ECLIPSE METALS LIMITED. — Capital/Financing Update 2011

Jul 25, 2011

ASX ANNOUNCEMENT

BOARD

CLOSURE OF NON-RENOUNCEABLE ENTITLEMENT ISSUE OF OPTIONS

Mark Fogarty Managing Director

Brett Smith Chairman

Further to the Company’s announcement on 22 July 2011 advising that the pro rata non-renounceable entitlement issue of options (“Offer”) offered pursuant to the prospectus lodged on 22 June 2011 (“Prospectus”) has closed, the Company confirms that a total of 3,604,749 options have been subscribed for, representing approximately 10% acceptance of the Offer. This leaves a shortfall of 31,768,751 options under the Offer.

Paul Kelly Non-Executive Director

Emilio Pietro Del Fante Non-Executive Director

COMPANY SECRETARY

Melissa Chapman

As indicated in Section 4.1 of the Prospectus, the two main shareholders of the Company, being Dourado Resources limited (ASX: DUO) and Cauldron Energy Limited (ASX: CXU) did not take up their entitlement under the Offer. In accordance with section 4.4 of the Prospectus, the Directors reserve their right to place the shortfall of the Offer (or part thereof).

REGISTERED OFFICE AND PRINCIPLE PLACE OF BUSINESS

18 Oxford Close Leederville WA 6007

COMMUNICATION DETAILS

Yours faithfully

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Melissa Chapman Company Secretary

Telephone: +61 8 6382 5577 Facsimile: +61 8 9380 9666

AUSTRALIAN BUSINESS NUMBER 85 142 366 541

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Security Transfer Registrars 770 Canning Highway Applecross WA 6153

ASX CODE EUL