RAPTOR METALS LTD — Major Shareholding Notification 2025

May 12, 2025

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Eastern Metals Limited (Company) ACN/ARSN 643 902 943 1. Details of substantial holder(1) Name Robert H Duffin and Pamela C Duffin (jointly) ACN/ARSN (if applicable) There was a change in the interests of the substantial holder 9 May 2025 on The previous notice was given to 12 December 2024 the company on The previous notice was dated 12 December 2024 2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class ofsecurities (4)	Previousnotice	Previousnotice	Presentnotice	Presentnotice
	Person’s votes	Voting power (5)	Person’svotes	Voting power (5)
Ordinary fully paid shares(“Shares” or “EMS ORD**”**)	17,835,379	15.7% (based on113,676,245 totalShares on issue)	18,335,379	13.2% (based on139,426,245 totalShares on issue)

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whoserelevantinterestchanged	Nature of change (6)	Considerationgiven inrelation tochange (7)	Class andnumber ofsecuritiesaffected	Person’svotesaffected
Refer to Annexure A for changes in Shares held by entities controlled by Mr and Mrs Duffin
4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevant interest	Registeredholder ofsecurities	Person entitled to beregistered as holder (8)	Nature ofrelevantinterest (6)	Class andnumber ofsecurities	Person’svotes
Irrawaddy	Irrawaddy	Irrawaddy Investments Pty	Legal and
Investments PtyLtd	InvestmentsPty Ltd <Duffin	Ltd ACN 071 142 222	beneficialownership	EMS ORD1,936,712	1,936,712
	FamilyA/C>
REC Investment	REC	REC Investment	Legal and
ManagementPty Ltd	InvestmentManagement	Management Pty Ltd ACN087 571 319	beneficialownership	EMS ORD16,398,667	16,398,667
	PtyLtd

1 | P a g e

604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

604page 2/2 15 July 2001	604page 2/2 15 July 2001
5. Changes in associationThe persons who have become associates (2) of, ceased to be associates of, or have changed the nature of theirassociation (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:
Name and ACN/ARSN (if applicable)	Nature ofassociation
Not applicable
6. AddressesThe addresses of persons named in this form are as follows:
Name	Address
Irrawaddy Investments Pty Ltd<Duffin Family A/C>	94A LouisaRoadBirchgroveNSW 2041
REC Investment Management Pty Ltd	94A LouisaRoadBirchgroveNSW 2041
Robert H Duffin	94A LouisaRoadBirchgroveNSW 2041
Pamela C Duffin	94A LouisaRoadBirchgroveNSW 2041
Signatureprint nameRobert H DuffinSelfsign hereDate 13 May 2025Signatureprint namePamela C DuffinSelfsign hereDate 13 May2025

2 | P a g e

THIS ISANNEXURE A TO FORM 604 LODGED BY ROBERT HARRY DUFFIN AND PAMELA CHERIE DUFFIN DATED 13 MAY 2025

Date	Nature ofChange	Person whose RelevantInterest Changed	SharesAcquired	ConsiderationOffered
16 December 2024	On-market purchase	Irrawaddy Investments Pty Ltd	40,000	$400.00
18 December 2024	On-market purchase	Irrawaddy Investments Pty Ltd	322,121	$321.21
03 January 2025	On-market purchase	Irrawaddy Investments Pty Ltd	427,879	$6,001.31
09 May 2025	Dilution of interestfollowing EMS’sPlacement of Sharesannounced to ASX on12 May 2025	REC Investment ManagementPty Ltd and IrrawaddyInvestments Pty Ltd(combined)	Not applicable(no Sharesacquired inPlacement)	Not applicable(no Sharesacquired inPlacement)

==> picture [112 x 73] intentionally omitted <==

Robert H Duffin 13 May 2025

==> picture [113 x 48] intentionally omitted <==

Pamela C Duffin 13 May 2025

3 | P a g e