Quarterly Activities Report To 31 December 2021

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 2021.

HIGHLIGHTS

• Acquisition of Salmon Gums Minerals Pty Ltd (ACN 651 315258) (Salmon Gums) and its shareholders (Salmon Gum Shareholders) to acquire 100% of the issued capital in Salmon Gums. Salmon Gums holds two highly prospective tenement applications in the Albany Fraser Range Province of Western Australia (ELA2126 and ELA2127) (Project).
• The Project covers an area of 163 blocks for a total of 469 square kilometers of the Eucla Basin prospective for Ionic Adsorption Clay (IAC) style rare earth element (REE) mineralisation.
• The Project is in close proximity to the Company’s wholly owned Cowlinya REE Project which is adjacent to the Mount Ridley REE Project of Mount Ridley Mines Ltd (MRD).
• Completed capital raising of 350,000,000 Shares at $0.0125 together with a free attaching option to raise $4,375,000 before costs (Placement).
• Scorpion has entered into a binding agreement with eMetals Limited (ASX: EMT) to acquire the Poona Project. SCN to acquire an interest in tenements EL20/885, EL20/896, EL20/963 and EL20/964 which cover a combined 904km²

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