RAPTOR METALS LTD — Capital/Financing Update 2021

Dec 14, 2021

Exploration Update

Key Highlights

Browns Reef

• Drilling expected to commence in mid-January
• Drilling permits in place
• Drilling contractor secured
• Meetings with landholders undertaken
• Land access agreements underway

Barrow Creek

• Lithium reconnaissance expected to commence late-January
• Drilling contractor secured for Home of Bullion resource extension drilling
• Land access and compensation agreement executed
• Native Title Agreement (NTA) assigned to Eastern Metals
• Drilling permitting and approvals under the NTA in process

Employees

• Senior Exploration Geologist appointed

Eastern Metals Limited (ASX: EMS, 'Eastern Metals' or 'the Company') is pleased to announce that it anticipates commencement of in-field exploration activities in mid-January. This program will involve initial step-out drilling from known ore grade and ore width intercepts from previous drilling at Browns Reef. An initial lithium reconnaissance program will be undertaken at Barrow Creek. This will be followed by a systematic sampling program along with a resource expansion drilling program at the Home of Bullion, upon receipt of all requisite regulatory permits and approvals under the NTA (Native Title Act).

Managing Director and CEO, Wayne Rossiter said,

"With the relaxation of COVID travel restrictions in in New South Wales in early November, the EMS team immediately travelled to Browns Reef to inspect drilling locations and met landholders. Recent flooding in the Central West of New South Wales along with delays in harvesting have caused drilling to be pushed back to the new year.

In the Northern Territory COVID travel restrictions are expected to be relaxed on 20 December. EMS expects to commence initial reconnaissance work at Barrow Creek, in the new year as soon as seasonal weather conditions allow. Lithium sampling and drilling at Home of Bullion is scheduled for late February subject to permitting and receipt of NTA approvals.

We are obviously frustrated with COVID and flood related delays, however we look forward to starting field work soon."

Browns Reef

Browns Reef lies 5 kilometres to the west of Lake Cargelligo, approximately 470 kilometres west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping.

As soon as regional travel restrictions were lifted in early November, the EMS team travelled to Browns Reef to meet with key landholders and inspect proposed drilling locations. Drilling permits were obtained shortly thereafter.

The initial drill program at Browns Reef consists of up to six pre-collared diamond drill holes for 1,920m to follow-up high grade Zn-Ag-Pb intercepts within the existing Exploration Target area. This program is expected to commence with four initial pre-collared diamond drill holes.

Late commencement of harvesting and flooding in the Central West of New South Wales have impacted the progression of securing land access. Following further meetings with landholders last week EMS anticipates obtaining access to the initial four holes in the near future, after cropping is finalised in coming weeks.

The drilling program will be undertaken by DDH1 who are familiar with the site, having previously drilled at Browns Reef for Kidman Resources. The proposed rig will complete its current job in early January and will then be moved to Browns Reef.

Barrow Creek

The Arunta Project area is situated to the east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek. New South Wales residents have been prevented from entering the Northern Territory. The Northern Territory Government has announced that COVID travel restrictions will be relaxed on 20 December. As summer temperatures in the region often exceed mid 40 degree Celsius, Eastern Metals has imposed strict travel protocols particularly for remote activities.

A reconnaissance visit is planned for late-January to plan the lithium traversing program (ASX: EMS 16/11/2021) and to undertake initial preparatory works for the Home of Bullion resource expansion drilling. Eastern Metals has identified a number of consulting geologists, located outside of New South Wales, who are suitable to assist with this work and are available in the New Year. Our preference is for our own team to be on the ground. This program will commence when both COVID travel restrictions are relaxed, and seasonal conditions allow.

The existing Native Title Agreement with the Central Land Council has been assigned to Eastern Metals. In addition to obtaining government permitting, approvals required under the NTA will be required prior to commencement of both the lithium sampling program and drilling activities at Home of Bullion. A Land Access and Compensation Agreement has been executed with the pastoral station owners. The drilling program will be undertaken by DDH1 who are familiar with the site, having previously drilled at Home of Bullion for Kidman Resources.

Senior Exploration Geologist

The Eastern Metals team has been bolstered with the appointment of Samantha Murray as our Senior Exploration Geologist. Sam has extensive experience as both an exploration and mine geologist and also holds qualifications in environmental biology and is completing a masters in agriculture.

Eastern Metals' Portfolio

Eastern Metals is an Australian base and precious metals exploration company which owns three Projects in the Northern Territory and New South Wales. Each of these Projects consists of from one to three granted exploration licences.

Eastern Metals' flagship assets, acquired from Kidman Resources (now owned by Wesfarmers), are the Home of Bullion deposit at Barrow Creek, part of the Arunta Project, which hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold (2.8% CuEquiv), and the Browns Reef zinc-silver-lead- deposit, part of the Cobar Project, which has an Exploration Target of 27 to 37 million tonnes averaging between 1.3-1.4% zinc, 0.6- 0.7% lead, 9-10g/t silver and 0.2-0.3% copper. Both projects are classified as Advanced Exploration Projects under the Valmin Code.

Location of Eastern Metals' Project Portfolio

Portfolio Snapshot

Arunta Project:

• The Arunta Project area is situated to the east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek
• Hosts a total Identified Mineral Resource at the Home of Bullion mine of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold with excellent potential to expand the resource
• High grade copper and nickel intersected in drilling at Prospect D
• Prospective for lithium within the Barrow Creek pegmatite field

Cobar Project:

• Browns Reef is a polymetallic deposit developed in the Preston Formation, a sedimentary sequence of Devonian age
• An Exploration Target of 27 to 37 million tonnes averaging between 1.3-1.4% zinc, 0.6- 0.7% lead, 9-10g/t silver and 0.2-0.3% copper has been reported from past work at Browns Reef
• High grade intersections have been identified within the Exploration Target envelope, and it is these higher-grade zones that will be the focus of the Company's initial drilling activities
• Potential to host one or more polymetallic deposits within the 16km of strike of the mineralised syncline system

Thomson Project:

• Eastern Metals' third project, the Thomson Project, consists of two exploration licences, ELs 9194 Harrier and 9190 Falcon, approximately 250 kilometres northwest of Cobar
• The Company's targets within the Thomson Project tenements are copper-gold and lead-zincsilver deposits similar to the Great Cobar and CSA copper-gold mines, and the Endeavor lead zinc mine

Authorisation for this Announcement

This announcement has been authorised for release by the Company's Disclosure Officers in accordance with its Disclosure and Communications Policy which is available on the Company's website, www.easternmetals.com.au .

Previously Reported Information

The information in this report that references previously reported Exploration Results, Mineral Resources or Ore Reserves is extracted from the Company's Prospectus released on 18 August 2021 (ASX: EMS 22/10/2021). The Prospectus is available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements..

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company's planned activities, including mining and exploration programs, and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward looking statements. Although Eastern Metals believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person Statement

The information in this Presentation that relates to Exploration Results, Mineral Resources or Ore Reserves (as those terms are used and defined in the JORC Code), except where otherwise noted, is based on information compiled by Mr Gary Jones who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Jones is a full-time employee of Geonz Associates, Consultant Geologists, a former director of Eastern Metals, and Principal Consultant – Geology to the Company. Mr Jones has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Jones consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Contacts

For more information or to arrange an interview, please contact:

Wayne Rossiter Managing Director & CEO waynerossiter@easternmetals.com.au Victoria Humphries Media & Investor Relations victoria@nwrcommunications.com.au