ECLIPSE METALS LIMITED. — Capital/Financing Update 2022

Oct 5, 2022

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6[th] October 2022

ASX Announcement

MAIDEN DRILLING PROGRAM COMMENCES AT ECLIPSE’S FLAGSHIP PROJECT

Highlights

• October 2022 drilling program on its Ivigtût and Grønnedal projects has commenced.

• Primarily percussion drilling program of approximately 2,000m, designed to follow-up REE targets, expected to be completed in October.

• Investigations around the Ivigtût mine-site will include sampling of remnant waste dumps to assess cryolite, fluorite base metal content and outcrop areas to assess REE and lithium prospectivity.

Eclipse Metals Ltd ( Eclipse or the Company ) is pleased to announce its maiden drilling program on Ivigtût and Grønnedal projects has commenced ( Figure 1 ). This is primarily a percussion drill program of approximately 2,000m, designed to follow-up REE targets and is expected to be completed in October.

Assay results from grab samples completed earlier this year show the various styles of REE mineralisation at Grønnedal and Ivigtût, ranging from light to heavy REE, and their various respective geological host environments are testament to a complex intrusive history and multiple episodes of REE enrichment (refer ASX release 24[th ] March 2022). Previous tenement holders concentrated on exploring and mining the Ivigtût cryolite deposit. Eclipse is the first company to test the REE and multi-element potential at both Grønnedal and Ivigtût.

In addition to the drilling, the Company is undertaking a surface sampling program in areas of interest defined by remote sensing surveys and in proximity of the historical mine precinct. Findings from geophysical inversion modelling and satellite imagery analysis have provided Eclipse with many targets for field checking and sampling to be conducted during the current exploration program on the project site (refer ASX release 13 June 2022 for further details).

Investigations around the Ivigtût mine-site will include sampling of remnant waste dumps to assess cryolite, fluorite base metal content and outcrop areas to assess REE and lithium prospectivity.

Executive Chairman, Carl Popal, has joined the Greenlandic drilling contractor and geologist on site to oversee and report on the program as it progresses.

Eclipse will update the market with the results of this exploration program as they come available.

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Figure 1: Map of Exploration Drill Targets

Authorised for release by the Board

Carl Popal Executive Chairman

Oliver Kreuzer Non-Executive Director

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About Eclipse Metals Ltd (ASX: EPM)

Eclipse Metals Ltd is an Australian exploration company focused on exploring South-western Greenland, Northern Territory and Queensland for multi commodity mineralisation. Eclipse Metals Ltd has an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz, REE, gold, platinum group metals, manganese, palladium, vanadium and uranium mineralisation. The Company’s mission is to increase shareholders’ wealth through capital growth and ultimately dividends. Eclipse Metals Ltd plans to achieve this goal by exploring for and developing viable mineral deposits to generate mining or joint venture incomes. �