Essential Metals Limited announced Major drilling programme to target resource growth at Dome North Lithium Project. HIGHLIGHTS: The drill programme of up to ~9,000m is anticipated to commence in mid- May and will take up to 2.5 months to complete, subject to rig scheduling and drilling rates. The results will underpin an update to the current 11.2Mt @ 1.21% Li2O Dome North Mineral Resource Estimate, scheduled for early December Quarter 2022.

Cade Deposit: 11 holes planned in three phases. The first phase of up to 8 Reverse Circulation (RC) pre-collared holes with diamond tails (RCD holes) will be drilled at a vertical depth of ~100-200m below the lower boundary of the current lithium Resource. The positioning of the first phase holes aligns with the plunge of the thicker and higher-grade central zone within the Cade deposit.

The second and third phase holes will be drilled above and below the Phase 1 holes, based on geological observations from these holes. Davy Deposit: 11 holes planned, designed to test three zones. Three RCD holes will be drilled ~100m below the lower boundary of the current lithium Resource.

Six RC holes will test the northern strike and two holes will test the southern strike of the Davy deposit. Assays from the recently completed exploration and metallurgical diamond drill programme 1 are expected by end-May with metallurgical test work to follow upon receipt of the assays. The test work results and updated MRE will underpin a Scoping Study due in the December Quarter 2022.

The 450km2 Pioneer Dome Project (ESS: 100%) is located in the core of Western Australia's lithium corridor in the Eastern Goldfields, approximately 130km south of Kalgoorlie and 275km north of the Port of Esperance. A Mineral Resource 2 of 11.2Mt @ 1.21% Li2O has been defined at `Dome North' in the northern area of the Project. The southern Yilgarn area is recognised as being well-endowed with spodumene deposits, including the Bald Hill Mine, the Mt Marion Mine and the Buldania Project, all of which are located within 80km of the Pioneer Dome Project.

The world-class Greenbushes Deposit, the Mt Holland Mine and the Mt Cattlin Mine are located further west, south-west and south-south-west, respectively. Evaluation of the Dome North spodumene deposits is at a critical point where testing the depth extents of the Cade and Davy deposits will provide a better understanding the potential development options that will form the basis of preliminary economic and technical studies. Over the past year, exploration has focused on discovering new near-surface spodumene bearing pegmatites.

This search will continue in tandem with drilling designed to expand the current Lithium Mineral Resource. Building on the recently completed drill programme, a review was conducted in February 2022 to investigate the impact of drilling below and along strike of the Dome North Lithium Mineral Resource. This review concluded that the most significant growth potential is likely to come from drilling deeper at the Cade deposit, with drilling along strike and at depth also expected to provide a better understanding of the upside potential at the Davy deposit.

The drill programme is designed to test the down-plunge extent of the mineralised envelopes, extending below the existing lower boundaries of the Mineral Resource for each deposit by approximately 250 metres (including Phase 3) for the Cade deposit and 100 metres for the Davy deposit. In addition, the southern and northern strike extents of the Davy deposit will also be tested. CADE DEPOSIT DRILL PLAN The Mineral Resource Estimate (MRE) for the Cade deposit currently stands at2: Indicated: 5.4Mt @ 1.3% Li2O totaling 70,000 tonnes of Li2O or 173,000 tonnes of lithium carbonate equivalent (LCE).

Inferred: 2.8Mt @ 1.18% Li2O totaling 33,000 tonnes of Li2O or 81,600 tonnes of LCE. Total Cade MRE: 8.2Mt @ 1.26% Li2O totaling 103,000 tonnes Li2O or 254,720 tonnes of LCE. The aim of this drilling is to extend the Inferred material in the Mineral Resource at depth.

The Phase 1 holes are planned to intersect the deposit at a depth approximately 100-200m below the lower boundary of the current Mineral Resource, so that a high-level assessment can be conducted on the potential for underground mining, should it be sufficiently lithium enriched. DAVY DEPOSIT DRILL PLAN: The Mineral Resource Estimate (MRE) for the Davy deposit currently stands at 3: Total Davy MRE (all Inferred): 2.3Mt @ 1.13% Li2O totaling 25,000 tonnes of Li2O or 61,825 tonnes of LCE. The drill programme is expected to commence in mid-May and take approximately 2.5 months (end-July) to complete, assuming one-shift per day and all planned holes are drilled.

Assays are expected to then take two months (end-September), subject to laboratory workloads. In the meantime, assays from the diamond drill programme completed in February, which tested the upper zone of the Cade deposit and also the Davy deposit, are expected to be received by end-May. Following receipt of these assays, samples will be selected for metallurgical test work, which is expected to take 6-8 weeks (~end-July).

Towards the end of the September Quarter, the Company expects to be able to commence an updated Mineral Resource Estimate, which together with the metallurgical test work results, will underpin a Scoping Study targeted for completion during Fourth Quarter 2022. This in turn is expected to pave the way for a Feasibility Study commencing in early 2023.