ECLIPSE METALS LIMITED. — Investor Presentation 2020

Aug 26, 2020

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27[th] August 2020

The Company Announcement Platform ASX Limited Exchange Centre 20 Bridge Road SYDNEY NSW 2000

FIRST RECONNAISSANCE TRIP TO DEVILS ELBOW PROSPECT

The Directors of Eclipse Metals Limited ( Eclipse Metals or the Company ) (ASX: EPM) are pleased to provide this update regarding a recent reconnaissance site visit with collaboration from Traditional Owners to the central part of the Devil’s Elbow prospect. This visit was successful in confirming the general geological setting and its highly radioactive nature. The main prospect area and areas of broad radiometric anomalies to the south-west were examined for logistic assessment.

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Radiometric and geological examination during reconnaissance visit .

At Devil’s Elbow surface total count/second (CPS) scintillometer readings were very high confirming historical results from exploration activities by Cameco and Uranerz. The reconnaissance trip confirmed that the main U-Au-Pd mineralised zone is hosted within the altered Nungalgarri Volcanic unit. Minor hematite and chloirite alteration were observed within areas of high radioactive response. The highest count measured was 2,200 CPS with other high values included 950, 750, 650 and 400 CPS against background readings of 130 CPS within the Devil’s Elbow Prospect area.

The primary objective of this site visit was to hold consultations with the Traditional Owners of the district for extension of the tenemented area. These negotiations were successful in obtaining approval for the Company to negotiate with the Northern Land Council on their behalf. The Company will now progress its applications for ELA’s 31065 and 31770.

Eclipse Metals Ltd is an Australian exploration company focused on exploring the Northern Territory and Queensland for multi commodity mineralisation. The company has an impressive portfolio of assets prospective for gold, manganese, base metals and uranium mineralisation. The Company’s mission is to increase Shareholder wealth through capital growth and ultimately, dividends. Eclipse plans to achieve this goal by exploring for and developing viable mineral deposits to generate mining or joint venture income.

BOARD Carl Popal Executive Chairman Rodney Dale Non-Executive Director Ibrar Idress Non-Executive Director

Pedro Kastellorizos Non-Executive Director

COMPANY SECRETARY Eryn Kestel

OFFICE ADDRESS Level 3, 1060 Hay Street West Perth WA 6005 Phone: + 61 8 9480 0420 Fax: + 61 8 9321 0320

AUSTRALIAN BUSINESS NUMBER 85 142 366 541

SHARE REGISTRY

Automic Group Level 2 267 St Georges Terrace Perth WA 6000

ASX CODE EPM

WEBSITE www.eclipsemetals.com.au

A further site visit is being planned to investigate and develop logistical requirements in more detail to facilitate ground access for drilling equipment and camp during the dry season.

The Devil’s Elbow prospect lies within a group of four tenements with a total area of 1,463 sq km known as West Arnhem Project within the larger Liverpool Project area. Major uranium explorers such Rio Tinto, Cameco Australia, DevEx and Alligator Energy Ltd are a few companies which hold significant exploration ground within the world class Alligator Rivers Uranium Field.

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ECLIPSE METALS LIMITED August 2020

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BACKGROUND

The project lies approximately 285km east of Darwin with uranium mineralisation hosted within the world-class Alligator Rivers Uranium Field which includes the Ranger, Nabarlek and Jabiluka Uranium Mines. The project area is centred approximately 85 km east of Jabiru Township. The company is evaluating alterative access routes to the project site through Myra Camp to the Devil’s Elbow project area through the re-establishment of preexisting tracks.

Large uranium deposits in the Alligator Rivers Uranium Field account for 96% of past production and 95% of known resources in the Northern Territory. The tenements are situated approximately 41km southeast of the worked-out Nabarlek Uranium Mine which produced 12,000 tonnes of uranium oxide from 568,402t of ore with a grade of 1.95% U3O8 ( refer to ASX Announcement 30 July 2020 - Landmark Decision with Traditional Landowners)

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Radiometric and geological examination during reconnaissance visit.

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www.eclipsemetals.com.au

ECLIPSE METALS LIMITED August 2020

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Figure 1: Devil’s Elbow Local Geological Map highlighting the area of reconnaissance

Refer to ASX Announcement 9[th] February 2015 - Results from Data Review Devil’s Elbow Uranium Prospect

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www.eclipsemetals.com.au

ECLIPSE METALS LIMITED August 2020

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This Announcement has been approved by the Board of Directors for release.

Carl Popal Executive Chairman

For further information, please contact:

Carl Popal Rodney Dale Executive Chairman Non-Executive Director T: +61 8 9480 0420 T: +61 8 9480 0420

Competent Persons Statement

The information in this report that relates to Exploration Results together with any related assessments and interpretations is based on information compiled by Mr. Petro Kastellorizos for Mr. Rodney Dale, both being Non-Executive Directors of Eclipse Metals Limited. Mr. Dale is a Fellow of the Australasian Institute of Mining and Metallurgy (the AusIMM) and Mr Kastellorizos is a Member of the AusIMM; both of whom have 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 and Mr. Kastellorizos have verified the data disclosed in this release and consent 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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www.eclipsemetals.com.au

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	Criteria	JORC Code explanation	Commentary
Sampling		• Nature and quality of sampling (eg cut channels, random chips, or	•Reconnaissance	radiometric	readings	using	Scintrex	BGS4
techniques		specific specialised industry standard measurement tools appropriate	Scintillometer
		to the minerals under investigation, such as down hole gamma sondes,
		or handheld XRF instruments, etc). 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 circulation, open-hole hammer, rotary air	•Not applicable as	no drilling was	undertaken
techniques		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	sample	• Method of recording and assessing core and chip sample recoveries	•Not applicable as	no drilling was	undertaken
recovery		and results assessed.
		• 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 been geologically and	•Not applicable as	no drilling was	undertaken
		geotechnically 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. _

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Criteria	JORC Code explanation	Commentary	Commentary
	• _The total length and percentage of the relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•Not	applicable as no drilling was undertaken
techniques	taken.
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and
preparation	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 appropriateness of the assaying and	•Scintillometer readings of in-situ rock formations
assay data	laboratory procedures used and whether the technique is considered
and	partial or total.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•	Scintrex BGS4 Scintillometer
tests	the parameters used in determining the analysis including instrument
	make and model, reading times, calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels	•	Instrument checked using standard provided
	_of accuracy (ie lack of bias) and precision have been established. _
Verification of	• The verification of significant intersections by either independent or	•Not	applicable as no drilling was undertaken
sampling and	alternative company personnel.
assaying	• The use of twinned holes.
	• 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 to locate drill holes (collar and	•Locations derived from GPS UTM readings in GDA94 geographic grid
data points	down-hole surveys), trenches, mine workings and other locations	system.
	used in Mineral Resource estimation.	•Scintillometer readings centred on a 200m radius around UTM
	• Specification of the grid system used.	0342,000mE and 8,605,730mN
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•Reconnaissance only; no regular grids or pre-determined points; no
and	• Whether the data spacing and distribution is sufficient to establish the	samples collected
distribution	degree of geological and grade continuity appropriate for the Mineral

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Criteria	JORC Code explanation	Commentary
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•Not applicable as no drilling was undertaken
data in	possible structures and the extent to which this is known, considering
relation to	the deposit type.
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•Not applicable as no drilling was undertaken
security
Audits or	• The results of any audits or reviews of sampling techniques and data.	•Not applicable as no drilling was undertaken.
reviews

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, location and ownership including	•EL27584, Northern Territory, granted with approval of Traditional
tenement and	agreements or material issues with third parties such as joint	Owners and Northern Land Council to North Minerals Pty Ltd, a
land tenure	ventures, partnerships, overriding royalties, native title interests,	wholly owned subsidiary of Eclipse Metals Ltd
status	historical sites, 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 exploration by other parties.	•Exploration by Uranerz and Cameco previously included in several
done by other		comprehensive reports to ASX, being used as base for next programs
parties
Geology	• Deposit type, geological setting and style of mineralisation.	•Nungbalgarri Volcanic’s Member of the Cahill formation
Drill hole	• A summary of all information material to the understanding of the	•Not applicable as no drilling was undertaken
Information	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, weighting averaging techniques,	•Not applicable as no drilling was undertaken
aggregation	maximum and/or minimum grade truncations (eg cutting of high
methods	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 important in the reporting of	•Not applicable as no drilling was undertaken
between	Exploration Results.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole
widths and	angle is known, its nature should be reported.
intercept lengths	• 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 (with scales) and tabulations of	•Not applicable as no drilling was undertaken
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•Purely first pass reconnaissance examination to determine access
reporting	practicable, representative reporting of both low and high grades	and general geology
	and/or widths should be practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be reported	•Scintillometer readings confirm general geological setting described
substantive	including (but not limited to): geological observations; geophysical	by previous workers
exploration	survey results; geochemical survey results; bulk samples – size and
data	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 further work (eg tests for lateral	•Next stages of exploration require logistic evaluation to determine what

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Criteria	JORC Code explanation	Commentary
	extensions or depth extensions or large-scale step-out drilling).	methods and equipment will be required to conduct comprehensive
	• Diagrams clearly highlighting the areas of possible extensions,	field-work
	including the main geological interpretations and future drilling areas,
	_provided this information is not commercially sensitive. _

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