EMPIRE RESOURCES LIMITED — Investor Presentation 2021

May 9, 2021

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Focussed on Building Value

Investor Presentation

10 May 2021

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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Disclaimer

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.

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Highlights

Excellent package of exploration assets

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Yuinmery Project (Au, Cu-Au & Cu-Ni-Co) – Advanced VMS/gold exploration asset 7km from Youanmi Penny’s Gold Project – Brownfields gold 45km from Kalgoorlie

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Barloweerie (Zn-Pb-Ag-Cu-Au) – Exciting Greenfields exploration 150km west of Cue Strong financial position with a significant investment portfolio

$4.6M investment in Dacian Gold (ASX:DCN)

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5.0% NSR over Penny’s Find Gold Mine

$1.3M in cash at 7 May 2021 (unaudited)

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Building enterprise value

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Efficient exploration spend to improve asset value Sensible financial management to develop a strong balance sheet

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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Investor Dashboard

[(at 7 May 2021)] Capital Structure

Capital Structure (at 7 M	ay 2021)
Share Price	$	0.013
FPO Shares Outstanding	m	908.75
Cash(Unaudited)	$m	1.33
Listed Investments	$m	4.60
Debt & Other Liabilities*	$m	1.60
Market Capitalisation	$m	11.81

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

Shareholder Distribution

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33%
ERL Board
Other
67%
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Board & Management

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

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ASX:ERL Share Price Performance
2.0
1.5
1.0
0.5
May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21
50
25
0
Close (cps)
Vol (m)
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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Investments – Dacian Gold

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Strategic investment in Dacian Gold (ASX:DCN)

Initial $1.5M investment in NTM Gold in July 2019

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NTM merger with DCN netted ~17M DCN shares Current holding ~13.5M DCN shares

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ASX:DCN Share Price Performance
60
55
50 DCN-NTM Merger
Announcement
45
40
35
30
May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21
50
25
0
Close (cps)
Vol (m)
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$4.6M valuation @ $0.34/share (7 May 2021) Investment catalysts

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Improved operational metrics, reduced ASIC Strengthening balance sheet

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Production from high grade Hub Resource Aggressive exploration to expand Resource base Continuing corporate and M&A activity

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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Investments – Penny’s Gold Mine Royalty

5% Net Smelter Royalty for first 50,000oz, 2.5% thereafter[1] Plus $400,000 in remaining staged milestone payments High grade gold mine 50km northeast of Kalgoorlie[2] Open pit production – 138,272t @ 4.47g/t Au for 18,356oz Au Underground Resource – 248,000t @ 7.04g/t Au for 56,000oz Au Near term underground production potential[3] Rapidly advancing project – fully permitted Resource definition and extension drilling completed April 2021 Updated Mineral Resource estimate due June Quarter 2021 Development decision in the September Quarter 2021 Toll milling agreement executed for H2 2021

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

2 Refer to ASX:ERL “ Quarterly Report for the Period Ending 30 June 2018 ” 31 July 2018 3 Refer to ASX:HRZ “ Excellent Initial High Grade Drilling Results from Penny’s Find Joint Venture ” 14 April 2021

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Empire Projects

+220km[2] of granted tenements

Yuinmery (Au, Cu-Au, Cu-Ni & PGM’s)

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370km NE of Perth

7km to Youanmi Mine Site Penny’s Gold Project (Au)

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45km NE of Kalgoorlie 26km to Kanowna Gold Mine

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Barloweerie (Zn-Pb-Ag-Au)

112km[2]

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150km west of Cue

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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Yuinmery Project

Polymetallic VMS base metals and orogenic gold mineralisation

Multiple deposits, prospects and targets

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2 deposits – 1 JORC Copper Resource

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26 prospects – 6 untested below 75m

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18 targets – 11 untested by drilling

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

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Only 11% of drilling below 75m Anomalism in shallow drilling across multiple targets

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Ongoing exploration

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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Yuinmery – Base Metals

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Refer to ASX:ERL “ Widespread Cu,Au,Ni Mineralisation in AC Drilling - Yuinmery ” 15 February 2021

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Yuinmery – A Zone

1.3km along strike from Just Desserts

Previous intersections include[1]

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12m @ 2.05% Cu fr. 138m (YRC18-01) 19m @ 1.9% Cu fr. 160m (YRC11-16) 7m @ 3.2% Cu fr. 192m (YRC11-26) 10m @ 1.8% Cu fr. 222m (YRC11-39) 8m @ 2.4% Cu Fr. 275m (YRC11-41D)

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Limited exploration since 2011 Open in all directions RC and diamond planning underway

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1 Refer to ASX:ERL “ Further High Grade Copper Intersected at A Zone Prospect ” 8 June 2018

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Yuinmery – YT01

Target identified late 2019 Geochemical signature over 3.5km First pass AC drilling late 2019 RC drilling commenced early 2020

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44m @ 0.44% Cu fr. 40m (YRC20-02) 44m @ 0.47% Cu Au fr. 88m (YRC20-14)

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PGM mineralisation discovery[1]

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20m @ 0.39% Cu & 0.11% Ni fr. 143m inc 12m @ 0.34g/t Pd, 0.11g/t Pt

Diamond drilling planned RC pre-collar drilled January 2021

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

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Penny’s Gold Project

23.9km[2] tenements 45km from Kalgoorlie Proximal to Penny’s Find Gold Mine (ASX:ONX)

1 248,000 tonnes @ 7.04g/t Au for 56,000oz

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Multiple targets, limited drill testing

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Targeting structurally controlled and supergene gold

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

+15,500m of historical drilling

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Only 9% of drilling below 75m

Ongoing exploration

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

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Penny’s Gold Project – PF09

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Widespread supergene mineralisation Bedrock quartz, pyrite & arsenopyrite Recent RC drilling results[1]

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1m @ 7.27g/t Au fr. 153m (PRC20-03)

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8m @ 1.02g/t Au fr. 60m (PRC20-05)

Open in all directions

1 Refer to ASX:ERL “ Encouraging Gold Intercepts at Penny’s ” 29 March 2021

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Penny’s Gold Project – PF04

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Dominant surficial arsenic plume Structurally controlled mineralisation Historical drilling ended in mineralisation and/or failed to reach design depth Recent RC drilling results[1]

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4m @ 3.1g/t Au fr. 36m (PRC20-07)

Open in all directions

1 Refer to ASX:ERL “ Encouraging Gold Intercepts at Penny’s ” 29 March 2021

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Barloweerie

150km west of Cue 112km[2] granted

433km[2] under application Base metals and gold mineralisation Multiple walk-up Zn-Pb-Ag-Cu-Au targets Strong mineralisation in historical 1980’s drilling

5m @ 4.8% Zn fr. 38m (SDH34) 1m @ 3.9% Pb fr. 15m (SDH19) 5m @ 100.0g/t Ag fr. 28m (SDH31) 2m @ 0.58% Cu fr. 19m (SDP8) Limited modern exploration since 1987

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Source: Open file WAMEX open file report a021129

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Barloweerie – B1 Prospect

Outcropping mineralisation over 2km strike Granite-mafic intrusive/extrusive contact offset by NNE faulting

Historical logging identifies mineralisation associated with intense silicification and sulphide minerals including chalcopyrite, sphalerite, galena, pyrrhotite and pyrite Mineralisation open along strike and at depth Site visit in 2021 confirmed geological setting and access Land access and approvals progressing

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Source: Open file WAMEX open file report a021129

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Summary

Excellent package of highly prospective exploration projects

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Multi-commodity: Au, Cu-Au, Cu-Ni-Co, PGM’s & Zn-Pb-Ag-Cu-Au Greenfields through to advanced exploration with existing JORC Copper Resource Reactivated exploration, continuous news flow

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Strong financial position

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Non-dilutive revenue sources nearing maturity

Demonstrated efficient and effective exploration Systematic approach to exploration and evaluation Prudent and cost efficient exploration activities

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Continually developing understanding of geological conditions

Experienced team

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History of corporate success

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Strong commercial and technical skill sets

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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159 Stirling Highway Nedlands, WA 6009

PO Box 1104 Nedlands, WA 6909

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P: +61 (0)8 6389 1032

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sean.richardson@resourcesempire.com.au www.resourcesempire.com.au

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ASX:ERL

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EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Appendix I – Just Desserts Copper-Gold Resource April 2016

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

Weathering	Indicated	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Inferred	Total	Total	Total	Total
	Tonnes	Cu%	Aug/t	Ag g/t	Tonnes	Cu%	Aug/t	Ag g/t	Tonnes	Cu%	Aug/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%	Aug/t	Ag g/t	Tonnes	Cu%	Aug/t	Ag g/t	Tonnes	Cu%	Aug/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

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

EMPIRE RESOURCES LIMITED ASX: ERL www.resourcesempire.com.au

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Appendix II – Competent Person Statements

The information in this presentation that relates to Exploration Results is based on information compiled and/or reviewed by Melanie Sutterby, who is a Member of the Australian Institute of Geoscientists. Miss Sutterby is an employee of Empire Resources and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity she 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”. Miss Sutterby consents to the inclusion in this presentation of the matters based on this information in the form and context in which they appear.

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.

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