New Risk • Mar 18
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 2.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Revenue is less than US$1m (AU$431k revenue, or US$306k). Minor Risk Market cap is less than US$100m (AU$27.4m market cap, or US$19.5m). Board Change • Jan 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Ian White was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 07
Eastern Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Eastern Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 250,000,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Nov 07
Eastern Metals Limited Announces Board Appointments Eastern Metals Limited announced that at its general meeting held on 7 November 2025, the shareholders approved the appointment of Brett Wallace and Adam Sierakowski as Directors. Announcement • Oct 28
Eastern Metals Limited, Annual General Meeting, Nov 28, 2025 Eastern Metals Limited, Annual General Meeting, Nov 28, 2025. Location: level 7, 1 martin place sydney nsw 2000, sydney Australia Announcement • Apr 25
Eastern Metals Limited (ASX:EMS)entered into a non-binding commercial terms sheet to acquire Raptor Resources Limited for AUD 5.5 million. Eastern Metals Limited (ASX:EMS)entered into a non-binding commercial terms sheet to acquire Raptor Resources Limited for AUD 5.5 million on April 24, 2025. The consideration consists of 100 million common equity of Eastern Metals Limited having a value of AUD 2 million to be issued for common equity of Raptor Resources Limited and 175 million performance rights in 3 tranches of Eastern Metals Limited having a value of AUD 3.5 million to be issued for common equity of Raptor Resources Limited.
The transaction is subject to satisfactory due diligence investigations by EMS and RRL, parties agreeing the Binding Documentation on terms acceptable to them, all necessary ASX waivers and approvals being provided to EMS to effect the Proposed Transaction, receipt of all necessary EMS shareholder and regulatory approvals, EMS re-compliance with Chapters 1 & 2 of the ASX Listing Rules, conversion of all RRL convertible securities currently on issue, receipt of all necessary RRL shareholder and regulatory approvals, receipt of any required third-party approvals or consents and additional conditions precedent standard for transactions of this nature. Board Change • Mar 01
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Ian White is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.8m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Revenue is less than US$1m (AU$50k revenue, or US$31k). Market cap is less than US$10m (AU$1.71m market cap, or US$1.06m). Announcement • Oct 26
Eastern Metals Limited, Annual General Meeting, Nov 25, 2024 Eastern Metals Limited, Annual General Meeting, Nov 25, 2024. Location: level 13, 60 castlereagh street, sydney nsw 2000 Australia Announcement • Oct 15
Eastern Metals Limited Announces Retirement of Robert (Bob) Duffin as a Non-Executive Director and Chairman Eastern Metals Limited announced that Mr. Robert (Bob) Duffin has on 15 October 2024 retired as a non-executive Director and Chairman of the Company. Bob retires ahead of the Company's AGM to allow the Board the opportunity to elect a new Chairman in time to chair this meeting. Bob's desire to retire was first indicated in the Company's market announcement on 24 August 2022; however, this was delayed pending changes to the Board that took place shortly thereafter. He has been a director of some 10 listed companies in Australia and the UK for a continuous period of almost 35 years. New Risk • Sep 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m (AU$30k revenue, or US$21k). Market cap is less than US$10m (AU$2.73m market cap, or US$1.86m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (38% increase in shares outstanding). Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Jason Berton was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • May 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 80% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (80% increase in shares outstanding). Revenue is less than US$1m (AU$30k revenue, or US$20k). Market cap is less than US$10m (AU$4.94m market cap, or US$3.28m). Announcement • May 22
Eastern Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million. Eastern Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,400,000
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,850,000
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Transaction Features: Subsequent Direct Listing Announcement • May 21
Eastern Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million. Eastern Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,400,000
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 14,850,000
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Transaction Features: Subsequent Direct Listing Announcement • May 20
Eastern Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million. Eastern Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 31,250,000
Price\Range: AUD 0.032
Discount Per Security: AUD 0.00192
Transaction Features: Subsequent Direct Listing Announcement • Sep 27
Eastern Metals Limited, Annual General Meeting, Nov 22, 2023 Eastern Metals Limited, Annual General Meeting, Nov 22, 2023, at 10:01 AUS Eastern Standard Time. Announcement • Aug 09
Eastern Metals Limited Appoints Ley Kingdom as Chief Executive Officer Eastern Metals Limited announced that Ms. Ley Kingdom has been appointed as the company's Chief Executive Officer, effective immediately. Ley is a qualified geologist with over 25 years' experience having worked for Western Mining Corporation, BHP and a number of juniors and mid-tiers on greenfield projects through to resource definition and feasibility. Ley has a comprehensive understanding of resource projects and their development, and with her broad experience, brings an important range of skills to the Company. Ley formed her own exploration company, Highland Resources Ltd. in 2021, which she subsequently vended into a development company with gold reserves in north Queensland. In that role as Managing Director and CEO, she successfully presented to investors, brokers and corporate entities. Prior to that, Ley held a corporate role with Round Oak Minerals Pty Ltd. Round Oak was a precious and base metals, mining and exploration company with operations across four states. Before that, Ley worked with a number of junior to mid-sized resource companies as Project Geologist through to Exploration Manager across a number of jurisdictions and commodities, including gold, base metals, lithium, iron ore and coal. Ley spent two years with the Victorian Government where she worked with resources companies and led projects through the State's complex approvals process with a view to expediting projects and improving government decision making. For part of this time, Ley was seconded to the Department of Premier and Cabinet to work on a review of the Victorian government's brown coal programs and initiatives over 15 years (Edwards Review). This review included an assessment of the risks and opportunities for future investment in pre-commercial brown coal technologies. In the early 2000s, Ley worked with the Central Land Council advising Traditional Owners and their representatives, as well as exploration and mining companies, on access to land subject to the Native Title Act 1993 in the Northern Territory. New Risk • Jul 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.4m free cash flow). Revenue has declined by 100% over the past year. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$5.19m market cap, or US$3.47m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Dec 07
Eastern Metals Limited Announces High Grade Base Metal Concentrates Expected At Browns Reef Eastern Metals Limited announced that Metallurgical testwork conducted on two composite samples from diamond drill core at Browns Reef has shown that high grade zinc and lead concentrates with good metal recoveries can be expected from the company's Browns Reef polymetallic base metal sulphide deposit in the Cobar Basin near Lake Cargelligo in Central Western New South Wales. The separate zinc and lead concentrates should be easily marketed. Metallurgical Testwork: Metallurgical testwork was conducted on two composite samples of base metal sulphide mineralisation intersected in holes drilled some years ago by a previous owner of the Company's Browns Reef polymetallic base metal project. This work showed that zinc and lead recoveries to concentrates of over 80% could be expected. Flotation tests showed that concentrates with 55% to 60% metal content could be achieved for both zinc and lead. Silver mostly reports to the lead concentrate and copper predominately to the zinc concentrate. The metal recoveries to concentrate and the grades of the zinc and lead concentrate are in line with the best performing Australian base metal operations. The concentrates should be readily saleable to smelters. Eastern Metals intends to conduct additional metallurgical testwork on samples collected from its own drilling at its recently discovered Evergreen zone at Browns Reef. Typical metal grades at Evergreen are higher than the grades of the composite samples tested by the previous owner. Metallurgical performance may be better due to the higher-grade mineralisation. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Jason Berton was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Eastern Metals Limited Announces High Grade Copper Assays Up to 9.6% Cu At Home of Bullion Eastern Metals Limited announced that drill hole HDD049B, located approximately 40m beyond the existing Home of Bullion resource outline in the lower main lode, has returned very high level copper assays with significant zinc and silver credits. This result confirms the potential to further increase the size of the Home of Bullion deposit through further resource expansion drilling. Eastern Metals' asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total Indicated and Inferred Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold. The HoB mine is classified as an Advanced Exploration Project under the Valmin Code. There are two principal lodes at HoB. These are the Main Lode (which is divided into Upper and Lower sections), and the South Lode. Hole HDD049AA targeted the central section of the known Main Lode Lower resource envelope for extensions of the mineralisation in the east-southeast direction. The hole intersected the Main Lower Lode between 487- 500m with small (10-15cm) bands of massive sulphides including pyrite, galena and sphalerite. Hole HDD049B was designed to intersect the Main Lower Lode down dip from HDD049AA in order to extend the resource above historical drill holes HDD045 and HDD045W1. The hole intersected a significant interval of mineralisation at 540.0m downhole over an interval of 10.5m, including a copper rich interval of mineralisation over an interval of 1.75m within this zone. Hole HDD053 was drilled to test for an extension to the upper part of the South Lode at a target 50 metres to the southeast. The hole failed to intersect mineralization and was terminated at 398.6m. Hole HDD049AAA was designed to follow up the intersection in hole HDD049AA but was abandoned at 97.8m and redrilled as hole HDD049B. The upper section of the Main Lode may be closed along strike and down dip. The lower section of the Main Lode remains open in all directions. The South Lode may be closed to the south southeast near the surface and at shallow depth but remains open along strike to the south and at depth. A small offset lode seen in two holes near the surface to the north northwest remains open. Announcement • Oct 25
Eastern Metals Limited Announces Lithium Pegmatite Exploration Update Eastern Metals Limited announced that its initial Lithium exploration program has been completed at Barrow Creek. This scouting program wasdesigned to identify areas with granite or pegmatite outcrop by undertaking traverses at 500m line spacing, undertaken over selected test areas within EMS's 100% owned 183km2 Barrow Creek area. Although no pegmatite outcrops were observed in this program, several areas were identified as exhibiting the characteristic geology associated with the BCPF, and these will be subjected to follow-up traverses and soil sampling programs. The Barrow Creek area lies within the Barrow Creek pegmatite field. The pegmatites in this area intrude metamorphosed mudstones, sandstones, schists and amphibolite of the Palaeoproterozoic Bullion Schist, which itself is the host rock of the Company's Home of Bullion copper deposit. The source of the pegmatites is the Barrow Creek granite complex, which occurs widely throughout the Barrow Creek area, including at Prospect D where it reportedly outcrops. Interpretation of geophysical data suggests the granite occurs at shallow depth in the Home of Bullion area also. Regional reconnaissance of known pegmatite occurrences indicated that pegmatites were generally surrounded by an extensive apron or scatter of milky quartz. A milky quartz outcrop was also in evidence along with a sparse float of granite and mica schist. In addition specimens of quartz/muscovite were observed sometime in outcrop. Using the above parameters as guidelines a series of traverses across selected areas of EL32027 and EL23186, at 500m spacing, were undertaken to determine the abundance and type of outcrop and float. Quartz scatters and outcrops were occasionally observed up to 50m off-traverse and investigated accordingly, but vegetation thickness precluded observing such features further off-traverse. Wide spread quartz scatter was present at Prospect D with limited areas of quartz scatter noted in the northeast corner of EL32027 where mapped granite outcrops were identified. Unrecorded outcrop of Ali Curung Granite was seen in the Donkey Creek area. The quartz-muscovite samples observed adjacent to Home of Bullion core yard are of "pegmatitic origin" and texture and occur as dilational zones, located essentially concordant to host strata. The presence of these quartz/muscovite samples is an important indicator of structural dilation and the passage of fluid "of pegmatitic origin" and is the best evidence that pegmatites may exist on EMS tenements but that they have yet to be located. Only a selected area of the 183km2 Barrow Creek area has been included in this wide spaced traverse program and the area remains highly prospective for LCT-pegmatites. Known pegmatites in the Barrow Creek pegmatite field intrude metamorphosed mudstones, sandstones, schists and amphibolite of the Palaeoproterozoic Bullion Schist, which itself is the host rock of the Company's Home of Bullion copper deposit. Announcement • Oct 17
Eastern Metals Limited (ASX:EMS) completed the acquisition of Neutral Junction Project from Bowgan Minerals Ltd. Eastern Metals Limited (ASX:EMS) signed a Binding Heads of Agreement Neutral Junction Project from Bowgan Minerals Limited for AUD 0.13 million on March 3, 2020. Eastern Metals Limited (ASX:EMS) executed an asset sale agreement to acquire Neutral Junction Project from Bowgan Minerals Limited on May 6, 2022. The consideration will be settled AUD 0.05 million in cash and rest by issuance of 408,163 new shares of Eastern Metals Limited. The shares issued as part of the Acquisition will be escrowed for 12 months from the date of issue. Consideration is payable upon completion being 20 Business Days after registration of EMS as the registered owner of each Tenement owned by Bowgan.
Eastern Metals Limited (ASX:EMS) completed the acquisition of Neutral Junction Project from Bowgan Minerals Ltd. on October 17, 2022. Announcement • Sep 24
Eastern Metals Limited Announces That Lithium Pegmatite Exploration Program Has Commenced At Barrow Creek Eastern Metals Limited announced that a Lithium Pegmatite exploration program has commenced at Barrow Creek. This program will be initially to map outcropping granites that may contain pegmatites and to identify where these may also be under transported cover. In addition exploration will be conducted on and about Home of Bullion where pegmatite float specimens were identified around old workings and in the vicinity of the nearby core yard. Arunta Project; The Company's Arunta Project comprises two separate tenement blocks, all located within the Northern Arunta pegmatite province, part of the Aileron province of the Northern Territory. These are in the northern Barrow Creek area, and the southern Adnera area. The tenements are situated east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek. Barrow Creek Pegmatite Field; The Barrow Creek area lies within the Barrow Creek pegmatite field. The pegmatites in this area intrude metamorphosed mudstones, sandstones, schists and amphibolite of the Palaeoproterozoic Bullion Schist, which itself is the host rock of the Company's Home of Bullion copper deposit. The source of the pegmatites is the Barrow Creek granite complex, which occurs widely throughout the Barrow Creek area, including at Prospect D where it outcrops. Interpretation of geophysical data also suggests the granite occurs at shallow depth in the Home of Bullion area. Pegmatites in the Barrow Creek pegmatite field are grouped into three main zones known as the western group of pegmatites, the eastern group, and the Neutral Junction group. Some of these pegmatites were worked on a generally small scale, largely for tin, tungsten, tantalum, and mica, mainly from the 1940s to the 1980s. The pegmatites are up to a kilometre or so in strike length and from less than a metre to a few metres wide. The Northern Territory Geological Survey (Frater, 2005) has reported analyses of grab samples taken from 12 pegmatite workings in the Barrow Creek field. The highest lithium values, averaging 570 ppm Li, were obtained from pegmatites in the Neutral Junction group. This result was amongst the highest values returned from sampling in the wider Northern Arunta pegmatite province. The main occurrences in the Neutral Junction group are about 3 kilometres south of the Neutral Junction homestead. EL 23186 is on the Neutral Junction pastoral lease, about 4 kilometres to the east of the homestead. The Northern Arunta pegmatite province covers a large area of the Arunta Block centred around the Stuart Highway, from just north of Alice Springs to south of Tennant Creek. It extends to the west to the Tanami Highway and to the east to the Plenty Highway. There is a large number of tin, tungsten, tantalum, mica and workings for other minerals developed in pegmatites in this province. Until very recently, no systematic exploration for lithium had been carried out in the Barrow Creek pegmatite field. Lithium is known to occur elsewhere in pegmatites in the minerals spodumene, petalite, and lepidolite a mica. Announcement • Sep 20
Eastern Metals Limited Announces Gravity Survey Commences at Browns Reef Eastern Metals Limited announced the commencement of a detailed gravity survey at Browns Reef. The principal objective of this survey is to assist in the identification of other potential mineralized areas within the Prestons formation to the north of the Evergreen Lode, which remains open along strike and at depth, and potentially in other structures to the west of the Evergreen Lode discovery. Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long synclinal structure. Figure 1 shows the interpreted geology of the Browns Reef project area. This drawing also shows the location of the two high grade zones identified by Eastern Metals for further and more detailed follow-up drilling. The northern-most of these zones, formerly known as the Northern High-Grade Zone and now known as the Evergreen Zone, is centred near the historic hole BRD013 drilled by Kidman Resources, which returned an intersection of 7.0m averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au. This is the area that was tested by the Company's recent drilling program and where the Evergreen Lode was discovered. EL 6231 has wide spacing gravity data available from historical programs undertaken by the Geological Survey of NSW. In 2002 a detailed GPS gravity survey was commission by Admiralty Resources NL and carried out by Haines Surveys of Adelaide. This was a closely spaced ground gravity survey over a selected area at Browns Reef. The survey area measured approximately 4.6 km x 1.8 km and was targeted to cover the known core north-south strike extent of the Browns Reef mineralisation. A combined total of 524 stations over 48.6 line km of survey at mostly 100m (some at 200m) line spacing and 100m gravity station spacing was completed. Gravity data modelling identified at least two significant zones of anomalous gravity response along strike from the Browns Reef mineralisation - Browns Reef South and North Anomaly. Both of these exceed 500 metres of strike length and modelling indicates the potential for steeply-dipping tabular sources. The North Anomaly is co-incident with the Evergreen Lode discovery and the South Anomaly is co-incident with the Browns Reef South "High Grade Target Zone". Modelling of regional scale wide spaced gravity data along the Lachlan Valley Highway suggests a strong possibility that a structure, similar to the feature on the eastern flank that hosts both the North Anomaly (Evergreen Lode discovery) and South Anomaly (Browns Reef South "High Grade Target Zone"), may also exists on the western side of the interpreted syncline. The objective of this new gravity survey is to obtain more closely spaced high quality gravity data that will extend the existing detailed gravity coverage to the north and to the west of the Evergreen Lode discovery and which will assist in targeting future drilling programs in these areas. Announcement • Aug 31
Eastern Metals Limited Announced Phase 1 of A Two Phase Resource Expansion Drilling Program At the Home of Bullion Mine Has Been Completed Eastern Metals Limited announced that Phase 1 of a two phase resource expansion drilling program at the Home of Bullion (HoB) mine has been completed. This program was designed to test for extensions of the previously defined mineralised envelope at HoB which has yet to be closed off along strike or down dip. This re-designed program consisted of three holes for a total of 1,474 metres. Eastern Metals' asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total Indicated and Inferred Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold. The HoB mine is classified as an Advanced Exploration Project under the Valmin Code. There are two principal lodes at HoB. These are the Main Lode (which is divided into Upper and Lower sections), and the South Lode. The upper section of the Main Lode may be closed along strike and down dip. The lower section of the Main Lode remains open in all directions. The South Lode may be closed to the south southeast near the surface but is open along strike to the south and at depth. A small offset lode seen in two holes near the surface to the north northwest remains open. HDD049AA targeted the top section of the known Main Lode Lower resource envelope for extensions of the mineralisation in the ESE direction. This hole intersected the top of the main lode lower at approximately 487-490m with small (10-15cm) bands of massive sulphides including pyrite, galena and sphalerite. HDD049B was designed to intersect the main lode lower down dip from HDD049AA in order to extend the resource above historical drill holes HDD045 and HDD045W1. HDD049B intersected a significant interval of mineralisation at 537.4m downhole over an interval of approximately 13.6m, including an intense copper rich interval of mineralisation over a width of approximately 3.9m within this zone. Neither of the intercepts in these holes pierce the current resource estimate wireframes but extend it. The strong to intense mineralisation in HDD049B appears to be cut off by a large quartz vein with possible faulting having truncated mineralisation continuity downhole. Future drill holes will be designed to test for intersections of intense mineralisation laterally and vertically to HDD049B where the mineralised area may have been displaced due to possible faulting. HDD053 was designed to extend the South Lode further to the SSE of the existing known resource. It was a significant step out and intersected no mineralisation. Core trays containing mineralised intervals have been dispatched to MIME Field Services in Parkes for processing with core to be sent to ALS Orange for assaying. Announcement • Aug 02
Eastern Metals Limited Receives from the Company's Follow Up Diamond Drilling Campaign At Browns Reef Eastern Metals Limited announced that assays have now been received from the Company's follow up diamond drilling campaign at Browns Reef with high grade intersections of sulphide mineralisation identified in all two holesdrilled. This has extended the Evergreen Lode approximately 50m to the south with a further two planned holes to be drilled to the north when conditions permit. Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long synclinal structure. Figure 1 shows the interpreted geology of the Browns Reef project area. This drawing also shows the location of the two high grade zones identified by Eastern Metals for further and more detailed follow-up drilling. The northern-most of these zones, formerly known as the Northern High Grade Zone and now known as the Evergreen Zone, is centred near the historic hole BRD013 drilled by Kidman Resources, which returned an intersection of 7.0m averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au. This is the area that was tested by the Company's recent drilling program. A long section through the eastern limb of the structure shown in Figure 2. This drawing also shows the location of the two high grade zones identified for further and more detailed follow-up drilling. A more detailed long section of the Evergreen Zone incorporating the results of the recent drilling and the interpreted lode outline is shown in Figure 3. The collar coordinates and other essential details of the two new diamond holes drilled by Eastern Metals to test the Evergreen Zone are tabulated in Appendix 1. The surface projections of these holes and holes drilled earlier by Kidman Resources and another previous tenement holder, Equity 1, in the Evergreen Zone area are shown in Figure 4. Figures 5 and 6 are cross sections spaced at 50m intervals along strike and show each of the new holes drilled by Eastern Metals together with logged sulphide intervals and the interpreted lode and footwall hydrothermal breccia. Two additional holes which were planned to test for extensions of the Evergreen zone to the north as part of the current program have been deferred, and will be drilled after the ground dries out and access conditions permit. The Company has also designed a diamond drilling program to test the other high grade zone shown in Figure 2, the Southern High Grade Zone. This program will be undertaken when all necessary approvals are in place. Announcement • Jul 22
Eastern Metals Limited Commences Diamond Drilling at Home of Bullion Copper Mine Eastern Metals Limited announced that the first of a two phase resource expansion drilling program at the Home of Bullion mine has commenced. This program is testing for extensions to the previously defined mineralized envelope where it has yet to be closed off along strike or down dip. This program consists of 6 holes varying in length from 60 to 440 metres for a total of 1,550 metres. Eastern Metals' asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold. The Home of Bullion mine is classified as an Advanced Exploration Project under the Valmin Code. There are two principal lodes at Home of Bullion. These are the Main Lode (which is divided into Upper and Lower sections), and the South Lode. The upper section of the Main Lode may be closed along strike and down dip. The lower section of the Main Lode is open in all directions. The South Lode is open along strike to the south and at depth. A small offset lode seen in two holes near the surface to the north northwest remains open. Announcement • Jul 05
Eastern Metals Limited Announces Commencement of Field Work at Barrow Creek in the Northern Territory Eastern Metals Limited announced that field work has now commenced in the Barrow Creek area in the Northern Territory. The company has received all required approvals having recently obtained the Sacred Site Clearance Certificate from the Central Land Council which was the final approval required following obtaining landholder permission and the approval of the Mine Management Plan from the Northern Territory Government. Arunta Project: The Company's Arunta Project comprises two separate tenement blocks, all located within the Northern Arunta pegmatite province, part of the Aileron province of the Northern Territory. These are in the northern Barrow Creek - Home of Bullion Donkey Creek area, and the southern Adnera area. The tenements are situated east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek. Barrow Creek - Home of Bullion - Donkey Creek Area: Eastern Metals' asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold. The Home of Bullion mine is classified as an Advanced Exploration Project under the Valmin Code. Prospect D, which hosts both high grade copper and nickel intersected in drilling, is also located on the Barrow Creek tenement. Eastern Metals' strategy is to conduct resource expansion drilling on the Home of Bullion mine where the existing resource remains open along strike and down dip. In addition, several potential VMS and other targets exist along trend, principally to the west and northwest of the deposit. This copper trend continues from its existing tenure into the Home of Bullion-Donkey Creek tenement package acquired from Bowgan, which includes the Mulbangas copper prospect. During 1995-1996 this area was explored by Aberfoyle which outlined anomalous levels of copper-lead-zinc mineralisation, along with gold and silver. Targets were not followed up with deep drilling. Eastern Metals is actively reviewing historical exploration information over this area, which lies within the Barrow Creek pegmatite field and is also prospective for gold, silver, REEs and lithium. Announcement • Jun 28
Eastern Metals Limited Announces Two Diamond Drill Holes to Test for Mineralization At Browns Reef Each Intersected Massive and Disseminated Sulphide Mineralization Eastern Metals Limited announced that two diamond drill holes to test for mineralization at Browns Reef each intersected massive and disseminated sulphide mineralization. This drilling has extended the Evergreen lode a further 50m to the south of the area drilled by EMS earlier this year. Following a prolonged period of heavy rainfall, two additional holes planned to test for extensions to the lode to the north have been deferred. The Evergreen lode has now been now identified over a strike length of more than 150m and vertical depth of 300m and remains open along strike in both directions and at depth. Lake Cargelligo's mean rainfall to June is 217.0 mm. For 2022 more than 499 mm of rain has fallen. This has made access for heavy equipment like drill rigs difficult. Eastern Metals has unilaterally decided to defer further drilling to avoid unnecessary damage to the farming property. The track shown in this photograph will be made good and the drilling program will be completed after the ground dries out and conditions improve to allow easier rig access. Browns Reef: Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney, on EL 6321. The area surrounding Browns Reef is utilized for agricultural purposes, including grazing and cropping. The Browns Reef deposit occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long synclinal structure. An Exploration Target of 27 to 37 million tonnes averaging between 1.3-1.4% zinc, 0.6- 0.7% lead, 9- 10g/t silver and 0.2-0.3% copper has been reported for Browns Reef. Eastern Metals' strategy to date has been to identify, based on previous drilling, areas within the Exploration Target envelope where higher grade zones of base metal mineralization may occur. The two principal higher grade target zones are shown in the long section. Drilling of the northern target area by Eastern Metals has resulted in the discovery of the Evergreen Zone. To date, Eastern Metals has drilled six diamond holes into this zone. All intersected base metal sulphide mineralization. Two additional holes were planned, but have been deferred due to heavy rains that have made access difficult. Both holes drilled in the current round of drilling intersected zones of significant zinc and lead sulphide mineralization, based on visual logging of drill core. Hole BRD020 intersected 6.4m of massive and disseminated sulphides from 198.4 to 204.8m down hole, and hole BRD021 intersected 9.1m of massive and disseminated sulphides from 293.5m to 302.6m down hole. Core from the mineralized intersections has been cut and sent to a laboratory for assay. It will not be until the assay results become available that the true significance of these intersections is known. A long section for that part of the Browns Reef deposit now known as the Evergreen Zone. This drawing shows pierce points for the six holes drilled to date by Eastern Metals in red, those drilled by other companies in yellow and green, and the two additional holes intended to be drilled by Eastern Metals as part of the current program but deferred due to difficult access conditions, in blue. Announcement • Jun 11
Eastern Metals Limited Announces That an Initial Reconnaissance Visit to the Barrow Creek Area in the Northern Territory Has Been Completed Eastern Metals Limited announced that an initial reconnaissance visit to the Barrow Creek area in the Northern Territory has been completed. The purpose of this visit was to reconnoiter soil sampling traverses planned to test for lithium bearing pegmatites and follow-up anomalous copper trends from the Home of Bullion mine into the tenement package acquired from Bowgan which includes the Mulbangas copper prospect on EL32027. The Company's Arunta Project comprises two separate tenement blocks, all located within the Northern Arunta pegmatite province, part of the Aileron province of the Northern Territory. These are in the northern Barrow Creek - Home of Bullion Donkey Creek area, and the southern Adnera area. The tenements are situated east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek. Eastern Metals' asset in the Northern Territory is the Home of Bullion mine at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold. The Home of Bullion mine is classified as an Advanced Exploration Project under the Valmin Code. Prospect D, which hosts both high grade copper and nickel intersected in drilling, is also located on the Barrow Creek tenement. Eastern Metals' strategy is to conduct resource expansion drilling on the Home of Bullion mine where the existing resource remains open along strike and dip. In addition, several potential VMS and other targets exist along trend, principally to the west and northwest of the deposit. This copper trend continues from existing tenure into the Home of Bullion-Donkey Creek tenement package acquired from Bowgan, which includes the Mulbangas copper prospect. During 1995-1996 this area was explored by Aberfoyle which outlined anomalous levels of copper-lead-zinc mineralisation, along with gold and silver. Targets were not followed up with deep drilling. Eastern Metals is actively reviewing historical exploration information over this area, which lies within the Barrow Creek pegmatite field and is also prospective for gold, silver, REEs and lithium. Announcement • Jun 01
Eastern Metals Limited Announces Government Funding Won to Drill Home of Bullion Copper Mine Eastern Metals Limited announced that funding for up to $142,000 has been granted for resource extension drilling at The Home of Bullion copper mine project from the Geophysics and Drilling Collaborations (GDC) program which is a competitive grants program funded under the Northern Territory Government's Resourcing the Territory initiative. Eastern Metals' flagship asset in the Northern Territory is the Home of Bullion copper deposit at Barrow Creek on EL 23186, which was acquired from Kidman Resources (now owned by Wesfarmers) which hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold. The Home of Bullion deposit is classified as an Advanced Exploration Project under the Valmin Code. Eastern Metals' strategy is to conduct resource expansion drilling on the Home of Bullion deposit where the existing resource remains open along strike and dip. In addition, several potential VMS and other targets exist along trend, principally to the west and northwest of the deposit. This anomalous copper trend continues from existing tenure into the Home of Bullion-Donkey Creek tenement package acquired from Bowgan, which includes the Mulbangas copper prospect on EL 32027. During 1995-1996 this area was explored by Aberfoyle which outlined anomalous levels of copper-lead- zinc, along with gold and silver. Targets were not followed up with deep drilling. Eastern Metals is actively reviewing historical exploration information over this area, which lies within the Barrow Creek pegmatite field and is also prospective for gold, silver, REEs and lithium. Announcement • May 23
Eastern Metals Limited Announces the Second Round of Drilling Commences At Browns Reef, with Hole BRD020 Underway Eastern Metals Limited announced that the second round of drilling has commenced at Browns Reef, with hole BRD020 underway. The Program will involve step-out drilling along strike from the Evergreen Zone, which was discovered in its maiden drilling program earlier this year. The Program is expected to take approximately four weeks to complete. Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the historical deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long syncline structure. The current drilling program consists of four holes designed to step out from the Evergreen Zone. These new holes, BRD014-015 and-BRD020-021, range in length from 300m to 350m with a total length of 1,325m. Rotary mud collars will be drilled followed by diamond drilling. Announcement • Apr 27
Eastern Metals Limited Announces High Grade Zinc Zone Discovered At Browns Reef Eastern Metals Limited announced that assays have now been received from the Company's initial diamond drilling campaign at Browns Reef with high grade broad intersections of sulphide mineralisation identified in all four holes drilled. This has extended the lode approximately 50m above and below the historic BRD013 (drilled by Kidman Resources) and at least 50m along strike to both the south and north of BRD013. Interpretation of drill results will continue however these results are thought to be the first stage of a significant high grade zinc-dominated polymetallic zone discovery at Browns Reef. Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long synclinal structure. Announcement • Apr 13
Eastern Metals Limited Provides Northern Territory Arunta Project Exploration Update Eastern Metals Limited announced that field activities are expected to begin in the month of May 2022 in the Company's Arunta Project located in the Northern Territory. The early work program will focus on both extensions to the Home of Bullion copper deposit as well as lithium exploration in the Barrow Creek Pegmatite field in the northern Barrow Creek - Home of Bullion Donkey Creek areas. This will be followed by deep drilling of targets close to the Home of Bullion mine, once the regulatory authorities approve the Company's Mine Management Plan. The Company's Arunta Project comprises two separate tenement blocks, all located within the Northern Arunta pegmatite province, part of the Aileron province of the Northern Territory. These are in the northern Barrow Creek - Home of Bullion Donkey Creek area, and the southern Adnera area. The tenements are situated east of the Stuart Highway between Alice Springs and Tennant Creek near the township of Barrow Creek. Eastern Metals' flagship asset in the Northern Territory is the Home of Bullion deposit at Barrow Creek on EL23186, which was acquired from Kidman Resources (now owned by Wesfarmers) and hosts a total Identified Mineral Resource of 2.5 million tonnes averaging 1.8% copper, 2.0% zinc, 36g/t silver, 1.2% lead and 0.14g/t gold, The Home of Bullion deposit is classified as an Advanced Exploration Project under the Valmin Code. Prospect D, which hosts both high grade copper and nickel intersected in drilling, is also located on the Barrow Creek tenement. Eastern Metals' strategy is to conduct resource expansion drilling on the Home of Bullion deposit where the existing resource remains open along strike and dip. In addition, several potential VMS targets exist along trend, principally to the west and northwest of the deposit. This copper trend continues from existing tenure into the Home of Bullion-Donkey Creek tenement package acquired from Bowgan, which includes the Mulbangas copper prospect. This area was explored by Aberfoyle during 1995-1996 whichoutlined anomalous levels of copper-lead-zinc, along with gold and silver. Targets were not followed up with deep drilling. Eastern Metals is actively reviewing historical exploration information over this area, which lies within the Barrow Creek pegmatite field and is also prospective for gold, silver, REEs, and lithium. The Adnera tenements are also located within the Aileron province of the Arunta Block, with prospectivity for copper and gold being recognised within an orogenic (Tanami-style) and IOCG (Tennant Creek-style) deposit setting. These tenements are adjacent to the Sandover Project held by Encounter Resources, where high grade copper has been identified at surface in an interpreted Zambian copper belt analogue. Exploration potential for REEs is also identified within an alaskite (alkali feldspar leucogranite) further east of Adnera Creek where high zirconium values were confirmed. This area is also prospective for gold, silver, REEs, and lithium-bearing pegmatites. Announcement • Feb 11
Eastern Metals Limited Announces First Drill Hole at Browns Reef Extends Lode At Depth Eastern Metals Limited announced that the first of four holes, BRD016, to be drilled in this initial campaign has now been completed with the intersection of massive and disseminated sulphide mineralisation in two significant intervals as set out above. Logging of core is progressing and samples will be submitted for assay shortly. Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long synclinal structure. This drawing also shows the location of the two high grade zones identified for further and more detailed follow-up drilling by Eastern Metals. The northern-most of these zones, defined by the historic hole BRD013, drilled by Kidman Resources, which returned an interval of 7.0 m averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au, is the area being tested by the Company's current drilling program. This drawing also shows the location of the two high grade zones identified for further and more detailed follow-up drilling. The four red "dots" near BRD013 are the planned pierce points for the Company's current four hole drilling program, which is designed to test the northern of the two zones. The deep hole beneath the pierce point of BRD013 is the hole which has now been drilled, BRD016. This section shown the two massive and disseminated sulphide zones intersected over 3.0 m interval from 372.5 to 375.5 m down hole (estimated true width 1.8m), and the thicker intersection of 18.7m metres from 453.4m to 472.1m down hole (estimated true width 11.2m), which is interpreted to be the down-dip extension of the lode intersected previously in BRD013. Base metal sulphide minerals including sphalerite, galena and chalcopyrite along with pyrite are present in the disseminated and massive sulphide zones. Although logging of the drill core from BRD016 has not yet been completed and assays are not yet available, the thick intersection from 453.4m to 472.1m down hole suggests the lode here potentially extends the depth extent of the deposit by at least 100 metres more than previously known, and possibly amore. It also suggests the lode may be thickening with increasing depth. Announcement • Feb 01
Eastern Metals Limited Announces Commencement of Browns Reef Diamond Drilling Eastern Metals Limited announced that drilling at Browns Reef has now commenced with hole BRD016 underway. This program will involve initial step-out drilling from known ore grade and ore width intercepts from previous drilling in the Browns Reef North "High Grade Target Zone". The current program is expected to take approximately three weeks to complete." Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long syncline structure. Eastern Metals' initial exploration strategy is to follow up on previous drill holes where ore grade and width intercepts were defined in previous drilling. The objective is to identify high grade zones within the extensive mineralised system that may be minable. This current round of drilling is designed to follow up on hole BRD013 which returned an intersection of 7.0m averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au in the Browns Reef North "High Grade Target Zone" Drilling is been undertaken by DDH1 who previously drilled for Kidman Resources at Browns Reef. The current program consists of an initial four holes which have been carefully designed to step out from the previous drilled BRD013. These new holes, BRD016-BRD019, range in length from 260m to 415m with a total length of 1,350m to be drilled. Rotary mud collars will be drilled followed by diamond tails. A long section for that part of the Browns Reef deposit that has been drilled identifies the Browns Reef North "High Grade Target Zone", as shown above. Drilling is been undertaken by DDH1 who previously drilled for Kidman Resources at Browns Reef. The current program consists of an initial four holes which have been carefully designed to step out from the previous drilled BRD013. These new holes, BRD016-BRD019, range in length from 260m to 415m with a total length of 1,350m to be drilled. Rotary mud collars will be drilled followed by diamond tails. The plan diagram below shows the interpreted Browns Reef structure along with the location of the previous ore grade and ore width intercepts which are the initial focus of Eastern Metals' exploration. Announcement • Jan 18
Eastern Metals Limited Provides Browns Reef Drilling Update Eastern Metals Limited announced that initial drilling at Browns Reef is anticipated to commence by the first week of February. This program will involve initial step-out drilling from known ore grade and ore width intercepts from previous drilling in the Browns Reef North "High Grade Target Zone". The drilling rig is finalizing a program (with an option on an additional drill hole) with another client which was delayed due to heavy and persistent rain in the Central- West of New South Wales. Upon finalization of this work the rig will deploy to Browns Reef. Browns Reef lies 5 kilometers to the west of the town of Lake Cargelligo, approximately 470 kilometers west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilized for agricultural purposes, including grazing and cropping. The known deposit at Browns Reef occupies a small part of the tenement. Most of the deeper drilling to date has been confined to a zone about 2.7 kilometers long in the central to southern part of the tenement and is situated on the eastern flank of the interpreted 9km long syncline structure. The initial exploration strategy of Eastern Metals is to follow up on previous drill holes where ore grade and width intercepts were defined in previous drilling. The objective is to identify high grade zones within the extensive mineralized system that may be minable. This current round of drilling is designed to follow up on hole BRD013, drilled by Kidman Resources, which returned an intersection of 7.0 metres averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au located in the Browns Reef North "High Grade Target Zone". Drilling will be undertaken by DDH1 who previously drilled at Browns Reef for Kidman Resources. The current program consists of an initial four holes which have been carefully designed to step out from the previous drilled BRD013. These new holes, BRD016-BRD019, range in length from 260m to 415m with a total length of 1,350m to be drilled. Rotary mud collars will be drilled followed by diamond tails. Follow up drilling will be planned based on results of this initial drilling program. Testing of the Browns Reef South "High Grade Zone" will be undertaken upon obtaining land access. Announcement • Dec 15
Eastern Metals Limited Anticipates Commencement of In-Field Exploration Activities in Mid-January 2022 Eastern Metals Limited announced that it anticipates commencement of in-field exploration activities in mid-January 2022. This program will involveinitial step-out drilling from known ore grade and ore width intercepts from previous drilling at Browns Reef. An initial lithium reconnaissance program will be undertaken at Barrow Creek. This will be followed by a systematic sampling program along with a resource expansion drilling program at the Home ofBullion, upon receipt of all requisite regulatory permits and approvals under the NTA (Native Title Act). In the Northern Territory COVID travel restrictions are expected to be relaxed on 20 December 2021. The company expects to commence initial reconnaissance work at Barrow Creek, in the new year as soon as seasonal weather conditions allow. Lithium sampling and drilling at Home of Bullion is scheduled for late February 2022 subject to permitting and receipt of NTA approvals. Browns Reef lies 5 kilometres to the west of Lake Cargelligo, approximately 470 kilometres west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping. The initial drill program at Browns Reef consists of up to six pre-collared diamond drill holes for 1,920m to follow-up high grade Zn-Ag-Pb intercepts within the existing Exploration Target area. This program is expected to commence with four initial pre-collared diamond drill holes. Late commencement of harvesting and flooding in the Central West of New South Wales have impacted the progression of securing land access. Following further meetings with landholders last week EMS anticipates obtaining access to the initial four holes in the near future, after cropping is finalised in coming weeks. The drilling program will be undertaken by DDH1 who are familiar with the site, having previously drilled at Browns Reef for Kidman Resources. The proposed rig will complete its current job in early January 2022 and will then be moved to Browns Reef. 
