EASTERN RESOURCES LIMITED — Capital/Financing Update 2023

Feb 5, 2023

6 February 2023

EXERCISE OF OPTION TO ACQUIRE CURLEW MINE

Highlights

• Highly prospective lithium tenement secured expanding its footprint in the Trigg Hill Lithium Project

• Outcropping pegmatites are discovered within the swarm surrounding the historical Curlew mine pit

• Mapping has confirmed a number of pegmatites occur over at least 3km strike and up to 1.2km in width in Eastern Resources’ Trigg Hill Lithium Project

• Previous sampling returned up to 2.9% Li2O

Eastern Resources Limited (“Eastern Resources” or the “Company”) is pleased to announce that it has exercised its option, through its wholly owned subsidiary Eastern Lithium Pty Ltd, to acquire 50% of Curlew Mine M45/1267 (“Tenement”) including 100% interests of all mineral rights except beryl minerals in the Tenement, located within the Trigg Hill Lithium Project, East Pilbara, Western Australia.

The Curlew Mine is an open cut emerald deposit, which was discovered prior to 1940. It was mined from 1976-1982 and then again in recent years. Emeralds, beryl, scheelite and molybdenite are associated with a narrow LCT pegmatite vein.

Numerous pegmatite outcrops have been identified in the Tenement, including the larger lithiumcaesium-tantalum (LCT) pegmatites within the swarm that surrounds the old Curlew mine pit. These pegmatites are adjacent to the East Curlew pegmatites occurring over 3km of strike and up to 1.2km in width (refer to the Company announcement dated 5 May 2022), and previous rock chip sample returned up to 2.9% Li2O in the Tenement (refer to the Company announcement dated 25 January 2023). No drilling has been undertaken on any of the pegmatites in the Tenement.

Consideration

By exercising the option, the Company agrees to pay $150,000 in cash to Curlew Mine Pty Ltd and Curlew Mine Pty Ltd remains the holder of a 100% interest in the beryl rights.

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

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Figure 1: Pegmatite swarm and distribution of rock chip samples in Curlew Mine

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 the 1960s and early 1980s. Significant number of pegmatite outcrops 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.

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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).

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Figure 2: Location of Trigg Hill Project

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: Automic at hello@automicgroup.com.au or 1300 288 664 (within Australia) or +61 2 9698 5414

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