ASX:EMS Presentation OCTOBER 2021

Developing advanced copper-nickel-zinc-gold and lithium exploration projects in some of Australia's most resourcerich regions.

IMPORTANT INFORMATION DISCLAIMER

This presentation may contain certain statements and projections provided by or on behalf of Eastern Metals Limited (ASX: EMS, Eastern Metals, or the Company) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of Eastern Metals. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Eastern Metals which could cause actual results or trends to differ materially, including but not limited to price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised. Eastern Metals makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.

Additionally, Eastern Metals makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Eastern Metals or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Eastern Metals undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Eastern Metals. This presentation contains exploration results and historic exploration results as originally reported in the Company"s Prospectus dated 18 August 2021 (ASX: EMS released 22 October 2021).

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.

Previously Reported Information

The information pertaining to the Brown"s Reef Exploration Target was extracted from the report entitled "Brown"s Reef Mineral Resource Estimate" dated 12 December 2014 prepared by Geos Mining. The information for the Brown"s Reef Project was first disclosed by Kidman Resources Limited (ASX: KDR) under the JORC Code 2012 on 29 December 2014 and further clarified on 20 January 2015 and is available on www.asx.com.au.

The information pertaining to the Home of Bullion project mineral resource estimate was extracted from the report entitled "Home of Bullion Resource Estimate" dated September 2014 prepared by SRK Consulting (Australasia) Pty Ltd. The information for the Home of Bullion Project was first disclosed by Kidman Resource Limited Resources (ASX: KDR) under the JORC Code 2012 and released on 29 July 2014 and is available to view on www.asx.com.au

Eastern Metals has not undertaken any work on the project that would impact the published resource estimates. 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.

EASTERN METALS BASE METAL & PRECIOUS METAL PORTFOLIO

FLAGSHIP PROJECTS ACQUIRED FROM WESFARMERS (PREVIOUSLY HELD BY KIDMAN RESOURCES)

THREE PROJECT AREAS (100% OWNED)

COPPER, NICKEL, LITHIUM > Arunta Project (NT) Hosts the Home of Bullion resource (JORC 2012 2.5Mt @ 2.8% CuEquiv1 ) and Prospect D Cu/Ni project
ZINC, COPPER, GOLD > Cobar Project (NSW) Hosts the Browns Reef project along with other strategic tenure. JORC 2012 Exploration Target of 27-372 Mt primarily zinc with deeper copper and gold potential
COPPER, GOLD > Thomson Project (NSW) Excellent "Elura" style geophysical anomalies in Cobar Basin lithology under sediments

MULTIPLE "WALK UP" DRILL TARGETS

Drilling to start in November/December 2021

COMPANY SNAPSHOT ATTRACTIVE ENTERPRISE VALUE WITH JORC RESOURCES

TOP 10 SHAREHOLDERS

Robert Duffin	14,166,167	26.0%
Gary Jones	2,550,000	4.7%
Wayne Rossiter	2,500,000	4.6%
MagnoliaCapital	1,750,000	3.2%
CiticorpNominees Pty Ltd	1,500,000	2.8%
BazaCapital	1,450,000	2.7%
TwoTops Pty Ltd	1,250,000	2.3%
JetoseaPty Ltd	1,125,000	2.1%
PhillipPerry	750,000	1.4%
YucajaPty Ltd	575,000	1.1%

Management and Directors 35% Investors 65% Non-Free Float 41% Free Float 59%

DISTRIBUTION OF SHARES

BOARD OF DIRECTORS HIGHLY EXPERIENCED MANAGEMENT TEAM

Left to right: Jason Berton, Cathy Moises, Bob Duffin, Ian Morgan, Wayne Rossiter.

BOB DUFFIN | Non-Executive Charmain | BSc (Hons), MSc (Hons), Grad Dip Mgt, FAusIMM

Bob is an experienced company director with over 45 years" experience in resource exploration, project assessment, mining investment analysis, and company management.

Bob lived and worked in mining communities whilst holding senior positions in the exploration divisions of Peko Wallsend and MIM Holdings. He was also the Managing Director of Austirex International, an international resource exploration consulting and contracting firm. He has also worked with three stockbroking firms and was head of research at one of Australia"s leading resource sector brokers in the 1980s. Bob is a former Non-Executive Director of a number of companies, including Centennial Coal, Midwest Corporation, Ferrowest, Burmine, Austmin Gold, Mt Lyell, the UK resources investment company Europa Minerals Group, and Mancala, a mining contractor. Most recently he was the Chairman of WPG Resources that operated two gold mines in South Australia and also acquired and developed the Peculiar Knob, Buzzard and Tui iron projects which were divested resulting in a significant return for shareholders.

WAYNE ROSSITER | Managing Director & Chief Executive Officer | BE (Mining), CA, MappFin, MAus/MM, GMAICD

Wayne is both a mining engineer and a chartered accountant. Wayne has held senior finance and management roles in resource and energy companies. He has knowledge and experience in transitioning companies from the exploration stage through to development and into production. His range of experience includes underground coal gasification, coal seam gas, coal, conventional oil and gas, precious metals, gold and iron ore with global experience covering Australia, Africa, China, Indonesia, the USA, the UK, the former Soviet Republic of Georgia and the Middle East. Most recently Wayne was Chief Executive Officer of WPG Resources where he operated the underground Challenger gold mine, the open cut Tarcoola gold mine along with a portfolio of exploration and development projects. He is currently a corporate advisor with a boutique broking and advisory firm with extensive resources experience.

CATHY MOISES | Deputy Chair & Lead Independent Non-Executive Director |BSc (Hons), Dip SIA

Cathy is a geologist and mining investment analyst who has transitioned to corporate roles and a career more recently as an independent non-executive director of several listed companies. In her career as a mining analyst, she worked with McIntosh (now Merrill Lynch), County Securities (now Citigroup), Evans and Partners, and Patersons Securities, where she was head of research. She then moved to the corporate sector where she became head of investor relations and business development at Perseus Mining. She is non-executive chair of Pacgold, an independent non-executive director of WA Kaolin, Arafura Resources, Australian Potash, Podium Minerals, and Pearl Gull. She is also an independent member of the investment committee at Argonaut Securities. Her key areas of industry experience include gold, base metals, mineral sands and the rare earths sector.

JASON BERTON | Independent Non-Executive Director | BEc BSc (Hons) PhD

Jason is a geologist and company director. He started his career as an exploration and mine geologist at the Plutonic gold mine in Western Australia then moved to BHP Billiton in South Australia, where he worked on the Olympic Dam mine expansion project. He has also worked with SRK, an international firm of consulting geologists, and spent two years in private equity assessing resource sector investment opportunities. He is a former managing director of Estrella Resources, and is a director of PolarX, where he played a major role in negotiating the acquisition of key tenements in North America. Jason"s honours thesis was focussed on the geology of the Lake Cargelligo area in New South Wales, close to the Company"s Browns Reef deposit, and his doctorate was in structural geology. He has strong entrepreneurial and corporate skills, as well as a very firm understanding of structural geology and its role in the formation of metalliferous orebodies.

MANAGEMENT & ADVISORS HIGHLY EXPERIENCED MANAGEMENT TEAM

IAN MORGAN | Company Secretary and Chief Financial Officer |B Bus, M Com Law, CA, ACIS, MAICD

Ian is a highly experienced company secretary and finance manager, with a strong track record in business, corporate advisory and company restructuring, complemented by broad experience in project management, and reporting to and dealing with regulators. He has a Bachelor of Business Studies, a Master of Commercial Law, is a Fellow of the Financial Services Institute of Australia, an Associate of the Institute of Chartered Accountants in Australia, an Associate of the Governance Institute of Australia, and of the Chartered Institute of Secretaries. Ian is company secretary of the listed companies Godolphin Resources, Gowing Bros, King Island Scheelite, WT Financial Group, and Vango Mining. He is a director of the unlisted public company Oxley Resources.

GARY JONES | Principal Consultant – Geology | BSc, FAusIMM

Gary is a geologist with more than 50 years professional experience in mineral exploration and resource and reserve estimation for various type of mineral deposits including porphyry copper-gold, epithermal gold, base metals and iron ore. He is Managing Director of Geonz Associates Ltd, a leading New Zealand firm of consulting geologists, and has been an independent consultant to the mining industry for more than 30 years during which time he completed assignments in many parts of the world including Australia, Indonesia, North and South America, Canada, and New Zealand.

Prior to setting up his own consultancy Gary worked as an exploration geologist for Peko-Wallsend Limited"s exploration arm, Geopeko for 15 years in various parts of Australia including 12 years in central western New South Wales where he established and managed a new exploration operation. During this period, he supervised numerous base and precious metal exploration projects throughout the Lachlan Fold Belt and parts of the New England region. Gary is credited with the discovery of the Goonumbla porphyry coppergold deposits, which developed into the Northparkes mining operation. Following the initial discoveries at Goonumbla, Gary also had a major input into the application for a large block of exploration licences in the Lake Cowal region. He planned and supervised the initial regional exploration programs that ultimately led to the discovery of the 4.4 million ounce Cowal porphyry gold deposit. Early in his career Gary worked on iron ore exploration and mining activities in the Northern Territory. Gary is a founding director of Eastern Metals and one of the three Promoters

BOB RICHARDSON | Principal Consultant – Geophysics | BSc (Physics/Maths), BE (Civil) (Hons), MASEG

Bob has extensive experience in mineral exploration management, geophysics and exploration technology. His career includes 15 years with Peko-Wallsend Limited as a consultant (1966-71), Chief Geophysicist (1971-1980) and Exploration Manager (1980-81). During that period, Geopeko was exploring in all states of Australia for precious and base metals, uranium, diamonds, heavy minerals and rare earth metals.

Bob was a founding director of several junior mining companies including ASX listed companies Lachlan Resources and PlatSearch and was a founding director of four companies spun out of PlatSearch – Western Plains Resources, Eastern Iron, Silver City Minerals, and Thomson Resources. He was also a director and chairman of Crossland Strategic Minerals Limited. Bob has been at the forefront of mineral exploration in many parts of Australia for most of his career and has provided essential input to many significant precious metal, base metal and uranium discoveries in Australia. He has been responsible for the development of several novel innovations and improvements in geophysical technology, many of which were Australian "firsts". He currently provides geoscience advice to mineral explorers, specialising in the generation of exploration projects and interpretation of geophysical data, and in particular magnetic data for which he has developed leading-edge interpretation software.

ARUNTA PROJECT EXISTING COPPER RESOURCE 2.5MT AT 2.8%CuEQUIV

Barrow Creek (EL 23186) is located in the Arunta region 282km north of Alice Springs in the Northern Territory. It Consists of the Home of Bullion project, Prospect D and is within the Barrow Creek pegmatite field

HOME OF BULLION

➝ 2.5mt @ 1.8% Cu, 2.0% Zn, 1.2% Pb, 36g/t Ag and 0.14g/t Au (2.8% CuEquiv) 1

PROSPECT D

➝ Cu/Ni/Ag mineralisation
➝ Largely untested area of mineralisation over 2km
➝ Located 4km off the Stuart Highway with good access to infrastructure (road/rail/gas)

BARROW CREEK PEGMATITE FIELD

➝ Excellent potential to host LCT-type lithium pegmatites

HOME OF BULLION RESOUCE EXPANSION OPPORTUNITY

Structurally controlled VMS mineralisation
Resource: 2.5mt @ 1.8% Cu, 2.0% Zn, 1.2% Pb, 36g/t Ag and 0.14g/t Au1
Existing resource comprises two primary, discrete, steeply dipping lodes; Main Lode and South Lode
Main Lode and South Lode open in all directions
Initial drill program aims to expand resource on extensions to Main and South Lodes
Home of Bullion mined in the 1950"s
Home of Bullion preliminary metallurgical testwork – 70% Cu recovery producing a 27% concentrate

HOME OF BULLION EXCELLENT POTENTIAL TO DISCOVER NEW VMS LODES

Nearby EM targets identified by Kidman (Red Back, Tin Can Camp, The Anvil)
Limited drill testing undertaken on EM targets in 2014 requires more extensive evaluation work as drilling may not have accurately targeted
Historic mining records identify "East Lode" approximately 100m south east and en echelon to the main lode which remains unlocated, untested and undrilled
East lode outcrops as a gossan with quartz veining with rock chips up to 2.3 g/t Au
Offset lode may exist near surface to the NNW of South Lode

PROSPECT D EXTENSIVE COPPER-NICKEL MINERALISATION UNTESTED AT DEPTH

Prospect D contains coppernickel mineralisation, which has been mapped over a length of two kilometres
A higher-grade zone has been traced for over 250 metres and remains largely untested at depth
The near surface oxide zone at Prospect D is known as Prospect DA may represent an open pittable deposit
Outcropping granites prospective for pegmatites

LITHIUM POTENTIAL BARROW CREEK PEGMATITE FIELD

Soil sampling Target Areas with 1 VD Total Magnetic Intensity (TMI) basemap

Potentially prospective for LCT-type pegmatites.
Initial testing of out cropping granites near Prospect D
Geochemical soil sampling programme proposed over two target areas in southern area.

Mineralised pegmatite occurrences across the Arunta Inlier

COBAR PROJECT STRATEGIC TENEMENT PACKAGE

Significant tenement package in the highly endowed Cobar Basin approximately 470km west of Sydney
The Cobar Basin contains a metal inventory of 198t Au; 4,597t Ag; 2.2Mt Cu; 4.8Mt Zn and 2.9Mt Pb. About 70% of these resources have been mined since initial discovery in 1870
Most tenure within the competitive Cobar South Mineral Allocation Area (MAA)
THREE PROJECTS
- ➝ Brown's Reef (EL6321) hosts a primarily zinc exploration target of 27-37mt1

Wagga Tank

May Day

Mallee Bull

➝ Bothrooney (EL9136) on trend with Browns Reef along the Waroona fault which is associated with mineralisation at Browns Reef
➝ Tara (EL9180) hydrogeochemical anomalism identified by GSNSW with known mineralisation

BROWN'S REEF (EL6321) HEAVILY ENDOWED MINERAL SYSTEM

Exploration target estimate of 27 to 37mt grading at 1.3-1.4% Zn, 0.6-0.7% Pb, 9-10g/t Ag and 0.2-0.3% Cu1
Targeting high grades pods within the mineralised system
The mineralisation structure is interpreted as syncline with a strike length of approximately 8km
The existing exploration target comprises a limited 2.7km section on the eastern limb of the interpreted syncline
Ore grade intercepts both within and outside of current exploration target
Excellent potential to host multiple economic orebodies

BROWN'S REEF LONG SECTION OF DRILLED PORTION OF THE DEPOSIT

BROWN'S REEF DRILLING STRATEGY

At the southern end, are two intersections of high grade mineralisation in two holes:
- ➝ BD002A of 9.3 metres averaging 5.1% Zn, 2.8% Pb and 0.2% Cu, and
- ➝ BD005 of 3.7 metres averaging 5.8% Zn, 3.3% Pb and 0.8% Cu
At the northern end hole BRD returned an intersection of 7.0 metres averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au
These high-grade intersections, which are open along strike and at depth, appear not to have been followed up at depth and present attractive targets
Western limb returned highly anomalous results from aircore drilling through basalt cover
Western limb and "noses" in north and south of syncline remains undrilled
Higher grade copper and gold detected at depth

THOMSON PROJECT POTENTIAL FOR MAJOR NEW "COBAR" DISCOVERIES

Targeting "bullseye" magnetic anomalies similar to that which lead to the discovery of Elura (renamed Endeavour) and other prominent Cobar Basin mines
Previous drilling has either been mis-targeted or too shallow to satisfactorily test the anomalies

Previous drilling indicative of possible proximity to significant mineral systems.
Eastern Metals will refine targets and may seek drilling partners

IMMEDIATE WORK PROGRAM HIGH IMPACT NEWS FLOW

	Q4 2021	Q1-Q2 2022	Q3 2022 
ARUNTACu-Ni-Li	Home of Bullion drilling sitepreparation	Home of Bullion resourceextension drilling	Update resource estimate for Home of Bullion
	Pegmatitesreconnaissance	Systematic lithium sampling inpegmatites	Metallurgical test work and PFS at Home ofBullion
	Geological and mineralisation modelling at Prospect D to define newdrill targets		Prospect D RC and diamond drilling
	Generate deep drilling targets at Redback, Anvil and Tin Can Campprospects		New prospect generation
COBARZn-Cu-Au	Inclined RC/diamond holes tofollow-up high grade areas	RAB drilling on traverses inwestern and southern area	Deep drill test targets defined from RAB drillingon western limb
	Ground EM surveys including the NSWGS AEM and Bothrooney		Follow-up drilling on high grade zones togetherwith down-hole geophysics, revise the resourceestimate for the Browns Reef deposit
	Access agreements and native title clearances for Tara andBothrooney		Define targets for grid based groundgeophysics, RAB geochemical sampling anddeeper drilling for Tara and Bothrooney
THOMSONCu-Au	Accessagreements, geophysical modelling on Elura/Endeavour typetargets		Design drill testing programs for the highestpriority anomaly targets, seek funding partners

INITIAL DRILLING PROGRAMS DRILL READY TARGETS

BROWNS REEF (4Q2021)

Six pre-collared diamond drill holes to follow-up high grade Zn-Ag-Pb
1,920m in total (holes 250m to 400m deep)
RAB drilling traverses on western flank of syncline and syncline nose
243 holes for 3,645m

HOME OF BULLION (1Q2022)

Phase 1 RC and diamond drilling designed to increase the mineral resource at the Home of Bullion deposit
9 pre-collared diamond holes and 2 shallow inclined RC percussion holes
1,760m of RC percussion drilling and 1,990m of diamond coring

OPPORTUNITY HIGHLIGHTS ADVANCED EXPLORATION PLAY WITH COPPER RESOURCE

COPPER- RESOURCE

High grade VMS system with excellent potential to expand resource and discover new lodes

ZINC EXPLORATION TARGET

Extensive mineralised system over 8km of strike with ore grade and width intercepts

WALK UP DRILL TARGETS

High impact news flow based on drilling and resource expansion and evaluation

DISCOVERY POTENTIAL

Includes lithium potential along with new base and precious metal targets

EXPLORATION SUCCESS AND MINE DISCOVERY

Management has pedigree in major discoveries and mine development

www.easternmetals.com.au [email protected]

Wayne Rossiter Managing Director & CEO 0420 959 304 [email protected]

Ian Morgan Company Secretary & CFO 0413 543 542