EMPIRE RESOURCES LIMITED — AGM Information 2020

Nov 3, 2020

Empire Resources Limited Focussed on Building Value

2020 Annual General Meeting Presentation

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4 November 2020

ASX:ERL

Disclaimer

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This presentation is for information purposes only.

This presentation has been prepared by Empire Resources Limited (“Empire” or the “Company”) and contains general background information about Empire’s activities as at the date of this presentation (“Information”). It is Information in a summary form only and does not contain all the Information necessary to fully evaluate any investment.

While the Information in this presentation has been prepared with due care, Empire:

• (i) disclaims all responsibility for the contents of this presentation to the fullest extent permitted by law, and

• (ii) is not to be held liable for any statement in, or omission from, this presentation.

Each recipient of this presentation must check the accuracy or otherwise of the materials contained in this presentation.

Forward looking statements in this presentation may involve known and unknown risks, uncertainty, or may be subject to factors outside the control of Empire that may cause the actual results, performance or achievements of Empire to differ materially from those expressed or implied by those statements. Further information on Empire can be obtained from www.resourcesempire.com.au.

This presentation is not a prospectus or a product disclosure statement under the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investment Commission (“ASIC”). This presentation is neither an offer nor an invitation to subscribe for securities in Empire or representation that any securities issue will take place. Any such offer or invitation will only be made (if at all) by a disclosure document under the Corporations Act or by another document to exempt investors not requiring disclosure under the Corporations Act.

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2020 Highlights

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• Recommencement of direct exploration in November 2019

• ➢ 10,808m of drilling completed at Penny’s & Yuinmery

• ➢ Multiple soils, DHEM & technical review programs completed

• ➢ Aircore drilling at Yuinmery in progress

• Demonstrated exploration success

• ➢ Broad Cu-Ni-PGM in drilling at new prospect YT01 (Yuinmery)

• ➢ Widespread supergene gold at new prospect PF09 (Penny’s)

• Stronger balance sheet

• ➢ NPAT of $422,038 to 30 June 2020 (2019: $1.3M loss)

• ➢ Strongly supported $1.3M capital raise in August 2020

• ➢ 6.71%[1] holding in NTM Gold (ASX:NTM) valued at $4.45M ($0.097/sh)[2]

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1 Refer to ASX:ERL release “ Empire Makes Investment in NTM Gold Limited ” 11 July 2019

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2 ASX:NTM share price @ market close 3 November 2020

Investor Dashboard

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Capital Structure (at 3 November	Capital Structure (at 3 November	2020)
Share Price	$	0.012
FPO Shares Outstanding	m	908.75
Cash & Tradables (Unaudited)	$m	5.75
Debt & Other Liabilities*	$m	1.60
Market Capitalisation	$m	10.90

*Includes $1.5M unsecured loan refer ASX:ERL announcement 11 July 2019

Shareholder Distribution

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31%
ERL Board
Other
69%
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Share Price Performance

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Board & Management

Dr Michael Ruane Non-Executive Chairman Sean Richardson Managing Director Jeremy Atkinson Non-Executive Director

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NTM Investment

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• Strategic investment in NTM Gold (ASX:NTM)

• ➢ $1.5M investment @ $0.0325/share (July 2019)

• ➢ $4.45M valuation @ $0.097/share (3 November 2020)

• ➢ 45.89m FPO shares = 6.71% of issued capital

• Investment catalysts

• ➢ High grade Hub Resource

• ➢ Continued exploration success

• ➢ Toll treatment potential

• ➢ Consolidation opportunities

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Maiden HUB Resource
ERL invests $1.5M
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1 Refer to ASX:ERL release “ Empire Makes Investment in NTM Gold Limited ” 11 July 2019

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Empire Project Locations

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• +220km[2] of tenements

• Yuinmery (Cu-Au, Cu-Ni & PGM)

• ➢ 370km NE of Perth

• ➢ 7km to Youanmi Mine Site

• Penny’s (Au)

• ➢ 45km NE of Kalgoorlie

• ➢ 26km to Kanowna Gold Mine

• Barloweerie (Zn-Pb-Ag-Au)

• ➢ 112km[2]

• ➢ 150km West of Cue

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Yuinmery

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• Polymetallic VMS and orogenic gold styles of mineralisation

• Multiple deposits, multiple prospects, multiple targets

• ➢ 2 deposits – 1 JORC Resource

• ➢ 26 prospects – 6 untested below 75m

• ➢ 18 targets – 13 untested by drilling

• Recent exploration results includes broad Cu-Ni-PGM[1]

• ➢ 20m @ 0.39% Cu, 0.11% Ni , 0.02% Co, 0.21g/t Pd & 0.07g/t Pt fr. 88m, including

• ➢ 12m @ 0.34g/t Pd, 0.11g/t Pt , 0.38% Cu, 0.11% Ni & 0.02% Co fr. 151m

• +100,000m (2,074 holes) of historical drilling

• ➢ Only 23% (487 holes) below 50m vertical and 11% (235 holes) below 75m

• ➢ Anomalism in shallow drilling across multiple targets & prospects

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1 Refer to ASX:ERL release “ Encouraging Ci-Ni-PGM Mineralisation in Drilling at Yuinmery ” 23 July 2020

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Yuinmery

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Yuinmery

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Yuinmery – YT01

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• Identified late 2019

• RC drilling early 2020

• ➢ 44m @ 0.44% Cu, 0.09g/t Au

• ➢ 44m @ 0.47% Cu, 0.07g/t Au

PGM Mineralisation June 2020[1]

• 20m @ 0.39% Cu & 0.11% Ni

• ➢ inc. 12m @ 0.34g/t Pd, 0.11g/t Pt

• Follow up soils and AC drilling underway

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1 Refer to ASX:ERL release “ Encouraging Ci-Ni-PGM Mineralisation in Drilling at Yuinmery ” 23 July 2020

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Yuinmery – Smith Well

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• Broad sulphide mineralisation

• ➢ 10m matrix (>55%) pyrrhotite, pyrite & chalcopyrite fr 107m

• Strong DHEM responses

• Extension results pending

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Drillholes & Modelled Plates on Airborne VTEM Late-Time CH34 (7.828ms)

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Yuinmery – Smith Well

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Penny’s Gold Project

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• 23.9km[2] tenement package 45km from Kalgoorlie

• Proximal to Penny’s Find Gold Mine (ASX:ONX)

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• ➢ 248,000 tonnes @ 7.04g/t Au for 56,000oz

• Multiple targets, limited drill testing

• ➢ Targeting structurally controlled and supergene gold

• ➢ 5 drill ready targets – 3 untested below the oxide interface

• Recent exploration success at PF09 prospect

• ➢ 250m wide supergene gold mineralisation

• ➢ 12m @ 0.8g/t Au (PAC20-02) and 22m @ 0.45g/t Au (PAC20-17)

• +15,500m (293 holes) of historical drilling

• ➢ Only 9% of drilling (26 holes) below 75m vertical

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1 Refer to ASX:ONX release “ Acquisition of High-Grade Penny’s Find Mine ” 4 March 2019

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Penny’s Gold Project

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• Priority drill targets

• ➢ PF09

Broad supergene mineralisation Open in all directions

• ➢ PF04

• Parallel structures interpreted from RAB and RC drilling

• ➢ PF10

• 4m @ 0.60g/t & 4m @ 0.82g/t Au (PFRAB07-100)

• ➢ PF08

• 1m @ 0.81g/t Au (PAC19-33) end of hole mineralisation

• ➢ PF02

• 8m @ 0.26g/t Au (PAC19-11) end of hole mineralisation

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Penny’s Gold Project

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Penny’s Gold Project – PF09

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• Widespread mineralisation

• Recent aircore results

• ➢ 12m @ 0.8g/t Au, inc 4m @ 1.8g/t Au[1]

• Open in all directions

• Follow up drilling planned

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1 Refer to ASX:ERL release “ Widespread Gold Mineralisation in Aircore Drilling at Penny’s ” 12 October 2020

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Penny’s Gold Project – PF04

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Barloweerie

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• 112km[2] tenement 150km west of Cue

• VMS style mineralisation

• ➢ Multiple historical Zn-Pb-Ag-Au targets

• Historical shallow RAB drilling at Sandford prospects

• ➢ 5m @ 4.8% Zn, 1.6% Pb & 55g/t Ag from 38m

• ➢ 20m @ 69.5g/t Ag from 127m (12m true thickness)

• Historical surface rock chipping returned:

• ➢ Gold to 57.0g/t

• ➢ Copper to 2.4%

• Limited modern exploration on Sandford prospects

• Independent geological review pending

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Barloweerie

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• Sanford 1

• ➢ 5m @ 4.8% Zn, 1.6% Pb & 55g/t Ag

• ➢ 21m @ 82.5g/t Ag, including:

  • ➢ 5m @ 1.2% Pb,

  • ➢ 10m @ 0.7% Zn and 1m @ 1.8% Zn

• ➢ 9m @ 2.1% Zn & 77.0g/t Ag

• Sanford 2

• ➢ 2m @ 3.6g/t Au, 62.0g/t Ag, 1.5% Zn & 1.5% Pb

• ➢ 0.3m @ 12.1g/t Au & 100.0g/t Ag

• ➢ 57.0g/t Au & 64.0g/t Ag rock chip

• Sanford 3

• ➢ 2.4% Cu & 13.0g/t Ag rock chip

• Sanford North

• ➢ 16.7g/t Au rock chip

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Source: Open file WAMEX open file report a021129

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Summary

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• Excellent package of highly prospective exploration projects

• ➢ Multi-commodity: Au, Cu-Au, Cu-Ni-Co, PGM’s & Zn-Pb-Ag-Au

• ➢ Greenfields through to advanced exploration with existing JORC Resource

• Demonstrated efficient and effective exploration

• ➢ Systematic approach to exploration and evaluation

• ➢ Prudent and cost efficient exploration activities

• ➢ Improved asset understanding over 12 months

• Experienced team

• ➢ History of corporate success

• ➢ Strong commercial and technical skill sets

• Non-dilutive revenue sources nearing maturity

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Contact Information

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159 Stirling Highway Nedlands, WA 6009

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PO Box 1104 Nedlands, WA 6909

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P: +61 (0)8 9386 4699 F: +61 (0)8 9386 9473 sean.richardson@resourcesempire.com.au www.resourcesempire.com.au

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ASX:ERL

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Appendix I

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Just Desserts Copper-Gold Resource April 2016

JORC Resource to depth of 170m at 0.5% Cu lower cut off

Weathering	Indicated	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Inferred	Total	Total	Total	Total
	Tonnes	Cu%	Au g/t	Ag g/t	Tonnes	Cu%	Au g/t	Ag g/t	Tonnes	Cu%	Au g/t	Ag g/t
Partial Fresh	97,000 1.05 0.30 0.98 65,000 1.43 0.18 2.21 163,000 1.20 0.25 1.47 1,174,000 1.33 0.67 1.31 1,183,000 1.30 0.34 2.25 2,357,000 1.31 0.51 1.78
Total	1,271,000	1.31	0.64	1.28	1,249,000	1.31	0.33	2.25	2,520,000	1.31	0.49	1.76

JORC Resource to de th of 170m at 1.0% Cu lower cut off p

Weathering	Indicated	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Inferred	Total	Total	Total	Total
	Tonnes	Cu%	Au g/t	Ag g/t	Tonnes	Cu%	Au g/t	Ag g/t	Tonnes	Cu%	Au g/t	Ag g/t
Partial Fresh	47,000 1.37 0.37 1.09 31,000 2.14 0.22 2.20 78,000 1.68 0.31 1.53 752,000 1.65 0.84 1.54 435,000 2.31 0.49 2.81 1,187,000 1.89 0.71 2.01
Total	799,000	1.63	0.82	1.51	467,000	2.30	0.47	2.76	1,266,000	1.88	0.69	1.97

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1 Refer to ASX:ERL release “ Updated copper-gold Resource Yuinmery Project ” 17 May 2016

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Appendix II

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Competent Person Statements

The information is this presentation concerning the Mineral Resources for the Just Desserts/Trajan Deposit have been estimated by Mr Peter Ball BSc who is a director of DataGeo Geological Consultants and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Ball has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and qualifies 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 Ball consents to the inclusion in this public release of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to Yuinmery Exploration Results is based on information compiled and/or reviewed by Mr Shane Tomlinson, who is a Member of the Australian Institute of Geoscientists. Mr Tomlinson is an independent geological consultant and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking 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 Tomlinson consents to the inclusion in the report of the matters based on this information in the form and context in which they appear.

The information in this presentation that relates to Penny’s Exploration Results is based on information compiled and/or reviewed by Mr Gerald Johnson, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Johnson is an independent geological consultant and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking 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 Johnson consents to the inclusion in the report of the matters based on this information in the form and context in which they appear.

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