EASTERN RESOURCES LIMITED — Share Issue/Capital Change 2022

Dec 21, 2022

22 December 2022

Australian Securities Exchange Limited Level 40, Central Park 152-158 St Georges Terrace Perth WA 6000

LETTER AND APPLICATION/EXPIRY NOTICE TO OPTION HOLDERS

The Company will forward the attached notice to Option Holders (EFEOA) 31 January 2023.

Yours Sincerely

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Myles Fang Executive Director

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

22 December 2022

Name address address address

Dear Optionholder

- Expiry Notice to Options Holders Options Expiring 31 January 2023

At that date of this notice, you are a registered holder of options (the Options, ASX code: EFEOA) in Eastern Resources Limited (the Company, ASX code: EFE). These options were issued to shareholders that participated in the nonrenounceable rights issue that closed on 18 May 2021, or have been purchased on market since then.

This letter notifies you of the impending expiry of the Options on 31 January 2023. It also sets out your alternative courses of action prior to expiry and provides information about recent prices of the EFE shares and the Options.

As at 13 December 2022, the last traded price of EFE shares was $0.03. However, the market price should be monitored for any significant changes. We recommend that you seek independent financial advice if you are unsure whether to exercise your Options.

Your choices as an Option holder are:

1. Do nothing and allow your Option to lapse If you do not take any action to exercise your Options prior to 5:00pm (AEDT) on Tuesday 31 January 2023, the Options will expire and your right to purchase shares at $0.012 will lapse.

2. Exercise all or some of your Options To exercise your Options, the enclosed personalised Options Expiry Notice and your cleared funds must be received by the Company’s share registry no later than 5:00pm (AEDT) on 31 January 2023. Payment can also be made by BPAY and further instructions are on the enclosed form.

3. Sell all or some of your Options on market If you elect not to exercise your Options, you may wish to consider selling your Options on the ASX. Your Options are currently trading on the ASX under the ASX code: EFEOA. The last trade for EFEOA was on 13 December 2022 and was $0.03. When considering whether to sell your Options on market, you should bear in mind any brokerage charges that you may incur. The Options cease trading on the ASX on 24 January 2023.

In accordance with ASX Listing Rules, the Company advises the following:

• a. The number of Options you hold at the date of this letter is set out in your Options Expiry Notice.

• b. Each Option entitles the holder to receive, on exercise, one fully paid ordinary share in the Company. If all Options are exercised, by all holders of the Options, then 96,910,086 fully paid ordinary shares will be issued.

• c. The exercise price of the Options is $0.012 cents per share.

• d. If cleared funds are not received by 5:00pm AEDT time on 31 January 2023, then your Options will expire with no value and no further entitlement will exist.

• e. Official quotation of EFEOA Options on the ASX will cease at the close of trading on Tuesday 24 January 2023.

• f. There is no underwriting agreement in place for the exercise of the Options.

• g. The latest available market price of EFE shares prior to the date of this notice was $0.03 at the close of trading on 13 December 2022.

• h. The highest and lowest market prices of EFE shares traded in the three months immediately before the date of this notice were:

Highest: $0.049 on 16 November 2022. Lowest: $0.027 on 28 September 2022.

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

Summary of key dates for Option holders are:

Last day of trading/quotation of EFEOA Options	24 January 2023
Final date for exercise and payment of Options	31 January 2023
Final date for allotment of new EFE shares	7 February 2023

About Eastern Resources Limited

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

The Company has recently completed the acquisition of the Trigg Hill Lithium-Tantalum Project which is strategically located in the historical lithium-tin-tantalum district in the Pilbara (WA). The Company also owns the Yalgoo West project located in the Yalgoo lithium province, and has the right to acquire up to 85% Lithium Rights in the Taylor Lookout Lithium-Tantalum Project in Kimberley region (WA). The Company is also developing the Nowa Iron project in East Gippsland, VIC.

The Company has formed a strategic partnership with 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. The Company also has executed Strategic Partnership Agreement with Yongxing Special Materials Technology Co. Ltd. (“Yongxing”) to acquire and develop lepidolite projects. Yongxing is one of the major Chinese lithium converters using lepidolite concentrates as feed to produce battery grade lithium carbonate. These two strategic relationships provide Eastern Resources with excellent coverage over the primary lithium sources.

Further information:

If you require help or more information on how to exercise your Options, please contact Boardroom Limited by telephone on 1300 737 760.

Yours faithfully

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Myles Fang Executive Director

EASTERN RESOURCES LIMITED

ABN: 70 126 678 037

Application for Shares on Exercise of Options

Number of Options Held: Number of Shares to be Issued:

I/We being the registered holders of Eastern Resources Limited Options (expiring 31 January 2023) each to acquire one Fully Paid Share in Eastern Resources Limited hereby give notice of the exercise of Options.

I/We agree to my/our name/s being placed on the Register of Members in respect to the number of Shares allotted and to be bound by the Constitution of the Company.

Number of Options Held:

Multiplied by Total Payment Due: the exercise price of $0.012

Payment Option: EFT

Bank: Commonwealth Bank of Australia

BSB:

Account number: Reference: your HIN/SRN

Please Sign Here:

Shareholder 1 (Individual) Joint Shareholder 2 (Individual) Joint Shareholder 3 (Individual) Sole Director & Sole Company Secretary Director Director / Company Secretary Business Telephone No. ( ) Date

Please return to Eastern Resources Limited C/- Boardroom Pty Limited GPO Box 3993 SYDNEY NSW 2001 or

Email your option exercise form and payment receipt to corporateactions@boardroomlimited.com.au

Terms of Options Eastern Resources Limited

(a) Entitlement

Each New Option entitles the holder to subscribe for one Share upon exercise of the New Option.

(b) Exercise Price

Subject to paragraph (i), the amount payable upon exercise of each New Option will be $0.012 (Exercise Price).

(c) Expiry Date

Each New Option will expire at 5:00 pm (WST) on or before 31 January 2023 (Expiry Date). An New Option not exercised before the Expiry Date will automatically lapse on the Expiry Date.

(d) Exercise Period

The New Options are exercisable at any time on or prior to the Expiry Date (Exercise Period).

(e) Notice of Exercise

The New Options may be exercised during the Exercise Period by notice in writing to the Company in the manner specified on the New Option certificate (Notice of Exercise) and payment of the Exercise Price for each New Option being exercised in Australian currency by electronic funds transfer or other means of payment acceptable to the Company.

(f) Exercise Date

A Notice of Exercise is only effective on and from the later of the date of receipt of the Notice of Exercise and the date of receipt of the payment of the Exercise Price for each New Option being exercised in cleared funds (Exercise Date).

(g) Timing of issue of Shares on exercise

Following the Exercise Date and within the time period specified by the ASX Listing Rules, the Company will: (i) issue the number of Shares required under these terms and conditions in respect of the number of New Options specified in the Notice of Exercise and for which cleared funds have been received by the Company; (ii) if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors; and

(iii) if admitted to the official list of ASX at the time, apply for official quotation on ASX of Shares issued pursuant to the exercise of the New Options. If a notice delivered under (g)(ii) for any reason is not effective to ensure that an offer for sale of the Shares does not require disclosure to investors, the Company must, no later than 20 Business Days after becoming aware of such notice being ineffective, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors.

(h) Shares issued on exercise

Shares issued on exercise of the New Options rank equally with the then issued Shares of the Company. (i) Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights of a holder are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules at the time of the reconstruction.

(j) Participation in new issues

There are no participation rights or entitlements inherent in the New Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the New Options without exercising the New Options.

(k) Change in exercise price or number of underlying securities

A New Option does not confer the right to a change in Exercise Price or a change in the number of underlying securities over which the New Option can be exercised.

(l) Transferability

The New Options are transferable subject to any restriction or escrow arrangements imposed by ASX or under applicable Australian securities laws.