Quarterly Activities Report and Appendix 5B

Eclipse Metals Ltd (ASX: EPM) (Eclipse or the Company) (ASX: EPM | FSE: 9EU) is pleased to report its activities for the quarter ending 30 September 2023.

HIGHLIGHTS

IVIGTÛT AND GRØNNEDAL, GREENLAND

• Maiden trenching program returns rare earth element (REE) mineralisation in all 52 trenches completed at Grønnedal
• Trench sample assays confirm high neodymium oxide (Nd2O5) ratios of up to 56% of total rare earth oxides (TREO) with an average of 31%
• Pr+Nd assay results account for 60% of calculated TREO, indicating that the Grønnedal mineralisation is enriched in the more valuable REE of Pr and Nd
• Maiden drilling program at Grønnedal returns rare earth element (REE) mineralisation for full length of all drill holes
• Drilling results confirm high ratios of up to 50% of praseodymium and neodymium (Pr+Nd).
• REE mineralisation at Grønnedal is widespread and deep-seated
• Potentially valuable polymetallic mineralisation identified in waste rock from the historic Ivigtût cryolite mine.
• The large volume of mineralised waste material could be processed to create concentrates containing silver, zinc, gallium, copper, lead and gold.

IVIGTÛT PROJECT– GREENLAND

Grønnedal Maiden Trenching Program Results

During the quarter, Eclipse announced the assay results from its 2022 drilling and trenching program for the Grønnedal REE prospect within the 100% owned Ivigtût multi-commodity project in SW Greenland.

Results relate to 52 excavated pits (also referred to as trenches) up to 2m deep (refer to Table A – ASX 25/07/2023) which were completed in October 2022, with samples shipped from Greenland to Australia for laboratory assessment.

Laboratory results for the over-limit values (+1,000ppm) for 28 out of 52 (C. 54%) trench samples have now been received following further testing using appropriate methods. The complete REO trenching results are listed in Table C - ASX 25/07/2023.

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