EAGLE MOUNTAIN MINING LIMITED — Investor Presentation 2020

Sep 15, 2020

Oracle Ridge - Revival of a high-grade copper mine ASX : EM2 | RIU Resurgence conference | SEPTEMBER 2020

Investment summary

• High grade copper resources with significant gold and silver

• Significant exploration potential

• Existing infrastructure

• Location – Tier 1 mining jurisdiction with major copper mines

• Proven board and management team including Mr Charles Bass as Managing Director and major shareholder

• Drilling has commenced

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• JORC Resource update due late 2020

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Oracle Ridge Strategy

• AIM – Eagle Mountain aims to increase tonnage of the existing high-grade mineral resource at the Oracle Ridge Copper Project (80% owned), allowing any future production to be in the lower quartile of costs.

• HOW – Methodical geology, existing drilling and geophysics have defined a significant exploration target, as an extension to existing mineralisation.

• ACTIVITY - Drilling commenced September 2020, targeting high grade extensions to the known copper mineralisation, within the exploration target.

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drilling program commenced

• Initial diamond drilling program targeting zones prospective for high grade.

• Previous drilling intercepts* include:

• 7.7m @ 5.11% Cu, 0.72g/t Au, 55.8g/t Ag

• 7.6m @ 4.63% Cu, 0.74g/t Au, 43.06g/t Ag

• 9.1m @ 3.97% Cu, 1.04g/t Au 29.89g/t Ag

• 18m @ 2.84% Cu, 0.42g/t Au, 24.8g/t Ag

• 8.4m @ 3.57% Cu, 0.82g/t Au, 36.75g/t Ag

• 11.3m @2.83% Cu, 0.45g/t Au, 27.58g/t Ag

• 10.7m @ 2.7% Cu, 0.15 g/t Au, 21.21g/t Ag

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4 *Refer ASX Announcement 25 May 2020

AN EMERGING COPPER COMPANY

Eagle Mountain holds two complementary copper projects located in Arizona, a tier-one mining jurisdiction

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Silver Mountain
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• Clear corporate focus on copper - strong leverage to strengthening fundamentals

• Experienced Board and management team with skin in the game

Oracle Ridge Copper Project (80%) – Revival of a high-grade copper mine

• ✔ Existing underground mine on care and maintenance

• ✔ High grade copper resources with significant gold and silver

• ✔ Strong exploration potential

• ✔ Excellent local and regional infrastructure in place

• ✔ Priority drill targets defined

• ✔ Maiden Drill Program commenced September 2020

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Oracle Ridge
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Silver Mountain (100%) - Exploration

• ✔ High grade copper and gold on surface and multiple historic mines

• ✔ No modern exploration or drilling prior to Eagle Mountain

• ✔ First drilling results in 2019 indicate potential for large-scale copper porphyry

Ownership of Oracle Ridge Copper Mine and assets are held 100% within Wedgetail Operations LLC, which in turn is held 80% by a wholly owned subsidiary of Eagle Mountain and 20% by Vincere Resource Holdings LLC

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EXPOSURE TO STRENGTHENING COPPER FUNDAMENTALS

• Growing demand forecast

• Increasing demand for less carbon intensive technologies

• On average, renewable energy systems require 5x more copper vs conventional power generation

• Electric vehicles require 3x more copper than conventional vehicles

• Forecasts of an annual copper deficit growing to ~8mt by 2030

• Supply pressures

• Limited exploration success globally

• Maturing copper deposits with declining mine grades

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Avg Global UG Mined
grade <1.1% Cu
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Gap between supply and
demand forecast to support
increasing copper prices
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ORACLE RIDGE COPPER MINE - OVERVIEW

• High grade copper with significant gold and silver

• Significant Mineral Resource Estimate (NI43-101) See ASX Announcement 29 Oct 2019, refer Appendix 1

• Extensive infrastructure to support future mining operation:

• 18km of underground development, ventilation fans, buildings and electrical equipment

• Easy access to site, located 35 km from major towns with power and railway head, and 80 km from smelter

• Excellent ground conditions

• Supportive community for future mining operation

• Tier 1 miners in the district – BHP, Rio Tinto, Freeport McMoran, Asarco, Hudbay, South 32

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SIGNIFICANT HIGH GRADE MINERAL RESOURCES

Oracle Ridge Mineral Resource Estimate NI43-101 * (1% Cu cut-off)

Resource Class	Tonnes (Millions)	Cu %	Ag g/t	Au g/t	Contained Cu, lbs (Millions)	Contained Ag, oz (Millions)	Contained Au, oz (‘000)
Measured	1.06	1.59	18.86	0.24	37	0.6	8
Indicated	5.58	1.61	17.83	0.21	199	3.2	38
Inferred	5.12	1.53	16.8	0.14	173	3	22
Total	11.76	1.57	17.47	0.18	409	6.8	68

• Eagle Mountain is updating the existing Mineral Resource Estimate (MRE) to a JORC-compliant Resource

• Significant historical information exists from the last 50 years

• Eagle Mountain is digitalising valuable lithology, structural and alteration information from over 400 holes to re-build a JORC Maiden Resource Estimate

“Eagle Mountain is the first company to consolidate all the historical information and this work will give us a new understanding of the geology and mineralisation at Oracle Ridge. “ - Tim Mason, CEO

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Mineralisation at Oracle Ridge
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Cautionary Statement: (Refer ASX Announcement 29 October 2019) references in this presentation to the publicly quoted resource tonnes and grade of the Project are foreign in nature and not reported in accordance with the JORC Code 2012, or the categories of mineralisation as defined in the JORC Code 2012.

A competent person has not done sufficient work to classify the resource estimate as mineral resources or ore reserves in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or

• 8 further exploration work that the foreign/historic resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. Resource estimates and other information used in this presentation are based on the March 2014 NI43-101 compliant Independent Technical Report prepared by Dr Giles Arseneau of Arseneau Consulting Services Inc for Oracle Mining Corp. This report can be found on the Company’s website “www.eaglemountain.com.au”.

PRIORITY DRILL TARGETS DEFINED FOR MAIDEN DRILLING PROGRAM

• Multiple high grade copper intercepts* with significant gold and silver

• 7.7m @ 5.11% Cu, 0.72g/t Au, 55.8g/t Ag

• 7.6m @ 4.63% Cu, 0.74g/t Au, 43.06g/t Ag

• 9.1m @ 3.97% Cu, 1.04g/t Au 29.89g/t Ag

• 18m @ 2.84% Cu, 0.42g/t Au, 24.8g/t Ag

• High grade mineralisation with copper in bornite, chalcopyrite and chalcocite

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Hole is outside the existing MRE
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• Previous drilling - 618 drill holes for 76,000 metres of drilling

• Exploration focus on zones with higher grade

• Drilling has commenced testing the exploration target

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*Refer ASX Announcement 25 May 2020

ORACLE RIDGE – HIGH GRADE COPPER

• High grade copper intercepts with significant gold and silver • Multiple ‘stacked’ lodes provide flexibility for mining • Multiple zones thick enough for bulk mining methods, which can potentially reduce costs

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10 10 *Refer ASX Announcement 10 June 2020

RESOURCE EXPANSION POTENTIAL

Mineralisation remains open along strike in multiple directions

Significant Exploration Target defined based on:

• Previous drilling database of 618 holes (50 holes within the exploration target)

• Geological models of mine stratigraphy

• Recently completed geophysical anomaly

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Exploration Target Copper Gold Silver
Tonnes 14 – 29 Mt
Grade 1.1-1.9 % 0.03-0.26 g/t 7.1-19.3 g/t
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Note- the potential quantity and grade of the exploration target is conceptual in nature and there has been insufficient additional exploration to estimate an expanded Mineral Resource as at the date of this announcement and whilst additional exploration is planned it is uncertain if this will result in the estimation of an expanded Mineral Resource.

Refer to ASX Announcement 10 June 2020

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Mineralisation 500m Exploration Target defined
from Resource by magnetic ‘high’
TOTAL MAGNETIC
INTENSITY SHOWN
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Drill Program commenced in September 2020 testing extensions to known copper mineralisation within the Exploration Target

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Arizona - major copper projects

Multiple significant copper deposits within Arizona have been mined for decades.

Some of these projects have well developed skarn alteration and associated high-grade copper mineralisation, in addition to large, lower grade porphyry copper deposits*.

• Mission Complex - 900Mt @ 0.52% Cu;

• Twin Buttes - 940Mt @ 0.5% Cu;

• Christmas - 367Mt @ 0.38 Cu.

The geology at Oracle Ridge is prospective for a deeper porphyry system in addition to the existing high grade skarn mineralisation

*Singer et alii (2008) - Porphyry Copper Deposits of the World: Database And Grade and Tonnage Models, USGS Open File Report 2008-1155

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EXPLORATION POTENTIAL AT DEPTH

Skarn mineralisation is commonly associated with porphyry systems, however this system has not yet been identified presenting exploration potential at depth

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Oracle Ridge – Conceptual Geological Model
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Note - The Section shown is both conceptual and speculative. There has been no exploration drilling beneath the ‘Leatherwood’ and it is therefore uncertain if any future exploration will define the source of mineralisation as conceptualised. Refer ASX Announcement 10 June 2020

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EXPLORATION STRATEGY

Three Pronged Exploration Strategy

1. Incremental expansion of existing MRE

2. Focus higher grade zones

3. Depth potential at Oracle Ridge

4. Other prospective targets

5. Exploration within trucking distance of a future mill site

6. Regional geophysical anomalies

Eagle Mountain’s view is that significant potential exists to expand the existing Resources

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3D Model showing historical mineral resource blocks

Green: Measured; Yellow: Indicated; Red: Inferred, underground infrastructure and drilling. Refer ASX announcement 29 October 2019

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ORACLE RIDGE – existing mine infrastructure

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• Excellent ground conditions

• The project has significant infrastructure in place including ~18km of underground development, access roads, tailings dam, underground electrical and water services

• Ore body is accessible

1 55 Photos taken February 2020

ENHANCED RESTART POTENTIAL

Studies

• Various technical studies completed including Environmental, Metallurgical, Processing, Geotechnical, Mining & Infrastructure

Permits

• Several permits required for mining previously secured with some needing amendment depending upon final project design

Existing infrastructure

• 18 kilometres of underground workings proximal to existing resources;

• Excellent ground conditions underground

• Existing air, ventilation, water and electrical reticulation services (disconnected currently);

• Tailings Storage Facility (requires extension prior to use)

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Existing electrical infrastructure
at Oracle Ridge
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Photo taken February 2020

ORACLE RIDGE GROWTH AND EXPLORATION FOCUS

• Methodical approach to exploration by an experienced team with a proven track record

• Apply modern geophysics which has not been used at Oracle Ridge

• Multiple strategies used to define exploration drill targets

• Update existing Mineral Resource to JORC

• Review additional geological targets around Oracle Ridge

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Examine completed magnetics UAV Helicopter airborne electroExploration priority Define Resource Drilling –Phase 1 targets within exploration potential JORC Mineral Resource Updated over the mine magnetic targets Expansion and around Estimate survey (VTEM+) mine Completed Completed Completed In Progress In Progress In Progress

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THE SILVER MOUNTAIN PROJECT

• Phase One drilling at Silver Mountain has confirmed prospectivity of Project

• Project hosts multiple historic copper / gold mining operations with copper grades up to 10% and gold up to 10g/ t

• Drilling identified highly anomalous assay values and the presence of porphyry indicator minerals, including molybdenum and bismuth

• Geological, geochemical and geophysical studies were undertaken following the completion of drilling,

• Field mapping currently being undertaken, to follow up geophysical anomalies

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18 Refer ASX Announcement 6 March 2019 and 28 October 2019

CORPORATE OVERVIEW

Key Metrics

ASX Code	EM2
Shares on Issue	139m (11 Sept 2020)
Share Price	$0.28 (11 Sept 2020)
Cash (approximate)	$3.2m (10 Aug 2020)
Debt1	$10.4m
Market Capitalisation	$39m(undiluted)
Unlisted Options	32m(avg exercise price $0.24)
Performance Rights	0.2m

Top Shareholders

Board / Management / Employees	37%
Institutions	8%
HNW’s / Retail	55%
Total	100%

12 Month Share Price

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1Debt
Unsecured loan owing to Quartz Mountain Pty Ltd, a company associated with Charles Bass (Managing Director) - Due Dec 2021	US$1.0m (~A$1.4m)
Secured loan over Oracle Ridge, owing to Vincere Holdings for 80% ownership. Repayment from 2025-2030	US$6.4m (~A$9.0m)
Total	US$7.4m (~A$10.4m)

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EXPERIENCED BOARD & MANAGEMENT TEAM

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TIM MASON • 18 years experience in CHIEF EXECUTIVE various corporate, mining OFFICER & engineering roles

RICK CRABB • 37 years experience in TIM MASON NON-EXECUTIVE mining, corporate and OFFICER CHAIRMAN commercial law

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CHARLES BASS

• Entrepreneur & Business Executive

• • Co-Founded Aquila Resources • Discovered Nimary Gold Mine (now Jundee)

• • 40+ years experience

FABIO VERGARA

• FABIO VERGARA 10 years experience in CHIEF GEOLOGIST mining

MANAGING DIRECTOR

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ROGER PORT

• 30+ years experience in NON-EXECUTIVE financial analysis DIRECTOR • Previous partner at PwC

MARK PITTS • 30+ years experience in business administration COMPANY SECRETARY and corporate compliance

• Previous partner at PwC

BRETT ROWE

• 20+ years experience in ALTERNATE financial services DIRECTOR (FOR CHARLES BASS)

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A COMPELLING COPPER PROPOSITION

• ✔Maiden drill program recently commenced at Oracle Ridge Copper Project

• ✔A experienced board and management team with a proven track record

• ✔Arizona is a world class copper jurisdiction, responsible for 65% of copper output from the United States

• ✔Good local and regional infrastructure, high grade copper, close to the surface

• ✔Limited copper opportunities – Eagle Mountain provides excellent copper exposure

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P u r p o s e o f p r e s e n t a t I o n : This presentation has been prepared by Eagle Mountain Mining Limited (ACN 621 541 204) (Eagle Mountain) and should be read in conjunction the Company’s Annual Report, issued by Eagle Mountain 30 October 2019 and subsequent ASX announcements made by the company.

N a t u r e o f p r e s e n t a t I o n : This presentation is not investment advice and should not be relied upon to make any investment decision. This presentation is not a prospectus or other disclosure document and does not contain all of the information which would be found in such documents or which may be required by an investor to make a decision regarding an investment in Eagle Mountain. This presentation has not and will not be lodged with the Australian Securities and Investments Commission.

F o r w a r d - l o o k I n g s t a t e m e n t s : This presentation contains forward-looking statements which incorporate an element of uncertainty or risk, such as ‘intends’, ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’ or ‘expects’. These statements have been prepared with all reasonable care and attention, based on an evaluation of current economic and operating conditions, as well as assumptions regarding future events. These events are, as at the date of this presentation, expected to take place, but there cannot be any guarantee that such events will occur as anticipated or at all given that many of the events are outside Eagle Mountain’s control. The stated events may differ materially from results ultimately achieved. Accordingly, Eagle Mountain and its officers, employees and advisers, cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will actually occur. Further, other than as required by law, Eagle Mountain may not update or revise any forward-looking statement if events subsequently occur or information subsequently becomes available that affects the original forward-looking statement

N o w a r r a n t I e s o r r e p r e s e n t a t I o n s : Although Eagle Mountain has used due care and diligence in the preparation of this presentation, to the extent permitted by law, no representation or warranty is made by Eagle Mountain nor any of its officers, employees or advisers, as to the accuracy or completeness of the information in this presentation. No information contained in this presentation or any other written or oral communication transmitted or made available shall be relied upon as a promise or representation and no representation or warranty is made as to the accuracy or attainability of any estimates, forecasts or projections set out in this presentation. No liability will attach to Eagle Mountain, or its officers, employees or advisers, with respect to any such information, estimates, forecasts or projections.

D I s c l a I m e r : Except for statutory liability which cannot be excluded, Eagle Mountain, its officers, employees, contractors and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom.

C o p y r I g h t : Eagle Mountain holds the copyright in this paper. Except as permitted under the Copyright Act 1968 (Cth), this paper or any part thereof may not be reproduced without Eagle Mountain’s written permission.

C O M P E T E N T P E R S O N S T A T E M E N T

The information in this document that relates to technical information about the Oracle Ridge Copper Mine including the exploration target is based on, and fairly represents information and supporting documentation compiled and reviewed by Mr Kevin Francis who is an independent consultant to the company. Mr Francis is a Registered Member of the Society of Mining, Metallurgy & Exploration. Mr Francis holds no interest in the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (‘JORC Code’). Mr Francis consents to the inclusion in this announcement of the matters based upon the information in the form and context in which it appears.

The database of previous exploration results has been compiled under the foreign mineral code NI43-101. The data has been compiled and validated. It is the opinion of Eagle Mountain Mining Limited that the exploration data is reliable. Nothing has come to the attention of Eagle Mountain Mining Limited that causes it to question the accuracy or reliability of the historic exploration results.

Where the Company references results and technical information from previous ASX announcements including the Oracle Ridge Copper Mine and the announcement made on 29 October 2019, JORC Table 1 disclosures are included within them. The Company confirms that it is not aware of any new information or data that materially effects the information included in those announcements, and all material assumptions and technical parameters underpinning the results and resource estimates with 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.

C O N T A C T I N F O R M A T I O N A Ground Floor, 22 Stirling Highway Nedlands, Western Australia, 6009 E info@eaglemountain.com.au W

Ground Floor, 22 Stirling Highway Nedlands, Western Australia, 6009 info@eaglemountain.com.au eaglemountain.com.au

APPENDIX 1

Mineral Resource Estimation

The resource estimates provided in this presentation have been taken from the 31 March 2014 Independent Technical Report for the Oracle Ridge Project prepared by Dr Gilles Arseneau, P.Geo, principal of Arseneau Consulting Services Inc. (refer ASX announcement 29 October 2019)

These resource estimates are Canadian NI43-101 compliant. As such, the Canadian Institute of Mining applies a standard that there are “reasonable prospects for economic extraction” in its definition of Mineral Resources.

Arseneau considers that ”major portions of the Oracle Ridge Project are amenable to underground extraction”.

The table below presents the Mineral Resource Estimate calculated by Arseneau at a 1.0% CuEq (copper equivalent) cut-off grade. The Mineral Resource Estimate is not JORC compliant.

compliant.
Resource Class	Tonnes (Millions)	Cu %	Ag g/t	Au g/t	Contained Cu, lbs (Millions)	Contained Ag, oz (Millions)	Contained Au, oz (‘000)
Measured	1.06	1.59	18.86	0.24	37	0.6	8
Indicated	5.58	1.61	17.83	0.21	199	3.2	38
Inferred	5.12	1.53	16.8	0.14	173	3	22
Total	11.76	1.57	17.47	0.18	409	6.8	68

Table 1 Summary of latest Mineral Resource Estimate – NI43-101 Compliant.

Note in respect to Copper Equivalency:

The cut-off grade of 1% CuEQ was used to ensure reasonable prospects of economic extraction assuming underground mining. Silver and gold grade estimates were based on a less comprehensive data set than the copper grade estimates. Where copper grade estimates exist without accompanying silver and gold grade estimates, the drill hole was not used to estimate silver or gold grade. Copper equivalency has been estimated using metal pricing of US$2.80 per pound of copper, US$20 per ounce of silver and US$1,300 per ounce of gold. Metallurgical recovery was derived from preliminary locked cycle test results and assumed to be 81% for gold and silver. The prices used were a reflection of market at the time of the Mineral Resource Estimate and reasonable forecasts. The formula used is as follows: CuEQ= Cu% + {(Ag oz/tonUS$200.81)+(Au oz/tonUS$1,300 0.81)} /$2.80/2,000*100

Cautionary Statement: (Refer ASX Announcement 29 October 2019) references in this presentation to the publicly quoted resource tonnes and grade of the Project are foreign in nature and not reported in accordance with the JORC Code 2012, or the categories of mineralisation as defined in the JORC Code 2012. A competent person has not done sufficient work to classify the resource estimate as mineral resources or ore reserves in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work that the foreign/historic resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. Resource estimates and other information used in this presentation are based on the March 2014 NI43-101 compliant Independent Technical Report prepared by Dr Giles Arseneau of Arseneau Consulting Services Inc for Oracle Mining Corp. This report can be found on the Company’s website “www.eaglemountain.com.au”.

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