EASTERN RESOURCES LIMITED — Capital/Financing Update 2022

Nov 20, 2022

21 November 2022

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EASTERN RESOURCES COMMENCES PHASE 2 DRILLING AT

TRIGG HILL PROJECT

Highlights

• Phase 2 drilling programme commenced at Trigg Hill Project (“Project”)

• A minimum 2,000 metre planned to test for extensions along strike and at depth of first phase drilling.

Eastern Resources Limited (“Eastern Resources” or the “Company”) is pleased to announce that it has commenced Phase 2 reverse circulation (RC) drilling at the Trigg Hill lithium project.

In October a maiden RC drilling programme was completed. A total of 32 holes drilled of which 30 holes intercepted pegmatites, with numerous significant intercepts achieved. (refer to the Company announcement dated 4 October 2022).

Though assays are pending, the Company is highly encouraged by the logged pegmatite intercepts at the Project, and based on geology and mineralogy, has commenced a phase 2 RC drilling programme to expedite the progress of the Project prior to the wet season. The Phase 2 drilling programme, a minimum 2,000 metres, is designed to test extensional targets along strike and at depth of pegmatites intercepted in Phase 1, at the Curlew and Trigg Hill Prospects.

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Figure 1: Drilling during Phase 2 drilling at Trigg Hill Project in WA

[A][ Level 1, 80 Chandos Street, St Leonards NSW 2065 ] T +61 2 9906 7551 | E info@easternresources.com.au

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Assay results from the maiden drilling campaign are pending analysis and will be announced when received.

Executive Director Myles Fang commented:

“We are very excited with the outcome of our maiden RC drilling programme at the Trigg Hill Project. We now commence our Phase 2 RC drilling programme. This is going to keep EFE very busy with our quest to discover the next lithium deposit in the Pilbara region. We look forward to drill testing this excellent project.”

Trigg Hill Lithium-Tantalum Project

The Trigg Hill Project is located in East Pilbara, Western Australia and approx. 75km SE of Pilbara Minerals Ltd.’s Pilgangoora Lithium mine.

The Trigg Hill mine is an old tantalum and tin mine operated during 1960s and early of 1980s. A significant number of pegmatite outcrops have been mapped over an area of 3km strike by up to 1.2km in the Trigg Hill Lithium-Tantalum Project including the East Curlew Lithium-caesium-tantalum (“LCT”) pegmatite, which extends for at least 1,800m.

Rock-chip assays confirm extensive lithium-caesium-tantalum (LCT) pegmatites, with results up to 2.28% Li2O, 1,552ppm Cs2O, and 514ppm Ta2O5 from the Curlew East pegmatite swarm (refer to the Company announcement dated 8 July 2022).

The Company executed a binding Heads of Agreement to acquire 100% interest in the Trigg Hill Project (refer to the Company announcement dated 4 August 2021) and has recently given notice of exercise of the option (refer to the Company announcement dated 19 September 2022).

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Figure 2: Location of Trigg Hill Project

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INVESTOR INFORMATION

Further information, previous Company announcements and exploration updates are available at the Investors tab on the Company’s website – www.easternresources.com.au

This announcement has been authorised for release by the Board of the Company.

Eastern Resources Limited

Myles Fang Executive Director

ASX: EFE

For enquiries on your shareholding or change of address please contact: Boardroom Limited GPO Box 3993, Sydney NSW 2001 Phone: (02) 9290 9600

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