ECLIPSE METALS LIMITED. — Capital/Financing Update 2022

Sep 18, 2022

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19 September 2022

EPMOA Options Quotation

Eclipse Metals Ltd (ASX: EPM ) ( Eclipse Metals or the Company ) advises that it has today applied for quotation of a total of 298,476,469 options exercisable at $0.05 expiring 17 September 2024 to be quoted under the ASX ticker code “ EPMOA ” ( EPMOA Options ).

A total of 190,976,469 EPMOA Options were previously issued pursuant to an entitlement issue prospectus dated 17 August 2021 ( Prospectus ). To achieve quotation of these options, it was necessary to apply to ASX for a waiver from ASX Listing Rule 6.23.4 which requires shareholder approval to change a term of an issued option. ASX granted the waiver on 16 September 2022. All other terms of those options as set out in the Prospectus remain unchanged.

A further 107,500,000 EPMOA Options have been issued today, 19 September 2022 in connection with the recently completed capital raising announced on 30 August 2022 and prospectus dated 9 September 2022.

This announcement has been authorised for release by:

Matthew Foy Company Secretary +61 8 9480 0420

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www.eclipsemtals.com.au eclipse metals Eclipse Metals

About Eclipse Metals Ltd (ASX: EPM)

Eclipse Metals Ltd is an Australian exploration company focused on exploring south-western Greenland, the Northern Territory and Queensland for multi commodity mineralisation. Eclipse Metals Ltd has an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz (high purity silica), 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.

About the SW Greenland Multi-Commodity Project

Ivigtût is located in southwestern Greenland and has a power station and fuel supplies to service this station and local traffic to support mineral exploration. About 5.5km to the northeast of Ivigtût, the settlement of Kangilinnguit provides a heliport and an active wharf with infrastructure. The Grønnedal carbonatite-syenite complex is less than 10km from Ivigtût and only 5km from the port at Kannilinnguit. This complex is one of the 12 larger Gardar Province alkaline intrusions in Greenland and is recognised by GEUS as one of Greenland’s prime REE targets along with Kvanefjeld and Kringlerne (Tanbreez).

The Gardar Province of southwest Greenland constitutes one of the best-endowed REE provinces worldwide. It represents an ancient continental rift zone that was active between 1,330 and 1,140 Ma (i.e., Mesoproterozoic era). Gardar Province magmatism produced a raft of extrusive and intrusive rocks, including kilometre-scale alkaline complexes that are among the world’s largest alkaline ore deposits. The Ivigtût mineralised system, spatially and genetically associated with an evolved alkaline complex of the Gardar Province, formed 1.3 billion years ago as cooling hydrothermal fluids moved through the Earth’s crust.

ECLIPSE METALS LTD

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