213.5m

• 2.7m at 2.38% Cu, g/t Ag, 24.34, 0.66g/t Au from 274.9m

In an east-west direction, the mineralisation intensity increases towards the west with grade and thickness increasing as the Wave is approached. In a north-south direction, this area of the Talon shows an increase in mineralisation grade and thickness from WT-21-38 to the north, through WT-21-54 and continuing to WT-21-56.

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WT-21-56

WT-21-56 was drilled in the Western Talon, approximately 50 metres east of WT-21-25 (9.1m at 2.39% Cu, 22.47g/t Ag and 0.22g/t Au, Figure 3, Figure 10). The drill hole intersected a very thick high-grade zone containing several richer intervals. Results include:

• 30.7m at 2.54% Cu, 21.84g/t Ag and 0.42g/t Au from 207.9m

• 12.7m at 1.13% Cu, 9.14g/t Ag and 0.13g/t Au from 242.7m

• 8.7m at 2.19% Cu, 19.22g/t Ag and 0.39g/t Au from 262.3m within

• 63.1m fully diluted at 1.84% Cu, 15.68g/t Ag and 0.30g/t Au from 207.9m

A review of the mineralisation and structural data shows some variability in the orientation of the stratigraphy suggesting that folding could explain the thicker mineralisation seen in this hole.

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Figure 10 – East-west cross section through drill hole WT-21-54 and WT-21-56 showing mineralised intersections and relationships with nearby drill holes and local geology, including the Wave feature (refer also ASX announcement 12 January 2022).

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WT-21-59

WT-21-59 was drilled in the Western Talon (Figure 3, Figure 12) 50 metres east of WT-21-45 (74.4m fully diluted at 0.93% Cu, 6.92g/t Ag and 0.10g/t Au). The drill hole intersected two main mineralised zones: an upper zone above the Wave (Q-Sill) and a thicker, higher-grade zone just below the Wave. Sediments in the lower part of the hole are only locally mineralised.

Throughout WT-21-59, bedding has a more consistent orientation than drill hole WT-21-56, approximately 60 metres to the north. The main mineralised zone shows an increase in variability again possibly linked to folding or other structural disruptions such as faulting.

Key results include:

Upper zone

• 11.0m fully diluted at 1.35% Cu, 10.61g/t Ag and 0.51g/t Au

• Main zone

• 38.1m fully diluted at 1.97% Cu, 20.64g/t Ag and 0.51g/t Au including o 8.9m at 2.66%Cu, 25.83g/t Ag and 0.66g/t Au

  • 11.0m at 2.55% CU, 28.84g/t Ag and 0.81g/t Au

  • 2.8m at 4.73% Cu, 48.83g/t Ag and 1.04g/t Au

WT-21-59 contains some of the best gold grades encountered at the Talon and throughout the Project confirming the interpreted trend which has gold content increasing towards the south.

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Figure 12 – East-west cross section through drill hole WT-21-59 showing mineralised intersections and relationships with nearby drill holes and local geology, including the Wave feature (refer also ASX announcements 1 December 2021 and 12 January 2022).

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WT-21-57

WT-21-57 was drilled in the western Talon, testing the westernmost sediments underneath the Wave feature (Figure 3, Figure 11). The drill hole intersected 6.1m at 1.83% Cu, 26.50g/t Ag and 0.59g/t Au from 332.5m, sandwiched between the Leatherwood intrusive below and the Wave (Q Sill) above.

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Figure 11 – East-west cross section through drill hole WT-21-57 showing mineralised intersections and relationships with nearby drill holes and local geology, including the Wave feature (refer also ASX announcement 12 January 2022).

Next steps

The Company is finalising an updated JORC Mineral Resource Estimate (MRE) to be released this month. These latest results have missed the cut-off date for the updated MRE and will be included in a further MRE revision planned for Q4 2022.

The Company has recently announced the planned reopening of the underground at Oracle Ridge. Access to the existing mine development will provide significant benefits for resource infill drilling and metallurgical testwork. The shorter drill holes will assist in more efficiently converting Indicated Resource to Measured and Inferred Resource to Indicated compared to surface drilling. Several of the historical developments were completed in mineralisation and will allow the collection of bulk samples for metallurgical studies directly from underground.

Drilling will continue to focus on resource extensions at the Talon and in the northern Mine Area. The Company is expecting to receive permits to allow drilling at OREX in the coming months, following which a greenfields exploration program at this exciting target is planned to commence. This program will test the potential repetition of the skarn-hosted mineralised system at Oracle Ridge below the Leatherwood

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intrusion. This target has the potential to substantially increase the resource base of the Project in the medium to long term.

Assay results for 56 holes are pending with 44 holes from the resource expansion program, 1 hole from the Resource Infill program and 11 holes from the maiden drill program at Golden Eagle.

For further information please contact:

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

Jane Morgan

Investor and Media Relations jm@janemorganmanagement.com.au

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

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

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

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.

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EAGLE MOUNTAIN MINING LIMITED

Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly-prospective greenfields Silver Mountain project, both located in Arizona, USA.

Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.

Follow the Company’s developments through our website and social media channels

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Website[https://eaglemountain.com.au/]

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Twitter https://twitter.com/eagle_mining

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

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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-21-51	524024	3593225	2098	63	237	176.8
WT-21-52	524023	359223	2098	59	225	218.8
WT-21-53	524365	3592477	2194	66	343	431.9
WT-21-54	524433	3592417	2152	73	260	340.8
WT-21-55	524026	3593221	2099	84	262	253.6
WT-21-56	524436	3592408	2151	76	217	362.1
WT-21-57	524372	3592479	2193	50	192	489.8
WT-21-58	524024	3593225	2098	61	259	207.6
WT-21-59	524437	3592415	2151	64	198	373.7
WT-21-60	523959	3593090	2093	62	040	172.4
WT-21-61	524437	3592416	2151	80	308	404.3
WT-21-62	524372	3592479	2193	79	311	390.6
WT-21-63	523959	3593091	2093	52	31	343.5
WT-21-64	524560	3592300	2108	70	275	383.4
WT-21-65	524363	3592476	2193	61	307	398.7
WT-21-66	524029	3593092	2129	70	167	162.9
WT-21-67	524560	3592300	2108	83	266	341.5
WT-21-68	524372	3592479	2193	67	320	373.1
WT-21-69	524560	3592300	2108	80	162	336.5
WT-21-70	524029	3593092	2128	63	128	205.1
WT-21-71	524029	3593092	2129	50	149	184.4
WT-21-72	524560	3592300	2108	79	227	307.2
WT-21-73	524560	3592300	2108	50	172	136.2
WT-21-74	524372	3592479	2193	60	331	388.3
WT-21-75	524172	3593121	2152	49	224	203.3
WT-21-76	524560	3592300	2108	69	249	317.6
WT-21-77	524079	3593012	2177	80	328	206.0
WT-21-78	524079	3593012	2177	77	128	203.9
WT-21-79	524372	3592479	2193	56	337	438.0
WT-21-80	524560	3592300	2108	69	206	331.6
WT-21-81	524071	3592956	2177	68	277	200.6
WT-22-82	524071	3592956	2177	50	254	221.6
WT-21-83	524560	3592300	2108	65	226	343.8
WT-22-84	524071	3592956	2177	61	206	257.6
WT-21-85	524372	3592479	2193	53	279	353.0
WT-22-86	524071	3592956	2180	55	192	282.9
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

Page 18

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	92	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	98	322.2
WT-22-108	524560	3592300	2108	61	151	In progress
WT-22-109	523942	3593326	2048	66	88	In progress
WT-22-110	523942	3593326	2048	54	193	In progress
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

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-21-51	110.3	114.4	4.1	3.31	27.51	0.30
	126.4	132.7	6.3	2.42	24.36	0.32
	139.4	154.7	15.3	4.10	37.01	0.53
including	144.8	151.1	6.3	7.15	67.14	1.00
within*	108.0	154.7	46.7	2.16	19.55	0.27
WT-21-52	70.6	72.5	1.9	1.04	11.70	0.10
	104.0	105.4	1.4	1.60	15.45	0.22
	111.3	125.5	14.2	2.40	28.45	0.36
including	119.3	121.3	2.0	4.94	64.79	0.57
	129.9	130.8	0.9	7.49	153.00	1.11
	133.5	142.5	9.0	2.07	26.47	0.25
	151.3	158.0	6.7	2.41	16.28	0.18

Page 19

Hole ID	From	To	Width	Cu	Ag	Au
within	111.3	158.0	46.7	1.78	20.82	0.23
WT-21-53	266.2	281.0	14.8	1.74	13.98	0.33
	291.7	293.7	2.0	1.34	8.18	0.09
	298.9	300.3	1.4	1.88	14.65	0.29
	303.0	304.2	1.2	1.69	14.20	0.13
	308.5	313.2	4.7	1.54	12.60	0.22
	321.3	322.5	1.2	1.05	8.79	0.12
	345.0	346.5	1.5	1.32	15.35	0.14
	381.6	391.2	9.6	1.99	13.14	0.10
WT-21-54	149.4	151.1	1.7	2.16	22.10	0.28
	190.6	193.5	2.9	1.61	16.18	0.19
	197.6	200.0	2.4	1.43	8.99	0.22
	213.5	220.5	7.0	1.17	10.48	0.19
	235.6	239.5	3.9	1.41	13.45	0.31
	250.4	251.8	1.4	1.38	13.70	0.23
	256.3	256.8	0.5	2.36	27.30	0.47
	268.6	269.2	0.6	1.85	22.30	0.31
	274.9	277.6	2.7	2.38	24.34	0.66
WT-21-55	119.2	120.3	1.1	5.01	16.92	0.19
	124.9	125.6	0.7	2.03	16.85	0.16
	127.9	130.1	2.2	2.19	15.83	0.13
	135.6	139.3	3.7	1.26	15.76	0.15
	156.0	173.3	17.3	2.23	25.34	0.21
including	168.0	170.4	2.4	4.09	28.76	0.24
WT-21-56	155.7	157.3	1.6	1.47	11.85	0.10
	207.9	238.6	30.7	2.54	21.84	0.42
	242.7	255.4	12.7	1.13	9.14	0.13
	262.3	271.0	8.7	2.19	19.22	0.39
within	207.9	271.0	63.1	1.84	15.68	0.30
WT-21-57	332.5	338.6	6.1	1.83	26.50	0.59
WT-21-58	103.1	103.5	0.4	1.44	19.30	0.04
	110.5	115.3	4.8	2.11	20.18	0.32
	118.3	123.7	5.4	1.85	20.33	0.23
	136.1	143.0	6.9	1.95	28.86	0.27
	146.0	156.5	10.5	1.95	26.04	0.28
within	110.5	158.0	46.0	1.49	17.91	0.20
WT-21-59	196.0	207.0	11.0	1.35	10.61	0.51
	223.6	224.0	0.4	2.56	5.69	0.07
	228.0	236.9	8.9	2.66	25.83	0.66
	243.8	254.8	11.0	2.55	28.84	0.81
	263.3	266.1	2.8	4.73	48.83	1.04
within	228.0	266.1	38.1	1.97	20.64	0.51

Page 20

Hole ID	From	To	Width	Cu	Ag	Au
	274.9	276.8	1.9	2.06	20.18	0.51
	285.5	286.9	1.4	1.38	10.40	0.48
	315.7	316.9	1.2	2.60	20.50	0.44
	331.6	333.0	1.4	1.02	9.17	0.14
	348.8	350.7	1.9	1.08	2.93	0.02
WT-21-60	25.9	30.7	4.8	1.94	26.97	0.33
	35.8	43.0	7.2	2.04	31.81	0.60
	49.7	56.4	6.7	2.93	28.03	0.52
	59.1	70.0	10.9	2.45	18.97	0.41
within	25.9	70.0	44.1	1.64	17.58	0.32
	95.3	97.5	2.2	4.19	31.46	0.55
	107.0	107.4	0.4	4.42	55.00	0.72
	110.5	111.0	0.5	1.78	3.73	0.04
	129.3	130.1	0.8	2.80	43.20	0.27
	150.2	150.8	0.6	1.02	1.50	0.01
	159.7	172.8	13.1	2.07	17.47	0.31
WT-21-61	Assays pending
WT-21-62	Assays pending
WT-21-63	Assays pending
WT-21-64	Assays pending
WT-21-65	Assays pending
WT-21-66	Assays pending
WT-21-67	Assays pending
WT-21-68	Assays pending
WT-21-69	Assays pending
WT-21-70	Assays pending
WT-21-71	Assays pending
WT-21-72	Assays pending
WT-21-73	Assays pending
WT-21-74	Assays pending
WT-21-75	159.8	165.0	5.2	1.04	11.06	0.15
	169.4	173.3	3.9	2.04	14.32	0.42
WT-21-77	Assays pending
WT-21-78	Assayspending
WT-21-79	Assays pending
WT-21-80	Assays pending
WT-21-81	Assays pending
WT-22-82	Assays pending
WT-21-83	Assays pending
WT-22-84	Assays pending
WT-21-85	Assays pending
WT-22-86	Assays pending
WT-22-87	Assays pending
WT-22-88	Assays pending
WT-22-89	Assays pending

Page 21

Hole ID	From	To	Width	Cu	Ag	Au
WT-22-90	Assays pending
WT-22-91	Assays pending
WT-22-92	Assays pending
WT-22-93	Assays pending
WT-22-94	Assays pending
WT-22-95	Assays pending
WT-22-96	Assays pending
WT-22-97	Assays pending
WT-22-98	Assays pending
WT-22-99	Assays pending
WT-22-100	Assays pending
WT-22-101	Assays pending
WT-22-102	Assays pending
WT-22-103	Assays pending
WT-22-104	Assays pending
WT-22-105	Assays pending
WT-22-106	Assays pending
WT-22-107	Assays pending
WT-22-108	Hole inprogress
WT-22-109	Hole inprogress
WT-22-110	Hole inprogress
GE-21-01	200.4	202.0	1.6	0.02	0.50	0.91
GE-21-02	Assays pending
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	Assayspending
GE-21-05	Assayspending
GE-21-06	Assayspending
GE-21-07*	NSI (lowerpart of the hole); Assayspending
GE-21-08	Assayspending
GE-21-09	Assayspending
GE-21-10	Assayspending
GE-21-11	Assayspending
GE-21-12	Assayspending
GE-21-13	Assayspending

*Assays for part of the hole are still outstanding a Result just below reporting cut-off included for completeness and relevance

Page 22

Attachment 2

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

==> picture [202 x 59] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Diamond drilling. Nominal sampling interval of 3m adjusted as
techniques	specific specialised industry standard measurement tools appropriate	required for local geological conditions. Core was sawn and half-core
	to the minerals under investigation, such as downhole gamma	was crushed, pulverised and split to produce a representative sample
	sondes, or handheld XRF instruments, etc). These examples should	for assaying.
	not be taken as limiting the broad meaning of sampling.	•For WT-series drilling, samples returning weighted average Cu ≥ 1%
	• Include reference to measures taken to ensure sample representivity	are reported in the announcement. Wider intercepts are reported
	and the appropriate calibration of any measurement tools or systems	using a 0.6% Cu cut-off.
	used.	•For GE-series drilling, samples returning weighted average Au ≥
	• Aspects of the determination of mineralisation that are Material to the	0.5g/t are reported in the announcement.
	Public Report.	•Visual results presented are based on geological observations, and
	• In cases where ‘industry standard’ work has been done this would be	for WT-series drilling consider the copper content of different sulphide
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	species at a 0.6% Cu nominal cut-off
	m samples from which 3 kg was pulverised to produce a 30 g charge
	for fire assay’). In other cases more explanation may be required,
	such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Diamond drilling completed by Boart Longyear using an LF-90 drill
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	rig.
	or standard tube, depth of diamond tails, face-sampling bit or other	•Core is HQ3 and PQ3
	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 of structural information.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Core recoveries are recorded by the drillers at the rig and verified by
recovery	and results assessed.	Company’s personnel during core logging
	• Measures taken to maximise sample recovery and ensure	•To maximise sample recovery and core quality drilling is performed
	representative nature of the samples.	with a “triple tube” set up where two splits are inserted in the barrel to
	• Whether a relationship exists between sample recovery and grade	minimize core displacement and core loss.
	and whether sample bias may have occurred due to preferential	•No relationship has been determined between sample recoveries and
	loss/gain of fine/coarse material.	grade.
Logging	• Whether core and chip samples have been geologically and	•A quick log is completed on site and detailed logging is performed at
	geotechnically logged to a level of detail to support appropriate	the Company’s facility in Tucson.

Page 23

Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation, mining studies and metallurgical	•Logging is both qualitative and quantitative in nature. Portable XRF
	studies.	and magnetic susceptibility measurements are taken at regular
	• Whether logging is qualitative or quantitative in nature. Core (or	intervals on the core.
	costean, channel, etc) photography.	•Core is photographed after mark-up, before sampling, wet and dry
	• The total length and percentage of the relevant intersections logged.	•100% of the relevant intersections are logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•The core is sawn in half by ALS Minerals or Skyline Assayers and
techniques	taken.	Laboratories at their Tucson facilities. Half of the core is bagged and
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	sent for assaying while the other half is left in the core box for future
preparation	whether sampled wet or dry.	reference.
	• For all sample types, the nature, quality and appropriateness of the	•Commencing with drill hole WT-21-74, holes are cut using a
	sample preparation technique.	Company-owned automatic core saw. Half of the core is bagged and
	• Quality control procedures adopted for all sub-sampling stages to	sent for assaying while the other half is left in the core box for future
	maximise representivity of samples.	reference.
	• Measures taken to ensure that the sampling is representative of the in	•A cut line is drawn by a geologist to guide sawing and sampling of
	situ material collected, including for instance results for field	intervals where sample bias might occur (e.g. mineralised vein at
	duplicate/second-half sampling.	small angle to core axis)
	• Whether sample sizes are appropriate to the grain size of the material	•ALS Minerals or Skyline Assayers and Laboratories conducted all
	being sampled.	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
		material being sampled
Quality of	• The nature, quality and appropriateness of the assaying and	•ALS Minerals assay methods: ME-MS61 (48 element four acid ICP-
assay data	laboratory procedures used and whether the technique is considered	MS) and Au-AA23 (Au 30g charge Fire Assay with Atomic Absorption
and	partial or total.	finish). The technique is considered a near total digest of relevant
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	minerals. Above detection samples are re-assayed with Au-GRA21,
tests	the parameters used in determining the analysis including instrument	Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62
	make and model, reading times, calibrations factors applied and their	•Skyline Assayers and Laboratories methods: TE-5 (47 element multi
	derivation, etc.	acid digestion with ICP-MS) and FA-01 (Au Fire Assay with Atomic
	• Nature of quality control procedures adopted (eg standards, blanks,	Absorption finish). The technique is considered a near total digest of
	duplicates, external laboratory checks) and whether acceptable levels	relevant minerals.
	of accuracy (ie lack of bias) and precision have been established.	•Certified Reference Material (CRM), blanks and duplicates were
		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

Page 24

Criteria	JORC Code explanation	Commentary
		established.
		•At the time of reporting the Company is investigating several assay
		results pertaining to a specific CRM which returned values outside the
		acceptable thresholds. While the investigation could result in changes
		to some of the assay values included in this ASX announcement, it is
		expected that these changes will not be material.
		•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 approved for release to the market
Verification of	• The verification of significant intersections by either independent or	•Significant intersections have been verified by Company’s Principal
sampling and	alternative company personnel.	Geologist
assaying	• The use of twinned holes.	•No twinned holes reported
	• Documentation of primary data, data entry procedures, data	•Logging and sampling data are collected using tablet computers and
	verification, data storage (physical and electronic) protocols.	Logchief software to ensure data integrity. The data is transferred
	• Discuss any adjustment to assay data.	weekly to the Datashed database after further data validation by the
		database manager
		•No assay adjustment performed
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•NAD83 Arizona State Plane Central (International feet). Data is
data points	down-hole surveys), trenches, mine workings and other locations	presented in NAD83 UTM Zone 12N (meters)
	used in Mineral Resource estimation.	•National Elevation Dataset. Horizontal resolution of approximately
	• Specification of the grid system used.	10m and vertical resolution of 1m
	• Quality and adequacy of topographic control.	•Drill holes are located with a hand-held GPS with an estimated
		horizontal accuracy of ±5m. Collar location is subsequently recaptured
		using a DGPS system with an estimated accuracy of ±0.5m
Data spacing	• Data spacing for reporting of Exploration Results.	•The data spacing of the new drilling results reported is insufficient to
and	• Whether the data spacing and distribution is sufficient to establish the	establish the degree of geological and grade continuity appropriate
distribution	degree of geological and grade continuity appropriate for the Mineral	for Mineral Resource estimation
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• _Whether sample compositing has been applied. _

Page 25

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

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Oracle Ridge Mine Project (Project) is located in the Marble
tenement and	agreements or material issues with third parties such as joint	Peak area, approximately 30 kilometres by air northeast of Tucson,
land tenure	ventures, partnerships, overriding royalties, native title interests,	Arizona, U.S.A. It is located in Sections 17, 18, 19 and 20 of
status	historical sites, wilderness or national park and environmental	Township 11 South, Range 16 East, Gila and Salt River Base and
	settings.	Meridian of the U.S. cadastral system. The geographical coordinates
	• The security of the tenure held at the time of reporting along with	are approximately Latitude 32º28' North, Longitude 110º41' West.
	any known impediments to obtaining a licence to operate in the	•The Project is 100% owned by Eagle Mountain Mining Ltd through its
	area.	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 theproject for

Page 26

Criteria	JORC Code explanation	Commentary
		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.
		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 operate in the area.

Page 27

Criteria	JORC Code explanation	Commentary
Exploration	• Acknowledgment and appraisal of exploration by other parties.	Oracle Ridge
done 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.
		•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).

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Criteria	JORC Code explanation	Commentary
		•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 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 Red
		Hawkarea
Geology	• Deposit type, geological setting and style of mineralisation.	•The deposit is classified as copper dominated skarn. Minerals
		representative of both prograde and retrograde skarn development
		are present, the former being represented by diopside and garnets,
		the latter by epidote, magnetite and chlorite.
		•Copper dominated mineralisation generally contain chalcopyrite and
		bornite. The deposits are most commonly associated with Andean-
		type plutons intruded in older continental-margin carbonate
		sequences. The associated intrusive rocks are commonly porphyritic
		stocks, dikes and breccia pipes of quartz diorite, granodiorite, monzo-
		granite and tonalite composition, intruding carbonate rocks,
		calcareous-volcanic or tuffaceous rocks. The deposits shapes vary
		from stratiform and tabular to vertical pipes, narrow lenses, and
		irregular zones that are controlled by intrusive contacts.
		•The copper rich skarn deposits at Oracle Ridge are found in
		conformable lens along the contact with the Leatherwood
		Granodiorite or associated with faults and shear zones which
		intersect the Leatherwood. These have acted as feeders into the
		reactive carbonate horizons. The latter can form a “Christmas Tree”
		type shape.
Drill hole	• A summary of all information material to the understanding of the	•See body of announcement including Attachment 1.
Information	exploration results including a tabulation of the following information

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Criteria	JORC Code explanation	Commentary
	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	• In reporting Exploration Results, weighting averaging techniques,	•For WT-series drilling, exploration results are reported as weighted
aggregation	maximum and/or minimum grade truncations (eg cutting of high	averages of assays equal or above a 1% copper cut-off. Lower grade
methods	grades) and cut-off grades are usually Material and should be	intersections are reported as weighted averages of assays equal or
	stated.	above a 0.6% copper cut-off. Intersections start and end at a sample
	• Where aggregate intercepts incorporate short lengths of high grade	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 weighted
	for such aggregation should be stated and some typical examples	averages of assays equal or above a 0.5g/t gold cut-off. Intersections
	of such aggregations should be shown in detail.	start and end at a sample at or exceeding the specified cut-off.
	• The assumptions used for any reporting of metal equivalent values	•No metal equivalents reported
	_should be clearly stated. _
Relationship	• These relationships are particularly important in the reporting of	•All intervals reported are down hole length. True widths are not
between	Exploration Results.	known at this stage.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole
widths and	angle is known, its nature should be reported.
intercept lengths	• If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•See body of announcement
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All exploration results obtained so far have been reported.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should be practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be	•No other meaningful and material exploration data beyond this and
substantive	reported including (but not limited to): geological observations;	previous ASX announcements by the Company
exploration data	geophysical survey results; geochemical survey results; bulk
	samples – size and method of treatment; metallurgical test results;
	bulkdensity, groundwater, geotechnical and rock characteristics;

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Criteria	JORC Code explanation	Commentary
	_potential deleterious or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for lateral	•Further work will include interpretation of logging and assay results
	extensions or depth extensions or large-scale step-out drilling).	when they become available. Additional drill holes will be completed
	• Diagrams clearly highlighting the areas of possible extensions,	at Oracle Ridge in the coming weeks.
	including the main geological interpretations and future drilling
	_areas, provided this information is not commercially sensitive. _

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