EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2024

Nov 24, 2024

ASX Announcement 25 november 2024

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Exploration Focus at Silver Mountain and Wedgetail

-- Drill Permits Received for Silver Mountain --

-- Shallow Geophysical Anomalies Identified at Wedgetail --

Highlights

Silver Mountain Project – large scale drill targets with high grade outcrops

• Drill permits received[1] less than two months from application.

• Site preparations for drilling porphyry-style targets underway.

• Large targets within Scarlett area supported by multiple positive indicators including:

• Multiple coinciding geophysical anomalies – seismic, gravity and magnetic

• Outcropping porphyry-style phyllic alteration

• Porphyry-style veining with similar orientations as other major projects in Arizona

• High-grade mineralisation on surface, possibly related to deeper porphyry activity

• High-grade gold, silver and lead assays within Scarlett area include:

• 64g/t Au, 445g/t Ag and 15% Pb across a 0.5m vein

• 30.4g/t Au across a 0.2m breccia zone

• 11.65g/t Au, 67g/t Ag and 3% Pb in a grab sample

• 7.46g/t Au and 181g/t Ag in a grab sample

Wedgetail Project – outcropping high grade copper over 3.5 kilometre target

• Potential cashflow from sale of size classified existing tailings could fund exploration requirements at both Wedgetail and Silver Mountain projects.

• Multiple prospective targets beyond the Oracle Ridge Mine including:

• OREX

  • Outcropping mineralisation up to 9% Cu

  • 7 square kilometre target area

  • Drill permits pending

• Red Hawk

  • Shallow geophysical electromagnetic anomalies identified

• Golden Eagle

  • Outcropping mineralisation up to 10g/t Au

  • Vectoring of previous drilling results point to the undrilled northwest area

• Seismic survey at OREX being investigated to generate additional targets and guide existing drill designs

1 Subject to placing the agreed reclamation bond with the Bureau of Land Management ( BLM ).

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Eagle Mountain Mining Limited (ASX: EM2) ( Eagle Mountain , or the Company ) is pleased to provide an update on the Company’s 100% owned Silver Mountain Project ( Silver Mountain ) and Wedgetail Project ( Wedgetail ) in Arizona, USA.

Following the recent changes to the land holdings at the Oracle Ridge Project (refer to ASX announcement dated 25 November 2024), the exploration project is now known as the Wedgetail Project (refer to Figures 1 and 5).

Eagle Mountain Mining’s CEO, Tim Mason, said:

“Following Wedgetail’s recent decision to forego the extension of certain mineral rights at the Oracle Ridge mine, we remain committed to advancing exploration at both of our Silver Mountain and Wedgetail Projects. While we continue our exploration focus, we maintain a strategic ownership of the surrounding land and resource data relating to the Oracle Ridge mine without incurring ongoing landowner costs.

We are excited to progress evaluation of the existing one million tonnes of tailings that could provide product to the building and construction industry. If commercial, the tailings could provide the cash required for exploration at both Wedgetail and Silver Mountain for several years.

We are pleased to have recently received news that the BLM has swiftly approved our drilling permits at Silver Mountain, less than two months after our application, pending the posting of reclamation bonds. We are undertaking the necessary roadworks to enable drilling of large untested targets supported by geophysics, outcropping alteration and prospective veining.

At Wedgetail, inversion modelling of VTEM survey data over Red Hawk has shown targets at depths of only 50 to 150 metres. These shallow depths are quite exciting and further fieldwork is planned in the near term.”

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Figure 1 – Location of the Wedgetail and Silver Mountain Projects and surrounding deposits in Arizona USA.

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Silver Mountain Project

The Silver Mountain Project is located within the Laramide Arc, a northwest-southeast trending geological feature that hosts world-class porphyry copper mines such as Bagdad and Miami-Globe in Arizona. Silver Mountain also lies on the southern extension of a northeast-southwest volcanogenic massive sulphide ( VMS ) belt that hosts the United Verde and Iron King historical mines (refer to Figure 2). The Silver Mountain Project comprises three prospects – Scarlett, Pacific Horizon and Red Mule.

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Figure 2 – Location of Silver Mountain and surrounding deposits in Arizona USA, showing regional-scale porphyry and VMS corridors.

- Porphyry Style Targets

Large porphyry-style targets have recently been defined (see Figures 3 and 4) which are supported by several positive geochemical, geological and geophysical indicators. These indicators include:

• Multiple coinciding geophysical anomalies - seismic, gravity, and magnetic vector inversion ( MVI ) (refer to ASX announcement dated 1 October 2024).

• Outcropping porphyry-style phyllic alteration is evident, along with porphyry-style veining with similar orientations to other Arizona projects (refer to ASX announcement dated 31 July 2024).

• Surface mineralisation, including mineralised breccias and veins, coincides with defined porphyry-style geophysical targets. Broader sampling and mapping in the north Scarlett area indicate further porphyry alteration, suggesting the presence of additional concealed porphyrystyle targets beneath younger Tertiary cover units.

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Field observations at the Silver Dollar-Gold Hill and Old Colossal-North Colossal trends reveal phyllic alteration, with a propylitic overprint at the Colossal prospects. These alteration styles are indicative of a potential nearby porphyry system.

Recent mapping suggests that precious and base metal features are likely related to Laramide activity and potentially linked to a buried porphyry system (refer to ASX announcement dated 31 July 2024).

Drilling Permits Received

Following the delineation of the porphyry-style targets, the Company submitted drilling applications to the US Bureau of Land Management ( BLM ) to test the porphyry-style targets and surrounding nearsurface hydrothermal high-grade features (refer ASX announcement dated 31 July 2024).

The Company is pleased have received permit approval, subject to bond payment. The application process included site visits by the BLM and was completed in less than two months. Associated site preparations such as earthworks to improve access roads and establish drill pads is already progressing, as shown in Photo 1.

High-Grade Mineralisation

Assays up to 64.1 g/t gold, 445 g/t silver, and 15.4% lead in the north Scarlett area are contained within breccias and veins over an area one kilometre in length between the Silver Dollar and Gold Hill mines (see Figure 3 and ASX announcement dated 31 July 2024). The alteration and mineralisation is believed to be driven by a porphyry-driven hydrothermal system. This area presents a compelling exploration target due to its strike length, structures and outcropping high grade mineralisation which may support a stand-alone deposit.

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Photo 1 – Earthworks in progress to establish drill pads aimed at testing porphyry-style targets.

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Figure 3 – Silver Mountain seismic velocity model (left) with selected field sample assays and MVI model (right). View clipped to 500m below surface showing porphyry-style high velocity targets associated with regions of lowered magnetic response (refer to ASX announcements dated 31 July 2024, 29 April 2024, 13 March 2024 and 29 February 2024).

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Figure 4 – Conceptual Silver Mountain section and surface projection showing two porphyry-style targets based on velocity (left) and MVI (right) models. The circled areas in the MVI model represent regions where the previously defined high velocity targets coincide with lowered magnetics.

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Wedgetail Project

The Wedgetail Project is the new name for the Company’s exploration project surrounding the previous Oracle Ridge Mine. It is located within the Laramide Arc, a geological province that hosts world-class porphyry copper mines such as Morenci, Sierrita/Twin Buttes and Resolution in Arizona. The Laramide Arc is the second largest copper porphyry province in the world. The Wedgetail Project comprises three prospects – OREX, Golden Eagle and Red Hawk as shown in Figure 5.

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Figure 5 – Location of the Wedgetail Project (comprising three prospects), existing drill holes, land holdings and selected assay results (refer ASX announcements dated 16 April 2021 and 12 October 2020). Claims which are planned to be relinquished are not shown for clarity (refer ASX announcement dated 25 November 2024).

OREX

Just as ore is located in Paleozoic sediments above the upper contact of the Leatherwood intrusion at the Oracle Ridge Mine, the OREX prospect shows mineralization hosted by these same sediments adjacent to the lower contact of the Leatherwood intrusion. Many historical

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surface workings have been previously discovered along the Leatherwood contact, supporting prospectivity at OREX. An interpretation of mineralisation is shown in Figure 6 and supported by existing field samples along the contact that have assayed up to 9% copper (refer ASX announcements dated 16 April 2021 and 12 October 2020) along a potential strike in section view of over 2 kilometres. As shown in Figure 5, high grade outcropping skarn mineralisation has been mapped and sampled along the lower Leatherwood contact within the OREX claim footprint, which spans approximately 3.5 kilometres. These distances of possible mineralisation support large-scale prospectivity at OREX, as illustrated in the hypothetical geological section in Figure 6.

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Figure 6 – Hypothetical geological section of interpreted OREX mineralisation, with selected field sample assay results along the lower contact of the Leatherwood intrusion. Refer to ASX announcements 16 April 2021 and 12 October 2020.

Based on the recent success of targets defined from a seismic geophysical survey at Silver Mountain (refer to ASX announcement dated 9 July 2024), the Company is investigating the potential for a similar survey at OREX. The aim of the survey will be to guide and enhance existing drill design priorities and to identify additional prospective zones in the greater OREX area.

Recent field mapping and sampling was also completed in locations where previous sampling was less frequent around the Leatherwood contact (see Photo 2). The Company is awaiting the results of these assays from the recent field program.

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Photo 2 – Historical dump stockpile of skarn altered sediments along the Leatherwood contact during recent field work (photo location: 528357 E, 3593352 N).

Red Hawk

Renewed interest at Red Hawk has resulted from recent discussions and desktop review with the Company’s geophysical consultant regarding electromagnetic anomalies defined from previous aerial versatile time domain electromagnetic ( VTEM ) geophysical survey data at the prospect (refer to ASX announcement dated 12 October 2020 and Figure 7).

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Figure 7 – Red Hawk prospect (refer to Figure 5 for regional location) showing two distinct zones of high electromagnetic response (refer to ASX announcement dated 12 October 2020).

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The Company’s geophysicist has carried out forward simulation modelling to produce interpreted conductive plates based on the electromagnetic data captured from the aerial VTEM survey, as shown in Figure 8. The relatively shallow location of these conductive plates (most are 50 to 150 metres from surface) has warranted further field work to improve geological understanding and geophysical control over these potential drill targets.

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Figure 8 – Section view of Red Hawk showing modelled interpreted conductive plates based on aerial VTEM survey anomalies.

Next Steps

At the Silver Mountain Project, various site logistics are being undertaken to support potential future drilling on the porphyry-style targets and adjacent near-surface high-grade hydrothermal features. Field work activities are following up initial mapping of hydrothermal veins and breccias, which assayed up to 64g/t Au, 445g/t Ag and 15% Pb (refer to ASX announcement dated 31 July 2024).

At the Wedgetail Project, planning for a seismic geophysical survey at OREX is underway with the aim to improve subsurface delineation of mineralisation and guide drill designs across the prospect. The Company is awaiting permits from the US Forest Service ( USFS ) for drill testing various targets at OREX. The Company understands that the public review process has now been finalised and the USFS is expected to update the Company shortly on the status of the permit application. Field mapping and sampling is planned for Red Hawk to improve understanding of the conductive plates modelled from existing geophysics.

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

For further information please contact:

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

COMPETENT PERSON STATEMENT

The information in this document that relates to Exploration Activities is based on, and fairly represents, information and supporting documentation that was compiled by Rex McLachlin, who is a member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience relevant to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr McLachlin is a full time employee and the Senior Geologist at Eagle Mountain Mining Limited’s wholly-owned subsidiary, Silver Mountain Mining Inc, and consents to the inclusion in this document of the information in the form and context in which it appears.

ABOUT EAGLE MOUNTAIN MINING

Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Wedgetail Project and highly prospective greenfields Silver Mountain Project, both located in Arizona, USA. Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.

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

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LinkedIn

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Twitter EM2 Website

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Attachment 1

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	• No new surface sampling or drilling results announced.
techniques	channels, random chips, or specific	• New results comprise modelled geophysical conductive plates created from reprocessing
	specialised industry standard measurement	existing data from an aerial versatile time domain electromagnetic (VTEM) survey
	tools appropriate to the minerals under	completed over Red Hawk. The plate modelling was carried out by Eagle Mountain Mining’s
	investigation, such as downhole gamma	geophysicist consultant.
	sondes, or handheld XRF instruments, etc).	• The plate modelling was created using ElectroMagnetic Imaging Technology’s Maxwell
	These examples should not be taken as	software, a standard geophysical modelling program which forward models plate targets
	limiting the broad meaning of sampling.	based on conductive responses.
	• Include reference to measures taken to
	ensure sample representivity and the
	appropriate calibration of any
	measurement tools or systems used.
	• Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	• In cases where ‘industry standard’ work has
	been done this would be relatively simple
	(eg ‘reverse circulation drilling was used to
	obtain 1 m samples from which 3 kg was
	pulverised to produce a 30 g charge for fire
	assay’). In other cases, more explanation
	may be required, such as where there is
	coarse gold that has inherent sampling
	problems. Unusual commodities or
	mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed
	information.

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Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-	• There was no new drill data presented in the report.
techniques	hole hammer, rotary air blast, auger,
	Bangka, sonic, etc) and details (eg core
	diameter, triple or standard tube, depth of
	diamond tails, face-sampling bit or other
	type, whether the core is oriented and if so,
	_by what method, etc). _
Drill sample	• Method of recording and assessing core and	• There was no new drill data presented in the report.
recovery	chip sample recoveries and results
	assessed.
	• Measures taken to maximise sample
	recovery and ensure representative nature
	of the samples.
	• Whether a relationship exists between
	sample recovery and grade and whether
	sample bias may have occurred due to
	preferential loss/gain of fine/coarse
	material.
Logging	• Whether core and chip samples have been	• There was no new drill data presented in the report.
	geologically and geotechnically logged to a
	level of detail to support appropriate
	Mineral Resource estimation, mining studies
	and metallurgical studies.
	• Whether logging is qualitative or
	quantitative in nature. Core (or costean,
	channel, etc) photography.
	• The total length and percentage of the
	relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and whether	• There was no new drill data presented in the report.
techniques and	quarter, half or all core taken.
sample	• If non-core, whether riffled, tube sampled,
preparation	rotary split, etc and whether sampled wet or

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Criteria	JORC Code explanation	Commentary
	dry.
	• For all sample types, the nature, quality and
	appropriateness of the sample preparation
	technique.
	• Quality control procedures adopted for all
	sub-sampling stages to maximise
	representivity of samples.
	• Measures taken to ensure that the sampling
	is representative of the in situ material
	collected, including for instance results for
	field duplicate/second-half sampling.
	• Whether sample sizes are appropriate to
	the grain size of the material being
	sampled.
Quality of assay	• The nature, quality and appropriateness of	• There was no new drill data presented in the report.
data and	the assaying and laboratory procedures
laboratory tests	used and whether the technique is
	considered partial or total.
	• For geophysical tools, spectrometers,
	handheld XRF instruments, etc, the
	parameters used in determining the
	analysis including instrument make and
	model, reading times, calibrations factors
	applied and their derivation, etc.
	• Nature of quality control procedures
	adopted (eg standards, blanks, duplicates,
	external laboratory checks) and whether
	acceptable levels of accuracy (ie lack of
	bias) andprecision have been established.
Verification of	• The verification of significant intersections	• The plate model has been validated by Eagle Mountain Mining’s geophysical consultant.
sampling and	by either independent or alternative
assaying	company personnel.

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Criteria	JORC Code explanation	Commentary
	• The use of twinned holes.
	• Documentation of primary data, data entry
	procedures, data verification, data storage
	(physical and electronic) protocols.
	• Discuss any adjustments to assay data.
Location of data	• Accuracy and quality of surveys used to	• NAD83 UTM Zone 12N (meters).
points	locate drill holes (collar and down-hole	• National Elevation Dataset. Horizontal resolution of approximately 10m and vertical
	surveys), trenches, mine workings and other	resolution of 1m.
	locations used in Mineral Resource
	estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic
	control.
Data spacing	• Data spacing for reporting of Exploration	• There was no new drill data presented in the report.
and distribution	Results.
	• Whether the data spacing and distribution
	is sufficient to establish the degree of
	geological and grade continuity appropriate
	for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications
	applied.
	• Whether sample compositing has been
	applied.
Orientation of	• Whether the orientation of sampling	• There was no new drill data presented in the report.
data in relation	achieves unbiased sampling of possible
to geological	structures and the extent to which this is
structure	known, considering the deposit type.
	• 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	• Not applicable – sampling was not completed for new results reported (geophysical plate
	_security. _	model).
Audits or	• The results of any audits or reviews of	• Eagle Mountain Mining’s geophysical consultant validated the plate model. No issues were
reviews	sampling techniques and data.	identified.

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation

Commentary

Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint 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.

Wedgetail Project • The Wedgetail 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 three main areas: OREX, Golden Eagle and Red Hawk. OREX • The OREX area is covered by 113 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 does not control the Mineral Rights over Pima County’s claims. Golden Eagle • The Golden Eagle area is covered by 4 Patented Claims and 57 Unpatented Mining Claims within the Coronado National Forest (United States Forest Service). • Deed restrictions limit the excavation of minerals on Patented claims at Golden Eagle • 100% of the mineral rights are owned by Wedgetail Operations LLC. • The Golden Eagle area is alsopartlycovered byPatented MiningClaims controlled byPima

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Criteria JORC Code explanation

Commentary

County. The Company does not 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. Oracle Ridge • 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. As announced on 25 November 2024, the Company has resolved to terminate the industrial property lease which would not provide access to the mine portal areas beyond 31 January 2025. • The mineral rights of 57 Patented Claims at Oracle Ridge have a reversionary interest to Marble Mountain Ventures, which occurs on 18 February 2025, unless the Company exercises its Extension Option upon which the Company’s interests in the mineral rights are extended to 18 February 2040. As announced on 25 November 2024, the Company has resolved to not exercise this option to extend ownership of mineral rights beyond 18 February 2025. • There is a 3% net smelter returns royalty on the future sale of any metals and minerals derived from the Oracle Ridge mine. Silver Mountain Project • The Silver Mountain Project (Project) is located approximately 100 kilometres by air north- west of Phoenix, Arizona, U.S.A. The geographical coordinates are approximately Latitude 34º8' North, Longitude 112º23' West. • The Project is 100% owned by Eagle Mountain Mining Limited through its subsidiary companySilver Mountain MiningLLC.

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Criteria JORC Code explanation	Commentary
	• The Project consists of three main areas: Scarlett, Pacific Horizon and Red Mule. • Silver Mountain comprises 26 Patented Mining Claims, 353 Unpatented Mining Claims and 4 State Exploration Permits. • 100% of the surface rights for the 26 Patented Mining Claims are owned by Silver Mountain MiningLLC(privateproperty).
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties.	Wedgetail Project 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. 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. Red Hawk • No historical exploration or mining activities are known for the Red Hawk area. Oracle Ridge • 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

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Criteria JORC Code explanation

Commentary

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 testwork. 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. Silver Mountain Project • It is believed that the first mining claims at the Pacific Horizon prospect were staked in 1898. • Between 1906 and 1912 the Pacific Copper Mining Company sunk a 150m (500ft) shaft into the gossan at the Pacific Mine. • Drilling was carried out in 1966, however it is unclear who completed the program (possibly Heinrichs GeoExploration). • In 1968 Heinrichs GeoExploration conducted some dual frequency IP, resistivity and magnetic geophysical surveys. This was followed by further geophysical surveys in 1978 using Very Low Frequency (VLF) Electro Magnetics (EM). • KOOZ contracted Applied Geophysics in 1978 to run EM surveys (VLF, MaxMin II and Crone Horizontal Shootback) over selected areas. • Detailed geological mapping was carried out by Kennecott in 1991 and 1992, focussing on the eastern and central areas of the Pacific Horizon prospect. Kennecott’s mapping was based on previous work done by Winegar et al, (1978). • Ferguson & Johnson (2013, Arizona Geological Survey) completed a mapping program which covered the Pacific Horizon area.

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Criteria JORC Code explanation	Commentary
	•
Geology • Deposit type, geological setting and style of mineralisation.	Wedgetail Project OREX • The OREX prospect is interpreted to be a copper dominated skarn, based on geological similarities observed from drilling and mapping compared to the proximal Oracle Ridge deposit. 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 contains chalcopyrite and bornite. The prospect type is 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. Mineralisation geometry varies from stratiform, tabular, vertical pipes, narrow lenses to irregular zones that are controlled by intrusive contacts. • The copper rich zones at OREX form conformable lenses 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. • The gold-rich system is proximal to the lithological contact between the granites and younger intrusion. Although not visible in core, the gold is coincident with increased brecciation and oxidation. The base metal or polymetallic system occurs within the granites and occur as disseminations and veinlets. Red Hawk • Based on early stage exploration mapping and sampling, interpretation of the deposit type for Red Hawk is ongoing. • Zones of elevated electromagnetic response appear to be associated with iron-rich

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Criteria JORC Code explanation	Commentary
	breccias, with potential for IOCG, base metal sulphide or other hydrothermal styles of mineralisation being investigated. 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 contains 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. Silver Mountain Project Several types of deposit styles have been identified for the various prospects at Silver Mountain: • Proterozoic volcanogenic massive sulphides (VMS) in Precambrian greenstone (Pacific Horizon prospect). • Quartz-carbonate breccia with associated copper-gold-silver mineralisation (Pacific Horizon prospect). • Younger (Laramide arc) copper-gold porphyry and associated gold veins (Scarlett prospect). • Pegmatite dykes elevated in uranium and thorium (Scarlett prospect). • Overprinting and remobilisation of fluids by Cenozoic trans-tension resulting in detachment style mineralisation(Red Muleprospect).
Drill hole information • A summary of all information material to the understanding of the exploration results including a tabulation of the following	• There was no new drill data presented in the report.

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Criteria	JORC Code explanation	Commentary
	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	• In reporting Exploration Results, weighting	• There was no new drill data presented in the report.
aggregation	averaging techniques, maximum and/or
methods	minimum grade truncations (eg cutting of
	high grades) and cut-off grades are usually
	Material and should be stated.
	• Where aggregate intercepts incorporate
	short lengths of high grade results and
	longer lengths of low grade results, the
	procedure used for such aggregation should
	be stated and some typical examples of
	such aggregations should be shown in
	detail.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	• These relationships are particularly	• There was no new drill data presented in the report.
between	important in the reporting of Exploration
mineralisation	Results.

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Criteria	JORC Code explanation	Commentary
widths and	• If the geometry of the mineralisation with
intercept lengths	respect to the drill hole angle is known, its
	nature should be reported.
	• 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)	• Refer to images presented in the body of the announcement.
	and tabulations of 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	• The new data, comprising plate modelling at Red Hawk, is reported and shown in Figure 8.
reporting	Exploration Results is not 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	• All exploration results obtained so far have been reported.
substantive	material, should be reported including (but
exploration data	not limited to): geological observations;
	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	• Further work as outlined in Next Steps within the body of the report.
	work (eg tests for lateral extensions or
	depth extensions or large-scale step-out

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Criteria	JORC Code explanation	Commentary
	drilling).
	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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