EASTERN RESOURCES LIMITED — Interim / Quarterly Report 2020

Jan 31, 2021

QUARTERLY REPORT – December 2020

ASX Code: EFE

Issued Capital: ASX Code: EFE 473,685,378

Issued Capital:

Directors

Share Price at Eddie King (Chairman) Market Capitalisation at Therese-Marie Taylor (Nonexecutive Director) Cash on hand at Myles Fang (Non-executive Directors Director) Glenn Goodacre - Chairman Nathan Taylor Greg De Ross - Managing Director Ivo Polovineo - Non-Ex Director (Alternate Director) Wendy Corbett - Non-Ex Director Greg Jones - Non-Ex Director Steve Gemell - Non-Ex Director

Address

Investor and Media Contact: Fergus Ross Level 1, 80 Chandos Street Six Degrees Investor Relations St Leonards, NSW 2065 Fergus.ross@sdir.com.au

Address Postal Level 1, 80 Chandos Street St Leonards, NSW 2065 PO Box 956, Crows Nest, NSW 1585 Postal

PO Box 956, Crows Nest NSW 1585 T: +61 2 9906 7751

T: +61 2 9906 7751

F:Twitter: +61 2 9906 5233 @EasternIronEFE www.easterniron.com.au www.easterniron.com.au

Twitter: @EasternIronEFE

HIGHLIGHTS

• The Company re-commenced exploration activities at its Nowa Nowa Copper Project (Nowa Nowa) in Eastern Victoria.

Eastern Iron Limited (“Eastern Iron” or the “Company”) is pleased to report on activities undertaken during the quarter ended 30 December 2020.

NOWA NOWA COPPER PROJECT

The Company resubmitted a revised Work Program of drilling proposal for Nowa Nowa Copper Project EL 006183 to the Victorian Department of Jobs, Precincts and Regions (“DJPR”).

It is anticipated that all drillholes will intersect 70 – 80 metres of overburden from surface and then penetrate through mixed volcanic and sedimentary rocks hosting the target mineralisation. The programme is expected to be completed within 2 weeks of commencing work on site.

The details of the proposed drillholes are shown in Table 1 below.

Drillhole	MGAE	MGAN	Depth	Azimuth	Dip
Prop1	599790	5826159	200	300	-60
Prop2	599832	5826133	200	300	-60
Prop3	599689	5826087	200	300	-60
Prop4	599727	5826064	200	300	-60

Table 1: Proposed Drillholes

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Eastern Iron has selected a drill contractor through a tendering process, to conduct this program.

The work programme is planned to commence in late February or early March 2021, subject to DJPR work plan approval.

NOWA NOWA IRON PROJECT

The Company continues to investigate the potential to develop its wholly owned Nowa Nowa Iron Ore Project located near the town of Nowa Nowa in Eastern Victoria.

NEW PROJECT SEARCH AND POTENTIAL ACQUISITION

A number of projects have been evaluated by the Company during this quarter, and the Company is currently in commercial discussions with various parties.

FINANCIAL POSITION

The cash balance at the end of the quarter was $128,000. The Company is currently in a trading halt pending an announcement to the market of a capital raising which will be made shortly. The Company is presently finalising discussions with underwriters and is confident that the capital raising will be successfully completed. Post completion of the capital raising, the Company will have adequate capital to cover its cash flow requirements over at least the next two quarters.

INVESTOR INFORMATION

Further information, previous Eastern Iron 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.

Mr Myles Fang Non-executive Director T: 02 9906 7551

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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