ECLIPSE METALS LIMITED. — Interim / Quarterly Report 2023

Oct 30, 2023

31 October 2023

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Quarterly Activities Report and Appendix 5B For the Quarter ending 30 September 2023

Eclipse Metals Ltd (ASX: EPM ) ( Eclipse or the Company ) (ASX: EPM | FSE: 9EU ) is pleased to report its activities for the quarter ending 30 September 2023.

HIGHLIGHTS

IVIGTÛT AND GRØNNEDAL, GREENLAND

• Maiden trenching program returns rare earth element (REE) mineralisation in all 52 trenches completed at Grønnedal

• Trench sample assays confirm high neodymium oxide (Nd2O5) ratios of up to 56% of total rare earth oxides (TREO) with an average of 31%

• Pr+Nd assay results account for 60% of calculated TREO, indicating that the Grønnedal mineralisation is enriched in the more valuable REE of Pr and Nd

• Maiden drilling program at Grønnedal returns rare earth element (REE) mineralisation for full length of all drill holes

• Drilling results confirm high ratios of up to 50% of praseodymium and neodymium (Pr+Nd).

• REE mineralisation at Grønnedal is widespread and deep-seated

• Potentially valuable polymetallic mineralisation identified in waste rock from the historic Ivigtût cryolite mine.

• The large volume of mineralised waste material could be processed to create concentrates containing silver, zinc, gallium, copper, lead and gold.

IVIGTÛT PROJECT– GREENLAND

Grønnedal Maiden Trenching Program Results

During the quarter, Eclipse announced the assay results from its 2022 drilling and trenching program for the Grønnedal REE prospect within the 100% owned Ivigtût multi-commodity project in SW Greenland.

Results relate to 52 excavated pits (also referred to as trenches) up to 2m deep (refer to Table A – ASX 25/07/2023) which were completed in October 2022, with samples shipped from Greenland to Australia for laboratory assessment.

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

ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

Laboratory results for the over-limit values (+1,000ppm) for 28 out of 52 (C. 54%) trench samples have now been received following further testing using appropriate methods. The complete REO trenching results are listed in Table C - ASX 25/07/2023.

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Figure 1: Grønnedal trench sample results in the lower section with REO mineralisation in all trenches. Note that, to date, only a small fraction of this prospect has been explored and that the system is open in all directions

Analytical values for samples from the lower section of the Grønnedal carbonatite prospect indicate a Pr+Nd ratio increase. In the lower section Nd values in the carbonate impregnated rocks is higher than the top section Nd values in carbonatite breccia. The Nd values in the lower section vary from a low of 25% Nd to a high of 56% Nd whereas at the top section the ratio ranges from a low of 19% Nd to a high of 22% Nd.

Drilling and trenching at Grønnedal identified this material within part of a widespread dolerite dyke system intruding the carbonatite. Analysis of historical geological and geophysical work has indicated that the dolerite dykes are laterally extensive and deep-seated (refer to ASX announcement dated 19 May 2022).

There are three types of Gardar intrusions at the Ivigtût multi-commodity project:

• A) Late-stage, mainly carbonatite dykes.

• B) The Grønnedal alkaline intrusion with its associated carbonatites.

• C) The Ivigtût cryolite pipe (adjoining Bunka Breccia).

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

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Figure 2: Grønnedal prospect exploration area and the concept of leaching CaCO3 from carbonatite with the REE precipitating at the top of the hill.

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Figure 3: Conceptual illustration of the REE precipitation with carbonatite leaching CaCO3 into the water table between the two fjords, concentrating remaining REE

Trends associated with the distribution of the REE are complex, indicating enrichment at depth through leaching and precipitation below the surface (supergene enrichment). The diagram above shows calcium carbonate (CaCO3) leaching in rainwater from higher areas via fault and fracture systems with CaCO3 precipitating in cold sea water as the famous Ikka Columns, located outside the tenement boundary.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

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Figure 4: Conceptual overlapping styles of carbonate impregnated formations and carbonatite breccia formation within the carbonatite REE mineralisation

Grønnedal Maiden Drilling Program Results

In August 2023, Eclipse announced the drill hole sample assay results for samples from its 2022 maiden percussion drilling program on the Grønnedal REE prospect within its 100% owned Ivigtût multi-commodity project in SW Greenland. Assay results, together with previous geological and geophysical assessments indicate that REE mineralisation at Grønnedal is widespread and deep-seated.

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Figure 5: Grønnedal drilling results from the ‘lower section’ with REO mineralisation intersected in all drill holes

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

Results in this release relate to 27 shallow percussion drill holes completed at Grønnedal, where all drill holes encountered REE mineralisation from surface to end of hole. Eclipse’s maiden drilling program at Grønnedal has provided a better understanding of the geology and geochemistry of the ground and the holes were generally drilled to blade refusal, with limitation of the drill rig handling the ground conditions. A maximum depth of 22m was achieved in some locations (refer to Figure 6). The drilling program was completed in October 2022 with samples shipped from Greenland to Australia for laboratory assessment. Laboratory results for the initial over-limit values (+1,000ppm) for drillhole samples have now been received following further testing using appropriate methods.

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Figure 6: Grønnedal cross section L3-1 to L3-9 showing drilling and trenching results in the ‘lower section’.

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Figure 7: Grønnedal cross section L1-4 to L5-10 showing results in the lower section from drilling and trenching.

Note: Drill hole ID TL2-1, TL2-2 and TL2-3 were drilled from the same collar location at different angles due to difficult ground conditions

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

Analytical values for drill samples from the lower section of the Grønnedal carbonatite prospect indicate a substantial increase in the Nd ratio compared to the top section drilling results. In the lower section Nd values in the carbonate impregnated rocks is higher than the top section Nd values in carbonatite breccia. Drilling and trenching at Grønnedal identified this material within part of a widespread dolerite dyke system intruding the carbonatite. Analysis of historical geological and geophysical work has indicated that the dolerite dykes are laterally extensive and deep-seated.

Further to recent trenching results, the drill sample results are confirmation of a higher proportion of commercially more valuable magnetic REE, such as Neodymium (Nd) within the total basket of REE. Whereas sample R27766 in drill hole L5-10 over 1.5 metres returned Nd in a ratio of 46% with and Nd + Pr oxide value of 50% in TREO, sample IDR27829, in drill hole L1-4 returned a value of 16,585ppm TREO from 0.5m-2m with Nd ratio of 27% and 407ppm gadolinium oxide (Gd2O3) with 6.42% heavy rare earth (HREE). The laboratory assay results from Grønnedal recorded low uranium values which are well below the Greenland Government’s recently legislated maximum of 100ppm. All drill holes ended in mineralisation, indicating greater depth potential below the deepest intersection of 22m.

The trends associated with the distribution of the REE are complex, indicating enrichment at depth through leaching and precipitation below the surface. The results portray the concept of weathering effects from the surface. The diagram below shows calcium carbonate (CaCO3) leaching in rainwater from the surface via fault systems with CaCO3 precipitating in the cold sea water as the famous Ikka Columns, located outside the tenement boundary.

Discussion of Drilling and Trenching Program Results

Overall, analysis of the Grønnedal trench samples in the carbonate-impregnated formation demonstrated unusual patterns for Pr/La and Nd/Ce ratios compared with other REE-mineralised carbonatite complexes such as Mountain Pass (California) and Mt Weld (Western Australia).

Lower La and Ce content measured by pXRF, has been confirmed by laboratory assay results across the Grønnedal complex or a significant part thereof, and indicate that REE mineralisation at Grønnedal contains a higher proportion of the commercially more valuable magnetic REE, Pr and Nd. The latter are often termed the ‘magnet feed’ REE which are critical elements for high-performance magnets in high demand from the automotive sector and for wind turbines.

More specifically, pXRF readings and laboratory assay results recorded thus far show a relatively large proportion of Pr and Nd, comprising up to 55% of the measured 4REE. Laboratory results also show a relatively large proportion of Pr and Nd comprising up to 60% of TREO in Trench L3 - 8.

This can be compared with other rare earth deposits:

i) Grønnedal Pr+Nd: 55% of the measured 4REE (La+Ce+Pr+Nd) ii) Mountain Pass Pr+Nd: 17% of the measured 4REE (La+Ce+Pr+Nd) iii) Mount Weld CLD Pr+Nd: 25% of the measured 4REE (La+Ce+Pr+Nd)

• Reference: Technology Metals Research, TMR (2015)

Such a difference in composition for the project could have positive implications for the so-called “basket price”. The basket price is described as the sum of the proportions of individual REOs in the product multiplied by the price of the individual REOs.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

Table A: Significant neodymium percentages in TREO results are highlighted in red.

SAMPLE	TOTAL					SAMPLE	TOTAL	Nd2O3 %	Pr6O11 %	**(Pr6O11+ **
		**Nd2O3 % **	Pr6O11 %	(Pr6O11 +
ID	REO ppm	/ TREO	/ TREO	**Nd2O3)% **		ID	REO ppm	/ TREO	/ TREO	**Nd2O3)% **
L5 – X - 1 - 3m	1,640	34%	7%	41%		L3 - 4 - 0 - 1m	8,245	27%	6%	33%
L1 - 1 - 1 - 2m	9,218	25%	6%	31%		L3 - 4 - 1 - 2 m	6,935	40%	5%	45%
L1 - 2 -H 1 - 2m	16,444	26%	6%	32%		L3 - 5 T- 1 - 2m	13,452	36%	6%	42%
L1 - 3 - 1 - 2m	5,494	25%	6%	31%		L3 - 6 - 0 - 1m	2,052	31%	6%	37%
L1 – 4- 0 - 0.5m	15,923	27%	6%	33%		L3 - 7 - 0 - 1m	2,280	29%	7%	36%
L1 - 5 - 0 - 0.5m	5,988	28%	6%	34%		L3 - 8 - 0 - 1m	9,341	56%	4%	60%
L1 - 6 - 0 - 0.5m	8,848	32%	6%	38%		L3 - 9 - 0 - 1m	1,339	27%	5%	32%
L1 - 7 - 0 - 1.5m	8,021	42%	5%	47%		L3 - 10 - 0 - 1m	2,144	28%	7%	35%
L1 - 8 - 1 - 2m	7,416	26%	6%	32%		L3 - 11 - 1 - 2m	2,859	30%	6%	36%
L1 - 9 - 0 - 1m	2,721	29%	6%	35%		L3 - 12 - 0 - 1m	2,653	27%	6%	33%
L1 - 10 - 0 - 0.5m	5,778	25%	6%	31%		L5 - 1 - 0 - 1.5m	2,239	31%	6%	37%
L1 - 11 - 0 - 1m	4,640	24%	6%	30%		L5 - 2 - 0 - 4m	2,037	35%	7%	42%
L1 - 12 - 1 - 2m	3,665	25%	5%	30%		L5 - 3 - 0 - 1m	2,319	30%	6%	36%
L2 - 1 - 1 - 2m	7,786	30%	6%	36%		L5 - 4 - 0 - 0.5m	698	33%	7%	40%
L2 - 2 - 0 - 2m	9,704	26%	6%	32%		L5 - 5 - 0 - 1m	1,527	30%	6%	36%
L2 - 3 - 1 - 2m	12,911	27%	6%	33%		L5 - 6 - 0 - 2m	2,856	31%	6%	37%
L2 - 5 - 0 - 1m	8,428	32%	6%	38%		L5 - 7 - 0 - 3m	2,235	31%	6%	37%
L2 - 6 - 0 - 1m	876	35%	6%	41%		L5 - 8 - 0 - 1m	1,248	26%	7%	33%
L2 - 7 - 0 - 0.5m	6,142	33%	6%	39%		L5 - 9 - - 0 - 1m	2,321	29%	7%	36%
L2 - 8 - 0 - 1m	8,914	26%	6%	32%		L5 - 10 - 0 - 1m	1,526	31%	7%	38%
L2 – 9-H 0 - 0.5m	6,563	27%	6%	33%		L5 – 11- - 0 - 1m	11,630	30%	6%	36%
L2 - 10 - 0 - 1m	8,378	37%	6%	43%		L5 – 12 0 - 0.5m	6,317	45%	5%	50%
L2 – 11- 0 - 0.5m	10,571	29%	6%	35%		L2 - 9 OUT CROP	5,239	32%	6%	38%
L3 – 3 - 1 - 2m	4,225	25%	6%	31%

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

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Figure 8: MEL 2007-45 Location Map, showing the geology of the Grønnedal nepheline syenite with a carbonatite plug

Bulk Sample Results from historic Ivigtût Cryolite Mine

Eclipse received assay results for bulk samples of mineralised waste material from the historic Ivigtût cryolite mine within its 100% owned multi-commodity project in SW Greenland.

Metallurgical test-work has been initiated to evaluate potential for producing a saleable mineral concentrate on site. This concentrate could be readily shipped with minimal additional infrastructure to provide an early cashflow. The mineralised waste was produced during the extraction of 3.8 million tonnes of high grade cryolite from the 60m deep Ivigtût open pit mine over a period of 120 years (Reference: Greenland Mineral Occurrence Map & Occurrence data sheet). Materials which minerals other than cryolite were of no interest to the historic mine operator and were used as road-base and surface backfill or discarded on extensive mine dumps.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

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Figure 9: Mineralised waste dumps and trenches

Five bulk samples collected by trenching of the mineralised waste dumps (refer to ASX Release dated 1 November 2022), were mixed and a sub-sampled crushed and ground for analysis by the ME-MS61 method, returned the following summary results.

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Figure 80: Collecting several tonnes of bulk samples from 5 trenches in the mineralized dumps

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

Specimens from the waste dumps were observed to contain visible sulphide minerals, including galena (Pb sulphide), chalcopyrite (Cu sulphide), sphalerite (Zn sulphide) and pyrite (Fe oxide), as well as fluorite and the iron carbonate mineral siderite.

Gallium (Ga) is usually associated with zinc, silver (Ag) with lead (Pb) and gold (Au) with all sulphide minerals. The lithium (Li) content can likely be attributed to micas and the mineral cryolithionite, which has been identified at Ivigtût (refer to ASX Release dated 23 March 2022). The source of rubidium (Rb) is yet to be identified but is likely to be hosted by mica or feldspar.

Eclipse is considering a Ground Penetrating Radar (GPR) survey for the Ivigtût precinct to assess the potential volume of mineralised waste material. By calculating the size of the open pit and access tunnels and subtracting the cryolite that has been exported, it can be estimated that in the order of three (3) million tonnes of ROM waste was deposited in the dumps as well as for landfill purposes during a century of mining. There has been no comprehensive commercial assessment for other critical metals.

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Figure 91: Mineralised waste dump specimen visually estimated to consist of 60% cryolite and quartz; 20% Sphalerite; 10% Galena; 5% Chalcopyrite and 5% Siderite.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

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Figure 102: Mineralised waste dump specimen visually estimated to consist of 70% Galena; 10% Chalcopyrite; 10% Sphalerite and 10% Quartz

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Figure 113: Mineralised waste dump specimen visually estimated to consist of 90% siderite and 10% cryolite.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

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Figure 124: Mineralised waste dump specimen visually estimate to consist of 70% Purple Fluorite; 25% Green Fluorite; and 5% Cryolite.

Discussion

During 2022 grab sample G21011 from the Ivigtût prospect returned 430ppm Li2O. Identification of the unique mineral Cryolithionite, which has only been recognised at Ivigtût, is encouraging for further exploration of the lithium potential of the project. Cryolithionite (Li3Na3Al2F12) is a globally rare lithiumbearing fluoride mineral first described from Ivigtût (refer to ASX Release dated 23 March 2022).

Cryolithionite at Ivigtût is known to occur as crystals up to 19cm-long in massive cryolite and siderite/cryolite, cryolite veins, and fluorite/cryolite breccia. Anomalous lithium concentrations at Ivigtût are known to be associated with cryolithionite, jarlite, muscovite, biotite and zinnwaldite.

CORPORATE

Annual General Meeting

The Company’s Annual General Meeting will be held on Wednesday, 8 November 2023. Further details in respect of the Annual General Meeting are provided in the Notice of Meeting dispatched to Shareholders.

On 2 October 2023 the Company advised that Dr Oliver Kreuzer has resigned as Non-Executive Director of Eclipse Metals effective 30 September 2023

Convertible Loan Agreement

Subsequent to the quarter on 26 October 2023 the Company advised it had entered into convertible loan agreement with Oz Yellow Uranium Ltd ( Oz Yellow ) for A$300,000 ( Convertible Note ). The Company will use the proceeds from the convertible note for working capital purposes.

Key components of the Convertible Note financing are as follows:

• A$300,000 committed financing in the form of a Convertible Note that may be drawn down at Eclipse’s request.

• No interest is payable and no security is granted.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

• In the event Oz Yellow completes the Heads of Agreement (refer ASX announcement 4 April 2022) prior to the repayment date then the aggregate amount outstanding owed will be repaid to the Oz Yellow in full by way of deduction of such amount from any completion payments ( Automatic Repayment Event ).

• The repayment date is 31 December 2023 or such later date as agreed between the parties ( Repayment Date ).

• The Convertible Note is convertible into EPM shares utilising the Company’s existing capacity under Listing Rule 7.1, in the following circumstances:

• Eclipse may at any time prior to the Repayment Date notify the Oz Yellow in writing of its intention to convert the whole or part of any outstanding monies into fully paid ordinary shares in EPM ( Conversion Notice ).

• If Eclipse provides a Conversion Notice under this clause, the relevant quantum of outstanding monies will convert at a conversion price equal to the higher of A$0.008 and a 20% discount to the volume-weighted average price of EPM Shares on the ASX for the 60 trading days on which trades for EPM Shares were recorded immediately prior to the date the EPM provides the Conversion Notice.

If the Automatic Repayment Event does not occur prior to the Repayment Date and outstanding monies remain as at the Repayment Date, such outstanding monies will automatically convert into EPM Shares at a conversion price equal to the higher of A$0.008 and a 20% discount to the volume-weighted average price of EPM Shares on the ASX for the 60 trading days on which trades for EPM Shares were recorded immediately before the Repayment Date.

Institutional Investment

Subsequent to the quarter on 30 October 2023 Eclipse announced an institutional investment by Pioneer Resource Partners, LLC (the Investor ). Proceeds from the investment will be used to fund exploration and the Company’s general working capital requirements.

The investment is comprised of up to two tranches, with each investment being made by the Investor by way of a prepayment for ordinary shares in the Company ( Shares ) to be issued by the Company ( Placement Shares ). The initial investment will raise $800,000 for $872,000 worth of Placement Shares and is expected to be received in the next week. Additionally, a second investment raising up to $1,500,000 for Placement Shares worth an equivalent amount may occur only by mutual consent of the Investor and the Company.

The Company will have the right (but no obligation) to opt to repay the subscription amount by making a payment to the Investor equal to the market value of the shares that would have otherwise been issued, instead of issuing shares to the Investor. If the Company does not exercise that right, the Company will issue Placement Shares when requested by the Investor, within 24 months of the date of the related prepayment. The number of shares so issued by the Company will be determined by applying the Purchase Price (as set out below) to the subscription amount, but subject to the Floor Price (as set out below).

The Purchase Price of the Subscription Shares will be equal to $0.03 initially, representing a premium of approximately 200% to the closing price of the Company’s shares on 26 October 2023. Subject to the Floor Price described below, after the initial month, the Purchase Price will reset to the average of the five daily volume-weighted average prices selected by the Investor during the 20 consecutive trading days immediately prior to the date of the Investor’s notice to issue shares, less a 10% discount, rounded down to the nearest 1/10th of a cent if the share price is at or below 20 cents, or whole cent otherwise. The Purchase Price will, nevertheless, be the subject to the Floor Price of $0.01. If the Purchase Price formula would result in a price that is less than the Floor Price, the Company may forego issuing shares and instead opt to repay the applicable subscription amount in cash (with a 12% annual premium), subject to the Investor’s right to receive Placement Shares at the Floor Price in lieu of such cash repayment. For the benefit of the Company, the Purchase Price will not be the subject of a cap.

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ECLIPSE METALS LTD (ASX:EPM)

Quarterly Report to 30 September 2023

The Company will make an initial issuance of 6,800,000 Placement Shares to the Investor pursuant to ASX Listing Rule 7.1 at the time of the funding of the initial investment, towards the ultimate number of Placement Shares to be issued. Alternatively, in lieu of applying these shares towards the aggregate number of the Placement Shares to be issued by the Company, the Investor may make a further payment

to the Company equal to the value of these shares determined using the Purchase Price at the time of the payment. The Company has agreed to issue 8,944,445 Shares to the Investor in satisfaction of a fee under the Company’s ASX Listing Rule 7.1 capacity.

ASX Additional Information

1. ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure during the quarter was $283,000. Full details of exploration activity during the quarter are set out in this report.

2. ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter.

3. ASX Listing Rule 5.3.5: Payment to related parties of the Company and their associates during the quarter: $14,000 cash. The Company advises that this relates to non-executive, executive directors’ fees and consulting fees only. Please see the Remuneration Report in the Annual Report for further details on Directors’ Remuneration.

For further information please contact:

Carl Popal Executive Chairman

Aiden Bradley Investor Relations aiden@nwrcommunications.com.au

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Competent Persons Statement

The information in this report that relates to Exploration Results and Exploration Targets together with any related assessments and interpretations is based on information compiled by Mr. Rodney Dale, a Non-Executive director of Eclipse Metals Limited. Mr. Dale is a Fellow of the Australasian Institute of Mining and Metallurgy ( FAusIMM) 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. Mr. Dale has verified the data disclosed in this release and consents to the inclusion in this release of the matters based on the information in the form and context in which it appears.

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ECLIPSE METALS LTD (ASX:EPM) ADDENDUM - ECLIPSE METALS TENEMENT INTERESTS ASX -Listing Rule 5.3.3.

Quarterly Report to 30 September 2023

Mining tenements held at the end of the quarter and their locations listed below. There were no changes in the Company’s tenement interests during the quarter.

Granted Tenements

Tenement MEL2007-45 EL 24808 EL 32080 EPM 17672 EPM 17938 EL27584	Project Name	Commodity	Status	State	Holder	%	Graticular Blocks
	Ivittuut Project	Cryolite & Rare Earths	Granted	Green land	Eclipse Metals Limited Greenland	100	50km2
	Cusack's bore	Uranium	Granted	NT	Eclipse Metals Ltd	100	27
	North Ngalia	Uranium	Granted	NT	Eclipse Metals Ltd	100	63
	Mary Valley	Manganese	Granted	Qld	Walla Mines Pty Ltd1	100	7
	Amamoor	Manganese	Granted	Qld	Walla Mines Pty Ltd1	100	4
	Devil’s Elbow	Uranium, Gold, Palladium	Granted	NT	North Minerals Pty Ltd ³	100	30

Tenement Applications

Tenement	Project Name	Commodity	Status	State	Holder	%	Graticular
							Blocks
ELA 24623	Eclipse	Cu, Uranium	Application	NT	Eclipse Metals Ltd	100	305
ELA 24861	Lake Mackay	Uranium	Application	NT	Eclipse Metals Ltd	100	50
ELA 26487	Yuendi	Cu, Uranium	Application	NT	Whitvista Pty Ltd2	100	320
ELA 31065	Liverpool 1	Uranium	Application	NT	Eclipse Metals Ltd	100	68
ELA 31499	Ngalia 1	Uranium	Application	NT	Eclipse Metals Ltd	100	249
ELA 31500	Ngalia 2	Uranium	Application	NT	Eclipse Metals Ltd	100	250
ELA 31501	Ngalia 3	Uranium	Application	NT	Eclipse Metals Ltd	100	250
ELA 31502	Ngalia 4	Uranium	Application	NT	Eclipse Metals Ltd	100	226
ELA 31770	Liverpool 2	Uranium	Application	NT	Eclipse Metals Ltd	100	50
ELA 31771	Liverpool 3	Uranium	Application	NT	Eclipse Metals Ltd	100	240
ELA 31772	Liverpool 4	Uranium	Application	NT	Eclipse Metals Ltd	100	51
ELA 32077	Central Ngalia	Uranium	Application	NT	Eclipse Metals Ltd	100	195
ELA 32078	Central Ngalia	Uranium	Application	NT	Eclipse Metals Ltd	100	248
ELA 32079	Central Ngalia	Uranium	Application	NT	Eclipse Metals Ltd	100	248

1 Walla Mines Pty Ltd is a subsidiary of Eclipse Metals Ltd

2 Whistvista Pty Ltd is a subsidiary of Eclipse Metals Ltd

3 North Minerals Pty Ltd is a subsidiary of Eclipse Metals Ltd

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

ECLIPSE METALS LIMITED

ABN 85 142 366 541

Quarter ended (“current quarter”)

30 Sept 2023

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) BAS 1.9 Net cash from / (used in) operating activities	- (68) - - - (114) - 2 - - - 20	- (68) - - - (114) - 2 - - - 20
	(160)	(160)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation * (e) investments (f) other non-current assets	- - - (215) - -	- - - (215) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 1

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Cash acquired on acquisition 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(215)	(215)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	879 (160) (215) -	879 (160) (215) -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(2)	(2)
	502	502

• Prior quarter amounts have been re-positioned for consistency with current quarter disclosures.

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	502 - - -	879 - - -
	502	879
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 14 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		14
		-
Payments of Directors fees $14K (excl. GST)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (160) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (215) Total relevant outgoings (item 8.1 + item 8.2) (375) Cash and cash equivalents at quarter end (item 4.6) 502 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 502 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.3 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(160) (215) (375) 502 -
		502
	Answer: Yes
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Yes – Funding arrangements has been made – An agreement for funding of a total of $2.3m has been entered into (Refer to ASX announcement on the 30thOctober 2023).

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Yes

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 October 2023

Authorised by: the Board.

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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