Quarterly Activities Report To 31 December 2022 and Cash Flow Report

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 December 2022.

HIGHLIGHTS

• 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.

• Field activities have commenced at the Willi Creek project (E09/2464) in the Gascoyne region of Western Australia prospective for REE mineralisation. A total of 61 rock chip samples and a Heritage Survey was completed during the quarter.
• Review of all other projects was completed during the quarter with all statutory reports lodged.

BERYL WELL PROJECT

The Beryl Well Project overlies the historical Nardoo & Morrissey Hill workings. Numerous pegmatites are described in the area and mica, beryl and tantalo-columbite have all been mined in the past. Reference 2 Drilling completed by EMT in 2021 focused on the southern pegmatites with a total of 30 reverse circulation holes for 1717 metres. The drilling was targeted on the outcropping pegmatite units to test the concept of cross cutting later structures providing a conduit to the mineralisation however no significant results were returned. The previous high grade rockchips returned by the work of VMC and the latest high grade results from EMTs recent sampling are located to the north of the drilling completed and the recent field visit focused on this area to assess any further potential.

WILLI CREEK PROJECT (E09/2464)

The Willi Creek project tenement is located in the Gascoyne region of Western Australia and covers an area of approximately 217 square kilometres. The tenement is immediately adjacent to Dreadnought Resources (ASX: DRE) Mangaroon Rare Earth Project which has recently announced significant drill intersections of thick REE ironstones at its Yin and Sabre prospects located to the east of project area.

The tenement was originally pegged in 2021 based on its very close spatial association to a large granitoid that covers approximately 50 square kilometres that is strongly radiometric and one of the most radiometric granitoids in the Gascoyne Region. A total of 61 rock chip samples were collected during the quarter focused in the central portion of the project. A Heritage survey was also completed allowing the work program to be collected.

SALMON GUMS PROJECT

Salmon Gums holds four exploration licenses (E63/2049, E63/2066, E63/2126, E63/2127) covering an area of 219 blocks for a total of 630 square kilometers of the Eucla Basin in the Albany Fraser Range Province of southern Western Australia (Project).

The Project cover areas underlain by meta-granites of Archaean to Proterozoic age. These granitic rocks are situated within the Albany Fraser Orogen on the south and southeastern margins of the Yilgarn Craton. Outcrop of the meta-granites within the Project is rare with majority of the tenements overlain by Cainozoic sediments, aeolian sands and salt lakes.

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