ECLIPSE METALS LIMITED. — Capital/Financing Update 2023

Jan 12, 2023

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13 January 2023

ASX Announcement

Notice Given Under Section 708A(5)(e) of the Corporations Act

Eclipse Metals Ltd (ASX: EPM ) ( Eclipse Metals or the Company ) hereby gives notice to ASX for the purpose of section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Ac t) that on 13 January 2023 it issued and allotted a total of 3,802,945 fully paid ordinary shares in the capital of the Company ( Shares ) without disclosure under Part 6D.2 of the Corporations Act.

The Shares are part of a class of securities quoted on ASX and may be subject to a subsequent offer for sale.

An Appendix 2A was lodged on 13 January 2023 in respect to the shares issued and the Company hereby notifies ASX under s708A(5)(e) of the Corporations Act that:

1. the Company issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act.

2. as at the date of this notice the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. section 674 of the Corporations Act.

3. as at the date of this notice there is no "excluded information" (as defined in sections 708A (7) and (8) of the Corporations Act) which is required to be disclosed by the Company.

This announcement has been authorised for release by:

Matthew Foy Company Secretary +61 8 9480 0420

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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.