Eagle Mountain Mining Limited provided an update on its 100% owned Oracle Ridge Copper Mine Project (Oracle Ridge, or the Project) in Arizona, USA. As a result of substantial drilling since the March 2022 MRE model, a significantly revised geological model has recently been created. Based on this geological model, an updated Mineral Resource Estimate ("MRE") has been completed.

The MRE was created by Eagle Mountain personnel and reviewed by SRK Consulting Pty Ltd. ("SRK"), a well-respected international mining consultancy with extensive experience in Resource estimation. The MRE was calculated using ordinary kriging ("OK") constrained to unique geologic units and is reported in accordance with the JORC Code 2012. Mr. Rodney Brown, Principal Consultant at SRK, is the Competent Person for the updated MRE.

Significantly, the combined resources in the higher confidence Measured and Indicated categories have increased by approximately 12% since the March 2022 Resource update. Mineral Resource Estimate - Discussion Ninety five (95) new diamond drill holes for 29,295 metres were included in the MRE update since the previous update in March 2022. This represents an increase of 14% in the total number of holes drilled at Oracle Ridge since the last MRE.

Completed holes included: 68 resource expansion holes, designed to expand the March 2022 MRE; 20 infill holes, designed to increase the confidence of parts of the Inferred resource; and 7 upgrade holes, designed to increase the confidence in the estimation and upgrade the resource category to a higher level (e.g. Indicated to Measured). Of the 7 upgrade holes, 4 were drilled at a larger diameter to collect material for upcoming metallurgical studies. The effectiveness of the 27 drill holes designed to move Inferred material to Indicated, in addition to providing important metallurgical test work samples and improved understanding of copper mineralisation, provides further confidence to progress feasibility work on the project.

The cut-off date for the MRE was 24 August 2022. On 6 October 2022, the Company released the results of 12 holes which were received after the cut-off date for the updated MRE. These holes will be included in a future update to the MRE.

In addition, the Company currently has a further 13 holes pending assays. Ordinary kriging ("OK") is used as the Company's preferred resource estimation technique. Inverse Distance Squared ("IDS") method of resource estimation was also used to check against OK and supported the result as expected.

The similarities and differences between OK and IDS are: Both are constrained by the geological model in the same manner. Both use exactly the same drill hole data set. Both use the same search parameters, as established from variography in the OK estimate.

Both use the same metal top grade value for restricting high grade sample influence. Both weight the sample influence by proximity to each block. In addition to distance weighting of samples from a block, OK also minimises the statistical variance of each block.

The minimisation of statistical variance using OK generally results in increased averaging of sample grades used for each block grade estimate. This can result in a relative reduction of higher-grade material and an increase in lower grade material. The IDS estimation method was used as a check against OK.

Resource classifications were derived from the OK estimate. IDS was evaluated against these classifications as a validation check. This IDS estimate reflects an increase in the total resource tonnes of almost 15% over OK.

The combined Measured and Indicated tonnes are broadly consistent between the resource estimation methods. The variability between the methods is for the Inferred material which reflects the averaging imparted by IDS in areas of wider spaced data. Due to the influence of OK to `smooth' the grade distribution, the Company will continue to assess the most appropriate resource estimation method given that the project benefits from very high-grade zones.

It is expected that the underground mapping and sampling of mineralisation exposure will provide the much-needed support for future resource estimation assumptions. Underground Drilling: Underground drilling is expected to commence following a re-assessment of the safety requirements for the underground sampling program and some additional maintenance requirements to the primary ventilation fan. The drilling program will focus on increasing resource confidence and achieving a drill spacing capable of supporting additional Measured and Indicated Mineral Resources which are critical to the Company's development journey, as they can be converted into Proven and Probable Ore Reserves as part of a Pre- Feasibility or Feasibility Study.

A small portion of the planned drilling will also test for near-mine targets. Underground drilling offers several advantages over surface drilling, namely: · Shorter holes, resulting in lower costs and faster drilling time; · Improved accuracy, an important consideration when drilling at the tighter Measured and Indicated spacing, where hole deviations must be minimised; and · No weather-related delays such as lighting, storms and snow.