ENTERPRISE METALS LIMITED — Capital/Financing Update 2021

May 17, 2021

ACN 123 567 073

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18 May 2021

REMINDER - EXPIRY OF UNLISTED OPTIONS

Dear Option Holder

Enterprise Metals Limited (‘ Enterprise or the ‘ Company’ ) (ASX: ENT) reminds holders of ENTAI Unlisted Options with a $0.015 exercise price and 30/06/2021 expiry date, that these will expire at 5:00pm (WST) on Wednesday, 30 June 2021.

You may exercise some or all of your option holding by completing the attached personalised exercise form and transferring funds to the Company by no later than 30 June 2021.

If your exercise form and payment is not received by 5:00pm (WST) on 30 June 2021, your options will lapse and all rights under the option will cease.

During the past 12 months, the Company’s shares have traded between $0.01 and $0.031.

As at 17 May 2021 the Company’s shares closed at $0.024 compared to the exercise price of the Options at $0.015.

For and on behalf of the Board

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Dr Allan Trench

Chairman

If Option holders are in doubt as to what they should do, they should seek advice from their stock broker, investment adviser, accountant, solicitor or other professional adviser.

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Suite 5, 44 Kings Park Road, West Perth, Western Australia 6005. PO Box 1014, West Perth 6872 Tel: 08 6381 0392 Email: admin@enterprisemetals.com.au www.enterprisemetals.com.au

Enterprise Metals Limited | ACN 123 567 073

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SRN/HIN: Security Code: ENTOPT1 Expiry Date: 30/06/2021 Exercise Price: $0.015

NOTICE OF EXERCISE OF OPTIONS

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