EASTERN RESOURCES LIMITED — Capital/Financing Update 2022

Feb 21, 2022

22 February 2022

EXPLORATION LICENCE GRANTED FOR TRIGG HILL PROJECT

Highlights

• Exploration Licence E45/5728 covering the Trigg Hill Lithium Tantalum Project was granted.

• Due diligence on the Trigg Hill Lithium Tantalum Project completed and conditions satisfied

• Field work will commence shortly.

Eastern Resources Limited ( “Eastern Resources” or the “ Company ”) is pleased to announce that Exploration Licence E45/5728 (Tenement) covering the Trigg Hill Lithium Tantalum Project (Project) was granted by the Department of Mines, Industry Regulation and Safety, WA. The E45/5728 has been granted to Amery Holdings Pty Ltd (Amery). The Company has an option to acquire a 100% interest in the Project. (Refer to the Company Announcement dated 4 August 2021).

The Company refers to the announcement dated 4 August 2021 relating to the Heads of Agreement entered into with Amery which is the registered applicant for the Tenement for an option (Option) to acquire a 100% interest in the Trigg Hill Project. The Company has notified Amery that it has completed its due diligence on the Project and was satisfied with the results, and also waived the condition of obtaining confirmation from ASX that Listing Rule 11.1.3 does not apply to the Transaction. Therefore, the Company considers that those conditions are satisfied.

When the Company pays the Cash Option Fee and Shares within 7 days of the Tenement being granted, the Company will be granted the Option. The Company has obtained shareholder approval pursuant to ASX Listing Rule 7.1 for the issue of the Consideration Shares to Amery and/or its nominee/s. (Refer to the Company announcement dated 7 December 2021). At the date of this announcement the outstanding conditions relate to necessary regulatory and third party consents and approvals including any necessary ministerial consents should the Company elect to exercise the Option.

A two week work program has been planned, and an exploration contractor has been secured. Field work will commence shortly.

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 and 77km SE of the Wodgina Lithium and Tantalum mine. The existing port is Port Hedland which is in about 225km by road.

• The Trigg Hill mine is an old tantalum and tin mine operated during 1960s and early 1980s. Pegmatite outcrops occur within the Trigg Hill–Curlew pegmatite swarms which cover approx. 5 km[2 ] with surface spodumene and lepidolite reported.

• The Company has executed a binding Heads of Agreement to acquire 100% interest in the Trigg Hill Project.

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

INVESTOR INFORMATION

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

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

Myles Fang Executive Director Phone: 02-9906 7551

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