EMPIRE RESOURCES LIMITED — AGM Information 2020

Nov 3, 2020

ASX Release

4 November 2020

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CHAIRMAN’S ADDRESS – 2020 ANNUAL GENERAL MEETING

Ladies and Gentlemen,

2020 has been a year of growth for Empire Resources.

When I addressed the shareholders at last year’s Annual General Meeting, I reported that Empire had turned the corner on a difficult and challenging period in its history. The Company had rationalised its cost base, identified investment opportunities and successfully capitalised the business.

Today I am pleased to say that since then we have steadily grown the business by adding value through organic exploration activities and via our strengthening investment portfolio.

Direct exploration of Empire projects recommenced in November 2019 with a 3,000m aircore drilling program at the Yuinmery Copper-Gold Project[1] . In the last 12 months, Empire has completed 7,461m of aircore drilling, 3,257m of RC drilling, collected 253 soils auger samples and captured 756m of downhole electromagnetic data. As I speak to you today, an aircore rig is drilling at the highly prospective YT01 prospect at Yuinmery where Empire this year discovered anomalous PGM’s associated with the copper mineralisation in RC drilling[3] .

Aircore drilling at the Penny’s Gold Project near Kalgoorlie has identified a number of high priority gold targets[2] . Of particular note is the highly anomalous PF09 prospect where recent drilling returned mineralisation in consecutive holes, expanding the footprint of this prospect from 150m to 250m wide[5] .

Empire looks forward to continued exploration success as the Company sustains its aggressive exploration across our excellent portfolio of exploration assets.

The Company’s balance sheet has strengthened considerably over the last 12 months. The Annual Report to 30 June 2020 reports an after tax profit of $422,038 for the year compared to a $1.3M loss in 2019[6] . This profit is due to the Company’s sensible cash management and prudent investment activities.

Our investment portfolio currently consists of our 6.73% holding in fellow explorer, NTM Gold (ASX:NTM). Our initial $1.5M investment in July 2019 is today worth approximately $4.45M @ $0.097/share. NTM offers a rarely seen opportunity for an emerging gold company and we look forward to sharing in its success.

The Company also raised $1.3M in a strongly supported placement to sophisticated and professional investors in August this year[6] . The funds have allowed the Company to continue exploration on our Yuinmery and Penny’s projects.

Orminex has advised the Market that it has steadily progressed project optimisation, geotechnical design, project permitting and approvals at the Penny’s Find Gold Mine[7] . Empire retains a 5% gold royalty for the first 50,000 ounces and trailing 2.5% gold royalty over the

159 Stirling Highway Tel: +61 (0)8 9386 4699 Nedlands WA 6009 Fax: +61 (0)8 9386 9473

Empire Resources Limited ACN 092 471 513 ASX:ERL

www.resourcesempire.com.au info@resourcesempire.com.au

ASX Announcement 4 November 2020

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Penny’s Find Gold Mine. We look forward to the royalty revenue when Orminex commences operations.

Our claim against Maximus Resources Ltd for gold not delivered from milling of Penny’s Find ore at the Burbanks Mill continues through Arbitration and we look forward to a resolution of the matter in the near future.

In conclusion I wish to thank our Staff, Directors, Contractors and Shareholders for their support over the past twelve months.

We look forward to an exciting year ahead with excellent gold and base metal prices in place and an opportunity to establish new momentum for Empire Resources.

Michael Ruane

Chairman

This announcement is authorised for release by:

Sean Richardson Managing Director

For further information on the Company Phone: +61 8 9386 4699 www.resourcesempire.com.au

About Empire

Empire Resources Limited (ASX:ERL) is a gold and copper focussed exploration and development company. Empire owns 100% of two highly prospective projects. The Yuinmery Copper-Gold Project 470km North East of Perth in the base metal rich Youanmi greenstone belt and the Penny’s Gold Project 45km North East of Kalgoorlie in the prolific Eastern Goldfields Region of Western Australia. Empire’s projects host numerous exploration targets with excellent potential.

Empire has an experienced team of exploration, development and financial professionals who are committed to developing a sustainable and profitable mineral business. Empire seeks to extract value from direct exploration in its existing projects as well as identifying value accretive investment opportunities that complement the Company’s development objectives.

Additional JORC Information

Further details relating to the information in this release can be found in the following ASX announcements:

1. ASX:ERL “ Exploration and Corporate Update ” 12 November 2019

2. ASX:ERL “ Strong Anomalism in Reconnaissance Drilling ” 24 January 2020

3. ASX:ERL “ Encouraging Cu-Ni-PGM Mineralisation in Drilling at Yuinmery ” 23 July 2020

4. ASX:ERL “ Placement Completed to Raise A$1.3M ” 5 August 2020

5. ASX:ERL “ Widespread Gold Mineralisation in Aircore Drilling at Pennys ” 12 October 2020

6. ASX:ERL “ Annual Report to shareholders ” 18 September 2020

7. ASX:ONX “ 30 September 2020 Quarterly Activities Report ” 30 October 2020

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