ECLIPSE METALS LIMITED. — Investor Presentation 2023

Mar 1, 2023

==> picture [182 x 63] intentionally omitted <==

2 March 2023

Investor Presentation

Eclipse Metals Ltd (ASX: EPM ) (FSE: 9EU ) ( Eclipse Metals or the Company ) is pleased to enclose its March investor presentation.

Authorised for release by the Board.

Carl Popal Executive Chairman +61 8 9480 0420

==> picture [19 x 17] intentionally omitted <==

==> picture [17 x 18] intentionally omitted <==

==> picture [16 x 16] intentionally omitted <==

www.eclipsemtals.com.au eclipse metals Eclipse Metals

About Eclipse Metals Ltd (ASX: EPM) (FSE:9EU)

Eclipse Metals Ltd is an Australian exploration company focused on exploring southwestern Greenland, Northern Territory and Queensland for multi commodity mineralisation. Eclipse Metals Ltd has an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz, 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.

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

==> picture [162 x 67] intentionally omitted <==

I N V E S T O R P R E S E N T A T I O N – J A N U A R Y 2 0 2 3

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

==> picture [164 x 67] intentionally omitted <==

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.

2

A B O U T E C L I P S E M E T A L S

==> picture [164 x 67] intentionally omitted <==

Vision Statement:

To sustainably explore, and develop, mineral and metal projects in Tier-1 jurisdictions in Greenland and Australia.

To be a leading supplier of rare earth oxides, quartz minerals and critical raw materials essential for the electrification transition, green economy and renewable energy future.

Who We Are

An Australian publicly listed exploration and development company focused on exploring south-western Greenland, Northern Territory and Queensland for multi-commodity mineralisation. Eclipse Metals Ltd has an impressive portfolio of strategic mineral prospects for cryolite, fluorite, iron, zinc, high-purity quartz, rare earth elements, uranium, manganese, gold, palladium, vanadium and base metals.

With multiple projects at different stages of exploration targeting a range of minerals, Eclipse is well-positioned to advance despite commodity price cycles.

Exploration of the Company tenements is the primary focus for our highly regarded technical team, and Eclipse is alert to opportunities to acquire additional prospective projects which complement existing assets.

Eclipse boasts a Board with experience, talent and integrity, whose interests are well-aligned with those of its shareholders. Individual Board members are shareholders of the Company they manage.

3

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

==> picture [164 x 67] intentionally omitted <==

==> picture [917 x 372] intentionally omitted <==

----- Start of picture text -----

Corporate Snapshot
ASX Code EPM
FSE Code 9EU Eclipse Metals 12-month share price chart
14 $0.06
Shares on issue ~2,028m
Current Share Price A$0.021 12 $0.05
(as at 10 February 2023)
10
Market Capitalisation ~$43.0m $0.04
Cash 8
​$1.3m
(as at 31 Dec 2022) $0.03
6
Board & Management
$0.02
4
Carl Popal Executive Chairman
$0.01
2
Rodney Dale​ Non-Executive Director
0 $0.00
Dr Oliver Kreuzer Non-Executive Director
Ibrar Idrees Non-Executive Director
Volume Close $
Matthew Foy Company Secretary
Millions
----- End of picture text -----

4

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

==> picture [164 x 67] intentionally omitted <==

==> picture [48 x 45] intentionally omitted <==

==> picture [43 x 40] intentionally omitted <==

==> picture [56 x 53] intentionally omitted <==

==> picture [59 x 34] intentionally omitted <==

==> picture [33 x 42] intentionally omitted <==

Focused on Our projects Projects are Building Detailed Experienced exploring for have potential close to relationships planning for Board and multi- for a large, infrastructure with exploration Management commodity highly – port, roads, Governments and with proven mineralisation profitable accommodation and other development track record across our industrial stakeholders across of success project portfolio mineral/REE portfolio in operation 2023

5

W H A T G R E E N L A N D O F F E R S

==> picture [164 x 66] intentionally omitted <==

==> picture [291 x 409] intentionally omitted <==

Near-term production potential at Ivigtût – processing tailings and lowgrade stockpiles for cryolite, fluorite and REE

==> picture [33 x 71] intentionally omitted <==

Ivigtût has potential for a large, highly profitable industrial mineral/REE operation

Ivigtût is close to infrastructure – port, roads, power, accommodation

Attractive mining in Greenland:

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

• Comparatively low sovereign risk for a European territory

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

• Established mining operations and infrastructure:

• Ivigtût – 120-year cryolite mining history

• Greenland Ruby – mining rubies and sapphires

• Greenland Anorthosite Mining – anorthosite project in development

• Exploration companies are investing in Greenland REE

• Knowledge of Greenland’s REE resources in has taken a large leap forward in recent years

==> picture [84 x 41] intentionally omitted <==

• 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

Ivigtût (aka Ivittuut) cryolite mine GREENLAND

==> picture [284 x 440] intentionally omitted <==

THE WORLD’S LARGEST AND ONLY CRYOLITE MINE WITH REE

(RARE EARTH ELEMENTS)

EU Raw Material Commission assessed the criticality of 66 candidate materials in 2020

This included 63 individual materials and 3 material groups:

• heavy rare earth elements,

• light rare earth elements,

• platinum group metals, amounting to 83 materials in total.

Supply risk - reflects the risk of a disruption in the EU supply of the material.

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

==> picture [164 x 67] intentionally omitted <==

MEL2007-45 comprises:

• Historic Ivigtût cryolite mine

• 120-year mining history

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

• Grønnedal 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

==> picture [375 x 381] intentionally omitted <==

8

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

==> picture [164 x 67] intentionally omitted <==

Ivigtût and Grønnedal found to contain:

1. Industrial minerals in existing Ivigtût pit:

• Cryolite

• Fluorite

• High silica-grade quartz (99.9% SiO2)

• Zinc and Iron

2. REE mineralisation:

• In and surrounding Ivigtût pit

• At Grønnedal prospect – confirmed by XRF (Pr and Nd are significantly enriched)

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

• Heavy Rare Earths such as, Nd and Pr and Sm are amongst the worlds most valuable commodities

3. Lithium potential

• Grab samples return up to 430ppm Li2O – in rare mineral Cryolithionite

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

• (165g/t silver, 0.15% copper, 3.83% lead and 0.37% zinc) surface samples

==> picture [452 x 340] intentionally omitted <==

• Laboratory assessment of a historical drill core sample IVT 21 - 11(1) returned 9.86% Zn

Refer to ASX announcement 28[th] November, 2022

9

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

==> picture [164 x 67] intentionally omitted <==

• Grønnedal 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 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.

==> picture [431 x 305] intentionally omitted <==

• The Grønnedal area contains some of the only known source of carbonate minerals in Greenland which could be suitable for neutralising acid mine and process water. Again, this could be readily shipped from available wharf infrastructure at Grønnedal. This is the only locally known source of carbonate rock in Greenland.

10

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

==> picture [164 x 67] intentionally omitted <==

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

• Sampled Ivigtût mine tailings and waste stockpiles

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

• Completed helicopter-assisted reconnaissance program

• Undertaken laboratory assessment of bulk quartz sample

• Commenced discussions with Greenland Govt for Mining Licence application

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

• Progressed plans for pit dewatering at Ivigtût

• Completed maiden drilling and sampling program in November 2022

==> picture [318 x 382] intentionally omitted <==

E N CO U R AG I N G E A R LY R E S U LT S F R O M 2 0 2 2 M A I D E N P R O G R A M

==> picture [164 x 67] intentionally omitted <==

Eclipse maiden drilling and sampling program 2022 included:

• Successful completion of a maiden percussion drilling and trench sampling program across the Ivigtût and Grønnedal targets.

• 40 holes across the project – 31 holes at Grønnedal and 9 at Ivigtût

• Five x 20m trenches at Ivigtût waste dumps on 25m spacing

• 50 tonnes of trench samples were crushed to 30mm and a representative sample of 5 tonnes was shipped to Australia for analysis.

==> picture [483 x 272] intentionally omitted <==

• leveraging the principles of circular economy

10

U N I Q U E R A R E E A R T H M I N E R A L I S AT I O N AT G R Ø N N E DA L - E L E VAT E D R AT I O O F M AG N E T I C R E E .

==> picture [164 x 67] intentionally omitted <==

Initial XRF analysis has returned encouraging results for rare earth elements praseodymium (Pr) and neodymium (Nd), comprising up to 55% of the measured 4REE.

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)

• ii) Mountain Pass* Pr+Nd: 17% of the measured 4REE (La+Ce+Pr+Nd) *

• iii) Reference: Technology Metals Research, TMR (2015)

• iv) Mount Weld CLD* Pr+Nd: 25% of the measured 4REE (La+Ce+Pr+Nd) * Reference: Technology Metals Research, TMR (2015)

==> picture [260 x 370] intentionally omitted <==

First laboratory results are expected in Q2 CY2023

11

G R E E N L A N D ’ S R A R E E A R T H S O P P O R T U N I T Y

• Monopolistic supply conditions: Demand for Magnetic REE is increasing due to new technology uses (electric vehicles, electronics)

• Price control by suppliers far upstream in the supply chain will drive the need for magnetic REE as EV evolves.

• Crucial small quantities of REE, in a large number of hi-tech components, are required for the Green E revolution.

• Magnetic REE such as Nd, Pr, Sm and Dy are among the world’s most valuable commodities.

• REE end uses include; Magnet manufacturers; glass manufacturers; alloys process; space tech; renewable energy resources; motor parts; drones; cars; electronics.

• Grønnedal is known to contain REE, with Pr and Nd significantly enriched in comparison with other globally known deposits.

==> picture [164 x 67] intentionally omitted <==

==> picture [320 x 383] intentionally omitted <==

14

I V I G T Û 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

==> picture [164 x 67] intentionally omitted <==

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.

15

I V I G T Û T 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

==> picture [164 x 67] intentionally omitted <==

• 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 quartz 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

• EPM has demonstrated high-grade quartz mineralisation of >5Mt at Ivigtût with up to 99.9% .

• silica grade

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

==> picture [396 x 233] intentionally omitted <==

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.

16

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 Ivigtût’s mining history, liaising with Sermersooq municipality to assist in restoring Ivigtût’s Mining Museum

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

==> picture [164 x 67] intentionally omitted <==

==> picture [325 x 383] intentionally omitted <==

M A R Y V A L L E Y P R O J E C T , Q U E E N S L A N D – M A N G A N E S E

P O T E N T I A L

==> picture [164 x 67] intentionally omitted <==

• Eclipse holds 34km[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: 59.8% MnO2

• 2020 shallow drilling: 42% MnO2 from surface

• Eclipse defined global exploration target of 500,000 - 1Mt Mn

• 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

==> picture [287 x 366] intentionally omitted <==

18

R O C K H I L L C O P P E R P R O S P E C T , N O R T H E R N T E R R I T O R Y

==> picture [164 x 67] intentionally omitted <==

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

• Historic results include:

• 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

==> picture [451 x 363] intentionally omitted <==

Refer to ASX announcement 20[th] April 2021

19

– 2023 PLANNED NEWS FLOW GREENLAND

==> picture [163 x 67] intentionally omitted <==

• First laboratory results from drill and trench program due Q1 CY23

• Completion of scoping phase of Environmental & Social Impact Assessment, including pit water testing and dewatering strategy

• 2023 Field Sea son

• Resource Drilling Program -

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

• Further study existing drill core samples and combine with laboratory results to establish a Resource upgrade

• PFS Targeted for 2023

• Use GPR alongside the SUCHI Model to for resource modelling*

G re e n l a n d P ro j e c t M i s s i o n S t a t e m e n t

To understand and harness the unique geology of the area and rejuvenate the historical mine site; targeting the project’s poly-metallic and REE mineralisation to supply industrial and critical minerals to global markets.

20

GPR – Ground Penetrating Radar SUCHI – Saturated Unsaturated Simulation for Hill Slope Stability

==> picture [163 x 67] intentionally omitted <==

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