ECLIPSE METALS LIMITED. — Capital/Financing Update 2020

Sep 30, 2020

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1[st] October 2020

The Company Announcement Platform ASX Limited Exchange Centre 20 Bridge Road SYDNEY NSW 2000

DRILLING CONFIRMS FURTHER MINERALISATION AT MARY VALLEY MANGANESE PROJECT

Eclipse Metals ( ASX: EPM or the Company ) is pleased to provide an update on the Stage 2 diamond drilling program at the Company’s Amamoor manganese deposit, Mary Valley, near Gympie in south-east Queensland.

Further manganese mineralisation, proximal to historic high-grade workings, intersected in the Stage 1 program have been successfully delineated.

Several diamond drill holes at Amamoor intersected manganese mineralization from surface. Four recent holes have been completed with all confirming shallow manganese mineralization within the first 10 meters from surface. Manganese mineralization is hosted prominently within breccia and shear zones in ferruginous jasperoid formations.

The Company is presently drilling the fifth hole which is expected to be completed in the coming days. Eclipse will provide a further update with the final results from this drilling program once all core is cut and submitted to the laboratory for analysis.

Eclipse Metals Ltd is an Australian exploration company focused on exploring the Northern Territory and Queensland for multi commodity mineralisation. The company has an impressive portfolio of assets prospective for gold, manganese, base metals and uranium mineralisation. The Company’s mission is to increase Shareholder wealth through capital growth and ultimately, dividends. Eclipse plans to achieve this goal by exploring for and developing viable mineral deposits to generate mining or joint venture income.

BOARD Carl Popal Executive Chairman

Rodney Dale Non-Executive Director

Pedro Kastellorizos Non-Executive Director

Ibrar Idress Non-Executive Director

COMPANY SECRETARY Eryn Kestel

OFFICE ADDRESS

Photographs below of drill core from the current drilling program showing massive manganese mineralization.

Level 3, 1060 Hay Street West Perth WA 6005 Phone: + 61 8 9480 0420 Fax: + 61 8 9321 0320

AUSTRALIAN BUSINESS NUMBER

85 142 366 541

SHARE REGISTRY Automic Group Level 2 267 St Georges Terrace Perth WA 6000

ASX CODE EPM

WEBSITE

www.eclipsemetals.com.au

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ECLIPSE METALS LIMITED October 2020 2

Photo 1: Northern Workings drill hole ADD010 – 0 to 2.74m, strongly fractured manganese mineralization with minor silicified japer fragments.

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Photo 2: Northern Workings drill hole ADD010 – 2.74m to 5.1m strongly fractured manganese mineralization with minor silicified japer fragments.

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Photo 3: Close-up of manganese rich core with jasperoid breccia.

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www.eclipsemetals.com.au

ECLIPSE METALS LIMITED October 2020

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Manganese Fact 3

Is the manganese market related to the iron ore market?

The manganese market is not related to the iron ore market.

Manganese ore is much less abundant than iron ore and consequently the manganese price is significantly higher than the iron ore price (currently double the iron ore price per tonne). In addition, a large amount of iron for steel production comes from recycled steel and this is expected to grow in coming decades as China begins to recycle more steel This will see iron ore usage taper off, however, recycled steel still needs additional manganese to be added to achieve the required chemical composition.

As such, the manganese market is forecast to outperform the iron ore market due to increasing steel demand be it in new or recycled form.

For and on behalf of the board.

Carl Popal Executive Chairman

For further information, please contact:

Carl Popal Rodney Dale Executive Chairman Non-Executive Director T: +61 8 9480 0420 T: +61 8 9480 0420

Competent Persons Statement

The information in this report that relates to Exploration Results together with any related assessments and interpretations is based on information compiled by Mr Petro Kastellorizos and Mr Rodney Dale, both Non-Executive director of Eclipse Metals Limited. Mr Dale is a Fellow of the Australasian Institute of Mining and Metallurgy (the AusIMM) and Mr Kastellorizos is a Member of the AusIMM; both of whom have sufficient experience relevant to the styles of mineralisation under consideration and to the activity being reported to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Dale and Mr Kastellorizos have verified the data disclosed in this release and consent to the inclusion in this release of the matters based on the information in the form and context in which it appears.

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www.eclipsemetals.com.au