ECLIPSE METALS LIMITED. — Capital/Financing Update 2022

Jun 8, 2022

==> picture [182 x 63] intentionally omitted <==

9[th] June 2022

ASX Announcement

ECLIPSE PROGRESSES IVITTUUT MINING LICENCE; VISITS SITE TO PLAN DRILL PROGRAM

Highlights

• Eclipse Metals has applied to Greenland’s Mineral Resources Authority to proceed with drilling at Grønnedal-Ika during the 2022 field season.

• Eclipse Metals Executive Chairman Carl Popal visited Ivittuut and Grønnedal-Ika with a drilling contractor to evaluate mobilisation requirements for the upcoming drilling program.

• Ivittuut site visit facilitated inspection of existing pit and infrastructure.

• Mr Popal met with senior current and past government ministers when he attended Greenland’s largest business conference, “Future Greenland 2022”.

• Eclipse Metals is actively exploring Ivittuut, a historical cryolite mine and nearby Grønnedal-Ika carbonatite deposit in southwest Greenland for rare earth elements (REE), lithium, base and precious metals and industrial minerals.

• Mr Popal held encouraging discussions with senior representatives from Greenland’s Mineral Resources Authority and Environmental Agency for Mineral Resource Activities (EAMRA) regarding a mining licence for Ivittuut.

• Mr Popal visited the only known living resident of Ivittuut and discussed his life growing up around the working mine.

Eclipse Metals Ltd (ASX: EPM ) ( Eclipse or the Company ) is pleased to provide shareholders with an update following Executive Chairman Carl Popal’s recent attendance of the Future Greenland 2022 conference and site visit to the Company’s multi-commodity project in Greenland.

Mr Popal visited Ivittuut and Grønnedal-Ika to assess site conditions ahead of the 2022 field season which is planned to include a drilling program on the Grønnedal-Ika carbonatite REE prospect. This assessment of ground conditions will facilitate the planning of access and drillhole location.

The Company has engaged a Greenland-based drilling contractor to undertake the proposed drilling which is awaiting approval to proceed following an application to Greenland’s Mineral Resources Authority last month.

“We took the drillers onsite and discussed the mobilisation of appropriate equipment, with the drilling team potentially able to mobilise in July 2022. We were also able to locate several historical drill collars which will assist in planning the Company’s drilling program,” Mr Popal said.

==> picture [509 x 335] intentionally omitted <==

Figure 1. Eclipse Metals’ Executive Chairman Carl Popal inspects historic drillhole collar with a drilling contractor at MEL2007-45

Mr Popal also reported a positive response to proposals for the Company’s Ivittuut project following his attendance at the Future Greenland 2022 Conference. Mr Popal was especially encouraged by Greenland’s enthusiasm for this and other mining projects in the region.

==> picture [263 x 205] intentionally omitted <==

Figure 2. Eclipse Metals’ Executive Chairman Carl Popal with Greenland's Finance Minister Naaja Nathanielsen

PROGRESS ON IVITTUUT MINING LICENCE

The visit facilitated Mr Popal meeting with officials from Greenland’s Mineral Resources Authority and Environmental Agency for Mineral Resource Activities (EAMRA) to discuss requirements for a mining licence application for Ivittuut. Mr Popal said the meetings were positive and will help Eclipse work more closely with government departments to move forward at Ivittuut, where a significant licencing issue is pit dewatering. Various scenarios were discussed, and information is being provided for planning dewatering procedures.

“The meeting regarding environmental requirements related to the mining licence and drainage of the pit in the licence area was productive. We have received some positive responses and are encouraged to work with environmental officers to develop the requirements to empty the pit. We will engage a specialist to assist with addressing these requirements to ensure dewatering is in line with best practice,” he said.

==> picture [517 x 345] intentionally omitted <==

Figure 3 . Executive Chairman Carl Popal on site

During his visit, Mr Popal met a resident of Grønnedal who shared his memories of the historical mine site. Mr Popal expressed an interest in hearing from other local residents to gather a history of the site so Eclipse can play an active role in its preservation. Eclipse has started a dialogue with the municipality of Sermersooq to establish where Eclipse can assist in the restoration of the Ivittuut mine museum.

PRESENTATION AT PDAC

Mr Popal will represent Eclipse Metals at PDAC’s 90[th] Annual Conference in Toronto, Canada, on 13-15 June 2022 during a special “Greenland Day” event, in collaboration with the Greenland Government.

Authorised for release by the Board

Carl Popal Executive Chairman

Oliver Kreuzer Non-Executive Director

==> picture [25 x 21] intentionally omitted <==

==> picture [22 x 22] intentionally omitted <==

==> picture [22 x 22] intentionally omitted <==

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.