ECLIPSE METALS LIMITED. — Capital/Financing Update 2012

Dec 12, 2012

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ASX ANNOUNCEMENT

13 December 2012

ASX Market Announcements Company Announcements Office SYDNEY NSW 2000

Conversion of Loan

Further to the announcement 10 July 2012 Eclipse Metals Limited (“ Eclipse ” or the “ Company ”) is pleased to announce that it has issued conversion notices to Klondyke Gold Limited (“ Klondyke ”) pursuant to the Loan Facility Agreement.

BOARD

Graeme Allan Chairman

Emilio Pietro Del Fante Executive Director

Shane Casley Non-Executive Director

COMPANY SECRETARY

Eclipse declined the request from Klondyke to extend the repayment of the loan. Eclipse will convert the loan amount currently drawn down ($700,000), interest and legal costs incurred to securities in Klondyke.

Under the Loan Facility Agreement, the advanced loan of $50,000, all interest and costs incurred by Eclipse convert at $0.05 per share and the remaining drawn down loan amount of $650,000 convert to shares in Klondyle at $0.20 per share.

Robert Marusco

REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS

309 Pier Street Perth WA 6000

COMMUNICATION DETAILS

Following the issue of Shares, Eclipse’s holding in Klondyle’s total issued and voting capital will be approximately 12% comprised of 9,552,344 Ordinary Shares and 10,000,000 Options exercisable at $0.20 on or before 30 November 2015.

Telephone: +61 8 9200 4963 Facsimile: +61 8 92004964

AUSTRALIAN BUSINESS NUMBER 85 142 366 541

SHARE REGISTRY

About Klondyke

Klondyke is an unlisted publically held gold exploration company with an exciting portfolio of assets in a geologically favourable area of Western Australia (WA), covering 36km² of selected tenure that is highly prospective for gold mineralisation. Klondyke’s assets include four (4) separate exploration projects situated around the town of Cue in the Goldfields region of WA. Klondyke will also acquire battery sands with approximately 18,000 tonnes @ 1.4g/t gold that can be easily treated. Klondyke is comprised of a capable and well-qualified Board and management team. This team possesses considerable gold experience with a history of developing and delivering projects to capital markets.

Security Transfer Registrars 770 Canning Highway Applecross WA 6153

ASX CODE EPM

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Robert Marusco Company Secretary