ENTERPRISE METALS LIMITED — Capital/Financing Update 2012

Sep 25, 2012

ENTERPRISE METALS LIMITED

ASX ANNOUNCEMENT 26 September 2012

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DRILLING COMMENCES AT VULCAN PROSPECT, DOOLGUNNA

• 260 hole aircore drilling program (10,000m) underway

• Drilling targeting areas with visible gold in trench and rocks

• Gold/copper and multi-element soil anomalies to be tested

SUMMARY

Enterprise Metals Limited (“Enterprise” or “the Company”, ASX: “ENT” ) is pleased to announce the commencement of aircore drilling at its Vulcan Prospect, located 130km northeast of Meekatharra in WA, and some 13km southwest of Sandfire Resources NL’s DeGrussa deposit.

A 260 hole program (10,000m), with drillholes at a nominal 100 - 200m x 100m spacing, has commenced to follow up encouraging drill and geochemical results recently identified by the Company (ENT:ASX announcements 23 August & 17 September 2012). More specifically the drilling will target:

• Visible gold identified in gossan within the excavated trench,

• A 1,500m long copper/gold soil anomaly,

• Highly anomalous rockchip sample (810g/t Au, 0.1% Cu, 18.3g/t Ag, 1.0% Bi, 132ppm Mo),

• A multi-element (Au-Ag-As-Pb-Zn-Mo-Sb-Cd, VMS* style association) soil anomaly, and

• Anomalous gold and copper results from the recent aircore program.

The drilling has the ultimate aim of defining secondary/oxide gold-copper mineralisation within the weathered profile, thus allowing the focussing of deeper RC drilling.

Vulcan Prospect History

The Vulcan Prospect was originally identified when visible gold associated with gossan was discovered in a shallow pit and later confirmed in a larger excavated trench. Soil sampling in the surrounding area has since defined a 1,500m long copper/gold anomaly, along with a rockchip containing visible gold (810g/t Au).

Figure 1 overleaf shows the location of the copper/gold soil anomalism, current aircore drillhole locations, and the 810g/t Au rockchip.

*VMS: Volcanogenic massive sulphide

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ENTERPRISE METALS LIMITED

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Figure 1: Vulcan Soil and Rockchip Locations with Gold and Copper Anomalies

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Dermot Ryan Managing Director

Contact:

Telephone: 08 9436 9200 Facsimile: 08 9436 9299 Email: admin@enterprisemetals.com.au

Competent Persons statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Derek Waterfield, who is an employee of the Company. Mr Waterfield is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Waterfield consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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