ECLIPSE METALS LIMITED. — Capital/Financing Update 2023

Nov 30, 2023

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1[st] December 2023 ASX Announcement

RARE EARTHS IDENTIFIED OVER 5 KM STRIKE AT GRØNNEDAL DEPOSIT, GREENLAND

HIGHLIGHTS

• Rare earth mineralisation at Grønnedal extends over 5 km by 2 km, with an exploration target focusing on 3 km by 800 m of ferrocarbonatite defined.

• Extrapolating the outcropping area of ferrocarbonatite to a depth of 50m indicates a potentially significant exploration target of REE mineralisation.

• The grade range for the exploration target comprises a notable proportion of magnet REE (Nd, Pr, Dy, and Tb), which has the potential to be competitive with other REE projects globally.

• A grid-based diamond drilling program is planned, along with detailed geological mapping and petrological studies to better understand REE mineralisation controls.

Eclipse Metals Ltd ( Eclipse or the Company ) (ASX: EPM) is pleased to announce that it has delineated a rare earth element (REE) exploration target at Grønnedal within its 100% owned Ivigtût multi-commodity project in SW Greenland. While the rare earth mineralisation at Grønnedal extends over 5 km by 2 km of nepheline syenite, the exploration target currently encompasses an approximately 3 km by 800 m section of ferrocarbonatite intruding the syenite ( Targeted Area ). This Targeted Area is highlighted in Figure 1 and is derived from a combination of recent exploration, a geophysical assessment and review of public domain data.

Data from a 1995 DIGHEM airborne magnetic survey highlights several ovoid shaped responses associated with brecciated ferrocarbonatite bodies (Fig. 2) (refer ASX announcement 9 February 2021). Comparative analysis of the magnetic response with the mapped extent of the ferrocarbonatite suggests a more widespread presence of these formations than previously mapped. Furthermore, 3D inversion interpretation of the magnetic data shows that the carbonatites extend to at least one kilometre below the surface where the two discrete bodies coalesce. In addition, the DIGHEM electromagnetic data revealed seven conductive targets, potentially sulphide mineralisation, recommended for follow up investigation with drilling.

ECLIPSE METALS LTD

Level 3, 1060 Hay Street, West Perth WA 6005 T: +61 8 9480 0420 | F: +61 8 9321 0320 ABN 85 142 366 541

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Figure 1. MEL 2007-45 Location Map, showing the geology of the Grønnedal nepheline syenite with ferrocarbonatite plugs (Target Area)

ECLIPSE METALS LTD

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Figure 2: Total magnetic intensity image from DIGHEM survey.

ECLIPSE METALS LTD

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Figure 3: 3D inversion of DIGHEM magnetic data. Isosurfaces: red – 0.15 orange 0.13 yellow 0.11 SI (Fathom Geophysics).

Upon conservative analysis, extrapolating only the outcropping area of ferrocarbonatite (approximately 1.4 million m[2] ) to a depth of 50m indicates yields an exploration target of between 175 and 245 million tonnes of REE mineralisation based on a plausible range of rock density (2.5 and 3.5 gm/cm[3] respectively) ( Exploration Target ).

The anticipated grade for the Exploration Target is between 0.25 and 0.50% TREE including 32% – 39% magnet REE (Nd, Pr, Dy and Tb) based on previously reported results from pitting and drilling in a small part of the Central carbonatite body (refer ASX announcements 25 July and 8 August 2023) as well as historic surface rock sampling (Fig. 1; Table 1).

The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration work conducted to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared based on actual exploration results described in this report including historical and recent drilling data and geological modelling.

Dataset	Total Samples	Samples > 300 ppm TREE	Samples > 300 ppm TREE	Ave. TREE ppm ¶	Magnet REE	Magnet REE
		#	%		**ave.ppm **	% total
EPM pits (< 2 m)1	52	51	98	4,694	1,839	39
EPM percussion drill holes (0 ‐ 22 m)2	224	158	71	3,602	1,185	33

1 ASX Announcement 25 July 2023

2 ASX announcement 8 August 2023

ECLIPSE METALS LTD

Level 3, 1060 Hay Street, West Perth WA 6005 T: +61 8 9480 0420 | F: +61 8 9321 0320 ABN 85 142 366 541

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	Bedford (1989) surface samples (refer JORC tabled annexed)	243	24	100	3,624	1,059	>29
		64	6	100	6,378	1,910	>32

Table 1: Summary of TREE grade information for the Grønnedal ferrocarbonatites in parts per million (ppm). ¶ Average grade relates to samples > 300 ppm TREE.[3] Analysis of La, Ce and Nd only by XRF.[4] Analysis by INAA of 10 only of the 15 REE. Pr and Dy were not determined (Bedford, 1989).

With this in mind, the Company notes the exploration target is based upon analytical results to date that indicate a high proportion of the so-called magnetic REE in the total REE “basket” (Table 1) within the Targeted Area. The range of magnet REE (MREE) is between 32% and 39% which compares favourably with the proportion of MREE publicly disclosed in relation to other REE projects, including the Songwe Hill project in Malawi and the Yangibana project in Australia.

There has been insufficient exploration work conducted to confirm if the estimated proportion of MREE within the Targeted Area is indicative of the proportion of MREE contained throughout the broader mineralisation at Grønnedal. Further sampling and analytical work will need to be obtained throughout the remainder of the mineralisation at Grønnedal and there can be no guarantee that such data will be consistent with the Grønnedal analytical results to date.

In addition to the ferrocarbonatite Exploration Target, historical public domain rock chip sampling of the composite intrusion reveals that anomalous levels of rare earth elements La, Ce and Nd occur over the full 5 km length of nepheline syenite exposed within the company’s tenement (Figure 1; Bedford, 1989). While the ferrocarbonatite intrusions at Grønnedal are generally richest in La, Ce and Nd, highly anomalous values have been recorded throughout the nepheline syenite body and related altered rocks (Figure 1 and Table 2).

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Table 2: Summary of La, Ce and Nd (ppm) content of various rock types at Gronnedal from historic surface rock sampling (Bedford, 1989). Other rare earth elements were not analysed.

ECLIPSE METALS LTD

Level 3, 1060 Hay Street, West Perth WA 6005 T: +61 8 9480 0420 | F: +61 8 9321 0320 ABN 85 142 366 541

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Figure 4: Grønnedal pitting results (Refer ASX announcement 25 July 2023). See Figure 1 for location of these pits within the Central carbonatite.

A program of diamond drilling is planned to test the ferrocarbonatite exploration target together with detailed geological mapping and petrological studies aimed at better understanding controls on REE mineralisation, particularly in the less well understood altered syenites.

Executive Chairman Carl Popal commented : “Eclipse is extremely pleased with these results and is excited to contemplate what the future might bring. The Ivigtút mining precinct contains the world’s only historical mine of the rare mineral cryolite and is now developing as a leader in rare earth element (REE) mineralisation with exploration of the nearby large Grønnedal carbonatite body. This carbonatite is enriched in elevated medium REE mineralisation when compared with other parts of the globe containing similar carbonatite REE. Grønnedal REE’s presents a strategic global project in tier 1 jurisdiction, with existing infrastructure for development, and will become more of a priority in the current global environment. The large REE strike area has the potential to be the leader, playing a pivotal role in the magnetic REE global supply chain for the EU and US.

ECLIPSE METALS LTD Level 3, 1060 Hay Street, West Perth WA 6005 T: +61 8 9480 0420 | F: +61 8 9321 0320 ABN 85 142 366 541

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We are poised to work on significant commercial aspects of the Ivigtút project through the coming year, which includes not only Grønnedal REE but also the critical mineral domains within the Ivigtút pit. The Company is poised to rejuvenate the Ivigtút mine to be once again a global project in the supply of critical minerals and REE. We are currently developing the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) aspects and planning dewatering of the historical pit for pre-feasibility and mining of the remaining mineralisation.”

Authorised for release by the Board of Eclipse Metals Ltd.

Carl Popal Aiden Bradley Executive Chairman Investor Relations aiden@nwrcommunicaitons.com.au

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Reference

Bedford, C.M., 1989, The mineralogy, geochemistry, and petrogenesis of the Grønnedal-Ika alkaline igneous complex, south-west Greenland: PhD Thesis, Durham University, 433 pp.

About Eclipse Metals Ltd (ASX: EPM)

Eclipse Metals Ltd is an Australian exploration company focused on mineral exploration in Southwestern 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.

Competent Persons Statement

The information in this report / ASX release that relates to Exploration Results and Exploration Targets is based on information compiled and reviewed by Dr. Andy Wilde, consultant to Eclipse Metals Ltd. Dr Wilde holds a PhD in geology from Monash University and is a fellow and registered professional geoscientist (RPGeo Mineral Exploration) of the Australian Institute of Geoscientists and has 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. Dr Wilde consents to the inclusion in this report / ASX release of the matters based on information in the form and context in which it appears. Additionally, Dr Wilde confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in this report.

ECLIPSE METALS LTD

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	 Nature and quality of sampling (eg		Eclipse’	Grønnedal carbonatite
techniques	cut channels, random chips, or		samples	are from shallow pits.
	specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc).		Bedford (1989) took surface rock samples, but his sampling method and its level of representivity are unknown.
	These examples should not be taken
	as limiting the broad meaning of
	sampling.
	 Include reference to measures taken
	to ensure sample representivity and
	the appropriate calibration of any
	measurement tools or systems used.
	 Aspects of the determination of
	mineralisation that are Material to the
	Public Report.
	 In cases where ‘industry standard’
	work has been done this would be
	relatively simple (eg ‘reverse
	circulation drilling was used to obtain
	1 m samples from which 3 kg was
	pulverised to produce a 30 g charge
	for fire assay’). In other cases more
	explanation may be required, such as
	where there is coarse gold that has
	inherent sampling problems. Unusual
	commodities or mineralisation types
	(eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	 Drill type (eg core, reverse		Details of Eclipse drilling previously
techniques	circulation, open-hole hammer,		reported ASX Aug 8th2023
	rotary air blast, auger, Bangka, sonic,
	etc) and details (eg core diameter,
	triple or standard tube, depth of
	diamond tails, face-sampling bit or
	other type, whether core is oriented
	_and ifso, by what method, etc). _
Drill	 Method of recording and assessing		Details of Eclipse drilling previously
sample	core and chip sample recoveries and		reported ASX Aug 8th2023
recovery	results assessed.

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Criteria		JORC Code explanation	Commentary
		 Measures taken to maximise sample
		recovery and ensure representative
		nature of the samples.
		 Whether a relationship exists
		between sample recovery and grade
		and whether sample bias may have
		occurred due to preferential loss/gain
		of fine/coarse material.
Logging		 Whether core and chip samples have	Details of Eclipse drilling previously
		been geologically and geotechnically	reported ASX Aug 8th2023
		logged to a level of detail to support
		appropriate Mineral Resource
		estimation, mining studies and
		metallurgical studies.
		 Whether logging is qualitative or
		quantitative in nature. Core (or
		costean, channel, etc) photography.
		 The total length and percentage of
		_the relevant intersections logged. _
Sub-		 If core, whether cut or sawn and	Not relevant
sampling		whether quarter, half or all core
techniques		taken.
and sample		 If non-core, whether riffled, tube
preparation		sampled, rotary split, etc and whether
		sampled wet or dry.
		 For all sample types, the nature,
		quality and appropriateness of the
		sample preparation technique.
		 Quality control procedures adopted
		for all sub-sampling stages to
		maximise representivity of samples.
		 Measures taken to ensure that the
		sampling is representative of the in
		situ material collected, including for
		instance results for field
		duplicate/second-half sampling.
		 Whether sample sizes are
		appropriate to the grain size of the
		_material being sampled. _
Quality	of	 The nature, quality and	Bedford	(1989)	analysed	his
assay data and laboratory tests		appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF	samples using the XRF device at Durham University and by INAA at the University of London. Substantial QA/QC procedures are documented in his PhD thesis. These methods
		instruments, etc, the parameters	report total	REE content of the rocks.

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Criteria	JORC Code explanation	Commentary
	used in determining the analysis	Eclipse’ samples were analysed at
	including instrument make and	ALS of Perth using method ME-
	model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks,	MS61L – 4 acid digest with ICP-MS finish. ALS employed CRM’s, blanks and duplicates for QA/QC purposes. This method reports near total REE
	duplicates, external laboratory	content of the rock.
	checks) and whether acceptable
	levels of accuracy (ie lack of bias)
	and precision have been established.
Verification	 The verification of significant	Details of Eclipse drilling previously
of	intersections by either independent	reported ASX Aug 8th2023
sampling	or alternative company personnel.
and	 The use of twinned holes.
assaying	 Documentation of primary data, data
	entry procedures, data verification,
	data storage (physical and
	electronic) protocols.
	 Discuss any adjustment to assay
	_data. _
Location of	 Accuracy and quality of surveys used	Bedford’s sample locations were
data points	to locate drill holes (collar and down-	digitised from maps in his PhD thesis
	hole surveys), trenches, mine	and are believed to be accurate to
	workings and other locations used in	within 50 m. Eclipse samples were
	Mineral Resource estimation.	location with handheld GPS.
	 Specification of the grid system used.
	 Quality and adequacy of topographic
	control.
Data	 Data spacing for reporting of	Bedford’s samples are irregularly
spacing	Exploration Results.	distributed and evidently controlled
and	 Whether the data spacing and	by access. Eclipse samples relate to
distribution	distribution is sufficient to establish	a grid of pits covering a small part of
	the degree of geological and grade	the Central carbonatite.
	continuity appropriate for the Mineral
	Resource and Ore Reserve
	estimation procedure(s) and
	classifications applied.
	 Whether sample compositing has
	_been applied. _
Orientation	 Whether the orientation of sampling	It was not possible to identify the
of data in	achieves unbiased sampling of	orientation of geological structures in
relation to	possible structures and the extent to	the shallow pits and drill holes
geological	which this is known, considering the	referred to herein.
structure	deposit type.
	 If the relationship between the drilling
	orientation and the orientation of key

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Criteria		JORC Code explanation	Commentary
		mineralised structures is considered
		to have introduced a sampling bias,
		this should be assessed and reported
		if material.
Sample		 The measures taken to ensure	Samples	secured		on-site,
security		sample security.	transported	to	private,	lock-up
			building, processed, bagged and
			transported	in	locked	shipping
			container and	shipped to		Perth by
			ship Australia	under normal security
			procedures.
Audits	or	 The results of any audits or reviews	No audits have been completed yet.
reviews		of sampling techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		JORC Code explanation	Commentary
Mineral		 Type, reference name/number,	MEL 2007 / 45 granted to Eclipse
tenement and		location and ownership including	Metals in February 2021 for a period
land	tenure	agreements or material issues with	of 3 years with extensions subject to
status		third parties such as joint ventures,	activities and expenditure.
		partnerships, overriding royalties,	Granted by Government of
		native title interests, historical sites,	Greenland.
		wilderness or national park and
		environmental settings.
		 The security of the tenure held at
		the time of reporting along with any
		known impediments to obtaining a
		_licence to operate inthe area. _
Exploration		 Acknowledgment and appraisal of	GEUS Report File No. 20236
done by other parties		exploration by other parties.	Planning of the Ivigtût Open Pit of Kryolitselskabet Oresund A/S - Mining of the Flouritic Orebody”; Outokompu OY
			Mining Consultants, 1987. This report
			provided 18 cross sections showing drill
			traces with cryolite (kry), fluorite (fs) and
			siderite (sid) values together with pit
			profiles, resource blocks and tabulated
			tonnage estimates on each section with an
			SG of 2.95.
			GEUS Report File No. 20238
			“The Planning of the Ivigtût Open Pit of
			Kryolitselskabet Oresund A/S – Report of
			the First Phase, Investigation of the
			Quantity and Quality of Extractable Ore
			from the Ivigtût Open Pit”; Outokompu OY
			Mining Consultants,1986. Thisreport

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Criteria		JORC Code explanation	JORC Code explanation	JORC Code explanation		Commentary
						contained 23 sections showing drillhole
						traces and contoured cryolite/fluorite
						grades with an overlay of resource blocks.
						These sections were used to check
						positions of drillholes relative to those
						shown in the above report (GEUS 20236).
						Resource tonnages are provided.
						GEUS Report File No. 20335
						Kryolitselskabet Oresund A/S, De
						Resterende Mineralreserver I
						Kryolitforekomsten Ved Ivigtût, Ultimo
						1987” This report is the most useful of the
						reports. It provides: - Drillhole location plan
						- Complete cross section locations - Pit
						survey points - Plans of underground and
						in-pit ramp - 38 cross section showing
						drillhole traces, geological interpretation
						and ore blocks - Tabulated ore blocks with
						cryolite, fluorite and siderite grades and
						tonnages (back-calculated blanket SG of
						3)
						GEUS Report File No. 21549
						“Ivigtût Mineopmaaling, 1962” This report
						is a survey record of the open pit and
						includes 28 sections, each of which show
						the pit profile together with drillhole traces
						and, on some sections, underground
						workings.
						GEUS Report File No. 20241
						Kryolitselskabet Oresund A/S,
						Lodighedsdistribution I, Ivigtût Kryolitbrud,
						31.12.1985” (Danish) 108 pages of
						drillhole analytical data in %: hole ID, from
						to, cryolite, fluorspar, Fe, Cu, Zn, Pb, S
Geology		 Deposit type,	geological setting and			Late stage nepheline syenite and
		style of mineralisation.				carbonatite intrusions into
						crystalline basement.
Drill	hole	 A summary	of all	information		Details of Eclipse drilling previously
Information		material to the understanding of			the	reported ASX Aug 8th2023
		exploration	results	including	a
		tabulation	of the	following
		information for all Material			drill
		holes:
		o easting and northing of the			drill
		hole collar
		o elevation or RL (Reduced Level
		– elevation above		sea level in
		_metres) of _	_the drill hole collar _

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Criteria		JORC Code explanation	Commentary
		o dip and azimuth of the hole
		o down hole length and
		interception depth
		o hole length.
		 If the exclusion of this information is
		justified on the basis that the
		information is not Material and this
		exclusion does not detract from the
		understanding of the report, the
		Competent Person should clearly
		_explain why this is the case. _
Data		 In reporting Exploration Results,	Details of Eclipse drilling previously
aggregation		weighting averaging techniques,	reported ASX Aug 8th2023
methods		maximum and/or minimum grade
		truncations (eg cutting of high
		grades) and cut-off grades are
		usually Material and should be
		stated.
		 Where aggregate intercepts
		incorporate short lengths of high
		grade results and longer lengths of
		low grade results, the procedure
		used for such aggregation should
		be stated and some typical
		examples of such aggregations
		should be shown in detail.
		 The assumptions used for any
		reporting of metal equivalent values
		_should be clearly stated. _
Relationship		 These relationships are particularly	Details of Eclipse drilling previously
between		important in the reporting of	reported ASX Aug 8th2023
mineralisation		Exploration Results.
widths	and	 If the geometry of the mineralisation
intercept		with respect to the drill hole angle is
lengths		known, its nature should be
		reported.
		 If it is not known and only the down
		hole lengths are reported, there
		should be a clear statement to this
		effect (eg ‘down hole length, true
		_width not known’). _
Diagrams		 Appropriate maps and sections	Maps are provided in the body of
		(with scales) and tabulations of	the text.
		intercepts should be included for
		any significant discovery being
		reported These should include, but
		not be limited to a plan view of drill

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Criteria	JORC Code explanation	Commentary
	hole collar locations and
	_appropriate sectional views. _
Balanced	 Where comprehensive reporting of	Summary	analytical	results
reporting	all Exploration Results is not	included as	tables in the	text.
	practicable, representative
	reporting of both low and high
	grades and/or widths should be
	practiced to avoid misleading
	_reporting of Exploration Results. _
Other	 Other exploration data, if	Exploration	by Eclipse Metals of the
substantive	meaningful and material, should be	Ivigtût and	Grønnedal prospects is
exploration	reported including (but not limited	at an early	stage with field work to
data	to): geological observations;	date consisting of reconnaissance
	geophysical survey results;	sampling, trenching and		a maiden
	geochemical survey results; bulk	drilling program.
	samples – size and method of
	treatment; metallurgical test results;
	bulk density, groundwater,
	geotechnical and rock
	characteristics; potential
	deleterious or contaminating
	_substances. _
Further work	 The nature and scale of planned	Geological	mapping;	diamond
	further work (e.g. tests for lateral	drilling.
	extensions or depth extensions or
	large-scale step-out drilling).
	 Diagrams clearly highlighting the
	areas of possible extensions,
	including the main geological
	interpretations and future drilling
	areas, provided this information is
	_not commercially sensitive. _

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