Quarterly Activities Report To 31 March 2023

The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2023.

HIGHLIGHTS

• Agreement execution and completion for the sale of seven (7) exploration licenses to Minerals 260 Limited (ASX:MI6) for total consideration of 7,000,000 MI6 shares at a deemed value of $0.30 per share ($2,100,000).
  
• High grade rock chip results were returned from sampling conducted at Beryl Well, including:
  • BWRC3 26.47% Niobium & 6.68% Tantalum; and
  • BWRD4 23.79% Niobium & 6.33% Tantalum.

Although the extent of the niobium and tantalum rich material is yet to be specifically determined, Company personnel believe it is related to iron rich material confined to structural infill zones. Beryl Well is one of the tenements sold to MI6.

• An airborne geophysical survey was completed over E20/976, (Meka Project) covering 671 line kilometres with a 100 metre line spacing. Both magnetic and radiometric data was collected to assist in the interpretation of the underlying geology of this tenement. Field activities for this tenement are scheduled for the coming quarter.

SALE OF GASCOYNE TENURE

EMT announced on 7 March 2023 that it has executed an agreement for the sale of seven (7)exploration licenses (Project) to Minerals 260 Limited (ASX:MI6) in the Gascoyne Provence of Western Australia for total consideration of 7,000,000 MI6 shares (Consideration Shares) at a deemed value of $0.30 per share ($2,100,000).

• The agreement was between MI6 through its wholly owned subsidiary ERL (Aust) Pty Ltd and EMT and its wholly owned subsidiaries RWG Minerals Pty Ltd and Iron Clad Prospecting Pty Ltd which are the parties that hold the tenements comprising the Project.
  
• MI6 issued EMT 7,000,000 shares Consideration Shares on completion at a deemed issue price of $0.30 per share. These shares were issued on 24 March 2023.
• The Consideration Shares will be subject to a voluntary escrow period of six months from completion of the acquisition on customary terms.

MEKA PROJECT (E20/0976)

The Meka Project (E20/0976) is an unexplored magnetic anomaly located in the Murchison, approximately 110 kilometres west of Cue. The tenement is approximately 15 kilometres west of the Poona Project and is accessible by station tracks and roads.

A series of anomalies lies directly along strike from the Gnangooragoo Complex, on the interpreted terrane boundary between the Murchison Domain and the Narryer Terrane, and is a prominent magnetic feature composed of both positive and negative amplitude magnetic anomalies. A series of these magnetic anomalies are present within proximity to the interpreted terrane boundary and represent exploration opportunities untested to date.

The recent work completed has involved the flying of a low level, high resolution magnetic and radiometric survey on a 100 metre line spacing. Preliminary data has been returned from the airborne contractor (Thomson Airborne). Southern Geoscience Consultants has been commissioned to produce a series of images and interpretations which will be used to guide future exploration within the tenement.

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