Enterprise Metals Ltd ('Enterprise' or 'ENT') is pleased to advise that geophysical consultants Terra Resources Pty Ltd ('Terra') and Value Adding Resources Pty Ltd (VAR') have completed detailed reviews of Enterprise's 2022 helicopter borne Time Domain Electromagnetic (TEM) survey north of Cue. Terra has integrated the airborne EM data with Enterprise's detailed ground gravity and airborne magnetic data (Figure 1 below), and historic surface and drill hole geochemistry (Figure 2 overleaf).

Conductivity Depth Imaging (CDI) of the AEM data at an RL of 275m by Value Adding Resources Pty Ltd has identified 5 clusters of conductors, which are associated with the known isolated prospects discovered and partly drilled during the 1970's. The difference is that today's modern high powered AEM survey has extended the conductive target zones beyond the surface gossans that were drill tested by the early explorers such as Esso, Eastmet and MetalsEx.

The AM 14 and Eastmet Gossan Targets

Exploration in the Wattagee area commenced in 1971 with a focus on copper-zinc around prospects either defined by gossan sampling (and therefore limited to the small windows of outcrop, for example, around Wattagee Hill and the Eastmet Gossan), or areas of anomalous conductivity defined in relatively primitive fixed wing airborne EM surveys, effective only in areas of nil to shallow transported cover. Esso Exploration and Production Australia Inc. (Esso) and others in the 1970's intersected significant downhole widths and grades of zinc-copper sulphide mineralization in shallow drilling at the AM14 and Eastmet Gossan prospects. (Refer JORC Table 1 and Enterprise's ASX releases of 9 Oct & 3 Nov 2017, 24 May 2018, 30 Sept 2019 and 7 October 2022.) These historic zinc-copper intersections are significant as VMS style deposits can occur in clusters and along strike and down dip within distinct stratigraphic horizons. The majority of drill holes were quite shallow (between 20m - 80m depth). The deepest holes were at AM14, where the best results were obtained

Enterprise has previously digitised and re-processed electrical geophysics completed by Esso over the AM 14 area, with a view to re-evaluating selected targets for further drill testing, generating new targets and identifying areas requiring follow-up geochemical programs and drilling. The IP surveys conducted by Esso over the AM14 prospect were modelled with 2D inversion software. The inversion models were run with a vertical bias to match the steeply dipping geology. An IP line (Figures 5 and 6) over the massive sulphide lenses intersected by Esso's drill holes WP135 and WP138 was reprocessed, with IP and resistivity models produced. The massive sulphide lenses were characterised by high IP and low resistivity (conductive) responses. The resistivity model identified three additional conductive zones (A, B & C) which have associated high IP responses. These additional conductive zones (inc. Target A) do not appear to have been drill tested and are considered by Enterprise to be priority targets

The mineralized horizons were described as 'fine-grained quartz-muscovite (-chlorile) phyllitc or schist, with some of tuffaceous aspect, and carbonaceous phyllite. These rocks were a minor component of a sequence of quench textured feldspathic metabasalt, and amygdaloidal pale coloured metabasalt, all intruded by metagabbro'. 'Poorly exposed fragmentary gossan outcrops can be traced discontinuously over 400m strike-length, and with the assistance of induced polarization and INPUT geophysical methods can be extended a further 1 km along strike. In the north drilling has encountered only massive pyrrhotite, impoverished in copper and zinc. In the south, zinc- rich mineralization (up to 7.5 percent over 3 m) averaging less than 0.5 per cent copper has been found by Esso in a percussion-diamond drilling programme testing a 1.4 km long, anomalous zone. Eastmet intersected a 6m wide zone assaying 0.7 per cent copper in 1970, also in the southern part of the area'. Between 1976 and 2022, there has been no deep modern geophysical methods applied to the Wattagee Well zinc- copper occurrences, although geophysical methods have advanced significantly over the past 46 years. Enterprise Metals Ltd plans to follow up the excellent work by those historical explorers and determine if there is one or more significant massive copper sulphide deposits below the AEM targets outlined by the 2022 NRG helicopter borne Time Domain Electromagnetic (TEM) survey

Contact:

Dermot Ryan

Director

T: +61 8 6381 0392

E: admin@enterprisemetals.com.au

Competent Person Statement

The information in this report that relates to Exploration Activities and Results is based on information compiled by Mr Dermot Ryan, who is an employee of Montana Exploration Services Pty Ltd and a Director and security holder of the Company. Mr Ryan is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ryan consentsto the inclusion in thisreport ofthe matters based on information in the form and context in which it appears. Historic exploration results referred to in this Report were previously reported to the WA Department of Mines and Petroleum in the 1970's by professional geologists working for reputable mining and exploration companies prior to the imposition of the JORC code. Enterprise Metals Limited understands that this information has not been updated since to comply with the JORC Code 2012, but believes the information has not materially changed since it was last reported. For further historic information, refer to Enterprise Metals Ltd's ASX releases dated 9 Oct & 3 Nov 2017, 24 May 2018, 30 Sept 2019 and 7 October 2022

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