EMPIRE RESOURCES LIMITED — Capital/Financing Update 2021

Oct 6, 2021

7 October 2021 ASX Release

FIELDWORK COMMENCES AT NANADIE COPPER-GOLD PROJECT

HIGHLIGHTS

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• Detailed geological mapping completed

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• Targeted 1,500-point soil sampling program underway

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• Southern Geoscience Consultants engaged to undertake a review, reprocessing and interpretation of available geophysical data to identify exploration targets

Empire Managing Director, Sean Richardson commented:

“Empire’s Nanadie Copper-Gold Project tenements were granted in the first quarter of 2021. We have wasted no time in consolidating historical data and getting boots on the ground for initial exploration activities.

“Nanadie is an attractive greenfields exploration asset, covering north and south strike extensions of Cyprium Metals’ Nanadie Well Copper Resource. With the right host rocks and known metal occurrences within the system, Nanadie represents an attractive opportunity for Empire to continue to build value through its systematic approach to exploration and investment. We look forward to updating the market as the Nanadie Project develops.”

SUMMARY

Empire Resources (ASX:ERL, Empire) is pleased to announce the commencement of exploration activities on its wholly owned Nanadie Copper-Gold Project in Western Australia.

Empire initiated ground exploration activities soon after the grant of the remaining tenement applications that constitute Empire’s Nanadie Copper-Gold Project. Field work commenced with detailed geological fact mapping completed by experienced geological mapping consultancy, Compass Geological.

The detailed geology mapping, along with compiled available geophysical imagery have contributed to the design of an approximate 1,500-point soil sampling program. Field collection of soil samples has commenced with processing, analysis and results expected during the December quarter.

Southern Geoscience Consultants (SGC) has been engaged to review, reprocess, and interpret all available historical and publicly available geophysical data. SGC has identified a substantial amount of aerial magnetic and ground electromagnetic survey data that overlay several potentially prospective areas of the project.

The detailed mapping, soil sampling results and the reinterpreted geophysical data will be used to identify potential aircore and/or RC drilling targets.

www.resourcesempire.com.au info@resourcesempire.com.au 159 Stirling Highway, Nedlands WA 6009

t +61 (0) 8 6389 1032

EMPIRE RESOURCES LIMITED ACN 092 471 513 ASX: ERL

ASX Announcement 7 October 2021

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BACKGROUND

Empire Resources’ Nanadie Copper-Gold Project is located 625km northeast of Perth and 70km southeast of Meekatharra in the Murchison District of Western Australia. The project comprises two contiguous granted mineral exploration tenements (120.4km[2] ) covering the northernmost section of the Barrambie Greenstone Belt and a third granted tenement (6.9km[2] ) south of Cyprium Metals Limited (ASX:CYM) Nanadie Well Copper Gold Project (Figure 1).

Cyprium’s Nanadie Well Copper Gold Project has a JORC 2004 Inferred Resource of 36.07Mt @ 0.42% Cu & 0.06g/t Au containing 151,506 tonnes of copper and 74,233 oz of gold[[1]] .

The geological sequence hosting the Nanadie Well deposit is interpreted to continue north into Empire’s tenure. A regional shear, informally known as the Nanadie Well Regional Shear traverses the northern tenements from north to south.

REGIONAL GEOLOGY

The Archean Barrambie Greenstone Belt is a narrow north-northwest trending greenstone belt approximately 60km long yet only about 4km across at its widest; it is flanked by granitoids. To the south of the Nanadie tenements mineralisation is associated with a layered mafic complex (Barrambie Igneous Complex) which has intruded into and is substantially conformable with the trend of the enclosing greenstone sequence that comprises metamorphosed mafic and felsic volcanics, meta-sediments and banded iron formation (BIF).

The northern tip of this Igneous Complex reaches to the southern part of Empire’s tenement E51/1938 and hosts Cyprium’s Nanadie Well Copper-Gold deposit. Farther south it hosts Neometals’ Titanium-Vanadium-Iron deposit, as well as a number of historical gold mines both within the Complex and adjoining greenstones.

The margins of the Barrambie Greenstone Belt are marked by two shears that are the northerly extensions of the Youanmi Shear (along the western margin) and Edale Shear (along the eastern margin). These two regional scale structures coalesce in the region occupied by the Empire tenements.

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ASX Announcement 7 October 2021

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Figure 1 – Nanadie Project Location Map

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EMPIRE RESOURCES LIMITED ASX: ERL

ASX Announcement 7 October 2021

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PROJECT GEOLOGY

Empire commissioned Compass Geological to undertake detailed mapping of the Barrambie Greenstone Belt contained within the Nanadie Project tenements with this work completed in September 2021. Exposure in the tenements is poor due to extensive superficial cover comprising mainly sheetwash sands and gravels, colluvium and laterite. Bedrock, where exposed, is typically strongly weathered.

The greenstone sequence in the southern tenement is dominated by dolerites, gabbros and peridotites, interpreted to be part of the Barrambie Igneous Complex. These mafic-ultramafic units are increasingly squeezed between the granites as they are traced northward. The greenstone sequence thins dramatically as it enters Empire tenements north of Cyprium’s Nanadie Well Deposit.

Further north the mafic dominated greenstones become increasingly squeezed between the granites. The greenstone belt in E51/1985 is segmented, with individual greenstone units reaching higher grades of metamorphism and becoming intercalated with granite and pegmatite. Amphibolite gives way to mafic and less commonly ultramafic schist. In the northernmost part of the tenements the greenstone sequence is represented by isolated pods that are identified on magnetic imagery, but which do not outcrop.

Adjacent to this squeezed greenstone sequence, the granites are moderately to strongly foliated with common pegmatites whilst further away the granite is unfoliated or slightly foliated without pegmatites. This indicates that regional strain has partitioned into the relatively ductile greenstones. Typically, the ultramafics are converted to talc chlorite schist and actinolite schist.

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EMPIRE RESOURCES LIMITED ASX: ERL

ASX Announcement 7 October 2021

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SOIL SAMPLING

A soils geochemistry program has commenced at the Nanadie Project. The program consists of collecting approximately 1,500 soil samples from potentially prospective areas identified by geological mapping, available geophysical imagery and historical sampling data.

Soil samples are to be taken approximately 200mm below the surface on east-west traverses with a spacing of 50m between samples. At the completion of field collection, the soil samples will be processed for geochemically anomalous base and precious metals. Results are expected during the December quarter.

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Figure 2 – E51/1938 Soil Sampling, Geology Mapping, and Interpreted Structures

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EMPIRE RESOURCES LIMITED ASX: ERL

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GEOPHYSICS REVIEW

Southern Geoscience Consultants Pty Ltd (SGC) has been engaged to undertake a review and interpretation of all available geophysical data at the Nanadie Project. The work undertaken by SGC will be used in conjunction with the results of the soil sampling campaign to identify potential targets for testing by aircore and/or RC drilling.

SGC has identified four airborne magnetic surveys and several ground electromagnetic surveys that have previously been acquired across Empire’s Nanadie Project area. The airborne magnetic data will be reprocessed by SGC, producing a digitally attributed set of levelled and enhanced magnetic data.

Existing ground electromagnetic surveys will be reviewed by SGC for data quality and potential to identify conductors and conductive responses. Any conductors or anomalies that can be identified will be plate modelled if the quality of data permits, and further data acquisition may be recommended over potentially prospective areas

SGC will also undertake a comprehensive litho-structural interpretation of the aeromagnetic data integrated with the recently completed detailed geological mapping. The litho-structural interpretation will involve:

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• Identifying domains of magnetic and radiometric anomalism Delineation of magnetic and radiometric trends

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• Interpretation and classification of structures, lineaments, faults and folds Delineation and interpretation of lithology and stratigraphic relationships

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It is anticipated that the processing and interpretation will be completed early in 2022.

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EMPIRE RESOURCES LIMITED ASX: ERL

ASX Announcement 7 October 2021

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This announcement is authorised for release by:

Sean Richardson

Managing Director

For further information on the Company Phone: +61 (0)8 6389 1032 www.resourcesempire.com.au

Additional Information

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

1. ASX:CYM “Nanadie Well Copper Project Acquisition” 14 July 2020

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled and/or reviewed by 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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ASX Announcement 7 October 2021

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About Empire

Empire Resources Limited (ASX:ERL) is a gold and copper focussed exploration and development company. Empire owns four highly prospective projects. The Yuinmery CopperGold Project 470km northeast of Perth in the Youanmi Greenstone Belt, the Barloweerie multielement precious and base metal project, the Nanadie Copper-Gold Project southeast of Meekatharra in the Murchison Region and the Penny’s Gold Project 45km northeast of Kalgoorlie in the prolific Eastern Goldfields Region of Western Australia. Empire’s projects have 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.

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Empire Resources Project Locations

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EMPIRE RESOURCES LIMITED ASX: ERL