ECLIPSE METALS LIMITED. — Investor Presentation 2022

Jun 13, 2022

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P D A C – G R E E N L A N D D A Y – J U N E 2 0 2 2

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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G R E E N L A N D ’ S M E L 2 0 0 7 - 4 5 – I V I T T U U T & G R Ø N N E D A L - I K A

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MEL2007-45 comprises:

• Historic Ivittuut cryolite mine

• 120-year mining history

• Produced 3.8 million tons of cryolite for use in aluminium production (Bondam, J, 1991)

• Grønnedal-Ika carbonatite complex

• Known to host rare earth elements (REE)

Eclipse identified undiscovered polymetallic potential and acquired licence in January 2021; initial fieldwork program approved in May 2021

• Close to existing infrastructure including:

• Heliport

• Wharf

• Power station

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P O L Y M E T A L L I C P O T E N T I A L : I N D U S T R I A L M I N E R A L S , R A R E E A R T H S & L I T H I U M

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Ivittuut and Grønnedal-Ika found to contain:

1. Industrial minerals in existing Ivittuut pit: ▪ Cryolite

• Fluorite

• High silica-grade quartz (99.9% SiO2) (ASX release 6 April 2022)

• Zinc and Iron

2. REE mineralisation:

• In and surrounding Ivittuut pit

• At Grønnedal prospect

• REE is increasing in demand due to new technology uses (electric vehicles, electronics)

3. Lithium potential

• Grab samples return up to 430ppm Li2O (refer ASX release 23 March 2022)

4. Tailings and dumps stockpiles - short-term cashflow opportunity

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

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• Grønnedal-lka contains a source of carbonatite minerals and rare earth elements

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

• Eclipse could ship carbonate from existing Grønnedal port

• Grønnedal is a prime REE target in Greenland

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

• REE mineralisation occurs through the complex, especially in the late-stage veins where it occurs as various strontium REE carbonate minerals.

• Carbonatite body is 2km by 1km, offering potentially large tonnages of carbonate rock.

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I V I T T U U T E X P L O R A T 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
Exploration Target - Lower	Cy-Fl-Fe-Zn		4+5	0	795,000		60.0		90.0
Exploration Target - Upper	Cy-Fl-Fe-Zn		4+5	0	830,000		60.0		90.0

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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I V I T T U U T ’ S 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

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

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

• High-grade is characterised by high grades of silica (SiO2) and low metal contaminants

• High-grade quartz market is expected to grow at a CAGR of 7.9% from $671.62M in 2019 to $1.23Bn by 2027

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

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

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• EPM has demonstrated high-grade quartz mineralisation of plus 5Mt at Ivittuut with up to .

• 99.9% silica grade

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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W O R K I N G T O U N C O V E R P O T E N T I A L O F M E L 2 0 0 7 - 4 5 T H R O U G H M E T H O D I C A L & S T R A T E G I C E X P L O R A T I O N

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Since acquiring MEL2007-45 in January 2021, Eclipse Metals has :

• Sampled Ivittuut mine tailings and waste stockpiles

• Assessed and commenced sampling 19,000m historical drill core from Ivittuut and Grønnedal

• Completed helicopter-assisted reconnaissance program

• Undertaken laboratory assessment of bulk quartz sample

• Planned for initial drill programme at Grønnedal

• Established dialogue with Greenland Government ministers and department representatives to progress Mining Licence application

• Visited site with drill crew to plan for drill rig mobilisation

• Progressed plans for pit dewatering at Ivittuut

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G R E E N L A N D ’ S P O T E N T I A L F O R M I N I N G D E V E L O P M E N T

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Attractive mining in Greenland:

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

• Comparatively low sovereign risk for a European territory

• Favourable mining regulations and tax structure - 26.5% corporate tax rate[**]

• Established mining operations and infrastructure:

• Ivittuut – 120-year cryolite mining history

• Greenland Ruby – mining rubies and sapphires

• ▪ Greenland Anorthosite Mining – anorthosite project in development

• Other explorers in Greenland include:

• Bluejay Mining plc (AIM: JAY)

• ▪ Tanbreez REE

• ▪ AEX Gold (TSXV: AEX)

• ▪ Major Precious Metals Corp (NEO:SIZE)

• ▪ Ironbark Zinc Limited (ASX:IBG)

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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

** https://taxsummaries.pwc.com/greenland/corporate/taxes-on-corporate-income#:~:text=The%20corporate%20tax%20rate%20is,corporate%20tax%20rate%20is%2026.5%25

P A R T N E R I N G W I T H G R E E N L A N D F O R M U T U A L B E N E F I T S

Eclipse Metals is partnering with leading Greenland contractors:

• Geologists

• Drillers

▪ Transport providers

Eclipse is working to preserve Ivittuut’s mining history, liaising with Sermersooq municipality to assist in restoring Ivittuut’s Mining Museum

Eclipse respects and aims to work with residents of Ivittuut and Grønnedal to develop a project that can benefit all stakeholders

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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

• Awaiting approval for drill program at Grønnedal-Ika

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• Drilling expected to commence July/August 2022

• Academic Collaboration:

St Andrews University and University of Oslo PhD studentship - Ivittuut REE – August 2022

• Environmental Impact Assessment & Social Impact Assessment

• Continue progressing application for a Mining Licence at MEL2007-45

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S U M M A R Y

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Potential for Ivittuut has Building Experienced Detailed Ivittuut is near-term potential for close to relationships Board and planning for production a large, infrastructure with Management exploration at Ivittuut – highly Greenland with proven during 2022 – port, roads, processing profitable accommodation Government track record tailings and industrial and other of success low-grade mineral/REE stakeholders stockpiles operation for cryolite, fluorite and REE

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

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ASX Code​ EPM​ EPM 12-month share price performance
70.00 $0.08
Shares on issue ~1,921m
60.00 $0.07
Current Share Price
A$0.025 $0.06
(as at 06 June 2022) 50.00
$0.05
Market Capitalisation ~$48.0m
40.00
$0.04
Cash
(as at 31 March 2022) ​$1.2m 30.00
$0.03
20.00
Board & Management $0.02
Carl Popal Executive Chairman 10.00 $0.01
0.00 $0.00
Rodney Dale​ Non-Executive Director
Dr Oliver Kreuzer Non-Executive Director
Volume Close $
Ibrar Idrees Non-Executive Director
Matthew Foy Company Secretary
Millions
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Phone +61 8 9480 0420 | Email info@eclipsemetals.com.au www.eclipsemetals.com.au