ECLIPSE METALS LIMITED. — Investor Presentation 2021

Jun 21, 2021

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C O M P A N Y P R E S E N T A T I O N – J U N E 2 0 2 1

D I S C L A I M E R

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices reserves or potential growth of Eclipse Metals Ltd, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. This communication includes certain statements that may be deemed "forward looking statements" and information. Actual results and developments may differ materially from those expressed or implied by these forwardlooking statements depending on a variety of factors.

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

The information in this presentation is based on publicly available information, internally developed data and other sources.

No independent verification of those sources has been undertaken and where any opinion is expressed in this document it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency, or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, costs and expenses of whatever nature arising in any way

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out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it.

The Company is at an early development and exploration stage and although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and/or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness.

The information in this presentation that relates to Exploration Results and Exploration Targets is based on information compiled and reviewed by Mr. Rodney Dale, Non-Executive Director of Eclipse Metals Ltd. Mr. Dale holds a Fellowship Diploma in Geology from RMIT, 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 consents to the inclusion in this presentation of the matters based on information in the form and context in which it appears. Additionally, Mr Dale 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.

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I N V E S T M E N T H I G H L I G H T S

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NEAR-TERM STRONG MULTIPRODUCER CASHFLOW COMMODITY POTENTIAL PORTFOLIO

Targeting Mining Licence for Ivittuut, Projects Greenland (cryolite, hosting high fluorite, quartz; value and in bulk mining permit demand for Mary Valley commodities Project, Qld at Ivittuut (manganese) in CY2021.

Projects hosting industrial minerals, REE (Greenland), base metals, manganese and uranium (Australia)

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MINING FRIENDLY JURISDICTIONS

Key projects in Greenland & Australia; well-established mining and infrastructure in place

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CREATING SHAREHOLDER VALUE

EXPERIENCED BOARD & MANAGEMENT

Delivering growth through near-term production and successful exploration and development

With a track record in mineral exploration and discovery

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C O R P O R AT E S U M M A R Y

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Eclipse Metals – 12 Month Share Price Performance
120 $0.030
ASX Code​ EPM​ 100 $0.025
Shares on issue ~1,914m 80 $0.020
60 $0.015
Current Share Price
A$0.022
(as at 18 June 2021)
40 $0.010
Market Capitalisation ~$42.1m
20 $0.005
Cash
​$2m
(as at 31 March 2021)
0 $0.000
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
Volume Close
Millions
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B O A R D & M A N A G E M E N T

Carl Popal Executive Chairman

Rodney Dale Non-Executive Director

Carl Popal (B. Bus) has more than 20 years’ entrepreneurial experience covering diverse range of commodities trading, corporate management, minerals exploration, asset management and construction to name some. Previously, Mr Popal was Chief Executive Director of ASX-listed company Paynes Find Gold Ltd. He is the Managing Director of Ghan Resources Pty Ltd and Popal Enterprises Pty Ltd. Since 2001, Mr Popal has managed several entities conducting international trading. He has more than 12 years’ experience in property development and has managed various commercial dealings within a network of companies in various countries around the world including India, China and Malaysia.

Rodney Dale has been an independent geological consultant since 1970, with three periods as a director of ASX listed companies. He holds a Fellowship Diploma in Geology from the Royal Melbourne Institute of Technology (FRMIT) and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). His experience covers more than 60 years, working in many parts of Australia, Indonesia, Africa and South America on gold, tin, wolfram, base metals and industrial mineral exploration and mining, including trial mining and export of high-grade quartz. He has worked in and managed small gold mines in Western Australia. Mr Dale has been involved with assessment of iron ore projects in Australia, South America, India, China and Africa.

Ibrar Idrees Non-Executive Director

Ibrar Idrees has a Bachelor of Commerce (majoring in Accounting and Finance) from Deakin University and has more than 10 years professional and corporate experience gained in a diverse range of industries in Australian and South Asia. Mr Idrees, a practicing accountant, has worked in a variety of business development and financial positions in small and large companies.

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Matthew Foy Company Secretary

Matthew Foy is an experienced company secretary and active member of the Governance Institute Australia (GIA). He has 14 years' experience facilitating the listing and compliance of ASX companies and possesses core competencies in publicly listed company secretarial, operational and governance disciplines.

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IVITTUUT PROJECT, GREENLAND

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N E A R - T E R M C R Y O L I T E , F L U O R I T E , Q U A R T Z , Z I N C & I R O N P R O D U C T I O N W I T H R E E P O T E N T I A L

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Ivittuut’s development opportunities:

1. Industrial minerals in existing Ivittuut pit:

• Cryolite

• Fluorite

• High Silica Grade Quartz

• Zinc and Iron

2. REE mineralisation identified:

• In and surrounding Ivittuut pit

• At nearby Grønnedal-Ika prospect. REE is increasing in demand due to new technology uses (electric vehicles, electronics)

3. Carbonatite deposit at GrØnnedal-Ika:

• Carbonate rock used to neutralise acid mine and process water produced by miners

• Associated with REE

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4. Ivittuut mine process tailings and remnant stockpiles - short-term cashflow potential

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N E W L I F E F O R H I S T O R I C C R Y O L I T E M I N E

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• Ivittuut was the world’s largest and only cryolite mine

• Cryolite is a rare mineral used in aluminium production

• Ivittuut produced 3.8 million tonnes of cryolite during 120-year mining history, ceasing in 1987 (Bondam, J, 1991)

• Eclipse has identified high-grade cryolite-fluorite zones within and beneath Ivittuut pit using 3D modelling

• Fluorite zone at Ivittuut is known to contain rare earth element (REE) mineralisation

• Exploration Targets for cryolite, fluorite, iron, zinc and quartz defined for the Ivittuut Open Pit

• Potential to process tailings and remnant stockpiles to extract cryolite, fluorite and REE – short-term cashflow opportunities

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• Tailings & mined remnants to be assessed to determine volume and content of Cryolite and Fluorite as a possible resource

(J Bondham, Open file Series 91/4, May 1991)

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E X P L O R AT I O N P O T E N T I A L AT G R Ø N N E D A L - I K A

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• Grønnedal-lka carbonatite 10km from the Ivittuut mine, contains a source of carbonate rock and rare earth elements (REE)

• Carbonate rock is suitable for neutralising acid mine and process water – needed for Greenland’s mining industry

• Eclipse could ship carbonate rock from existing Grønnedal port

• Carbonatite is associated with REE mineralisation – Grønnedal-Ika is a prime REE target in Greenland

• Greenland hosts up to a quarter of the world’s rare earth minerals*

• Grønnedal-lka carbonatite complex has potential for at least two types of deposits:

• REE mineralisation occurs throughout the complex, especially in the late-stage veins where it occurs in various strontium enriched, REE bearing mineralisation.

• Carbonatite body is 2km by 1km and can offer potentially large tonnages of carbonate rock.

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• https://www.npr.org/2019/11/24/781598549/greenland-is-not-for-sale-but-it-has-the-rare-earth-minerals-america-wants

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H I G H - G R A D E Q U A R T Z O P P O R T U N I T Y A S D E M A N D G R O W S

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• EPM has demonstrated high silica grade quartz mineralisation at Ivittuut below the historic open pit.

HIGH PURITY QUARTZ (HPQ) MARKET VALUE SHARE (%), 2020

• High silica grade quartz and high grade quartz sand is essential for production of photovoltaic (PV) products, in high-end electronics and semiconductors

• End uses include silicon, quartz glass, optical fibre, solar cells and integrated circuit boards

• High-grade is characterised by high grades of silica (SiO2 ) and low metal contaminants. Suitable for production of HPQ (high purity quartz).

• HPQ market is expected to grow at a CAGR of 6.9% from $671.62M in 2019 to $1.23Bn by 2027

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• China has increasing demand for high-grade quartz , but is largely dependent on imports

KEY DRIVER: Growing Demand for Semiconductor ICs, Particularly Due to Rising Penetration of Internet of Things (IoT), Fueling Demand for HPQ

Source: Persistence Market Research Note: Market shares not depicted as per actual scale, only for illustration purposes.

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I V I T T U U T E X P L O R AT I O N T A R G E T S P O T E N T I A L E C O N O M I C R E S O U R C E S

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Range	Range	Mineral Zone Domain	Mineral Zone Domain	Mineral Zone Domain	Mineral Zone Domain	Cut Off (%)	Cut Off (%)	Tonnage (t)	Tonnage (t)	Grade (%)
Exploration Target - Lower		Cryolite in Domain 1				0		870,300		16.0
Exploration Target - Upper		Cryolite in Domain 1				0		916,200		17.7
Exploration Target - Lower		Cryolite in Domain 1				10		680,900		18.4
Exploration Target - Upper		Cryolite in Domain 1				10		716,800		20.4
Exploration Target - Lower		Cryolite in Domain 1				20		268,400		25.8
Exploration Target - Upper		Cryolite in Domain 1				20		282,500		28.6
Exploration Target - Lower		Fluorite in Domain 1				10		163,300		18.3
Exploration Target - Upper		Fluorite in Domain 1				10		171,900		20.3
Exploration Target - Lower		Fluorite in Domain 1				20		55,900		39.6
Exploration Target - Upper		Fluorite in Domain 1				20		58,800		43.8
Exploration Target - Lower		Fe in Domain 2				0		924,200		27.5
Exploration Target - Upper		Fe in Domain 2				0		966,900		30.3
Exploration Target - Lower		Zn in Domain 2				0		63,600		1.5
Exploration Target - Upper		Zn in Domain 2				0		66,600		1.7
Range	Mineral Zone		Domain No.	Cut Off %	Quartz Tonnage (t)		Quartz Grade Lower %		Quartz Grade Upper %
Exploration Target - Lower	Quartz		3	0	5,700,000		90.0		95.0
Exploration Target - Upper	Quartz		3	0	5,940,000		90.0		95.0

The potential quantity and grade of the Exploration Targets are 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 drilling data and geological modelling.

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LIVERPOOL URANIUM PROJECT, NORTHERN TERRITORY HIGH GRADE URANIUM-VANADIUM-PALADIUM-GOLD PROSPECTS

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D E V I L' S E L B O W / L I V E R P O O L P R O J E C T

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• EL27584 is prospective for uranium, vanadium, gold and palladium

• Potential to grow project area with additional EL applications ELA31065, ELA's31770 to 31772.

• Exploration potential along Ranger Fault – radiometric anomalies east and south-east of Devil's Elbow

• Devil's Elbow prospects have strong similarities to Jabiluka uranium/gold mine, 75km west of Devil's Elbow

• Eclipse focus on Devil's Elbow, Terrace and Ferricrete uranium prospects

• Eclipse has identified 17 drill target zones through analysis of geophysical data

• Negotiations underway with Traditional Owners for an exploration agreement

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NGALIA BASIN PROSPECTS, NORTHERN TERRITORY

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N G A L I A B A S I N U R A N I U M / V A N A D I U M P R O S P E C T S

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• Ngalia Basin area is 300km west-northwest of Alice Springs

• Prospective for sandstone paleochannel-style uranium and vanadium mineralisation

• Ngalia Basin hosts uranium/vanadium deposits including:

• Bigrlyi Deposit (7.5Mt @ 0.13% U3O8 and 0.12% V2O5)*

• Capper Deposit (22Mt @ 0.015% U3O8)*

• Napperby Project (9.54Mt @ 0.038% U3O8)*

• Ngalia Basin margins also prospective for base metal

mineralisation

• Eclipse is negotiating with Traditional Owners for access to land for further exploration

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• JORC 2012 compliant resource, source Mindat.org

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R O C K H I L L C O P P E R P R O S P E C T

• Review of historic drill data from Rock Hill has defined broad high-grade copper-silver mineralisation

• Historic results include (refer ASX release 20/4/21): ▪ 3.0m @ 1,420g/t Ag from 6.1m and

• 11.6m @ 0.43% Cu from 58.2m

• Including 0.3m @ 4.6% Cu and 10g/t Ag

• including 0.3m @ 10.20% Cu, 27 g/t Ag

• Potential mineralised corridor extends for >10km

• Limited drill testing completed to date – 10.2km of strike remains to be explored

• Eclipse planning airborne EM survey and RC drilling program over strongly mineralised zones

• Infill diamond drilling to follow dependent on results

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M A R Y V A L L E Y – M A N G A N E S E P O T E N T I A L

• EPM holds 35km[2] of manganese exploration terrain in Qld's Mary Valley district, southwest of Gympie

• Mary Valley hosts historic mines including Amamoor No.1, which produced nearly 20,000t manganese at 51% Mn

• Previous drill results include:

• 2018 drilling: 3.2M @ 59.8% MnO2

• ▪ 2020 shallow drilling: 3.5M @ 24.9% MnO2 from surface

• Geological indications for large low-grade deposit with high grade sections.

• Bulk mining at Mary Valley deposit could produce mill-feed for a beneficiation plant to produce a marketable, high-grade manganese product

• Manganese is in demand for the lithium-ion battery market

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6 - 1 2 M O N T H P L A N N E D N E W S F L O W

Ivittuut, Greenland

Ngalia Basin, NT

Liverpool, NT

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Mary Valley, QLD

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S U M M A R Y

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Potential for	Ivittuut has	Ivittuut is	Exploration	Mining	Experienced	Detailed
near-term	potential for	close to	potential	friendly	Board and	planning for
production	alarge,	infrastructure	across	jurisdictions	Management	exploration
at Ivittuut –	highly	– port, roads,	Australian	– Greenland	withproven	and
processing	profitable	electricity,	projects –	and Australia	track record	development
tailings and	industrial	accommodation	manganese,		of success	for 2021-22
low-grade	mineral/REE		uranium,
stockpiles	operation		vanadium,
for cryolite,			base metals
fluorite and
REE

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Phone +61 8 9480 0420 | Email info@eclipsemetals.com.au www.eclipsemetals.com.au