Quarterly Activities Report and Appendix 5B for the Quarter ending 31 December 2023

Eclipse Metals Ltd (ASX: EPM) (Eclipse or the Company) (ASX: EPM | FSE: 9EU) is pleased to report its activities for the quarter ending 31 December 2023.

HIGHLIGHTS

IVIGTÛT AND GRØNNEDAL, GREENLAND

• Rare earth mineralisation at Grønnedal extends over 5km by 2km, with an exploration target focusing on 3km by 800m of ferrocarbonatite defined.
• Extrapolating the outcropping area of ferrocarbonatite to a depth of 50m indicates a potentially significant exploration target of REE mineralisation.
• Grade range for the exploration target comprises a notable proportion of magnet REE (Nd, Pr, Dy, and Tb), which has the potential to be competitive with other REE projects globally.
• Analytical results and ongoing data compilation indicate the potential to delineate a maiden REE resource estimate, from near surface at Grønnedal.
• Detailed geological mapping and petrological studies are being conducted to better understand REE mineralisation controls and to guide a diamond drilling program.
• Positive response and guidance from the Danish Centre for Environment and Energy (DCE) and Greenland Institute of Natural Resources (GINR)
• Step closer to mining licence application for Ivigtût and Grønnedal prospects.
• Dewatering of the pit to commence during the 2024 field season.

CORPORATE

• In-principle negotiations progressing with parties for ASX listing of Oz Yellow Uranium Limited incorporating certain Northern Territory uranium tenements currently held by Eclipse.

Rare earths identified over 5km strike at Grønnedal

During the quarter, Eclipse announced that it had delineated a rare earth element (REE) exploration target at Grønnedal within its 100% owned Ivigtût multi-commodity project in SW Greenland. While the rare earth mineralisation at Grønnedal extends over 5km by 2km of nepheline syenite, the exploration target encompasses an approximately 3km by 800m section of ferrocarbonatite intruding the syenite (Targeted Area). This Targeted Area highlighted in Figure 1 has been derived from a combination of recent exploration, a geophysical assessment and review of public domain data.

Data from a 1995 DIGHEM airborne magnetic survey highlighted several ovoid shaped responses associated with brecciated ferrocarbonatite bodies (Figure 2) (refer ASX announcement 9 February 2021). Comparative analysis of the magnetic response with the mapped extent of the ferrocarbonatite suggests a more widespread presence of these formations than previously mapped.

Furthermore, 3D inversion interpretation of the magnetic data shows that the carbonatites extend to at least one kilometre below the surface where the two discrete bodies coalesce. In addition, analysis of DIGHEM electromagnetic data has revealed seven conductive targets, potentially representing sulphide mineralisation, recommended for follow up investigation with drilling.

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