RAPTOR METALS LTD — Capital/Financing Update 2022

Jul 3, 2022

Field Work Commences at Barrow Creek in the Northern Territory

Highlights

• All approvals are now in hand to commence exploration in the Neutral Junction Station Barrow Creek area in Northern Territory including drilling at the Home of Bullion mine
• Soil sampling orientation traverses have commenced focussing on known areas of copper anomalism on trend from both the Home of Bullion mine and Prospect D
• Traverses to include the Mulbangas copper prospect 10km to the northwest of the Home of Bullion copper mine where copper-stained samples were recently collected at surface
• Mapping of pegmatites recently identified outcropping on the Neutral Junction Station will be undertaken
• Drill site preparation at the Home of Bullion mine to commence with contractors inspecting proposed works
• An initial 6 hole resource expansion diamond drilling program for 1,550m at the Home of Bullion mine will commence in the coming weeks upon arrival of drilling contractors
• The Home of Bullion deposit Identified Mineral Resource estimate is 2.5 million tonnes averaging 1.8% Cu, 2.0% Zn, 36g/t Ag, 1.2% Pb and 0.14g/t Au. The deposit which comprises two distinct lodes in the Main and South Lodes remains open along strike and down dip
• Two holes outside of the existing resource envelope will be funded for up to $142,000 from competitive grants recently won under the NT Government's Resourcing the Territory initiative

Eastern Metals Limited (ASX: EMS, 'Eastern Metals' or 'the Company') is pleased to announce that field work has now commenced in the Barrow Creek area in the Northern Territory. The company has received all required approvals having recently obtained the Sacred Site Clearance Certificate from the Central Land Council which was the final approval required following obtaining landholder permission and the approval of the Mine Management Plan from the Northern Territory Government.

Managing Director and CEO, Wayne Rossiter said:

"We have been working closely with the Central Land Council to obtain the final approval required to commence exploration activities on EL23186. Following our recent reconnaissance visit we have now commenced our soil sampling orientation program which is designed to test the effectiveness of this technique in areas of exposed regolith and where previous RAB and Vacuum drilling has identified anomalous copper. The objective of this program is to define new prospects that may host further copper lodes along trend from both Home of Bullion and Prospect D.

Our resource expansion program at Home of Bullion comprises a total of 10 holes with up to six to be drilled in this upcoming program. Drill pad preparation will commence shortly in anticipation of diamond drilling commencing in the near future. In addition mapping of outcropping pegmatites recently identified on the Neutral Junction Station will commence."

Figure 1. (a) Malachite and azurite mineralisation at the Mulbangas Copper prospect; and (b) Pegmatite sample identified in this region

Arunta Project

The Company's Arunta Project comprises two separate tenement blocks, all located within the Northern Arunta pegmatite province, part of the Aileron province of the Northern Territory. These are in the northern Barrow Creek - Home of Bullion – Donkey Creek area, and the southern Adnera area. The tenements are situated east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek. Details of these northern tenements are shown in the table below, and their locations are shown in Figure 2.

Tenement	Name	Area	Blocks	Interest	Holder	Status
Home of Bullion –Donkey Creek Area
EL23186	Barrow Creek	89.00 km2	28	100%	Eastern Metals	Current
EL28615	Donkey Creek	13.00km2	4	100%	Bowgan1	Current
EL32027	Home of Bullion	81.25km2	25	100%	Bowgan1	Current
Total Northern Area		183.25km2

1 Tenement held by Bowgan Minerals Limited subject to acquisition by Eastern Metals Limited pursuant to a Binding Heads of Agreement dated 3 March 2022

Figure 2. Eastern Metals' Barrow Creek - Home of Bullion – Donkey Creek area

Figure 3. Historic workings at the Home of Bullion mine

Barrow Creek - Home of Bullion - Donkey Creek Area

Eastern Metals' flagship asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and 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. The Home of Bullion mine is classified as an Advanced Exploration Project under the Valmin Code. Prospect D, which hosts both high grade copper and nickel intersected in drilling, is also located on the Barrow Creek tenement.

Eastern Metals' strategy is to conduct resource expansion drilling on the Home of Bullion mine where the existing resource remains open along strike and down dip. In addition, several potential VMS and other targets exist along trend, principally to the west and northwest of the deposit. This copper trend continues from our existing tenure into the Home of Bullion-Donkey Creek tenement package acquired from Bowgan, which includes the Mulbangas copper prospect. During 1995-1996 this area was explored by Aberfoyle which outlined anomalous levels of copper-lead-zinc mineralisation, along with gold and silver. Targets were not followed up with deep drilling. Eastern Metals is actively reviewing historical exploration information over this area, which lies within the Barrow Creek pegmatite field and is also prospective for gold, silver, REEs and lithium.

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 announcement that references previously reported Exploration Results or Mineral Resources for EL 23186 and the Home of Bullion mine is extracted from the Company's Prospectus released on 18 August 2021 (ASX: EMS 22 October 2021). The information in this announcement that references previously reported Exploration Results for EL 32027 is extracted from the Company's ASX announcement "Strategic Cu-Li-REEs Acquisition Arunta Province, Northern Territory" of 4 March 2022. The Prospectus and the ASX announcement of 4 March 2022 are available to view on the Company's website (www.easternmetals.com.au ) and on the ASX website (www.asx.com.au ). Other than the information in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus or the 4 March 2022 announcement and that all material assumptions and technical parameters underpinning the Exploration Results and Resource Estimates continue to apply and have not materially changed.

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 Exploration Results in this announcement not previously reported 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 fulltime 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 announcement 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