EASTERN RESOURCES LIMITED — Interim / Quarterly Report 2024

Apr 28, 2024

March 2024

HIGHLIGHTS

ASX EFE ABN 70 126 678 037

DIRECTORS

Eddie King (Non-executive Chairman)

Myles Fang (Executive Director)

Mark Calderwood (Non-executive Director)

Jason Hou (Non-executive Director)

ADDRESS

Level 1, 80 Chandos Street St Leonards, NSW 2065

T +61 2 9906 7551 E info@easternresouces.com.au

• Maiden drilling program completed at Lepidolite Hill Project

• A total of 37 holes completed for 4,744m with pegmatites recorded in 33 holes

• Significant assay results include:

• ➢ EFLHRC0001 - 9m at 1.64% Li2O from 27m incl. 3m at 3.29% Li2O from 33m

• ➢ EFLHRC0002 - 11m at 2.27% Li2O from 49m incl. 5m at 3.87% Li2O from 51m

• ➢ EFLHRC0003 - 11m at 2.63% Li2O and 401ppm Ta2O5 from 67m incl. 6m at 3.10% Li2O from 67m and 5m at 2.07% Li2O and 842ppm Ta2O5 from 73m

• ➢ EFLHRC0011 - 13m at 1.47% Li2O and 1.23% Cs2O from 19m incl. 8m at 2.04% Li2O and 1.96% Cs2O from 20m incl. 1m at 14.4% Cs2O from 24m

• ➢ EFLHRC0022 - 8m at 0.84% Li2O from 70m incl. 2m at 2.10% Li2O from 71m

• ➢ EFLHRC0023 - 31m at 0.86% Li2O from 67m incl. 3m at 1.81% Li2O and 609ppm Ta2O5 from 71m and 5m at 1.88% Li2O from 93m

• ➢ EFLHRC0024 - 8m at 1.52% Li2O from 105m incl. 3m at 3.44% Li2O from 106m

• The high-grade results at shallow depth and the intersection of multiple lithium-bearing pegmatites underpin the premium quality of the lithium mineralisation at Lepidolite Hill Project

Eastern Resources Limited (“EFE” or the “Company”) is pleased to provide an overview of the Company’s activities for the period ending 31 March 2024 (“Quarter”, “Reporting Period”).

LEPIDOLITE HILL LITHIUM PROJECT

During the Quarter, the Company conducted a maiden reverse circulation (RC) drilling program at the Lepidolite Hill Lithium Project (“Project”).

The program targeted the pegmatites in the area between the existing Lepidolite Hill pit and Tantalite Hill, and East of Signal Hill towards Future Battery Minerals (FBM)’s Kangaroo Hill spodumene project, to assess the potential for extensions of the lithium-bearing pegmatites found at Lepidolite Hill existing pit.

The drilling program was completed early March with a total of 37 drillholes for 4,744 metres with pegmatites recorded in 33 holes. Assay results for the first 15 drillholes have been received, with exceptionally high-grade lithium (Li), tantalum (Ta) and caesium (Cs) mineralisation. Multiple thick intervals have been intersected, including:

• ➢ EFLHRC0001 - 9m at 1.64% Li2O from 27m incl. 3m at 3.29% Li2O from 33m

• ➢ EFLHRC0002 - 11m at 2.27% Li2O from 49m incl. 5m at 3.87% Li2O from 51m

• ➢ EFLHRC0003 - 11m at 2.63% Li2O and 401ppm Ta2O5 from 67m incl. 6m at 3.10% Li2O from 67m and 5m at 2.07% Li2O and 842ppm Ta2O5 from 73m

• ➢ EFLHRC0011 - 13m at 1.47% Li2O and 1.23% Cs2O from 19m incl. 8m at 2.04% Li2O and 1.96% Cs2O from 20m incl. 1m at 14.4% Cs2O from 24m

Results from the first 3 holes drilled in the east were exceptional, containing intervals of more than 2% Li2O. Most of the lithium in this area appears to be related to petalite and/or spodumene mineralisation (lithium silicates) with limited lepidolite. The newly discovered area is immediately west of spodumene-bearing pegmatites identified at the Kangaroo Hill Lithium project (ref ASX: FBM 17 October 2023). EFLHRC0003 also intercepted significant tantalum mineralisation up to 3,168ppm Ta2O5.

==> picture [483 x 71] intentionally omitted <==

66-67m	67-68m	68-69m	69-70m	70-71m	71-72m	72-73m	73-74m	74-75m	75-76m	76-77m	77-78m
0.27% Li	2.3% Li	2.38% Li	3.28% Li	3.61% Li	4.39% Li	2.67% Li	1.76% Li 3,168 Ta	0.84% Li	2.07% Li 449 Ta	3.04% Li	2.64% Li 468 Ta

Li denotes Li2O, Ta denotes Ta2O5

Figure 1: Selected drill chips - EFLHRC0003

==> picture [451 x 318] intentionally omitted <==

Figure 2: Section 1, 317,240E Looking West

Drill holes EFLHRC0010 and 11 were drilled to test petalite-lepidolite mineralisation mined from the shallow pit completed by WMC (BHP) in the 1970’s (ref ASX: EFE 8 May 2023). Significant assay results from drill holes EFLHRC0010 and 11 coincide with the near lithium rich pegmatites drilled by Lithium Australia in 2019 (ref ASX: EFE 8 May 2023).

==> picture [483 x 80] intentionally omitted <==

20-21m	21-22m	22-23m	23-24m	24-25m	25-26m	26-27m	27-28m	28-29m	29-30m	30-31m	31-32m
1.29% Li	2.20% Li	3.37% Li	0.49% Li 0.25% Cs	1.48% Li 0.22% Cs	1.03% Li 14.43% Cs	4.49% Li 0.47% Cs	1.95% Li	0.49% Li 1,193 Ta	0.78% Li 360 Ta	0.26% Li	0.7% Li

Li denotes Li2O, Ta denotes Ta2O5, Cs denotes Cs2O

Figure 3: Selected drill chips - EFLHRC0011

==> picture [461 x 316] intentionally omitted <==

Figure 4: Section 2 – Looking Southwest

The width and grade of lithium mineralisation intercepted in drilling highlights the potential for a significant mineralised system over one kilometre of strike.

==> picture [483 x 341] intentionally omitted <==

Figure 5: Lepidolite Hill Project, Drill Hole Locations

NOWA NOWA IRON PROJECT

During the Quarter, the Company continued progress on the Environmental Effects Assessment (“EES”) approval process, which is an all-inclusive permitting approach including all planning and operating licence requirements for the development and operation of Nowa Nowa.

The following assessments have been undertaken: Aboriginal Cultural Heritage Impact assessment, Ecology Impact assessment, Traffic Impact assessment and a Groundwater Impact assessment.

NOWA NOWA COPPER PROJECT

No exploration work was carried out during this Quarter.

OTHER LITHIUM PROJECTS

No exploration activities were conducted at the other projects (Trigg Hill, Yalgoo West, and Lake Johnston) during the Quarter.

TAYLOR LOOKOUT PROJECT

In view of the high prospectivity at Lepidolite Hill, the Company has elected to not to exercise its right to earn-in the interest in Taylor Lookout Project. The commercial terms are set out in the Heads of Agreement (ref ASX: 28 February 2022).

NEW PROJECT SEARCH AND POTENTIAL ACQUISITION

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

FINANCIAL POSITION

The cash and cash equivalents at the end of the quarter is approximately $4.8 million.

Change of registered office: Effective 1 May 2024, the Company’s registered office will move to Level 8, 124 Walker St North Sydney NSW 2060. This is the address of the Company’s auditors and, as a result, the St Leonards office has been closed, delivering costs savings of ~$26,000 per annum.

RELATED PARTY PAYMENTS

During the Quarter, the Company made related party payments, at normal commercial rates, of $91,000 (Excl GST) for Directors fees and Directors consulting services.

TENEMENT SCHEDULE AS AT QUARTER END

Tenement	Status	Holder	EFE’s Current Interest	Notes
Nowa Nowa Project in Victoria
EL006183	Granted	Gippsland Iron PtyLtd	100%
RL006488	Granted	Gippsland Iron PtyLtd	100%
MIN007876	Under application	Gippsland Iron PtyLtd	100%
Trigg Hill Project in Western Australia
E45/5728	Granted	Eastern Lithium PtyLtd	100%
Yalgoo Project in Western Australia
E59/2653	Granted	Eastern Lithium PtyLtd	100%
E59/2654	Granted	Eastern Lithium PtyLtd	100%
Lake Johnston Project in Western Australia
E63/2174	Granted	Eastern Lithium PtyLtd	100%
E63/2175	Granted	Eastern Lithium PtyLtd	100%
E63/2211	Granted	Eastern Lithium PtyLtd	100%
E63/2212	Granted	Eastern Lithium PtyLtd	100%
E63/2219	Granted	Eastern Lithium PtyLtd	100%
Lepidolite Hill Project in Western Australia
P15/5574	Granted	Eastern Lithium Pty Ltd	70%	1
P15/5575	Granted	Eastern Lithium Pty Ltd	70%	1
P15/5739	Granted	Eastern Lithium Pty Ltd	70%	1
M15/1874	Under application	Eastern Lithium Pty Ltd	70%	1

EL: Exploration Licence RL: Retention Licence MIN: Mining Licence E: Exploration Licence Gippsland Iron Pty Ltd is a wholly owned subsidiary of Eastern Resources Ltd. Eastern Lithium Pty Ltd is a wholly owned subsidiary of Eastern Resources Ltd.

Notes:

1. Eastern Lithium Pty Ltd has 70% ownership of the Tenement and Lithium Australia Ltd has 30% ownership of the Tenement.

SUBSEQUENT TO QUARTER END

Further assay results received from the maiden reverse circulation (RC) drilling program completed in March 2024 at Lepidolite Hill Lithium Project.

The assay results from drill samples in the maiden drilling program confirmed continuity and thickness of lithium mineralisation with multiple stacked shallow north-west dipping lithium-bearing pegmatites to a depth of at least 154m below surface. (refer Table 1).

Drilling has intersected lithium mineralisation up to 31m in thickness (EFLHRC0023 67-98m). Individual 1 metre assays up to 3.87% Li2O (EFLHRC0002 51-56m) were returned.

Significant intercepts from the total 37 drill holes in maiden drilling program include:

• EFLHRC0001 - 9m at 1.64% Li2O from 27m incl. 3m at 3.29% Li2O from 33m

• EFLHRC0002 - 11m at 2.27% Li2O from 49m incl. 5m at 3.87% Li2O from 51m

• EFLHRC0003 - 11m at 2.63% Li2O and 401ppm Ta2O5 from 67m incl. 6m at 3.10% Li2O from 67m and 5m at 2.07% Li2O and 842ppm Ta2O5 from 73m

• EFLHRC0011 - 13m at 1.47% Li2O and 1.23% Cs2O from 19m incl. 8m at 2.04% Li2O and 1.96% Cs2O from 20m incl. 1m at 14.4% Cs2O from 24m

• EFLHRC0022 - 8m at 0.84% Li2O from 70m incl. 2m at 2.10% Li2O from 71m

• EFLHRC0023 - 31m at 0.86% Li2O from 67m incl. 3m at 1.81% Li2O and 609ppm Ta2O5 from 71m and 5m at 1.88% Li2O from 93m

• EFLHRC0024 - 8m at 1.52% Li2O from 105m incl. 3m at 3.44% Li2O from 106m

Table 1: Anomalous Drill Intercepts for Samples Reported

Hole	From (m)	To (m)	Intercept (m)	Li2O %	Ta2O5 ppm	SnO2 ppm	Cs2O ppm	Rb2O ppm
EFLHRC0001 incl. and	27 27 33	36 30 36	9 3 3	1.64 1.36 3.29	41 37 16	24 23 7	108 78 145	425 368 219
EFLHRC0002 incl. and	49 51 56	60 56 60	11 5 4	2.27 3.87 0.67	142 39 320	97 8 242	179 67 366	1,150 137 2,883
EFLHRC0003 incl. and	67 67 73	78 73 78	11 6 5	2.63 3.10 2.07	401 32 842	95 20 185	337 151 560	2,126 272 4,351
EFLHRC0004	NSI
EFLHRC0005 incl.	32 33 40 83 84 153	33 40 44 85 85 154	1 7 4 2 1 1	0.09 0.06 0.65 0.66 1.00 0.59	640 9 130 9 16 29	94 11 104 10 17 13	195 141 261 1,859 3,315 2,477	2,061 7,488 1,727 1,044 1,963 4,134
EFLHRC0006	no peg
EFLHRC0007	no peg
EFLHRC0008	NSI
EFLHRC0009	no peg
EFLHRC0010 incl.	31 33 36	34 34 38	3 1 2	1.02 1.98 0.94	62 20 724	69 19 265	642 1,185 782	2,180 372 6,843
EFLHRC0011 incl. and incl.	19 20 28 24	32 28 32 25	13 8 4 1	1.47 2.04 0.56 1.03	188 65 475 269	101 92 117 28	1.23% 1.96% 702 14.43%	3,725 2,940 3,750 4,571
EFLHRC0012	NSI
EFLHRC0013	6	8	2	0.12	308	77	264	3,174
EFLHRC0014	71	73	2	1.32	1	-	33	238
incl. incl.	72 83 87	73 89 89	1 6 2	2.22 0.85 1.90	4 13 34	- 14 23	49 420 93	301 1,485 1,400
EFLHRC0015	20	21	1	0.13	32	13	56	1,323
EFLHRC0016	no peg
EFLHRC0017	nopeg
EFLHRC0018	NSI
EFLHRC0019	52	53	1	0.68	72	58	144	1,471
	109	110	1	0.60	56	33	215	1,772
	139	141	2	0.36	123	48	261	2,920
	141	142	1	0.08	388	18	81	2,647

Hole	From (m)	To (m)	Intercept (m)	Li2O %	Ta2O5 ppm	SnO2 ppm	Cs2O ppm	Rb2O ppm
EFLHRC0020 incl.	50	51	1	0.71	5	15	23	366
	56	57	1	0.30	37	27	133	1,460
	143	147	4	1.60	71	35	314	729
	143	145	2	2.74	46	47	237	610
EFLHRC0021 incl.	29	31	2	0.39	114	23	137	167
	82	87	5	1.44	154	21	99	581
	83	85	2	3.18	146	12	71	271
EFLHRC0022 incl. and	48	49	1	0.43	96	521	3,489	9,476
	70	78	8	**0.84 **	49	27	203	2,554
	71	73	2	2.10	29	37	136	1,900
	77	78	1	1.67	51	19	253	476
EFLHRC0023 incl. and and and	67	98	31	0.86	125	51	1,038	1,653
	67	70	3	**1.32 **	131	52	724	570
	71	74	3	**1.81 **	609	97	573	815
	84	89	5	1.13	104	50	1,399	2,678
	93	98	5	1.88	119	34	134	210
EFLHRC0024 incl.	105	113	8	**1.52 **	100	15	38	137
	106	109	3	3.44	20	8	29	67
EFLHRC0025	NSI
EFLHRC0026	NSI
EFLHRC0027	no peg.
EFLHRC0028	NSI
EFLHRC0029	NSI
EFLHRC0030	NSI
EFLHRC0031	NSI
EFLHRC0032	NSI
EFLHRC0033	NSI
EFLHRC0034	74	77	3	0.33	24	20	318	687
EFLHRC0035	NSI
EFLHRC0036	18	22	4	0.30	24	17	539	5937
	60	61	1	0.39	56	20	100	2422
	26	27	1	1.04	92	4	31	700
EFLHRC0037	80	83	3	0.69	305	38	155	1247

NSI: No significant intercept

The interval 67-98m within EFLHRC0023 includes multiple pegmatite intercepts and intervals of host greenstone.

Reference to the Company’s previous ASX announcements:

• 1 February 2024: Site preparation commenced at Lepidolite Hill

• 7 February 2024: Drilling commenced at Lepidolite Hill

• 21 March 2024: Exceptional high grade drill intercepts at Lepidolite Hill

• 18 April 2024: Further high-grade lithium from Lepidolite Hill

The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

ABOUT EASTERN RESOURES LIMITED

Eastern Resources Limited (ASX: EFE) is an Australia based ASX-listed, emergent lithium focused exploration and development company.

The Company is developing the Nowa Nowa Iron Project in East Gippsland, VIC, one of the highest grade magnetite projects in Australia.

The Company owns four lithium projects in Western Australia including:

• Trigg Hill Lithium-Tantalum Project which is strategically located in the historical lithium-tintantalum district in the Pilbara (WA).

• Lepidolite Hill Lithium Project (70% interest), where significant lithium mineralisation is identified.

• Yalgoo West Project located in Yalgoo lithium province, adjacent to Waratah Well Lithium Project.

• Lake Johnston Project located in the southern Yilgarn region of WA, and close to Charger Metals’ Lake Johnston Lithium Project.

The Company has formed a strategic partnership with two tier 1 lithium converters, providing the Company with excellent coverage over the primary lithium sources:

• Ya Hua International Investment and Development Co. Ltd, a wholly owned subsidiary of Yahua Group which is one of the largest Chinese lithium converters, to acquire and develop spodumene projects, and

• Yongxing Special Materials Technology Co. Ltd. (“Yongxing”), one of the major Chinese lithium converters using lepidolite concentrates as feed to produce battery grade lithium carbonate.

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