September 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 September 2024.

HIGHLIGHTS

Cobar Project, NSW

• Reverse Circulation (RC) drilling completed to test the new, high priority ‘Kelpie Hill’ and ‘Windmill Dam’ targets at the Cobar Project.
• Diamond tails completed on two RC holes, one each at Kelpie Hill and Windmill Dam.
• Diamond hole at Evergreen completed to test for an extension of the mineralisation along strike to the north.
• Planning underway for an Induced Polarisation (IP) survey to ‘see through’ the younger Tertiary basalt cover, potentially highlighting new target areas for drilling.

Arunta Project, NT

• Induced Polarisation (IP) survey completed at the Arunta Project to generate drill targets along strike from the existing Home of Bullion deposit.
• The area offers strong potential for the discovery of additional high-grade, structurally controlled Volcanogenic Massive Sulphide-style lodes along a magnetic high trend.
• Results from the IP survey will assist with prioritising targets for future drilling.
• Survey supported by a co-funding grant for up to $100,000 through the NT’s Geophysics and Drilling Collaborations Program, Round 17, under the ‘Innovative Targeting’ category.

Corporate

• Eastern Metals was successful in its application for the Australian Government's Junior Minerals Exploration Incentive scheme, receiving an allocation of $910,750 in refundable tax offsets and franking credits that are available for potential distribution to Eligible Shareholders for the 2024-25 income tax year.

Eastern Metals CEO, Ley Kingdom, said: “The September Quarter has been a busy period for Eastern Metals, with exploration programs underway at both our Cobar Project in NSW and Arunta Project in the Northern Territory.

“RC drilling at the Cobar Project commenced in early August, initially targeting the new Kelpie Hill and Windmill Dam targets, both of which lie along the highly prospective Woorara Fault and returned strongly anomalous copper, lead, zinc and silver results from rock chip sampling.

“Drilling at Cobar next moved to the high-grade Evergreen prospect, where previous drilling has returned intercepts including 13m @ 5.4% Zn, 2.3% Pb, 0.14% Cu, 11.5g/t Ag and 0.9g/t Au from 225m.

“At the Arunta Project, an Induced Polarisation survey commenced in mid-September, with results expected to enhance our understanding of the geologically complex Home of Bullion deposit and assess the potential for new discoveries within the Bullion Schist host rock along strike from the deposit.

“We look forward to another busy period at both Cobar and Arunta during the December 2024 Quarter.”

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