EAGLE MOUNTAIN MINING LIMITED — Regulatory Filings 2021

Sep 14, 2021

A S X A n n o u n c e m e n t | 1 5 S e p t e m b e r 2 0 2 1

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Thick Mineralised Zones, Previously Unrecognised 110m at 1.06% Copper, Hole ends in 3.6% Copper

• Thick, fully diluted, mineralised zones within the existing JORC resource have been defined in recent infill drilling. Results include:

• 110.1m at 1.06% Cu, 9.64g/t Ag and 0.16g/t Au (WT-21-24), ending in mineralisation

• 106.0m at 1.15% Cu, 11.73g/t Ag and 0.16g/t Au (WT-21-20)

• 96.1m at 0.98% Cu, 7.84g/t Ag and 0.15g/t Au (WT-21-18)

• 47.3m at 1.00% Cu, 13.25g/t Ag and 0.13 g/t Au (WT-21-26)

• WT-21-24’s thicker zone includes an outstanding:

• 18.4m at 3.12% Cu, 27.83g/t Ag and 0.51g/t Au, within

  • 50.5m at 1.73% Cu, 14.31g/t Ag and 0.26g/t Au

• Assays from historic holes focused on higher grade mineralisation based on visual identification with lower grade often left unsampled

• These larger mineralised zones include both higher and lower grade material providing optionality and other benefits for potential future mining* including:

• Planned mining dilution may include lower grade mineralisation providing additional marginal revenue

• Higher throughput operation using a lower cut-off grade

• Results anticipated to provide sufficient confidence to allow ‘Measured’ Resources to be defined in next MRE update in this area of the mine (highest confidence level for mineral resources under JORC Code)

• Further Resource upgrade holes being planned to assess ongoing potential for thicker zones of mineralisation

• Metallurgical testwork being planned to assess recoveries of thick mineralised zones

• Assays pending for 18 further holes

*Note: No Pre-Feasibility or Feasibility Studies have been completed in accordance with JORC and no decision has been made on the commencement of mining at Oracle Ridge. There can be no certainty whether the results of any future technical and economic study will support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage.

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Eagle Mountain Mining CEO, Tim Mason, commented:

“These very thick zones of mineralisation have the potential to provide significant optionality for mining. We have now completed five infill holes, all of which had similar thick zones of mineralisation, suggesting that this may not be an anomaly. From a mining perspective, thick zones of mineralisation provide potential for bulk mining scenarios or using ore sorting technology to separate barren rocks from copper bearing ores to reduce processing costs. These results surprised us because many of these mineralised zones were not visually obvious in the core, and hence why they were probably not assayed by previous owners.

The intercept of 18m at 3.12% copper and 0.51g/t gold, within a much larger mineralised zone, is one of the best intercepts at Oracle Ridge. In addition, the overall gold grades in the reported infill holes are, on average, better than those in surrounding historical holes.

We are excited by these results, because if the presence of these thick zones is extensive it could materially improve the contained copper in resource and provide optionality for future mining methods and production rates.

We will continue with our program of resource upgrade drilling and given these latest results, we will certainly assay zones in between the key lodes!”

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

Assay results for five drill holes have been received and are summarised in Table 1. Higher grade zones for drill holes WT-21-18 and WT-21-20 have been previously reported (ASX announcements 31 August 2021 and 29 July 2021) with the thicker mineralised zones reported herein.

Table 1 – Significant intersections above 1% Copper cut-off grade

Hole ID	Width	From	To	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-18	96.1	41.6	137.7	0.98*	7.84	0.15
WT-21-20	106.0	44.0	150.0	1.15	11.73	0.16
WT-21-24	110.1	28.3	138.4	1.06	9.64	0.16
Including	50.5	53.0	103.5	1.73	16.63	0.29
Including	3.8	28.3	32.1	1.60	16.11	0.23
and	18.4	53.0	71.4	3.12	27.83	0.51
and	4.1	74.7	78.8	1.44	11.98	0.12
and	17.0	86.5	103.5	1.17	7.70	0.16
and	3.4	118.0	121.4	1.86	18.38	0.30
and	0.9	137.5	138.4EOH	3.63	65.70	0.53
WT-21-26	47.3	111.5	158.8	1.00	13.25	0.13
Including	4.0	111.5	115.5	2.23	21.01	0.28
and	4.3	127.0	131.3	1.13	8.65	0.07
and	14.6	144.2	158.8	1.82	30.31	0.30
Including	4.3	144.2	148.5	2.22	42.06	0.38

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and	7.3	151.5	158.8	2.13	31.84	0.35
WT-21-28	1.8	112.3	114.1	1.66	15.76	0.19
	3.5	147.1	150.6	2.69	39.76	0.22
	4.1	157.7	161.8	1.02	10.20	0.06

*Intersection included due the copper value being very close to the reportable 1% Cu cut-off. EOH: End of hole

Comparison with Historical Drill Holes

An important objective of the Resource Upgrade program was to verify the quality and reliability of historical drilling information in the Company’s database. The technical team has completed an initial comparison between new holes and historical ones in the vicinity. The comparison has shown a good reconciliation between old and new geological and assay data. The average gold grade in recent holes appears to be moderately higher than in historical ones.

Should the remaining infill Resource Upgrade holes support the grades and thicknesses of previous drilling, a portion of the existing Indicated Mineral Resource is expected to be upgraded to the JORC Measured category (following an updated Mineral Resource Estimate). Only ‘Measured’ Mineral Resources may be converted to ‘Proved’ Ore Reserves if they are economically mineable as defined by a Pre-Feasibility or Feasibility Study. These studies include the application of various modifying factors and dilution[1] . These studies have not been completed.

Commentary on Thicker Intersections

The Resource Upgrade program is targeting the thickest part of the existing resource, at the northwestern end of the Oracle Ridge mine. Mineralisation in this area is characterised by multiple stacked lodes separated by less endowed material. Historical drilling at Oracle Ridge was sampled with a strong bias towards high grade mineralisation, meaning that after a visual assessment, lower grade material was often left unsampled resulting in large intervals without any assay data.

During Eagle Mountain’s drilling, it became apparent that mineralisation, albeit of lower tenor than in the key lodes, is often pervasive throughout areas previously considered barren. Hence it was decided to sample all resource upgrade holes continuously across their entire length.

Table 2 provides a summary of the fully diluted thicker mineralisation within the five resource upgrade holes completed, including estimated true thicknesses.

Table 2 – Summary of downhole intersections and approximate true thickness in resource upgrade drilling

Hole ID	Width	From	To	True thickness	Cu	Ag	Au
	[m]	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-24	110.1	28.3	138.4	72	1.06	9.64	0.16
WT-21-18	96.1	41.6	137.7	78	0.98	7.84	0.15
WT-21-20	106.0	44	152.7	83	1.15	11.73	0.16
WT-21-26	47.3	111.5	158.8	44	1.00	13.25	0.13
WT-21-28	50.8	111	161.8	49	0.64	7.49	0.06

1 Refer JORC 2012 https://jorc.org/docs/JORC_code_2012.pdf

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These extensive intervals encompass high grade lodes and lower grade zones. These results are encouraging for several reasons:

• Presence of mineralisation in volumes previously considered barren could increase the overall copper, silver and gold content at Oracle Ridge. Drilling will be required to obtain samples from areas that were previously unassayed due to much of the old core not being available. A material change in metal content is possible if a lower cut-off grade for the mineral resource is justified.

• Reported thicknesses and grades could prompt a revision of the underground mining method envisaged at Oracle Ridge towards a less selective, bulk tonnage scenario.

• Ore sorting technology may allow separation and disposal of very low grade and barren material prior to material being delivered to the mill.

A potential scenario involving a less selective mining technique, coupled with ore upgrading, could result in a lower cut-off grade being applied and a larger proportion of the copper, silver and gold in the current Mineral Resource Estimate (MRE) becoming minable. See Table 3 for a comparison of metal content in the existing MRE at different copper cut-off grades.

Table 3 – Oracle Ridge Copper Project JORC Resources at various cut-off grades (Indicated and Inferred)[2]

Copper Cut-off(%)	Tonnage (Mt)	Cu (%)	Ag (g/t)	Au (g/t)	Cu (t)	Ag (Oz)	Au (Oz)
0.4	44.5	0.87	9.65	0.11	389,000	13,791,000	158,000
0.6	28.4	1.08	11.97	0.13	309,000	10,923,000	125,000
0.8	18.6	1.30	14.10	0.17	242,000	8,453,000	97,000
1.0	12.2	1.51	16.31	0.19	184,000	6,381,000	73,000
1.2	8.1	1.72	18.54	0.21	140,000	4,845,000	55,000
1.4	5.6	1.91	20.60	0.23	108,000	3,718,000	42,000
1.6	3.7	2.12	22.88	0.25	79,000	2,729,000	29,000

Note - Totals may not add due to rounding differences. Drilling undertaken by Eagle Mountain has not been included in the JORC resources.

DRILL RESULTS

WT-21-24

WT-21-24 is the third hole completed within the resource upgrade program at Oracle Ridge (Figure 1, 2 and 3). The aim of this program is to allow the classification of Measured Resources, the highest confidence resource category under the JORC Code.

WT-21-24 was drilled approximately 25 metres to the east of WT-21-20 (Figures 1 and 2) and returned four significant intersections:

• 18.4m at 3.12% Cu, 27.83g/t Ag and 0.51g/t Au from 53m

• 4.1m at 1.44% Cu, 11.98g/t Ag and 0.12g/t Au from 74.7m

• 17m at 1.17% Cu, 7.70g/t Ag and 0.16g/t Au from 86.5m

• 3.4m at 1.86% Cu, 18.38g/t Ag and 0.30g/t Au from 118m

A full list of intersections above the 1% Cu cut-off grade is presented in Table 1 and Attachment 1.

2 Refer to ASX Announcement 14 December 2020

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Figure 1 – Plan view of recent drilling results at Oracle Ridge. For previously released results (marked by *) see announcement 29 July 2021.

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Figure 2 – East-west section through the main mineralised area at Oracle Ridge showing the location of drill holes WT-21-24, WT-21-20, WT-21-18 and nearby historical and recent holes. Thick mineralised intersections are highlighted in green. (For historic exploration results refer ASX announcement 25 May 2020)

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The drill hole terminated in an underground development with strong mineralisation encountered just before piercing through the historical mine (Figure 1). The current geological model has the mineralisation continuing for another 10 metres below the historical drive.

A thick zone of 110.1m at 1.06% Cu, 9.64 g/t Ag and 0.16 g/t Au encompasses all reported intersections, including less mineralised material between high grade lodes (Figures 4, 5 and 6).

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Figure 3- WT-21-24 pierce point through existing underground development. The drill hole encountered strongly altered and mineralised material just before piercing through the historical mine. Note the rounded mark from the diamond core drill bit at the top of the specimen.

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Figure 4 – Example of strongly mineralised zone in WT-21-24 withing magnetite-rich skarn. Outlined interval averages 3.3m at 4.16% Cu, 43.65g/t Ag and 0.70g/t Au (59 to 62.3m)

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Figure 5 – Example of moderately to weakly mineralised zone in WT-21-24 within banded sediments. Outlined interval averages 3.0m at 0.44% Cu, 3.10g/t Ag, 0.07g/t Au (113.5 to 116.5m)

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Figure 6 – Example of unmineralised zone in WT-21-24. Outlined interval averages 2.0m at 0.01% Cu and 0.19g/t Ag (41 to 43 m)

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WT-21-26

WT-21-26 is the fourth hole completed within the Resource Upgrade program at Oracle Ridge (Figure 1, Figure 7). WT-21-26 was collared approximately 140 metres from WT-21-24, targeting the northern end stacked lodes found in this part of the mine.

The drill hole returned the following significant intersections (above 1% copper cut-off grade):

• 4.0m at 2.23% Cu, 21.01/t Ag and 0.28g/t Au from 111.5m

• 4.3m at 2.22% Cu, 42.06/t Ag and 0.38g/t Au from 144.2m

• 7.3m at 2.13% Cu, 31.84/t Ag and 0.35g/t Au from 151.5m

• Within 14.6m @ 1.82% Cu, 30.31g/t Ag and 0.30 g/t Au from 144.2m

A thick zone of 47.3m at 1.00% Cu, 13.25g/t Ag and 0.13 g/t Au encompasses the above intersections from 111.5m.

A full list of intersections above the 1% copper cut-off grade is presented and Attachment 1.

WT-21-28

WT-21-28 is the fifth hole completed within the resource upgrade program at Oracle Ridge (Figure 1, Figure 7). WT-21-28 was drilled from the same pad and with the same orientation as WT-21-26 but with a steeper plunge.

The drill hole returned the following significant intersections (above 1% copper cut-off grade):

• 1.8m at 1.66% Cu, 15.76/t Ag and 0.19g/t Au from 112.3m

• 1.0m at 1.85% Cu, 16.05/t Ag and 0.19g/t Au from 117.0m

• 3.5m at 2.69% Cu, 39.76/t Ag and 0.22g/t Au from 147.1m

• 4.1m at 1.02% Cu, 10.20g/t Ag and 0.06g/t Au from 157.7m

A thick zone of 50.8m at 0.64% Cu, 7.49g/t Ag and 0.06g/t Au encompasses the above intersections from 111m (0.6% copper cut-off). The lower grades encountered in WT-21-28 are consistent with its location at the northern edge of the mineralisation in this part of the mine.

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Figure 7 – East-west section through the main mineralised area at Oracle Ridge showing the location of drill holes WT-21-26, WT-21-28 and nearby historical and recent holes. Thick mineralised intersections are highlighted in green. (For historic exploration results refer ASX announcement 25 May 2020)

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Next Steps

The Company’s three drill rigs are currently drilling at the Talon and Golden Eagle. The Resource upgrade drilling will resume as soon as the high priority targets in these areas have been tested. Ten holes have been planned with results reported for five of them to date. Upcoming Resource upgrade holes will be fully sampled to ensure assays are available for high grade and low grade zones alike. At least three of the outstanding holes will be drilling using larger diameter core (e.g. PQ size) to collect samples for upcoming metallurgical studies.

The delineation of thick mineralised zones has prompted a re-assessment of the metal content in between strongly mineralised lodes. A desktop review will be completed in the coming months to establish the potential of these lower grade zones to host significant mineralisation and the additional work required to unlock this potential.

In the medium term, further infill drilling from surface is planned to upgrade resources in the Inferred and Indicated JORC categories. Considering the proximity of many of these zones to the existing mine development, underground drilling could be more cost effective due to shorter hole lengths. The Company will evaluate the most appropriate time to re-establish underground access to enable underground drilling to commence.

For further information please contact:

Tim Mason Mark Pitts BEng, MBA, GAICD B.Bus, FCA, GAICD Chief Executive Officer Company Secretary timateaglemountain.com.au markateaglemountain.com.au

Jane Morgan Investor and Media Relations jmatjanemorganmanagement.com.au

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

COMPETENT PERSON STATEMENT

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

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

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EAGLE MOUNTAIN MINING LIMITED

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

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

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

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Website https://eaglemountain.com.au/

Twitter https://twitter.com/eagle_mining

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

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Attachment 1

Summary table of recent drill holes at Oracle Ridge

Hole ID	Easting	Northing	Elevation	Dip	Azimuth	Depth
	[m]	[m]	[m]	[◦]	[◦]	[m]
WT-21-06	524574	3592664	2090	47	187	468.2
WT-21-07	524574	3592664	2090	50	170	357.2
WT-21-08	524507	3592571	2096	60	190	454.8
WT-21-09	524507	3592571	2096	55	213	334.7
WT-21-10	524429	3593066	2115	60	221	353.0
WT-21-11	524429	3593066	2115	70	240	331.6
WT-21-12	524519	3592579	2099	50	173	428.4
WT-21-13	524369	3592477	2195	65	132	Abandoned
WT-21-14	524368	3592476	2195	65	132	Abandoned
WT-21-15	524360	3592480	2195	78	270	374.6
WT-21-16	524359	3592480	2195	70	270	346.9
WT-21-17	524359	3592480	2195	63	270	337.7
WT-21-18	523958	3593086	2096	57	346	159.7
WT-21-19	524360	3592481	2195	68	319	368.2
WT-21-20	523960	3593086	2096	63	008	178.9
WT-21-21	524372	3592481	2195	71	294	362.1
WT-21-22	524436	3592408	2151	79	099	487.7
WT-21-23	524437	3592407	2150	77	123	336.7
WT-21-24	523958	3593086	2094	63	029	138.4
WT-21-25	524436	3592408	2151	67	228	370.6
WT-21-26	524024	3593218	2094	62	279	242.3
WT-21-27	524560	3592300	2108	75	003	345.9
WT-21-28	524024	3593218	2094	70	279	176.2
WT-21-29	524372	3592479	2189	73	235	373.4
WT-21-30	524560	3592300	2108	85	000	312.42
WT-21-31	524560	3592300	2108	50	166	391.4
WT-21-32	524372	3592479	2189	67	239	366.1
WT-21-33	524560	3592300	2108	53	153	367.3
WT-21-34	524371	3592480	2189	64	290	359.1
WT-21-35	524559	3592298	2108	48	179	380.4
WT-21-36	524372	3592479	2189	61	247	333.8
WT-21-37	524559	3592298	2108	54	188	In progress
WT-21-38	524372	3592479	2189	81	223	In progress
WT-GE-01	527468	3593409	1497	65	035	261.5
WT-GE-02	527468	3593409	1497	60	002	249.9
WT-GE-03	527468	3593409	1497	76	002	295.7
WT-GE-04	527468	3593409	1497	64	065	253.3
WT-GE-05	527468	3593408	1497	50	260	309.4
WT-GE-06	528007	3593650	1485	80	180	487.7
WT-GE-07	526940	3593290	1559	60	45	639.2
WT-GE-08	526940	3593290	1559	83	45	526.1
WT-GE-09	526939	3593291	1559	50	340	624.8
WT-GE-10	526822	3593288	1562	45	190	In progress

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Summary table of significant diamond drill hole intersections at Oracle Ridge during 2021

Note - All reported intervals are downhole widths.

Hole ID	From	To	Width	Cu	Ag	Au
	[m]	[m]	[m]	[%]	[g/t]	[g/t]
WT-21-06	315.0	316.8	1.8	2.41	18.35	0.24
	338.1	340.5	2.4	2.04	21.10	0.20
	363.1	381.0	17.9	2.95	37.62	1.03
including	363.1	375.8	12.7	3.96	49.11	1.38
including	367.1	375.8	8.7	5.20	66.74	1.98
including	371.6	372	0.4	34.4	367	26.2
WT-21-07	293.0	293.5	0.4	1.27	3.85	0.01
	320.4	321.2	0.9	2.02	16.35	0.65
WT-21-08	295.8	296.5	0.7	2.15	22.60	0.39
WT-21-09	180.2	182.8	2.6	1.02	8.94	0.23
	198.7	202.0	3.3	3.71	25.26	0.47
	277.0	278.6	1.6	1.53	14.55	0.28
	288.0	290.1	2.1	2.85	127	4.84
WT-21-10		22m of low-grade mineralisation
WT-21-11	284.0	285.9	1.9	1.20	11.0	0.3
WT-21-12	314.6	320.3	5.7	4.44	44.87	0.93
including	314.6	317.6	3.0	6.80	66.70	1.50
WT-21-13		Hole Abandoned
WT-21-14		Hole Abandoned
WT-21-15	231.0	241.5	10.6	2.10	16.92	0.58
	275.4	282.0	6.6	1.29	8.54	0.10
	303.5	311.0	7.5	1.62	17.09	0.36
including	297.7	318.9	21.2	1.33	12.53	0.22
WT-21-16	208.9	211.0	2.1	1.11	8.06	0.46
	237.0	240.5	3.5	1.52	9.66	0.50
	256.0	263.0	7.0	1.16	10.21	0.15
	299.0	303.9	4.9	1.98	24.42	0.43
within	290.0	303.9	13.9	1.01	11.14	0.26
WT-21-17		No significant intersections
WT-21-18	41.6	137.7	96.1	0.98	7.84	0.15
including	41.6	49.1	7.5	1.51	11.29	0.25
and	50.9	60.3	9.4	2.58	18.39	0.46
within	41.6	60.3	18.7	1.95	13.78	0.33
and	66.9	73.0	6.1	1.10	11.42	0.31
and	94.5	96.6	2.1	1.91	15.55	0.33
and	111.9	115.9	4.0	2.03	19.43	0.30
and	128.7	137.7	9.0	2.23	11.27	0.11
WT-21-19	262.7	264.7	1.9	1.59	13.00	0.51
	308.0	321.6	13.3	0.73	5.18	0.07
including	319.8	321.3	1.4	1.02	3.40	0.04
WT-21-20	25.5	27.6	2.1	1.15	10.25	0.17
	44.0	150.0	106.0	1.15	11.73	0.16
including	44.0	47.5	3.5	1.83	16.33	0.23
and	51.3	53.0	1.7	1.06	9.14	0.20
and	54.7	61.5	6.8	2.60	22.24	0.43

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Hole ID	From	To	Width	Cu	Ag	Au
within	44.0	61.5	17.5	1.80	15.38	0.27
and	88.9	94.1	5.2	1.85	16.34	0.23
and	100.0	108.5	8.5	1.21	12.45	0.21
and	116.3	128.0	11.7	2.06	27.88	0.26
and	138.2	150.0	11.8	2.30	23.71	0.34
WT-21-21	223.3	242.8	19.55	0.60	5.19	0.2
including	223.3	224.3	1.0	1.14	8.64	0.20
and	233.6	236.1	2.5	2.36	19.20	0.75
and	241.9	242.8	0.9	1.16	13.00	0.26
	269.8	271.2	1.3	1.38	13.20	0.34
	272.5	273.0	0.5	1.48	13.20	0.34
	282.1	283.7	1.6	1.47	15.20	0.11
	291.0	292.9	1.9	1.01	3.80	0.03
	303.3	304.2	1.0	1.60	13.35	0.17
WT-21-22	208.4	220.6	14.4	1.15	10.56	0.19
including	208.4	211.8	3.4	3.14	29.05	0.28
including	208.4	209.0	0.6	12.25	118.00	0.04
	240.0	242.0	2.0	2.50	14.80	0.16
	294.9	297.0	2.1	4.30	38.20	0.29
	307.1	309.0	1.9	1.12	9.33	0.27
within	294.9	309.0	14.1	1.14	9.69	0.23
within	294.9	320.4	25.5	0.89	7.91	0.18
WT-21-23	193.4	202.3	8.6	1.02	8.09	0.15
including	193.4	194.2	0.8	2.35	20.30	0.31
	209.5	211.4	1.9	2.36	12.30	0.05
	257.3	257.6	0.4	1.09	11.25	0.14
	289.5	290.1	0.6	2.32	21.40	0.51
	303.6	316.6	13.0	1.68	13.84	0.35
WT-21-24	28.3	138.4	110.1	1.06	9.64	0.16
including	28.3	32.1	3.8	1.60	16.11	0.23
and	44.8	45.8	1.0	2.81	41.90	0.39
and	53.0	71.4	18.4	3.12	27.83	0.51
and	74.7	78.8	4.1	1.44	11.98	0.12
and	86.5	103.5	17.0	1.17	7.70	0.16
within	50.5	53.0	103.5	1.73	16.63	0.29
and	118.0	121.4	3.4	1.86	18.38	0.30
and	129.8	130.8	1.0	1.00	18.40	0.17
and	137.5	138.4	0.9	3.63	65.70	0.53
WT-21-25	174.1	187.9	13.8	1.54	13.22	0.28
	219.5	221.0	1.5	1.32	9.19	0.46
	225.0	228.7	3.7	3.13	25.38	0.75
	239.5	246.9	7.4	1.92	19.18	0.44
	266.4	275.5	9.1	2.39	22.47	0.22
including	266.4	268.0	1.6	6.80	67.30	0.40
WT-21-26	47.3	158.8	111.5	1.00	13.25	0.13
including	90.9	91.4	0.5	2.23	15.55	0.16
and	111.5	115.5	4.0	2.23	21.01	0.28
and	127.0	131.3	4.3	1.13	8.65	0.07
and	133.3	133.6	0.3	3.82	72.90	0.60

Page 15

Hole ID	From	To	Width	Cu	Ag	Au
and	144.2	148.5	4.3	2.22	42.06	0.38
and	151.5	158.8	7.3	2.13	31.84	0.35
WT-21-27	Assays pending
WT-21-28	111.0	161.8	50.8	0.64	7.49	0.06
including	112.3	114.1	1.8	1.66	15.76	0.19
and	117.0	118.0	1.0	1.85	16.05	0.19
and	121.2	121.7	0.5	1.12	8.32	0.12
and	132.4	133.5	1.1	1.21	12.05	0.08
and	147.1	150.6	3.5	2.69	39.76	0.22
and	157.7	161.8	4.1	1.02	10.20	0.06
WT-21-29	Assays pending
WT-21-30	Assays pending
WT-21-31	Assays pending
WT-21-32	Assayspending
WT-21-33	Assayspending
WT-21-34	Assayspending
WT-21-35	Assayspending
WT-21-36	Assayspending
WT-21-37	Hole inprogress
WT-21-38	Hole inprogress
WT-GE-01	Assayspending
WT-GE-02	Assayspending
WT-GE-03	Assayspending
WT-GE-04	Assayspending
WT-GE-05	Assayspending
WT-GE-06	Assayspending
WT-GE-07	Assayspending
WT-GE-08	Assayspending
WT-GE-09	Assayspending
WT-GE-10	Hole inprogress

Page 16

Attachment 2

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Diamond drilling. Nominal sampling interval of 3m adjusted as
techniques	specific specialised industry standard measurement tools appropriate	required for local geological conditions. Core was sawn and half-core
	to the minerals under investigation, such as down hole gamma	was crushed, pulverised and split to produce a representative sample
	sondes, or handheld XRF instruments, etc). These examples should	for assaying.
	not be taken as limiting the broad meaning of sampling.	•Samples returning weighted average Cu ≥ 1% are reported in the
	• Include reference to measures taken to ensure sample representivity	announcement
	and the appropriate calibration of any measurement tools or systems	•Lower grade intercepts are reported using a 0.6% Cu cut-off
	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.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Diamond drilling completed by Boart Longyear using an LF-90 drill
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	rig.
	or standard tube, depth of diamond tails, face-sampling bit or other	•Core is HQ3 size.
	type, whether core is oriented and if so, by what method, etc).	•Downhole deviation surveys are performed approximately every
		30.5m (100 feet)
		•The core is oriented with a Boart Longyear TruecoreTMsystem to
		allow measurement of structural information.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Core recoveries are recorded by the drillers at the rig and verified by
recovery	and results assessed.	Company’s personnel during core logging
	• Measures taken to maximise sample recovery and ensure	•To maximise sample recovery and core quality drilling is performed
	representative nature of the samples.	with a “triple tube” set up where two splits are inserted in the barrel to
	• Whether a relationship exists between sample recovery and grade	minimize core displacement and core loss.
	and whether sample bias may have occurred due to preferential	•No relationship has been determined between sample recoveries and
	loss/gain of fine/coarse material.	grade.
Logging	• Whether core and chip samples have been geologically and	•A quick log is completed on site and detailed logging is performed at
	geotechnically logged to a level of detailto support appropriate	the Company’sfacilityin Tucson.

Page 17

Criteria	JORC Code explanation	Commentary
	Mineral Resource estimation, mining studies and metallurgical	•Logging is both qualitative and quantitative in nature. Portable XRF
	studies.	and magnetic susceptibility measurements are taken at regular
	• Whether logging is qualitative or quantitative in nature. Core (or	intervals on the core.
	costean, channel, etc) photography.	•Core is photographed after mark-up, before sampling, wet and dry
	• The total length and percentage of the relevant intersections logged.	•100% of the relevant intersections is logged.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•The core is sawn in half by ALS Minerals at their Tucson facility. Half
techniques	taken.	of the core is bagged and sent for assaying while the other half is left
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	in the core box for future reference.
preparation	whether sampled wet or dry.	•ALS Minerals conducted all preparation work: samples were weighed,
	• For all sample types, the nature, quality and appropriateness of the	dried, crushed and crushed to better than 70% passing 2mm; sample
	sample preparation technique.	was split with a riffle splitter and a split of up to 250g pulverised to
	• Quality control procedures adopted for all sub-sampling stages to	better than 85% passing 75µm.
	maximise representivity of samples.	•Duplicates are used to assess the sampling representativeness.
	• Measures taken to ensure that the sampling is representative of the in	When duplicates are collected the core is quartered: one quarter is
	situ material collected, including for instance results for field	sent to the laboratory as the primary sample, the other quarter is sent
	duplicate/second-half sampling.	to the laboratory as the duplicate and the remaining half of the core is
	• Whether sample sizes are appropriate to the grain size of the material	left in the box for future reference
	being sampled.	•Sample sizes are considered appropriate to the grain size of the
		material being sampled
Quality of	• The nature, quality and appropriateness of the assaying and	•ALS Minerals assay methods: ME-MS61 (48 element four acid ICP-
assay data	laboratory procedures used and whether the technique is considered	MS) and Au-AA23 (Au 30g charge Fire Assay with Atomic Absorption
and	partial or total.	finish). The technique is considered a near total digest of relevant
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	minerals Above detection samples are re-assayed with Au-GRA21,
tests	the parameters used in determining the analysis including instrument	Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62
	make and model, reading times, calibrations factors applied and their	•Certified Reference Material (CRM), blanks and duplicates were
	derivation, etc.	inserted/collected at a ratio of 1:10 with a minimum of 1 CRM per
	• Nature of quality control procedures adopted (eg standards, blanks,	assays batch. CRMs are inserted at intervals never exceeding 20
	duplicates, external laboratory checks) and whether acceptable levels	samples. Acceptable levels of accuracy and precision have been
	of accuracy (ie lack of bias) and precision have been established.	established.
Verification of	• The verification of significant intersections by either independent or	•Significant intersections have been verified by Company’s Principal
sampling and	alternative company personnel.	Geologist
assaying	• The use of twinned holes.	•No twinned holes reported
	• Documentation of primary data, data entry procedures, data	•Logging and sampling data are collected using tablet computers and
	verification, data storage (physical and electronic) protocols.	Logchief software to ensure data integrity. The data is transferred
	• Discuss any adjustment to assay data.	weekly to the Datashed database after further data validation by the
		database manager
		•No assay adjustment performed

Page 18

Criteria	JORC Code explanation	Commentary
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•NAD83 Arizona State Plane Central (International feet). Data is
data points	down-hole surveys), trenches, mine workings and other locations	presented in NAD83 UTM Zone 12N (meters)
	used in Mineral Resource estimation.	•National Elevation Dataset. Horizontal resolution of approximately
	• Specification of the grid system used.	10m and vertical resolution of 1m
	• Quality and adequacy of topographic control.	•Drill holes are located with a hand-held GPS with an estimated
		horizontal accuracy of ±5m
Data spacing	• Data spacing for reporting of Exploration Results.	•Drill holes reported herein were drilled inside the existing MRE’s
and	• Whether the data spacing and distribution is sufficient to establish the	boundary, within a volume of mostly Indicated resources. Drill hole
distribution	degree of geological and grade continuity appropriate for the Mineral	spacing is usually less than 20m. The Indicated classification was
	Resource and Ore Reserve estimation procedure(s) and	driven primarily by the relative abundance of historical information.
	classifications applied.	The recent Resource Upgrade holes have thus far confirmed the
	• Whether sample compositing has been applied.	veracity of the historical data.
		•Further Resource Upgrade holes have been planned and, should
		future results continue to confirming the historical data, it should be
		possible to declared Measured Resource in this area of the Oracle
		Ridge mine, after completion of a new Mineral Resource Estimate.
		•No compositing has been included.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•The relationship between drilling orientation and orientation of key
data in	possible structures and the extent to which this is known, considering	mineralised structures is yet to be determined
relation to	the deposit type.
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•Core boxes are collected at the drill rig by Company personnel and
security		transported to the Tucson logging facility. After logging the core is
		delivered by Company personnel to ALS Minerals’ Tucson facilities
		for cutting, sampling, sample preparation and assaying.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No audits or reviews of sampling techniques have been completed.
reviews

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The Oracle Ridge Mine Project (Project) is located in the Marble
tenement and	agreements or material issues with third parties such as joint	Peak area, approximately 30 kilometres by air northeast of Tucson,
	ventures, partnerships, overriding royalties, native title interests,	Arizona, U.S.A. It is located in Sections 17, 18, 19 and 20 of
	_historical sites, wilderness or national parkand environmental _	Township11South,Range16East, Gila and SaltRiver Base and

Page 19

Criteria	JORC Code explanation	Commentary
land tenure	settings.	Meridian of the U.S. cadastral system. The geographical coordinates
status	• The security of the tenure held at the time of reporting along with any	are approximately Latitude 32º28' North, Longitude 110º41' West.
	known impediments to obtaining a licence to operate in the area.	•The Project is 100% owned by Eagle Mountain Mining Ltd 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 57 Patented Mining Claims and 45
		Unpatented Mining Claims within the Coronado National Forest
		(United States Forest Service).
		•100% of the mineral rights starting from 15.2m (50 feet) below
		surface are owned by Wedgetail Operations LLC
		•In 2009, the surface rights for the area necessary for potential mining
		access (e.g. portals), processing facilities and offices have been
		secured by an industrial property lease. Under the agreement,
		Wedgetail Operations LLC leases the surface rights to 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
		•There is a 3% net smelter returns royalty on the future sale of any
		metals and minerals derived from the Oracle Ridge mine.
		OREX
		•The OREX area is covered by 93 Unpatented Mining Claims within
		the Coronado National Forest (United States Forest Service).
		•100% of the mineral rights are owned by Wedgetail Operations LLC
		•The OREX area is also partly covered by Patented Mining Claims
		controlled by Pima County. The Company has an agreement in place
		for non-ground disturbing exploration work to occur on Pima County’s
		Patented Mining Claims. The Company does not currently control the
		Mineral Rights over Pima County’s claims
		Golden Eagle
		•The Golden Eagle area is covered by 3 Patented Mining Claims and
		32 Unpatented Mining Claims within the Coronado National Forest
		(United States Forest Service).
		•100% ofthemineral rights are owned byWedgetailOperationsLLC

Page 20

Criteria	JORC Code explanation	Commentary
		•The Golden Eagle area is also partly covered by Patented Mining
		Claims controlled by Pima County. The Company has an agreement
		in place for non-ground disturbing exploration work to occur on Pima
		County’s Patented Mining Claims. The Company does not currently
		control the Mineral Rights over Pima County’s claims
		Red Hawk
		•The Red Hawk area is covered by 24 Unpatented Mining Claims
		within the Coronado National Forest (United States Forest Service).
		•100% of the mineral rights are owned by Wedgetail Operations LLC
		•The land tenure is secure at the time of reporting and there are no
		known impediments to obtaining permits to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	Oracle Ridge
done by other parties		•The Oracle Ridge Mining District was discovered in 1873. In 1881, an 18 tonne per day copper smelter was erected at nearby Apache
		Camp. The ore for this smelter was supplied from the Hartman,
		Homestake, Leatherwood, Stratton, Geesman and other small mines
		in the area.
		•Phelps Dodge Copper Company (Phelps Dodge) entered the District
		in 1910 and undertook considerable development and exploration
		work.
		•Continental Copper, Inc began exploring in the District in the 1950s.
		Continental leased the property in 1968 with an option to purchase
		and undertook a large exploration and development program. This
		was the first time there was a large scale assessment of the
		mineralisation.
		•Union Miniere began a new exploration program in April 1980. In
		1984, a feasibility study for an 1,814 short ton per day operation was
		completed.
		•In October 1988, South Atlantic Ventures acquired Union Miniere's
		interest and entered into a 70-30 partnership with Continental to
		develop the mine. Minproc Engineers Inc. was contracted to
		supervise the confirmatory metallurgical test work. A detailed design
		was started in November 1989 on a column flotation plant.
		Construction of the facility commenced in April 1990 and the first ore
		was processed through the plant on March 3, 1991. The capacity of
		the mill was initially set at 771 short ton per day. The mill capacity
		waslaterexpanded to approximately1,000 short tonperday.

Page 21

Criteria	JORC Code explanation	Commentary
		•The mine closed in 1996. Production records show that
		approximately 1,200,000 short ton were milled since commencement
		of 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 scall 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
		•No historical exploration nor mining activities are known for the Red
		Hawkarea
Geology	• Deposit type, geological setting and style of mineralisation.	•The deposit is classified as copper dominated skarn. Minerals
		representative of both prograde and retrograde skarn development
		are present, the former being represented by diopside and garnets,
		the latter by epidote, magnetite and chlorite.
		•Copper dominated mineralisation generally contain chalcopyrite and
		bornite. The deposits are most commonly associated with Andean-
		type plutons intruded in older continental-margin carbonate
		sequences. The associated intrusive rocks are commonly porphyritic

Page 22

Criteria	JORC Code explanation	Commentary
		stocks, dikes and breccia pipes of quartz diorite, granodiorite, monzo-
		granite and tonalite composition, intruding carbonate rocks,
		calcareous-volcanic or tuffaceous rocks. The deposits shapes vary
		from stratiform and tabular to vertical pipes, narrow lenses, and
		irregular zones that are controlled by intrusive contacts.
		•The copper rich skarn deposits at Oracle Ridge are found in
		conformable lens along the contact with the Leatherwood
		Granodiorite or associated with faults and shear zones which
		intersect the Leatherwood. These have acted as feeders into the
		reactive carbonate horizons. The latter can form a “Christmas Tree”
		type shape.
Drill hole	• A summary of all information material to the understanding of the	•See body of announcement including Attachment 1.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•Exploration results are reported as weighted averages of assays
aggregation	maximum and/or minimum grade truncations (eg cutting of high	equal or above a 1% copper cut-off. Lower grade intersections are
methods	grades) and cut-off grades are usually Material and should be stated.	reported as weighted averages of assays equal or above a 0.6%
	• Where aggregate intercepts incorporate short lengths of high grade	copper cut-off. Intersections start and end at a sample at or
	results and longer lengths of low grade results, the procedure used	exceeding the specified cut-off.
	for such aggregation should be stated and some typical examples of	•Thick intersections reported include both high-grade and low grade
	such aggregations should be shown in detail.	material. As an example the reported 110.1m intersection in hole WT-
	• The assumptions used for any reporting of metal equivalent values	21-24 includes:
	should be clearly stated.	o 29 samples with assays ≥1%Cu for 38.9m total length
		o 10 samples with assays ≥0.6% and <1% Cu for 14.2m
		total length
		o 39 samples with assays <0.6%Cu for 57m total length
		•No metal equivalents reported
Relationship	• These relationships are particularly important in the reporting of	•All intervals reported are down hole length. True widths are not
between	Exploration Results.	known at this stage.
mineralisation	• Ifthe geometry of the mineralisation with respect to the drill hole

Page 23

Criteria	JORC Code explanation	Commentary
widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported, there
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	• Other exploration data, if meaningful and material, should be reported	•No other meaningful and material exploration data beyond this and
substantive	including (but not limited to): geological observations; geophysical	previous ASX announcements by the Company
exploration	survey results; geochemical survey results; bulk samples – size and
data	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 results
	extensions or depth extensions or large-scale step-out drilling).	when they become available. Additional drill holes will be completed
	• Diagrams clearly highlighting the areas of possible extensions,	at Oracle Ridge in the coming weeks.
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

Page 24