June 2024 Quarterly Activities Report

Eastern Metals Limited (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to present its Quarterly Report for the period ending 30 June 2024.

• Field work programs identify new strongly anomalous base metal zones at Browns Reef to the north and south of the high-grade Evergreen zone.
• A Reverse Circulation (RC) drilling program has been designed to test these anomalous zones, which have been named ‘Kelpie Hill’ and ‘Windmill Dam’.
• Drilling approvals in place and drill contract awarded, with drilling scheduled to commence in the coming weeks.
• Approvals are also in place for further diamond drilling at the high-grade Evergreen zone.

Arunta Project, NT

• Co-funding grant of up to $100,000 secured through the NT’s Geophysics and Drilling Collaborations Program, Round 17, under the ‘Innovative Targeting’ category.
• Funding will support the completion of an Induced Polarisation (IP) survey at the Arunta Project to generate drill targets along strike from Home of Bullion with its 3.1Mt @ 2.9% CuEq JORC resource.
• The area offers strong potential for the discovery of additional high-grade structurally controlled Volcanic Massive Sulphide-style lodes.

Corporate

• Completion of a successful ~$1M share placement, with funds to accelerate exploration activities across the Company’s highly prospective copper and base metals portfolio.
• Binding agreement to sell the Thomson Project in NSW to Legacy Minerals Holdings Ltd (ASX:LGM) for $200,000 in cash plus a 1.5% royalty. The cash sale allows Eastern Metals to focus its funds and human resources on the exploration of the Cobar and Arunta Projects.

Eastern Metals CEO, Ley Kingdom, said: “The June Quarter has been an exciting period for the Company, with field work programs at our Cobar Project in NSW identifying two high-priority targets to the north and south of the known high-grade mineralisation at Evergreen. Both targets are located along the highly prospective Woorara Fault, with the potential that they may define multiple mineralised zones that extend over about 2.5km from Pineview in the south to the new Kelpie Hill target in the north. Planning and approvals for an RC drilling campaign to test this theory are complete, with drilling expected to kick off in August.

“We were also delighted to receive a co-funding grant from the Northern Territory government to support the completion of an Induced Polarisation survey at the Arunta Project to help define drill targets along strike from Home of Bullion.

“With exploration programs at both the Cobar and Arunta Projects ramping up, we reached agreement during the Quarter to divest the Thomson Project in NSW to Legacy Minerals, providing Eastern Metals with an all-cash consideration of $200,000 plus a 1.5% NSR, while enabling us to prioritise our efforts on the more advanced assets within our portfolio.

“The sale of the Thomson Project, together with a successful $1 million strategic share placement completed during the Quarter, ensure the Company is well positioned to accelerate its exploration programs in both NSW and the NT.”

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