EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2023

Mar 16, 2023

ASX Announcement 17 March 2023

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Multiple High-Grade Zones Intersected Including 25.5% Cu, 1,935g/t Ag and 15.2g/t Au

Highlights

• Diamond drilling from surface has intersected multiple narrow high-grade veins, including:

• 25.5% Cu, 1,935g/t Ag and 15.2g/t Au over 0.6m (WT-22-175)

• The above result was from a resource upgrade hole located in the north-east Oracle area

• Drilling around the historic Daily mine area, which falls outside the existing resource, returned the following high-grade results:

• 3.20% Cu, 117.84g/t Ag and 0.28g/t Au over 6.7m (WT-22-172)

• 3.18% Cu, 27.85g/t Ag and 0.08g/t Au over 5.0m (WT-22-171)

• 9.78% Cu, 66.40g/t Ag and 0.22g/t Au over 0.9m (WT-22-170)

• 5.54% Cu, 48.30g/t Ag and 0.12g/t Au over 0.6m (WT-22-168)

• Expansion drilling around the historic Geesaman mine area included:

• 7.68% Cu, 28.60g/t Ag and 0.11g/t Au over 2.2m (WT-22-176)

• 3.75% Cu, 0.66g/t Ag over 0.4m (WT-22-179)

• High-grade zones such as these demonstrate that the mineralisation is not uniform and there are areas of spectacular grade. This could be an indicator of a larger system or thicker areas in the vicinity.

• Underground drilling well underway, targeting resource upgrades and extensions.

• Underground wall sampling program ramping-up with the aim to upgrade existing resources and model very high-grade zones within the mine. Assays for wall sampling are pending.

• Assay results from nine surface holes and five underground holes pending.

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25.5% Cu, 1,935g/t Ag and 15.2g/t Au
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Figure 1 – Spectacular mineralisation in hole WT-22-175 in the north-east mine area (from 184.9 to 185.5m down hole)

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

“We are pleased to see more impressive high-grade assay results at our Oracle Ridge Project, including one of the highest copper and silver assays ever recorded. These very high-grade zones demonstrate that the mineralisation at Oracle Ridge is not uniform and there are areas of spectacular grade. Could these zones be an indicator of a larger system or thicker areas in the vicinity? One key objective of the recently commenced underground sampling and mapping program is to assess the extent of these very high-grade zones which could have a considerable positive impact on the resource model and potential future mining operation. “

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.

Assay results have been received for 15 drill holes with key points outlined below. Figure 2 shows the location of various drill holes results reported in this announcement. Further details of the drill hole results are provided in Attachment 1.

North-East Mine Area

A single resource upgrade hole was drilled in the north-east mine area which intercepted some of the highest grades encountered at Oracle Ridge. The intercept was within a bornite-rich, structurally controlled zone in the Escabrosa formation with the following spectacular assays:

o 25.5% Cu, 1,935g/t Ag and 15.2g/t Au over 0.6m (WT-22-175)

This hole unfortunately deviated off target and intercepted an unsurveyed existing development drive, thereby not reaching the desired final depth. This result demonstrates the potential for additional localised high-grade structures which have not yet been identified by existing drilling due to the wider drill hole spacing.

Historic Daily Mine Area

The Daily mine area is entirely outside the existing resource. Drilling in this area was targeted at potential extensions to previously mined mineralisation. The results from six drill holes were received, with multiple strong intercepts received including:

• 3.20% Cu, 117.84g/t Ag and 0.28g/t Au over 6.7m (WT-22-172)

• 3.18% Cu, 27.85g/t Ag and 0.08g/t Au over 5.0m (WT-22-171)

• 9.78% Cu, 66.40g/t Ag and 0.22g/t Au over 0.9m (WT-22-170)

• 5.54% Cu, 48.30g/t Ag and 0.12g/t Au over 0.6m (WT-22-168)

Two holes intercepted voids, most likely from previous mining activities. An underground survey is warranted to model the previously extracted areas and enable further targeting of mineralised zones. The Daily mine area has been flooded to an unknown depth for many years, which prohibits entry to map and sample the remaining mineralisation. Until this area is dewatered, the only way to test it is by further drilling.

Historic Geesaman Mine Area

Six resource expansion holes (WT-22-173, 174, 176-179) were drilled in the north-east of the existing mineral resource, near the historic Geesaman mine workings. The drilling intercepted some high-grade narrow zones which indicates that mineralisation extends towards the north-east and Geesaman mine workings. Results included:

• 7.68% Cu, 28.60g/t Ag and 0.11g/t Au over 2.2m (WT-22-176)

• 3.75% Cu, 0.66g/t Ag over 0.4m (WT-22-179)

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Figure 2 –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 (refer also ASX announcement 16 December 2022).

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The Talon

Results were received from two holes in the Talon. Drill hole WT-22-165 was a resource expansion hole which targeted extensions to mineralisation along the leatherwood contact. The drill hole intercepted a 2.5m zone grading 1.66% Cu, 8.11g/t Ag and 0.18g/t Au.

Drill hole WT-22-166 was a resource upgrade hole targeting mineralisation in the inferred resource category. The hole confirmed good spatial confirmation of mineralisation, although grade and widths are less than surrounding holes.

Underground Mapping and Sampling

Following the recent refurbishment of parts of the underground mine, a mapping and sampling program has commenced. The sampling program involves cutting a sawtooth pattern on the walls and taking continuous samples from the cut. The benefits of this program include:

• Being relatively faster and cost effective compared to diamond drilling;

• Allowing detailed sampling in areas likely to be mined early in a future production sequence;

• Providing a high-resolution dataset for geological and resource modelling;

• Improving understanding of the distribution and geological controls of high-grade zones; and

• Providing representative samples for metallurgical testwork.

Initial results of the mapping program are pending.

Photos of the recent sampling are shown below.

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"Sawtooth” cut channels for sampling
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Photos 1 and 2 – Channel sampling of underground walls showing exposed mineralisation. Note sample width is approximately 2.5cm.

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Underground Drilling Program

Underground drilling commenced in mid-January, with the aim of upgrading existing Indicated Resources to Measured Resources. Slower than anticipated drill rates were achieved during January due to mechanical and water supply issues however progress has improved during February. Additional drilling has been added to the existing program after assessment of high-grade features observed in holes such as WT-22-175.

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

For further information please contact:

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

COMPETENT PERSON STATEMENT

The information in this document that relates to new Exploration Activities is based on information compiled by Mr Fabio Vergara and Mr Brian Paull who are both Members of The Australasian Institute of Mining and Metallurgy (MAusIMM) and have sufficient experience relevant to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Vergara is the Chief Geologist and Mr Paull is the Director of Exploration of Eagle Mountain Mining Limited and both consent to the inclusion in this document of the information in the form and context in which it appears. Mr Vergara and Mr Paull hold shares and options in Eagle Mountain Mining Limited.

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

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

ABOUT EAGLE MOUNTAIN MINING

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

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

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

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LinkedIn

Twitter

EM2 Website

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Attachment 1

Summary table of recent drill holes at Oracle Ridge

Hole ID	Easting	Northing	Elevation	Dip	Azimuth	Depth
	[m]	[m]	[m]	[◦]	[◦]	[m]
WT-22-160	524604	3592183	2059	-68	185	935
WT-22-161	524560	3592300	2108	-57	43	358
WT-22-162	524560	3592300	2108	-62	6	363
WT-22-163	524641	3592290	2077	-46	97	319
WT-22-164	524641	3592290	2077	-58	170	307
WT-22-165	524552	3592295	2105	-59	24	358
WT-22-166	524368	3592479	2195	-71	175	354
WT-22-167	525306	3593032	1831	-69	277	185
WT-22-168	525306	3593032	1831	-51	271	195
WT-22-169	525305	3593034	1830	-69	329	95
WT-22-170	525305	3593034	1830	-50	329	179
WT-22-171	525304	3593033	1830	-60	315	206
WT-22-172	525304	3593034	1830	-47	314	231
WT-22-173	524798	3593164	1905	-47	90	320
WT-22-174	524796	3593164	1906	-56	85	304
WT-22-175	524798	3593164	1907	-66	75	195
WT-22-176	524798	3593172	1904	-47	78	315
WT-22-177	524798	3593172	1904	-55	69	309
WT-22-178	524798	3593172	1904	-46	65	299
WT-22-179	524798	3593172	1904	-50	58	263
WT-22-180	524798	3593172	1904	-65	231	203
WT-22-181	524798	3593172	1904	-56	244	140
WT-22-182	523958	3593086	2094	-50	317	134
WT-22-183	523934	3593218	2064	-45	189	131
WT-22-184	523934	3593218	2064	-56	189	113
WT-23-185	523934	3593218	2064	-58	210	103
WT-23-186	523934	3593218	2064	-50	223	105
WT-23-187	523934	3593218	2064	-68	221	108
WT-23-188	524586	3593406	2038	-71	356	179
WTU-23-01	524147	3593187	1920	35	17	73
WTU-23-02	524147	3593187	1920	37	62	69
WTU-23-03	524147	3593187	1920	21	74	75
WTU-23-04	524147	3593187	1920	-31	73	50
WTU-23-05	524147	3593187	1920	-47	120	37
WTU-23-06	524147	3593187	1920	-60	349	Inprogress

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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-22-160	119.3	146.5	27.2*	0.89	7.50	0.19
	163.3	239.7	76.4	1.47	11.97	0.41
including	180.3	205.3	25.0	2.06	15.18	0.61
WT-22-161	216.5	220.8	4.3	1.85	13.65	0.18
	323.7	326.8	3.1	1.58	15.07	0.26
WT-22-162	257.1	273.0	15.9	1.11	10.07	0.12
including	257.1	266.2	9.1	1.67	14.63	0.18
including	257.1	258.8	1.7	5.14	45.60	0.39
	294.3	324.0	29.7	1.30	14.37	0.34
including	316.2	317.5	1.3	9.94	102	3.35
including	294.3	303.2	8.9	1.19	11.05	0.21
including	314.7	324.0	9.3	2.81	32.74	0.84
within	255.2	326.0	70.8*	0.85	8.87	0.18
WT-22-163	208.4	209.7	1.3	1.22	11.80	0.26
	223.9	226.2	2.3	1.71	16.29	0.27
	280.9	283.0	2.1	1.12	7.29	0.19
WT-22-164	189.6	190.2	0.6	2.12	17.20	0.44
	235.9	237.1	1.2	1.11	8.62	0.19
	243.7	250.4	6.7	2.30	23.40	0.25
including	247.3	249.7	2.4	3.81	39.20	0.21
	279.7	281.3	1.6	1.75	23.50	0.18
WT-22-165	305.7	308.2	2.5	1.66	8.11	0.18
WT-22-166	232.2	232.8	0.6	1.14	10.45	0.21
	233.3	235.0	1.7	1.05	9.53	0.18
	265.0	268.9	3.9	1.12	12.00	0.20
	291.0	292.1	1.1	1.50	13.75	0.14
	300.0	301.3	1.3	1.18	10.95	0.31
	312.5	313.3	0.8	1.12	15.55	0.19
	317.4	318.9	1.5	1.12	11.25	0.30
WT-22-167	87.3	92.0	4.7	1.83	22.23	0.01
WT-22-168	30.2	30.5	0.3	2.71	59.20	0.04
	120.6	145.2	24.6	1.12	14.71	0.06
including	139.9	140.5	0.6	5.54	48.30	0.12
	300.0	301.3	1.3	1.18	10.95	0.31
	312.5	313.3	0.8	1.12	15.55	0.19
	317.4	318.9	1.5	1.12	11.25	0.30
WT-22-169	83.1	83.4	0.3	1.32	4.17	0.14
WT-22-170	68.7	69.5	0.8	1.81	18.90	0.02
	142.2	143.1	0.9	9.78	66.40	0.22
WT-22-171	23.2	25.0	1.9	1.05	14.65	0.16
	61.0	65.6	4.6	1.11	16.67	0.11
	77.6	80.2	2.6	2.51	50.18	0.98
	83.9	85.0	1.1	1.33	3.70	0.09
	103.0	104.0	1.0	1.94	84.00	0.71
	109.1	109.7	0.6	1.14	12.05	0.02
	113.3	118.3	5.0	3.18	27.85	0.08
	135.6	136.3	0.7	2.10	20.60	0.03
WT-22-172	72.8	79.5	6.7	3.20	117.84	0.28
WT-22-173	214.9	217.0	2.1	2.16	31.99	0.16
	234.9	241.0	6.1	1.44	19.65	0.07
WT-22-174	192.6	195.1	2.5	1.22	9.46	0.01

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WT-22-175	119.2	120.6	1.4	2.90	128	0.27
	184.9	185.5	0.6	25.50	1935	15.20
WT-22-176	63.4	65.6	2.2	7.68	28.60	0.11
WT-22-177	84.2	86.1	1.9	1.26	0.95	0.19
	208.7	209.1	0.4	1.39	12.60	0.02
WT-22-178	214.2	216.0	1.8	1.26	15.80	0.03
WT-22-179	75.4	75.8	0.4	3.75	0.66	0.06
	95.3	97.5	2.2	1.42	0.89	0.52
	165.5	165.8	0.3	2.14	6.85	0.01
	189.0	190.6	1.6	1.15	15.10	0.02
	190.9	192.0	1.1	2.94	40.85	0.03
WT-22-180	Assayspending
WT-22-181	Assayspending
WT-22-182	Assayspending
WT-22-183	Assayspending
WT-22-184	Assayspending
WT-23-185	Assayspending
WT-23-186	Assayspending
WT-23-187	Assayspending
WT-23-188	Assayspending
WTU-23-01	Assayspending
WTU-23-02	Assayspending
WTU-23-03	Assayspending
WTU-23-04	Assayspending
WTU-23-05	Assayspending
WTU-23-06	Hole inprogress

*Reported at 0.6% Cu cut-off grade

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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
		appropriate to the minerals under investigation, such as downhole	half-core was crushed, pulverised and split to produce a
		gamma sondes, or handheld XRF instruments, etc). These examples	representative sample for assaying.
		should not be taken as limiting the broad meaning of sampling.	• For WT-series drilling, samples returning weighted average Cu
		• Include reference to measures taken to ensure sample representivity	≥ 1% are reported in the announcement. Wider intercepts are
		and the appropriate calibration of any measurement tools or	reported using a 0.6% Cu cut-off grade.
		systems used.	• For GE-series drilling, samples returning weighted average Au
		• Aspects of the determination of mineralisation that are Material to	≥ 0.5g/t or Cu ≥ 1% are reported in the announcement.
		the Public Report.	• Visual results presented are based on geological observations,
		• In cases where ‘industry standard’ work has been done this would	and for WT-series drilling consider the copper content of
		be relatively simple (eg ‘reverse circulation drilling was used to	different sulphide species at a 0.6% Cu nominal cut-off.
		obtain 1 m samples from which 3 kg was pulverised to produce a 30	• REE were analysed from pulps prepared during the original
		g charge for fire assay’). In other cases, more explanation may be	laboratory analysis.
		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
	techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	surface and LM-90 underground drill rig.
		or standard tube, depth of diamond tails, face-sampling bit or other	• Core is PQ3, HQ3 and NQ3.
		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
	recovery	and results assessed.	verified by Company’s personnel during core logging.
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Criteria	JORC Code explanation	Commentary
	• 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
	• Whether a relationship exists between sample recovery and grade	inserted in the barrel to minimize core displacement and core
	and whether sample bias may have occurred due to preferential	loss.
	loss/gain of fine/coarse material.	• No relationship has been determined between sample
		recoveries andgrade.
Logging	• Whether core and chip samples have been geologically and	• A quick log is completed on site and detailed logging is
	geotechnically logged to a level of detail to support appropriate	performed 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
	• The total length and percentage of the relevant intersections logged.	dry.
		• 100% of the relevant intersections is 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
techniques and	taken.	holes (Wedgetail) up to WT-21-73, the core is sawn in half by
sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	ALS Minerals or Skyline Assayers and Laboratories at their
preparation	whether sampled wet or dry.	Tucson facilities. Half of the core is bagged and sent for
	• For all sample types, the nature, quality and appropriateness of the	assaying while the other half is left in the core box for future
	sample preparation technique.	reference.
	• Quality control procedures adopted for all sub-sampling stages to	• Commencing with drill hole WT-21-74, holes are cut using a
	maximise representivity of samples.	Company-owned automatic core saw. Half of the core is
	• Measures taken to ensure that the sampling is representative of the	bagged and sent for assaying while the other half is left in the
	in situ material collected, including for instance results for field	core box for future reference.
	duplicate/second-half sampling.	• A cut line is drawn by a geologist to guide sawing and sampling
	• Whether sample sizes are appropriate to the grain size of the	of intervals where sample bias might occur (e.g. mineralised
	material being sampled.	vein at small angle to core axis).
		• 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%passing75µm.

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Criteria	JORC Code explanation	Commentary
		• 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 beingsampled.
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
	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	digest of relevant minerals. Above detection samples are re-
	the parameters used in determining the analysis including	assayed with Au-GRA21, Ag-OG62 (100 to 1,500g/t), Ag-GRA21
	instrument make and model, reading times, calibrations factors	(> 1,500g/t), Cu-OG62, Pb-OG62, Zn-OG62.
	applied and their derivation, etc.	• Skyline Assayers and Laboratories methods: TE-5 (47 element
	• Nature of quality control procedures adopted (eg standards, blanks,	multi acid digestion with ICP-MS) and FA-01 (Au Fire Assay with
	duplicates, external laboratory checks) and whether acceptable	Atomic Absorption finish). The technique is considered a near
	levels of accuracy (ie lack of bias) and precision have been	total digest of relevant minerals.
	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 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

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Criteria	JORC Code explanation	Commentary
		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 the 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
	verification, data storage (physical and electronic) protocols.	computers and Logchief software to ensure data integrity. The
	• Discuss any adjustment to assay data.	data is transferred weekly to the Datashed database after
		further data validation by the database manager.
		• No assayadjustmentperformed.
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
	• Specification of the grid system used.	approximately 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
distribution	• Whether the data spacing and distribution is sufficient to establish	insufficient to establish the degree of geological and grade
	the degree of geological and grade continuity appropriate for the	continuity 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
data in relation to	possible structures and the extent to which this is known,	of key 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.

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Criteria	JORC Code explanation	Commentary
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 facilities for cutting, sampling, sample preparation and
		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 north-east of Tucson, Arizona, U.S.A. It is located in Sections 17, 18, 19 and 20 of Township 11 South, Range 16 East, Gila and Salt River Base and Meridian of the U.S. cadastral system. The geographical coordinates are approximately Latitude 32º28' North, Longitude 110º41' West.

• The Project is 100% owned by Eagle Mountain Mining Limited through its Arizona subsidiaries Wedgetail Operations LLC (100%) and Wedgetail Holdings LLC (100%).

• • The Project consists of four main areas: Oracle Ridge, OREX, Golden Eagle and Red Hawk.

• Oracle Ridge (including historical Tailings Storage Facility)

• Oracle Ridge comprises 60 Patented Mining Claims and 50 Unpatented Mining Claims within the Coronado National Forest (United States Forest Service).

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

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

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

• • The mineral rights of Patented Claims at Oracle Ridge have a

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Criteria JORC Code explanation

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Commentary

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 27 Patented Mining Claims and 32 Unpatented Mining Claims within the Coronado National Forest (United States Forest Service).

• 100% of the mineral rights are owned by Wedgetail Operations LLC.

• The Golden Eagle area is also partly covered by Patented Mining Claims controlled by Pima County. The Company has an agreement in place for non-ground disturbing exploration work to occur on Pima County’s Patented Mining Claims. The Company does not currently control the Mineral Rights over Pima County’s claims.

Red Hawk

• The Red Hawk area is covered by 24 Unpatented Mining Claims

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Criteria	JORC Code explanation	Commentary
		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.
Exploration done	• Acknowledgment and appraisal of exploration by other parties.	Oracle Ridge
by other parties		• The Oracle Ridge Mining District was discovered in 1873. In
		1881, an 18 tonne per day copper smelter was erected at
		nearby Apache Camp. The ore for this smelter was supplied
		from the Hartman, Homestake, Leatherwood, Stratton,
		Geesaman and other small mines in the area.
		• 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

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Criteria	JORC Code explanation	Commentary
		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 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

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Criteria	JORC Code explanation	Commentary
		• No historical exploration nor mining activities are known for
		the Red Hawk area.
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 on early stage exploration drilling, interpretation of the
		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.
		• Thegold-rich system isproximal to the lithological contact

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Criteria	JORC Code explanation	Commentary
		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 thegranites and occur as disseminations and veinlets.
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-
	grades) and cut-off grades are usually Material and should be	off. Lower grade intersections are reported as weighted
	stated.	averages of assays equal or above a 0.6% copper cut-off.
	• Where aggregate intercepts incorporate short lengths of high grade	Intersections start and end at a sample at or exceeding the
	results and longer lengths of low grade results, the procedure used	specified cut-off.
	for such aggregation should be stated and some typical examples of	• For GE-series drilling, exploration results are reported as
	such aggregations should be shown in detail.	weighted averages of assays equal or above a 0.5g/t gold cut-
	• The assumptions used for any reporting of metal equivalent values	off or 1% copper cut-off. Intersections start and end at a
	should be clearly stated.	sample at or exceeding the specified cut-off.
		• No metal equivalents reported.
Relationship	• These relationships are particularly important in the reporting of	• All intervals reported are down hole length. True widths are
between	Exploration Results.	not known at this stage.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole
	angle is known, its nature should be reported.

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Criteria	JORC Code explanation	Commentary
widths and	• If it is not known and only the down hole lengths are reported, there
intercept lengths	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
exploration data	reported including (but not limited to): geological observations;	this 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
	• Diagrams clearly highlighting the areas of possible extensions,	be 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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