EAGLE MOUNTAIN MINING LIMITED — Capital/Financing Update 2024

Sep 30, 2024

ASX Announcement 1 october 2024

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Copper Porphyry Potential Strengthened by New Geophysics at Silver Mountain – Drill Planning Underway

Highlights

• Detailed drill planning in progress for both near-surface high-grade breccias and veins and deeper porphyry targets identified from successful new and existing geophysics

• Large high-priority porphyry-style targets supported by new magnetic inversion with similar characteristics to other world-class porphyry deposits

• Multiple additional geophysical targets identified across Silver Mountain

• Existing gravity data further supports porphyry-style targets

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

“We are thrilled to announce that detailed drill planning is currently underway to test the highly prospective targets identified from recent geophysical modelling that has significantly enhanced the potential of our porphyry-style targets at Silver Mountain. These promising areas are characterised by elevated velocity and lowered magnetic response, similar to those found at other world-class porphyry deposits. These geophysical indicators, combined with mapped and sampled surface high-grade copper, silver and gold mineralisation, suggest the possibility of a large-scale porphyry-hydrothermal system at Silver Mountain.”

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 , or the Project ) in Arizona, USA.

Silver Mountain is located on the Laramide Arc, a northwest-southeast trending geological feature that hosts world-class porphyry copper mines such as Bagdad and Resolution in Arizona. The Project also lies on the southern extension of a northeast-southwest prospective metallogenic belt that hosts the United Verde and Iron King volcanogenic massive sulphide ( VMS ) historical mines (refer to Figure 1).

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Figure 1 – Location of Silver Mountain and surrounding deposits in Arizona USA, showing regional-scale porphyry and VMS corridors.

Magnetic Data Supports Porphyry System

A magnetic vector inversion ( MVI ) model was produced to assess against existing targets identified from the velocity model (refer to ASX announcement dated 9 July 2024) and generate additional targets outside of those previously defined (refer to Figures 2 and 3). Existing magnetic data in the Scarlett area was reprocessed using standard geophysical inversion techniques to produce the MVI model.

Zones of lowered magnetic response from the MVI model were spatially associated with the previously defined two high velocity porphyry-style targets. Note that as shown in Figure 3, the velocity and magnetic data were reliably modelled to approximately 1.2km and 1.5km below surface, respectively. Decreased magnetic responses are characteristics that can be associated with mineralised porphyry systems, where localised destruction and remobilisation of magnetite-bearing minerals proximal to a porphyry can occur as part of porphyry-related alteration processes. Importantly, the nearby Resolution mine and world-class Collahuasi, Chile (10.6Bt @ 0.75% Cu Mineral Resource – Glencore Annual Report, 2023) and Cananea, Mexico (1.8Bt @ 0.70% Cu initial Mineral Resource – Bushnell, 1988) deposits are similarly associated with lowered magnetics as shown in Figure 4.

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Figure 2 – 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 ASX Announcements 31 July 2024, 29 April 2024, 13 March 2024 and 29 February 2024.

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Figure 3 – 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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Figure 4 – Comparison of aerial magnetics between Silver Mountain, Arizona (left), Collahuasi, Chile (middle) and Cananea, Mexico (right) all showing discrete circular zones of lowered magnetic response.

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Mineralisation, alteration and structural deformation associated with porphyry activity can also result in a lowered gravity response. An example is shown in Figure 5 where a distinct circular gravity low is evident at Silver Mountain and similar to the Highland Valley copper porphyry mine in Canada (1.3Bt @ 0.27% Cu Mineral Resource – Teck Annual Information Form, February 2023).

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Figure 5 – Gravity (residual Bouguer) comparison between Silver Mountain, Arizona (left), and Highland Valley, Canada (right) showing similar circular gravity low anomalies.

Similarities with existing gravity and new magnetic data at Silver Mountain compared to porphyry deposits across the globe provide further support for what could be a large-scale mineralised porphyry system in the Scarlett area.

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Additional Targets & Next Steps

The Company’s ongoing exploration efforts, as shown in Photo 1, aim to confirm the potential of these targets and identify additional zones that could provide near-surface high-grade copper mineralisation. Several of these near-surface targets are planned for drilling, as well as the deeper porphyry-style targets. The success of these geophysical methods, including magnetic and velocity modelling, is already yielding tangible exploration results and the team remains confident that Silver Mountain could soon be on the path to becoming the next major copper discovery in the Laramide Arc. Importantly, this technical confidence has culminated in various planning activities to support future drilling, including drill permit applications and contractor tendering, are underway.

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Photo 1 – Left: recent field reconnaissance at the historical Silver Dollar mine adit, where proximal field sample assays included 78.6g/t Au (refer to ASX Announcement dated 29 February 2024). Right: field mapping and sampling in the Scarlett region showing lack of extensive outcrop (typical of the project area).

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

For further information please contact:

Tim Mason Mark Pitts Chief Executive Officer Company Secretary tim@eaglemountain.com.au mark@eaglemountain.com.au

Jane Morgan Investor and Media Relations

jm@janemorganmanagement.com.au

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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 Mr Brian Paull, 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 Paull is a full time employee and the Director of Exploration 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. Mr Paull holds shares and options in Eagle Mountain Mining Limited.

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

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 a 3D magnetic velocity inversion (MVI) model created from
	specialised industry standard measurement	reprocessing existing magnetic data at Silver Mountain. This was carried out by Eagle
	tools appropriate to the minerals under	Mountain Mining’s geophysicist consultant.
	investigation, such as downhole gamma	• The MVI model comprises e-projected vector values. The e-projected vector values are
	sondes, or handheld XRF instruments, etc).	normalised by the international geomagnetic reference field (IGRF) vector, and are
	These examples should not be taken as	therefore dimensionless.
	limiting the broad meaning of sampling.
	• 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 MVI 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	• There was no sampling undertaken.
	_security. _
Audits or	• The results of any audits or reviews of	• Eagle Mountain Mining’s geophysical consultant validated the MVI 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	• Type, reference name/number, location and	• The Silver Mountain Project (Project) is located approximately 100 kilometres by air north-
tenement and	ownership including agreements or material	west of Phoenix, Arizona, U.S.A. The geographical coordinates are approximately Latitude
land tenure	issues with third parties such as joint	34º8' North, Longitude 112º23' West.
status	ventures, partnerships, overriding royalties,	• The Project is 100% owned by Eagle Mountain Mining Limited through its subsidiary
	native title interests, historical sites,	company Silver Mountain Mining LLC.
	wilderness or national park and	• Silver Mountain comprises 26 Patented Mining Claims, 353 Unpatented Mining Claims and
	environmental settings.	4 State Exploration Permits.
	• The security of the tenure held at the time of	• 100% of the surface rights for the 26 Patented Mining Claims are owned by Silver
	reporting along with any known	Mountain Mining LLC (private property).
	impediments to obtaining a licence to
	operate in the area.
Exploration done	• Acknowledgment and appraisal of	• It is believed that the first mining claims at the Pacific Horizon prospect were staked in
by other parties	exploration by other parties.	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.

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Criteria	JORC Code explanation	Commentary
		• 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.
Geology	• Deposit type, geological setting and style of	Several types of deposit styles have been identified for the various prospects at Silver
	mineralisation.	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	• A summary of all information material to	• There was no new drill data presented in the report.
information	the understanding of the 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

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Criteria	JORC Code explanation	Commentary
	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.
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.

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Criteria	JORC Code explanation	Commentary
Balanced	• Where comprehensive reporting of all	• The MVI model and associated data is reported for Silver Mountain.
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
	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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