Eagle Mountain Mining : High-Grade Assays Underline Resource Expansion Potential

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A S X A N N O U N C E M E N T | 1 2 J A N U A R Y 2 0 2 2

Further High-Grade Assays

Enhance Resource Expansion Potential at Oracle Ridge

• High-gradecopper assays continue to be received at the Western Talon, outside the existing JORC Mineral Resource of 12.2Mt at 1.51% Cu for 184kt contained copper1
• New assay results received include:
• • 0.8m at 7.75% Cu, 258g/t Ag and 2.54g/t Au (WT-21-43);
  • 13.4m at 1.98% Cu, 15.96g/t Ag and 0.35g/t Au (WT-21-44) within

• • 1. 61.5m at 1.07% Cu, 9.87g/t Ag and 0.14g/t Au;
  • 3.1m at 6.85% Cu, 32.23g/t Ag and 0.13g/t Au (WT-21-45) within
  • 1. 74.4m at 0.93% Cu, 6.92g/t Ag and 0.10g/t Au
  • 12.7m at 1.88% Cu, 15.44g/t Ag and 0.28g/t Au (WT-21-46) within
  • 1. 43.2m at 1.05% Cu, 8.85g/t Ag and 0.23g/t Au
  • 14m at 1.51% Cu, 12.06g/t Ag and 0.42g/t Au (WT-21-50); and
  • 7.3m at 1.88% Cu, 12.09g/t Ag and 0.15g/t Au (WT-21-50) including
  • 1. 2.3m at 3.57% Cu, 20.82g/t Ag and 0.21g/t Au
• Multiple thick zones of mineralisation intersected, providing potential for larger scale and lower cost mining methods to be considered
• Drilling recommenced with three drill rigs following a short break over Christmas
• Assays are currently pending for 28 holes in the mine area and 11 holes at Golden Eagle
• Recent assays will be included in the update to the JORC Mineral Resource Estimate, which is on track for completion in Q1 2022

Figure 1 - Drill hole WT-21-45:semi-massive chalcopyrite (yellow copper-bearing mineral, 333.4m downhole

depth)

1 Refer ASX announcement 14 December 2020 and Attachment 2 Page 1

Eagle Mountain Mining Limited (ASX:EM2) ("Eagle Mountain", the "Company") is pleased to provide an exploration update at its 100% owned Oracle Ridge Mine Project ("Oracle Ridge", "Project") in Arizona, USA. Assays have been received for seven drill holes completed in the Western Talon area. Figures 2 and 3 illustrate the location of significant new results at the Talon.

onlyEagle Mountain Mining CEO, Tim Mason, commented:

"We are delighted that drilling continues to deliver further strong results which supports the upside prospectivity at Oracle Ridge. All these results are outside the existing JORC Mineral Resources Estimate (JORC MRE), further supporting the potential to build our mineral resources. These results are from the Wave Zone, part of the Western Talon, which continues to excite us with a combination of both high-grade mineralisation and broad mineralised zones which may be more amendable to larger scale mining methods with relatively lower mining

usecosts on a unit basis.

To provide improved access to target this prospective area, we are currently constructing two new pads above the historic Leatherwood mine which reported historic production of 12% Cu, 200g/t Ag and 1g/t Au (see ASX announcement 11 November 2021).

The longer turnaround time for assays means we now have 39 holes pending results. This is certainly

personaldisappointing, although not unique as these delays are impacting most companies in our sector. We remain on track to deliver an update on our JORC MRE in Q1 2022 which will include these latest results."

For

Figure 2 - 3D view looking west showing the Oracle Ridge Project areas and the general location of recently

received assay results.

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Figure 3 - Plan view of the Talon target showing the Wave Zone, including selected results. Due to the geometry of the drilling completed (fan drilling from a limited number of pads), the points represent the approximate pierce point of each hole through the Leatherwood-Sediments contact. (Refer also to ASX announcements 30 July 2021 and 29 October 2021). The Wave Zone remains open to the east, while to the west it terminates against the Wave itself.

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WT-21-50

WT-21-50 was drilled at the northern end of the Talon magnetic anomaly. This area is characterised by the eastern end of the Wave with steep geometry cross-cutting the prospective sediments (Figure 4). WT-21-50 was completed approximately 50 metres to the east of drill hole WT-21-19(1.4m @ 1.02% Cu, 3.40g/t Ag, 0.04g/t Au) and C-058 (10.1m @ 3.47% Cu, 35.23g/t Ag). Several stacked mineralisation zones were encountered with the best intervals of:

• 14.1m at 1.51% Cu, 12.06g/t Ag and 0.42g/t Au, just below the Leatherwood Q Sill; and
• 7.3m at 1.88% Cu, 12.09g/t Ag and 0.15g/t Au, near the Leatherwood-Sediments contact

onlyThe strong spatial correlation between sediment-intrusive contact and mineralisation suggests that the eastern end of the Wave could also represent a favourable location for developing skarn alteration and

copper mineralisation. It is believed faulting may have impacted WT-21-19 and C-058, with WT-21-65
drilled to confirm the western extent of these mineralised zones.
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	Figure 4 - East-west section through drill hole WT-21-50 showing the location of mineralised intersections and
their spatial correlation with the Wave. (Refer also to ASX announcements 25 May 2020 and 15 September 2021)
For	See Figure 3 for section location.

WT-21-46

Drillhole WT-21-46 targeting the core of the Wave (Figure 5), between high-grade mineralisation in WT- 21-32 to the north (28.9m at 2.34% Cu, 21.95g/t Ag and 0.37g/t Au) and WT-21-40 to the south (22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au) and approximately 40 metres to the northwest of WT-21-44. Multiple stacked lodes were intersected with the best result of 12.7m at 1.88% Cu, 15.44g/t Ag and 0.28g/t Au. A broader zone of 43.2m at 1.05% Cu, 8.85g/t Ag and 0.23g/t Au was also defined

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encompassing the deeper high-grade zones. The results from WT-21-46 confirm the continuity of mineralisation in this area of the Western Talon. They also suggest a minimum east-west extent for the mineralisation exceeding 40 metres.

WT-21-44

WT-21-44 was drilled in the mineralised core of the Wave (Figure 5), between high-grade mineralisation onlyin WT-21-32 to the north and WT-21-40 to the south. The drill hole confirmed the continuity of the mineralisation with the best interval of 13.4m at 1.98% Cu, 15.96g/t Ag and 0.35g/t Au within a broad

zone of 61.5m at 1.07% Cu, 9.87g/t Ag and 0.14g/t Au. These results coupled with strong mineralisation in WT-21-46 to the west confirm the endowment of the Wave on this section with a suggested east-west extent of the mineralised zone exceeding 40 metres. Results are pending for drill hole WT-21-54, which was completed 50 metres to the east of WT-21-44.

For usepersonal

Figure 5 - East-west section through drill hole WT-21-44 and WT-21-46 showing the location of mineralised intersections and their spatial correlation with the Wave. See Figure 3 for section location. (Refer also to ASX announcement 9 September 2021)

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