Plain-text annual report
ASX Announcement
14 OCTOBER 2022
2022 Annual Report
Eagle Mountain Mining Limited (ASX:EM2) (“Eagle Mountain”, the “Company”) is pleased to attach the
Annual Report for the year ending 30 June 2022.
For further information please contact:
Tim Mason
BEng, MBA, GAICD
Chief Executive Officer
tim@eaglemountain.com.au
Mark Pitts
B.Bus, FCA, GAICD
Company Secretary
mark@eaglemountain.com.au
This Announcement has been approved for release by Mark Pitts, Company Secretary on behalf of the Board of Eagle
Mountain Mining Limited
ABOUT EAGLE MOUNTAIN MINING
Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle
Ridge Copper Mine and the highly prospective greenfields Silver Mountain Project, both located in Arizona, USA.
Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries
such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.
Follow the Company’s developments through our website and social media channels:
Linkedin
Twitter
EM2 Website
AUS REGISTERED O FFICE
Gro u n d Flo o r, 22 St irlin g Hig h w a y
Ne d la n d s W A 6 0 0 9
ACN: 621 54 1 20 4
CO NTACT
E: in fo @e a g le m o u n t a in .co m .a u
ASX: EM2
e a g le m o u n t a in .co m .a u
- 2 0 2 2 -
A n n u a l
R e p o r t
CORPORATE
DIRECTORY
DIRECTORS
Rick Crabb (Non-Executive Chairman)
Charles Bass (Managing Director)
Roger Port (Non-Executive Director)
REGISTERED OFFICE
Ground Floor
22 Stirling Highway
Nedlands WA 6009
ALTERNATE DIRECTOR
Brett Rowe (Alternate Director for Charles Bass)
TUCSON OFFICE
Suite 141
10861 N Mavinee Dr. Oro Valley, AZ, 85737
EXECUTIVE
Tim Mason (Chief Executive Officer)
Manuel Ramos (Chief Executive Officer - US
Operations)
AUDITORS
William Buck Audit (WA) Pty Ltd
Level 3
15 Labouchere Road
South Perth WA 6151
COMPANY SECRETARY
Mark Pitts
REGISTERED OFFICE AND PRINCIPAL PLACE
OF BUSINESS
Ground Floor, 22 Stirling Highway
Nedlands, Western Australia 6009
Email: info@eaglemountain.com.au
Website: eaglemountain.com.au
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace
Perth WA 6000
ASX CODE
EM2
ABN
34 621 541 204
CORPORATE GOVERNANCE
A summary statement reporting against the 4th Edition of the ASX Corporate Governance
Recommendations which has been approved by the Board together with current policies
and charters is available on the Company website.
http://eaglemountain.com.au/about/#corporate
CONTENTS
Corporate Directory
Chairman’s Letter
CEO Letter
FY22 Highlights
Review of Operations
Annual Mineral Resource Statement
ASX Additional Information
Directors’ Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
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EAGLE MOUNTAIN MINING | 2022 Annual Report
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EAGLE MOUNTAIN MINING | 2022 Annual Report Chairman’s
Letter
Dear Shareholders,
It is my pleasure to present to you the FY22 Annual Report for
Eagle Mountain Mining Limited.
In addition to important financial and corporate governance
information, this Report provides a detailed update on a
year full of progress towards the Company’s key objective
to become a low emission producer at its high-grade Oracle
Ridge Copper Project in Arizona, USA, to supply copper to
the rapidly growing green energy market.
The extensive work undertaken during the financial year
has further enhanced the status of the Oracle Ridge Copper
Project as a quality acquisition, given its tier 1 location,
existing underground development, improving high-grade
copper resource and multiple prospective exploration
targets. The Eagle Mountain team have done excellent work
this year growing and building confidence in the Resource.
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EAGLE MOUNTAIN MINING | 2022 Annual Report
EAGLE MOUNTAIN MINING | 2022 Annual Report As announced in February 2022, work began to
recommission the existing underground mine
to enable underground mapping, sampling and
drilling to commence. One of the prime advantages
of this asset is its 18 kilometres of underground
infrastructure, which gives the Company the
advantage of rapid restart potential. Advancing
exploration underground will be more cost effective
and provide an improved understanding of
geological structures and metallurgy.
In March 2022, following exceptional drilling results,
the Company released its first update to the JORC
(2012) Mineral Resource Estimate, to deliver a 36%
increase in contained copper at a 1% cut-off grade,
with substantial further optionality at lower cut-off
grades.
The Company continued to drill from surface
through the remainder of the FY 22 year. The goal
has been to build on the resource, particularly
in the Measured and Indicated categories, and
also advance our understanding of the complex
geological structures within the total landholding.
We are currently eagerly awaiting permits to drill
one of these nearby prospective areas.
It has been another productive year led by our
Managing Director Charles Bass and CEO Tim
Mason in Perth and supported by Manuel Ramos
in Tucson as CEO of US Operations. I know the
team members are pleased to be working together
again in person now with travel restrictions lifted.
We are fortunate to have a dedicated team and on
behalf of the Board, I thank them for their ongoing
commitment to the Company.
Finally, I would like to again thank all shareholders,
whose continued support is much appreciated. Next
year promises to be another active year and I wish
you all the best.
Yours faithfully
Rick Crabb
Chairman
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EAGLE MOUNTAIN MINING | 2022 Annual Report CEO Letter
Dear Shareholders,
I am pleased to report on the progress made by our Company
over the past year.
Eagle Mountain has continued to successfully execute its
strategy to de-risk a future restart of the Oracle Ridge copper
mine in Arizona. Oracle Ridge benefits from both a history
of production and extensive existing infrastructure which
provides valuable confidence in many necessary aspects to
become a successful mining operation.
A key aspect to de-risking the project is to build and upgrade
our existing mineral resources. Over 48,000 metres were
drilled through FY22 which contributed to the discovery of
further mineralisation. Following a recent JORC resource
update, we have now increased our Measured and Indicated
Resource tonnes by more than 60% since December 2020.
Oracle Ridge has an accessible underground mine with over
18 kilometres of existing developments. This is a unique
opportunity as not many pre-production projects have direct
access to in-situ mineralisation from underground. At the
time of writing, we are refurbishing parts of these workings
and will start an extensive sampling program and commence
a lower cost underground drilling program focusing on
building and upgrading our resources.
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EAGLE MOUNTAIN MINING | 2022 Annual Report
EAGLE MOUNTAIN MINING | 2022 Annual Report We continually consider the broader economic,
environmental and social impacts of our activities
as part of our long-term strategy and goals. I am
proud that we have continued to support local
communities’ sporting teams and fire departments
during the last year.
Significantly, Oracle Ridge can use the natural
benefits of gravity to support a low-emission mining
process. Unlike mines with long haulage ramps,
Oracle Ridge has the potential to utilise available
battery-operated equipment. This will reduce
emissions from the underground equipment and
also save energy by requiring smaller and more
energy-efficient ventilation systems. The project
has the potential to produce copper for global
decarbonisation with significantly lower emissions
than similar mining operations.
With the advanced Oracle Ridge copper project,
our Company is well positioned to capitalise on the
multi-decade transition to ‘green energy’ and ‘to
find the metals needed to decarbonise the world’.
Most analysts continue to anticipate shortfalls in
global copper supply due to increasing demand
and limited supply response; both of which support
forecasts for higher copper prices, especially beyond
2025. This is a great time to be growing our copper
inventory ahead of this period.
It would be remiss of me not to mention the impact
of the recent volatile market conditions. Like many
resource companies globally, Eagle Mountain has
not been immune to these challenges and our share
price has been impacted. Given the underlying
quality of Oracle Ridge and the positive outlook for
copper, I am confident that our Company is well
placed for growth.
Finally, I would like to thank all our dedicated board,
employees, contractors, business partners and
shareholders for their contributions and support to
our Company over the last year.
Yours faithfully
Tim Mason
Chief Executive Officer
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EAGLE MOUNTAIN MINING | 2022 Annual Report FY22
Highlights
• First upgrade to the JORC Mineral Resource Estimate (MRE) for the
Oracle Ridge Copper Project completed in March 2022
• A second MRE update was completed subsequent to the end of the
financial year with the following highlights:
• 64% increase in Measured and Indicated Resources since
December 2020 (1% Cu cut-off)
• 35% increase in total tonnes in Resource since December 2020 (1%
Cu cut-off)
• Recommissioning of the existing underground mine commenced
• New prospective target areas identified with potential to further build
the resource base
• Commencement of large diameter drilling for metallurgical testwork
• Support for local communities continued, including local fire
departments and sporting teams
• Land holdings increased with 39 new claims staked over Golden Eagle
and OREX
• No lost time injuries for entire year
• Well supported capital raisings which generated $33m in new capital
Copper for a Low Emission Future
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EAGLE MOUNTAIN MINING | 2022 Annual Report
Vision
Eagle Mountain’s vision is to create
shareholder and stakeholder value by
becoming a low-emission producer
of copper which is vital for the
decarbonisation of the global economy.
Employees underground at Oracle Ridge Copper Mine
EAGLE MOUNTAIN MINING | 2022 Annual Report
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EAGLE MOUNTAIN MINING | 2022 Annual Report Logging core in our Tucson logging facility
Social and
Community
We continue to build strong relationships with the local
communities and a range of stakeholders. We are a proud
sponsor of the local women’s softball association and
continue to support the San Manuel and Oracle Ridge Fire
Departments.
We work closely with local governments and environmental
departments and look forward to continuing these
relationships.
People
The health, safety and well-being of our people is a key
priority for Eagle Mountain and is essential to enable a
prosperous future for Eagle Mountain and its surrounding
and supporting stakeholders.
We pride ourselves on continuous training and
development especially when it comes to safety.
Where possible, Eagle Mountain employs and engages
contractors locally from the surrounding community.
We continue to encourage diversity in the workplace
environment. Currently 23% of our employees are women.
The Company retained all Directors, executives and senior
management in a competitive market and employed
many new key employees who have added to the team
throughout the year.
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EAGLE MOUNTAIN MINING | 2022 Annual Report
EAGLE MOUNTAIN MINING | 2022 Annual Report Environment
Eagle Mountain is embracing a low emission future and is committed
to being a responsible steward of the natural environment. The
Company is supporting the renewable energy sector by targeting
responsibly-mined copper with the strong and unique potential to
harness the natural benefits of gravity in its operations.
Water sample testing underground at Oracle Ridge
Governance
The Company is committed to a high level of corporate governance
and fostering a culture that values ethical behaviour, integrity and
respect. We believe that adopting and operating in accordance with
high standards of corporate governance is essential for sustainable
long-term performance and value creation.
10
EAGLE MOUNTAIN MINING | 2022 Annual Report OUR COMMITMENT
TO A SUSTAINABLE
FUTURE
The global transition towards green energy is
reliant on copper with increasing demand into
the future. We aim to support that demand
with a US domestic supply of copper which
is mined in a low disturbance, low emissions
process while supporting local communities. Our
Oracle Ridge project is located in an area with
a history of mining and is well supported with
local infrastructure and over 18 kilometres of
existing underground tunnels. Unlike large open
pits, our underground operations have far less
surface disturbance leading to less impact on the
environment. Our Company is founded on strong
governance principles and we are committed to
operating responsibly for a sustainable future.
Tim Mason
Chief Executive Officer
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EAGLE MOUNTAIN MINING | 2022 Annual Report
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EAGLE MOUNTAIN MINING | 2022 Annual Report
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EAGLE MOUNTAIN MINING | 2022 Annual Report
Review of Operations
Eagle Mountain Mining Limited (“Eagle Mountain”, “Company”) owns 100% of the Oracle Ridge
and Silver Mountain projects in Arizona. Arizona is a Tier 1 mining jurisdiction1 which hosts
many large copper mines and projects operated by major mining companies including BHP,
Rio Tinto, Freeport-McMoran, Asarco, Hudbay and South 32. The Company’s projects are
prospective for both high-grade copper-silver-gold mineralisation and large-scale copper
systems. Activities during the year focused primarily on the Oracle Ridge Project.
Review of
Operations
Eagle Mountain’s vision is to become a low-emission producer of copper which is vital for the
decarbonisation of the global economy. It is planned that future mining operations will have
Review of Operations
a strong focus on reducing emissions by using battery or electric powered mining equipment
and sourcing or producing renewable energy where possible. At Oracle Ridge, the project
benefits from its resource being located on a hill so the use of gravity as part of the mine
Eagle Mountain Mining Limited (“Eagle Mountain”, “Company”) owns 100% of the Oracle Ridge
design could further reduce energy consumption which also reduces emissions. More than
70 countries 2 have renewed targets for decarbonisation of their economies and copper is a
and Silver Mountain projects in Arizona. Arizona is a Tier 1 mining jurisdiction1 which hosts
many large copper mines and projects operated by major mining companies including BHP,
key metal for reducing the use of fossil fuels. We are driven by our vision to supply the copper
Rio Tinto, Freeport-McMoran, Asarco, Hudbay and South 32. The Company’s projects are
for a greener global future, but also to supply that copper via a low-emission process.
prospective for both high-grade copper-silver-gold mineralisation and large-scale copper
systems. Activities during the year focused primarily on the Oracle Ridge Project.
Oracle Ridge Copper Project (100%)
Eagle Mountain’s vision is to become a low-emission producer of copper which is vital for the
decarbonisation of the global economy. It is planned that future mining operations will have
The Oracle Ridge Copper Mine is located northeast of Tucson and 26 kilometres from BHP’s
a strong focus on reducing emissions by using battery or electric powered mining equipment
San Manuel mine, once the largest underground mine in the USA. The site is accessible by
and sourcing or producing renewable energy where possible. At Oracle Ridge, the project
road and is supported by a nearby railway and a copper smelter in the state. Figure 1 shows
benefits from its resource being located on a hill so the use of gravity as part of the mine
the location of the Oracle Ridge copper project.
design could further reduce energy consumption which also reduces emissions. More than
70 countries 2 have renewed targets for decarbonisation of their economies and copper is a
key metal for reducing the use of fossil fuels. We are driven by our vision to supply the copper
for a greener global future, but also to supply that copper via a low-emission process.
Oracle Ridge Copper Project (100%)
The Oracle Ridge Copper Mine is located northeast of Tucson and 26 kilometres from BHP’s
San Manuel mine, once the largest underground mine in the USA. The site is accessible by
road and is supported by a nearby railway and a copper smelter in the state. Figure 1 shows
the location of the Oracle Ridge copper project.
1Arizona is ranked 5th in the world by the Fraser Institute for mining investment attractiveness
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
2 https://www.un.org/en/climatechange/net-zero-coalition
13
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 11
1Arizona is ranked 5th in the world by the Fraser Institute for mining investment attractiveness
https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2021.pdf
2 https://www.un.org/en/climatechange/net-zero-coalition
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 11
EAGLE MOUNTAIN MINING | 2022 Annual Report
Figure 1 - Location of Oracle Ridge Copper Project
The Oracle Ridge Copper Mine is an advanced stage project containing a high-grade copper
resource with significant gold and silver credits. Mineralisation at Oracle Ridge is skarn-
hosted which is common at many other porphyry deposits in Arizona. The source of the
mineralisation at Oracle Ridge has not been found and it remains a key exploration
opportunity.
The project benefits from 18 kilometres of existing underground development in very good
condition, along with other supporting infrastructure.
Exploration
Eagle Mountain commenced its diamond drill program in September 2020. Following strong
exploration results combined with ongoing delineation of further exploration targets, the
Company continued to drill with three drill rigs for the first half of the financial year. Due to
assay delay times and the very efficient drilling, there was a large backlog of assays and the
Company decided to revert to two drill rigs. The two drill rigs continued for the remainder of
the financial year and reached record drill rates. Over 48,000 metres of diamond drilling was
undertaken during the financial year with the aim of both building and upgrading mineral
resources.
Resource upgrade and infill drilling was completed to increase the volume of the resource in
higher confidence Indicated and Measured categories. Only ‘Measured’ and ‘Indicated’ Mineral
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 12
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EAGLE MOUNTAIN MINING | 2022 Annual Report
Resources may be converted to Ore Reserves if they are economically mineable as defined by
a Pre-Feasibility or Feasibility Study.
Selected Infill drilling results achieved during the financial year are listed below:
− 4466..77mm aatt 22..1166%% CCuu, 19.55g/t Ag and 0.27g/t Au (WT-21-51); including
o 15.3m at 4.10% Cu, 37.01g/t Ag and 0.53g/t Au, which included;
o 66..33mm aatt 77..1155%% CCuu, 67.14g/t Ag and 1.00g/t Au3
− 1177..33mm aatt 22..2233%% CCuu, 25.34g/t Ag and 0.21g/t Au (WT-21-55)4
− 10.5m at 1.95% Cu, 26.04g/t Ag and 0.28g/t Au (WT-21-58) within
o 46.0m at 1.49% Cu, 17.91g/t Ag, 0.20g/t Au4
− 10.9m at 2.45% Cu, 18.97g/t Ag and 0.41g/t Au (WT-21-60) within
o 4455..66mm aatt 11..6622%% CCuu, 17.30g/t Ag and 0.31g/t Au4
− 1133..22mm aatt 33..5500%% CCuu, 35.46g/t Ag and 0.43g/t Au (WT-21-63) including
o 1.7m at 7.34% Cu, 78.7g/t Ag and 0.70g/t Au5
− 21.7m at 2.85% Cu, 25.85g/t Ag and 00..5533gg//tt AAuu (WT-21-63)5
Infill drilling around the main mine area provided strong support to nearby historical intercepts.
Interestingly, mineralisation continued to be intersected between the main mineralised lodes in
historically unsampled areas. While more work is required, these results are encouraging and
could have favourable implications for reducing mining costs in a potential production scenario.
Expansion drilling continued during the year with the aim to build further resources. The
drilling covered a range of areas across the project, including the Talon where new
mineralised zones up to 700 metres from north to south were discovered. The next Resource
update was released early in Q4 2022.
Selected Resource expansion drilling results achieved during the financial year are listed
below:
− 5555..33mm aatt 22..1166%% CCuu, 17.15g/t Ag and 00..5544gg//tt AAuu, 0.024% Mo (WT-22-94), including:
o 21.3m at 3.28% Cu, 26.16g/t Ag, 0.76g/t Au and 0.038% Mo66
− 1122..22mm aatt 22..3355%% CCuu, 24.46g/t Ag and 0.57g/t Au (WT-21-71) 66
− 66..22mm aatt 33..1199%% CCuu, 44.94g/t Ag and 0.61g/t Au (WT-21-65), including:
o 0.8m at 1155..5555%% CCuu,, 224400gg//tt AAgg aanndd 22..3300gg//tt AAuu66
− 15.4m at 1.91% Cu, 15.88 g/t Ag and 0.31 g/t Au (WT-21-64), including:
o 1.2m at 1100..8855%% CCuu, 112211gg//tt AAgg aanndd 11..0099gg//tt AAuu66
− 14.6m at 1.72% Cu, 21.30g/t Ag and 0.27 g/t Au (WT-21-67)6
− 6600..77mm at 1.56% Cu, 14.15 g/t Ag and 0.32 g/t Au (WT-22-99), including:
o 1144..66mm aatt 22..8833%% CCuu, 27.54 g/t Ag, 0.51 g/t Au7
3 Refer ASX Announcement 24 January 2022
4 Refer ASX Announcement 3 March 2022
5 Refer ASX Announcement 15 March 2022
6 Refer ASX Announcement 20 April 2022
15
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 13
EAGLE MOUNTAIN MINING | 2022 Annual Report
− 4.5m at 2.76% Cu, 32.85 g/t Ag and 0.36 g/t Au (WT-22-96) 7
− 4.5m at 2.92% Cu, 29.14 g/t Ag and 0.66 g/t Au (WT-22-97) 7
JORC Mineral Resource Upgrades
In March 2022, the Company completed its first upgrade to its JORC Mineral Resource
Estimate (“MRE”). The Company then completed a further update to the MRE in October 2022
updating the Resource to 16.5Mt at 1.45% Cu, 15.10/t Ag and 0.19g/t Au for 240kt Cu, 8.0Moz
Ag and 102koz of Au (1.0% Cu cut-off) (refer ASX announcement 6 October 2022).
Key results of the updated MRE are outlined below.
• 65% of the Resource is in ‘Indicated’ or ‘Measured’ categories
• 64% increase in Measured and Indicated Resources since December 2020 (see Figure
2)
• 36% increase in contained copper at a 0.8% Copper cut-off (see Figure 3)
•
Increasing grades at higher confidence resource categories
• Reviewed by independent consultants SRK Consulting Pty Ltd
Figure 2 – Diagram showing total Measured and indicated Resources at a 1% Cu cut-off
7 Refer ASX Announcement 6 June 2022
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 14
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EAGLE MOUNTAIN MINING | 2022 Annual Report
Figure 3 – Diagram showing the increase in contained copper at a 0.8% Cu cut-off as at the
October 2022 Resource Update (refer ASX announcement 6 October 2022)
TTaabbllee 22 –– SSuummmmaarryy ooff UUppddaatteedd OOccttoobbeerr 22002222 MMRREE RReessoouurrccee CCaatteeggoorriieess aatt 11%% CCuu ccuutt--ooffff
((rreecceeiivveedd ssuubbsseeqquueenntt ttoo tthhee eenndd ooff ffiinnaanncciiaall yyeeaarr))
RReessoouurrccee
CCaatteeggoorryy
TToonnnneess
[[MMtt]]
MMeeaassuurreedd
IInnddiiccaatteedd
2.1
8.7
CCuu
[[%%]]
1.57
1.49
AAgg
[[gg//tt]]
16.42
14.94
SSuubbttoottaall MM++II
1100..88
11..5500
1155..2233
IInnffeerrrreedd
TToottaall MM++II++II
5.7
1166..55
1.36
14.85
11..4455
1155..1100
AAuu
[[gg//tt]]
0.21
0.21
00..2211
0.15
00..1199
CCoonnttaaiinneedd CCuu
[[tt]]
CCoonnttaaiinneedd AAgg
[[OOzz]]
CCoonnttaaiinneedd AAuu
[[OOzz]]
33,000
129,000
116622,,000000
77,000
224400,,000000
1,111,000
4,178,000
55,,229900,,000000
2,719,000
14,000
59,000
7744,,000000
28,000
88,,000099,,000000
110022,,000000
Differences may occur in totals due to rounding
Significantly greater tonnages occur at lower copper cut-off grades, providing optionality for
future mining and processing studies (refer to Table 3 below and Figure 3 above).
TTaabbllee 33 –– SSuummmmaarryy ooff UUppddaatteedd OOccttoobbeerr 22002222 MMRREE RReessoouurrccee CCaatteeggoorriieess aatt 00..88%% CCuu ccuutt--ooffff
RReessoouurrccee
CCaatteeggoorryy
TToonnnneess
[[MMtt]]
MMeeaassuurreedd
IInnddiiccaatteedd
SSuubbttoottaall MM++II
IInnffeerrrreedd
TToottaall MM++II++II
2.8
13.2
1166..00
10.3
2266..33
CCuu
[[%%]]
1.40
1.28
AAgg
[[gg//tt]]
14.67
12.91
11..3300
1133..2222
1.15
12.43
11..2244
1122..9911
AAuu
[[gg//tt]]
0.19
0.19
00..1199
0.14
00..1177
CCoonnttaaiinneedd CCuu
[[tt]]
CCoonnttaaiinneedd AAgg
[[OOzz]]
CCoonnttaaiinneedd AAuu
[[OOzz]]
39,000
170,000
220099,,000000
118,000
332277,,000000
1,324,000
5,496,000
66,,882200,,000000
4,114,000
17,000
80,000
9977,,000000
46,000
1100,,993333,,000000
114433,,000000
Differences may occur in totals due to rounding
17
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EAGLE MOUNTAIN MINING | 2022 Annual Report
Recommissioning of the Underground Mine
The Company’s increased confidence in the resource potential of the Project provided the
impetus to bring forward plans to invest in the recommissioning of parts of the existing
underground mine.
The Oracle Ridge mine includes over 18 kilometres of existing underground development,
accessed from two portals, with over 90% of the existing mine accessible from these portals
not requiring dewatering. The underground recommissioning includes installation and/or
servicing of electrical, water and air services, followed by progressive checks and
rehabilitation of underground tunnels as required.
During the year, the Company progressed necessary planning for the recommissioning
including emergency escape-way plans, mine ventilation plans, emergency response
contracts and other safety-related plans. Many of these documents are necessary for
compliance with government agencies. Various inspections were undertaken and tendering
for a suitable contractor to undertake the work also progressed. The MSHA (Mine Safety and
Health Administration) underground mine status has now moved from non-active to active,
non-producing. Subsequent to the end of the financial year, the Company appointed a
mining services contractor to undertake the works.
Access to the existing underground mine enables diamond drilling and mapping to be
conducted from underground. This has a range of benefits including:
• RReedduucceedd ccoossttss aanndd ttiimmee – Drilling from underground will allow a reduction in hole
length by an estimated 40 to 60% when compared to surface drilling. As the Company
is focusing on improving the quality of the resource with higher density drilling, this
provides significant time and cost savings.
•
IImmpprroovveedd qquuaalliittyy – Shorter holes typically have less deviation which is important for
higher density drilling as required for Measured and Indicated mineral resources.
• FFaasstteerr ddeelliivveerryy ooff rreessuullttss – The shorter holes mean quicker turnaround and therefore
faster results for future Mineral Resources Estimate updates.
• OOtthheerr – Drilling from underground can reduce the impact of adverse weather events
such as monsoons or snow, which have previously impacted surface drilling.
Underground access also facilitates certain studies which will be important aspects of a
planned preliminary feasibility study. These activities include:
• MMeettaalllluurrggiiccaall – collection of bulk samples for metallurgical and comminution test work
to design optimal processing circuitry and recoveries.
• GGeeootteecchhnniiccaall –– collection of structural data for geotechnical evaluation of stopes and
development designs.
Access from the underground will also provide optionality to install a future exploration drive
from the existing underground towards the Talon area where multiple strong drilling results
have been received.
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 16
18
EAGLE MOUNTAIN MINING | 2022 Annual Report
JJoohhnn PPeerreezzaa,, SSaaffeettyy AAddvviissoorr ((LLeefftt)) wwiitthh RReexx MMccLLaacchhlliinn,, SSeenniioorr GGeeoollooggiisstt ((RRiigghhtt))
UUnnddeerrggrroouunndd sseeccoonnddaarryy ffaann
EElleeccttrriiccaall ttrraannssffoorrmmeerr
UUnnddeerrggrroouunndd ddeevveellooppmmeenntt ddrriivvee sshhoowwiinngg
ggoooodd ggrroouunndd ccoonnddiittiioonnss
UUnnddeerrggrroouunndd iinntteerrsseeccttiioonn sshhoowwiinngg ggoooodd ggrroouunndd
ccoonnddiittiioonnss aanndd eexxiissttiinngg sseerrvviicceess
19
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 17
EAGLE MOUNTAIN MINING | 2022 Annual Report
Metallurgical Testwork
The metallurgy of the Project has been significantly de-risked by actual production in the
early 1990s when a saleable, clean copper-silver-gold concentrate was produced. The mine
did encounter some processing challenges due to the lack of comprehensive studies
covering different types of skarn mineralisation and poor crushing and grinding processes.
During the 2010-2015 period, the previous owners of the project completed additional
testwork which highlighted favourable copper, silver and gold recoveries.
The Company has engaged a metallurgist to review the historical production records and
metallurgical studies and to recommend additional work to confirm and possibly improve on
the previous results. This work will focus on:
• Completing initial metallurgical studies on Talon area mineralisation;
• Reviewing the different mineralogical characteristics of the different skarn and
mineralisation styles across the mine. Due to the intrinsic variability of skarn
mineralisation, it is important to understand the unique metallurgical characteristics
of each area of the mine to assist with mine scheduling and processing down the
track;
• Reviewing and optimising crushing and grinding requirements as the early 1990s mill
carried up to a 50% recirculating load;
• Reviewing the potential presence of minerals or deleterious elements which could
impact processing or concentrate saleability. As discussed above, based on previous
processing and concentrate sales it is expected these will not be an issue;
• Evaluating the viability of recovering additional by-products such as magnetite and
garnet; and
• Assessing the potential benefits of ore sorting technology to reduce the material to
be processed and, consequently, mill size and capital costs.
The first large diameter metallurgical drill hole in the Talon commenced late in the financial
year to provide additional material for the necessary tests required for future studies. As the
Talon is a new discovery, no previous metallurgical testwork has been completed in this area.
Resource Expansion Potential
OORREEXX
In October 2020, field mapping identified extensive occurrences of outcropping skarn-
hosted copper-silver-gold mineralisation to the south of the main mine area (refer ASX
announcement 12 October 2020). This new area was called OREX. A detailed mapping
programme was undertaken with over 100 grab samples collected. The outcropping
mineralisation was in limestone formations, similar to those encountered at the Oracle Ridge
mine. The results prompted the staking in 2020 of over 80 additional unpatented mining
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 18
20
EAGLE MOUNTAIN MINING | 2022 Annual Report
claims covering the eastern extension of the lower Leatherwood-Sediments contact. A
further 12 unpatented claims were also staked during the reporting year.
The Company believes that the prospective contact exists at depth below the Leatherwood
for approximately three kilometres in an east-west direction (see Figure 5).
Permit applications to the United States Forest Service for drilling on parts of the OREX
prospect were progressed during the year.
GGoollddeenn EEaaggllee
Golden Eagle is an area centred approximately two kilometres to the east of the Oracle Ridge
mine portals which abuts the OREX project area to the north. Literature and preliminary
exploration work by Eagle Mountain showed potential for Golden Eagle to contain a gold-rich
mineralised system.
During the year, an additional 27 Unpatented Claims were staked at Golden Eagle to secure
exploration rights over prospective areas. Figure 5 below shows the location of the claims
staked at Golden Eagle. Drilling results confirmed the two hydrothermal alteration systems
at depth. These systems are:
• A vein-hosted polymetallic system characterised by pyrite and silica alteration with
localised veins containing lead, zinc and copper sulphides. Interestingly, the intensity
of alteration and veining appears to increase to the west and at depth.
• A gold-rich system, confirmed by assay results, displaying abundant hematite (iron
oxide) alteration associated with geological structures (e.g. breccias).
Pyrite and chalcopyrite
Sphalerite
FFiigguurree 44 -- EExxaammppllee ooff ppoollyymmeettaalllliicc vveeiinniinngg sseeeenn iinn ssiilliiccaa ffllooooddeedd,, ppyyrriittee--rriicchh aalltteerraattiioonn zzoonnee aatt GGoollddeenn EEaaggllee..
GGEE--2211--0099 aatt 229955 mmeettrreess ddoowwnnhhoollee ddeepptthh ((rreeffeerr ttoo AASSXX aannnnoouunncceemmeenntt 2288 OOccttoobbeerr 22002211))..
21
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 19
EAGLE MOUNTAIN MINING | 2022 Annual Report
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22
EAGLE MOUNTAIN MINING | 2022 Annual Report
Silver Mountain Copper Project (100%)
The Silver Mountain copper/gold project (“Silver Mountain”) is located in central Arizona,
approximately 80 kilometres to the northwest of Phoenix.
The project area sits on the Laramide Arc, a northwest-southeast trending geological feature
containing world-class porphyry copper mines such as Bagdad, Miami and Resolution. It also
lies on the southern extension of a northeast-southwest prospective metallogenic belt that
hosts United Verde and Iron King, two historical mines of volcanogenic massive sulphide
affinity. The intersection of these two trends results in a favourable geologic setting with high
complexity and potential for multiple mineralisation styles.
The northern portion of the project area has a history of prospecting and mining of high-
grade copper from the 1890s into the 1920s. Except for very limited campaigns in the 1960s,
1970s and early 1990s, there had been no modern exploration at Silver Mountain.
Commencing in 2013, Eagle Mountain and its subsidiaries have been the first companies to
complete modern exploration over the Silver Mountain project area.
Eagle Mountain combined the fragmented land ownership along the main copper trend. A
portion of the tenements are held in patented claims, which grant royalty-free surface and
mineral rights with very low carrying costs.
Silver Mountain encompasses four main prospects known as “Pacific Horizon”, “Scarlett”, “Red
Mule” and “Rhyolite Target”, each having a unique mineralisation style.
The Company views Silver Mountain as a very prospective project supported by multiple
favourable geological signatures. Initial limited drilling has significantly enhanced the
understanding of these different mineralised systems while testing only a small portion of
the prospective geology.
While the current activities are currently focussed on the Oracle Ridge Project, the Company
believes strong potential still exists at Silver Mountain for the discovery of an economic
concentration of copper, gold and silver.
23
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 21
EAGLE MOUNTAIN MINING | 2022 Annual Report
Figure 6 - Map showing the land tenure of the Pacific Horizon, Scarlett, Red Mule and Rhyolite
prospects
Figure 7 below shows a hypothetical cross section across the Silver Mountain project
illustrating the different types of mineralisation targets and a postulated porphyry source at
depth which could explain the different mineralisation styles observed on the property.
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 22
24
EAGLE MOUNTAIN MINING | 2022 Annual Report
Figure 7 - Conceptual mineralisation system at Silver Mountain Project
COMPETENT PERSON STATEMENTS
The information in this document that relates to Exploration Activities is based on
information compiled by Mr Fabio Vergara and Mr Brian Paull who are both Members of The
Australasian Institute of Mining and Metallurgy (MAusIMM) and have sufficient experience
relevant to the activity which they are undertaking to qualify as a Competent Persons as
defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code 2012). Mr Vergara is the Chief Geologist
and Mr Paull Director of Exploration of Eagle Mountain Mining Limited and consent to the
inclusion in this document of the information in the form and context in which it appears. Mr
Vergara and Mr Paull hold shares and options in Eagle Mountain Mining Limited.
Where the Company references previous exploration results including technical information
from previous ASX announcements and historic results, JORC Table 1 disclosures are
included within them. The Company confirms that it is not aware of any new information or
data that materially affects the information included in those announcements, and all
25
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 23
EAGLE MOUNTAIN MINING | 2022 Annual Report
material assumptions and technical parameters underpinning the results within those
announcements continue to apply and have not materially changed. In addition the form and
context in which the Competent Persons findings are presented have not been materially
modified from the original reports.
Where the Company references the JORC Mineral Resource Estimate announced 6 October
2022 it confirms that it is not aware of any new information or data that materially affects the
information included in that announcement, and all material assumptions and technical
parameters underpinning the Mineral Resource Estimate within that announcement
continue to apply and have not materially changed. In addition the form and context in which
the Competent Persons findings are presented have not been materially modified from the
original reports.
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 24
26
EAGLE MOUNTAIN MINING | 2022 Annual Report
AANNNNUUAALL MMIINNEERRAALL RREESSOOUURRCCEE SSTTAATTEEMMEENNTT
The Company’s Mineral Resource Statement has been compiled in accordance with the Australian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2012)
and Chapter 5 of the ASX Listing Rules and ASX Guidance Note 31. The Company has no Ore Reserve
estimates at the date of this report.
The Company governs its activities in accordance with industry best-practice. The resource reports and
supporting data were subjected to internal analysis and peer-review before release.
MMiinneerraall RReessoouurrcceess
The Company’s Mineral Resource Estimate (MRE) at its Oracle Ridge Copper Project (“Oracle
Ridge”) in Arizona is shown as at 6 October 2022 in Tables 5 and 6 and incorporates a
number of positive changes since the MRE highlighted in last year’s report including:
- an interim MRE in March 2022 (refer ASX announcement “36% increase in
Copper….and Growing”, released on 10 March 2022); and
- an updated MRE in October 2022 (refer ASX announcement “Oracle Ridge Mineral
Resources estimate Update”).
SRK Consulting Pty Ltd (“SRK”), a well-respected international mining consultancy with
extensive experience in Resource estimation, was engaged to review and complete the
MRE’s in conjunction with personnel from the Company. Both MRE’s were reported in
accordance with the JORC Code 2012.
Both updates to the MRE have incorporated a substantial amount of drilling and a
significantly revised geological model. The geological model was created by Company
personnel and reviewed by SRK. The October MRE Update was estimated using ordinary
kriging (“OK”), constrained to unique geologic units.
TTaabbllee 44 –– SSuummmmaarryy ooff eexxiissttiinngg MMiinneerraall RReessoouurrcceess
Resource
Project
Mineral Resource
Competent Person
Organization
ASX Reporting
Date
Oracle Ridge
Rodney Brown
SRK Consulting (Australasia) Pty Ltd
6 October 2022
TTaabbllee 55 –– SSuummmmaarryy ooff UUppddaatteedd OOccttoobbeerr 22002222 OOrraaccllee RRiiddggee MMRREE
RReessoouurrccee CCaatteeggoorriieess aatt 11%% CCuu ccuutt--ooffff
RReessoouurrccee
CCaatteeggoorryy
TToonnnneess
[[MMtt]]
MMeeaassuurreedd
IInnddiiccaatteedd
2.1
8.7
CCuu
[[%%]]
1.57
1.49
AAgg
[[gg//tt]]
16.42
14.94
SSuubbttoottaall MM++II
1100..88
11..5500
1155..2233
IInnffeerrrreedd
TToottaall MM++II++II
5.7
1166..55
1.36
14.85
11..4455
1155..1100
AAuu
[[gg//tt]]
0.21
0.21
00..2211
0.15
00..1199
CCoonnttaaiinneedd CCuu
[[tt]]
CCoonnttaaiinneedd AAgg
[[OOzz]]
CCoonnttaaiinneedd AAuu
[[OOzz]]
33,000
129,000
116622,,000000
77,000
224400,,000000
1,111,000
4,178,000
55,,229900,,000000
2,719,000
14,000
59,000
7744,,000000
28,000
88,,000099,,000000
110022,,000000
27
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 25
EAGLE MOUNTAIN MINING | 2022 Annual Report
RReevviieeww ooff MMaatteerriiaall CChhaannggeess
Since the Company announced its maiden JORC 2012 compliant Mineral Resource estimate
in December 2020, the key changes in the MRE since last year’s Annual Mineral Resource
Statement and as presented (at a 1% copper cut-off grade) are as follows:
• Definition of a maiden a Measured Resource under the JORC Code of 2.1Mt, 1.54%
Cu, 15.84g/t Ag and 0.22g/t Au for 33kt Cu, 1.1Moz Ag and 15koz of Au
• An overall 30% increase in total contained copper
• An overall 35% increase in total Resource tonnes
•
• Higher confidence Indicated and Measured Resource tonnes have increased by 4.2
Increased copper and silver grades at higher confidence resource categories.
•
million tonnes or 64%
Inferred Resources have remained mostly unchanged and now stand at 5.7 million
tonnes. A large proportion of newly discovered Inferred Resources have been
upgraded to Indicated Resources.
TTaabbllee 66 –– CCoommppaarriissoonn ooff tthhee OOccttoobbeerr 22002222 MMiinneerraall RReessoouurrccee EEssttiimmaatteess aatt aa 11%% CCuu ccuutt--ooffff ggrraaddee
ttoo tthhee eessttiimmaatteess aass aatt MMaarrcchh 22002222 aanndd DDeecceemmbbeerr 22002200
MMeeaassuurreedd
IInnddiiccaatteedd
SSuubbttoottaall
IInnffeerrrreedd
TToottaall
MMeeaassuurreedd
IInnddiiccaatteedd
SSuubbttoottaall
IInnffeerrrreedd
MMtt
2.1
8.7
1100..88
5.7
1166..55
MMtt
2.1
7.5
99..66
7.3
TToottaall
1177..00
IInnddiiccaatteedd
IInnffeerrrreedd
MMtt
6.6
5.6
TToottaall
1122..22
CCuu
[[%%]]
1.57
1.49
11..5500
1.36
11..4455
CCuu
[[%%]]
1.54
1.49
11..5500
1.45
11..4488
CCuu
[[%%]]
1.52
1.50
11..5511
AAgg
[[gg//tt]]
16.42
14.94
1155..2233
14.85
1155..1100
AAgg
[[gg//tt]]
15.84
14.50
1144..7799
15.48
1155..0099
OOccttoobbeerr 22002222 MMRREE
AAuu
[[gg//tt]]
0.21
0.21
00..2211
0.15
CCuu
[[tt]]
33,000
129,000
116622,,000000
77,000
00..1199
224400,,000000
MMaarrcchh 22002222 MMRREE
AAuu
[[gg//tt]]
CCuu
[[tt]]
0.22
0.18
00..1199
0.15
00..1177
33,000
112,000
114455,,000000
106,000
225511,,000000
AAgg
[[OOzz]]
1,111,000
4,178,000
55,,229900,,000000
2,719,000
88,,000099,,000000
AAgg
[[OOzz]]
1,093,000
3,518,000
44,,661111,,000000
3,632,000
88,,224433,,000000
JJuunnee 22002211 MMRREE ((DDeecceemmbbeerr 22002200))
AAgg
[[gg//tt]]
15.76
16.96
1166..3311
AAuu
[[gg//tt]]
0.19
0.18
00..1177
CCuu
[[tt]]
100,000
84,000
118844,,000000
AAgg
[[OOzz]]
3,348,000
3,033,000
66,,338822,,000000
AAuu
[[OOzz]]
14,000
59,000
7744,,000000
28,000
110022,,000000
AAuu
[[OOzz]]
15,000
44,000
5599,,000000
34,000
9933,,000000
AAuu
[[OOzz]]
40,000
33,000
7733,,000000
Note - Totals may not add due to rounding differences
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 26
28
EAGLE MOUNTAIN MINING | 2022 Annual Report
GGoovveerrnnaannccee aanndd IInntteerrnnaall CCoonnttrroollss
The Company ensures good governance in relation to resource estimation. The geological
model used for Mineral Resource estimation was prepared by the Company in Leapfrog
Geo using implicit modelling techniques and included all available drill hole data as well as
surface and underground mapping. The model was independently reviewed by SRK.
All drill hole data is stored in-house within a commercially available purpose designed
database management system and subjected to industry standard validation procedures.
Quality control on resource drill programs have been undertaken to industry standards
with implementation of appropriate drilling type, survey data collection, assay standards,
sample duplicates and repeat analyses.
The resource reports and supporting data were subjected to internal analysis and peer
review before release. The Company is not aware of any additional information, other than
that reported, which would have a material effect on the estimates as reported.
Due to the nature, stage and size of the Company’s existing operations, the Board believes
there would be no efficiencies gained by establishing a separate mineral reserves and
resources committee responsible for reviewing and monitoring the Company’s processes
for calculating mineral reserves and resources estimates and for ensuring that the
appropriate controls are applied to such calculations.
The Company confirms it is not aware of any new information or data since the updated
Mineral Resource was declared that materially affects the information included in this
Mineral Resource Statement.
CCOOMMPPEETTEENNTT PPEERRSSOONNSS SSTTAATTEEMMEENNTT
The information in this Annual Mineral Resources Statement is based on, and fairly
represents information and supporting documentation reviewed by Mr Fabio Vergara, who
is a member of The Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Vergara
has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity he is undertaking, to qualify as a Competent Person
as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code 2012). Mr Vergara is the Chief Geologist
of Eagle Mountain Mining Limited and consents to the inclusion in this document of the
information in the form and context in which it appears. Mr Vergara holds shares and
options in Eagle Mountain Mining Limited.
29
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 27
EAGLE MOUNTAIN MINING | 2022 Annual Report
AASSXX AAddddiittiioonnaall IInnffoorrmmaattiioonn
Pursuant to the Listing Requirements of the Australian Securities Exchange, the shareholder
information set out below was applicable as at 3 October 2022.
AA..
DDiissttrriibbuuttiioonn ooff EEqquuiittyy SSeeccuurriittiieess
Analysis of numbers of shareholders by size of holding:
Ordinary Fully Paid Shares
DDiissttrriibbuuttiioonn
NNuummbbeerr ooff
sshhaarreehhoollddeerrss
SSeeccuurriittiieess hheelldd %% ooff iissssuueedd ccaappiittaall
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
More than 100,000
135
459
321
769
210
73,109
1,425,744
2,619,484
29,344,447
234,802,279
TToottaallss
11,,889944
226688,,226655,,006633
0.03
0.53
0.98
10.94
87.52
110000%%
There are 301 shareholders holding less than a marketable parcel of ordinary shares.
BB..
TTwweennttyy LLaarrggeesstt SShhaarreehhoollddeerrss
The names of the twenty largest holders of quoted shares are listed below:
OOrrddiinnaarryy SShhaarreess -- QQuuootteedd
SShhaarreehhoollddeerr NNaammee
NNuummbbeerr ooff sshhaarreess %% ooff SShhaarreess
SILVER MOUNTAIN MINING NOMINEE PTY LTD
57,270,001
21.35
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
28,953,915
10.79
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED -
A/C 2
22,251,409
8.29
MERRILL LYNCH
LIMITED
(AUSTRALIA) NOMINEES PTY
11,004,041
4.10
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 28
30
EAGLE MOUNTAIN MINING | 2022 Annual Report
OOrrddiinnaarryy SShhaarreess -- QQuuootteedd
SShhaarreehhoollddeerr NNaammee
NNuummbbeerr ooff sshhaarreess %% ooff SShhaarreess
METECH SUPER PTY LTD
9,800,000
3.65
CITICORP NOMINEES PTY LIMITED
MR PHILIP JOHN CAWOOD
VINCERE RESOURCES HOLDINGS LLC
ARALAD MANAGEMENT PTY LTD
BNP PARIBAS NOMS PTY LTD
MR GEORGE CHIEN HSUN LU + MRS JENNY CHIN
PAO LU
QUARTZ MOUNTAIN MINING PTY LTD
GUNSYND PLC
BNP PARIBAS NOMINEES PTY LTD
9,120,658
5,000,000
4,950,324
4,000,000
3,458,323
2,806,000
2,694,000
2,500,000
2,495,430
3.40
1.86
1.85
1.49
1.29
1.05
1.00
0.93
0.93
EQUITY TRUSTEES LIMITED
2,300,000
0.86
MISS GABRIELLA RUBAGOTTI
MR ANDREW GRANTON BROWN
2,000,000
1,800,000
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
1,666,904
MR GEORGE CHIEN-HSUN LU
SNOWBALL 3 PTY LTD
1,527,991
1,500,000
0.75
0.67
0.62
0.57
0.56
TToottaall
117777,,009988,,999966
6666..0022%%
31
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 29
EAGLE MOUNTAIN MINING | 2022 Annual Report
CC..
SSuubbssttaannttiiaall SShhaarreehhoollddeerrss
An extract of the Company’s Register of Substantial Shareholders (who hold 5% or more of
the issued capital) is set out below:
IIssssuueedd OOrrddiinnaarryy SShhaarreess
HHoollddeerr ooff RReelleevvaanntt IInntteerreesstt
NNuummbbeerr ooff sshhaarreess
%% ooff sshhaarreess
Silver Mountain Mining Nominee Pty Ltd and
Associated Entities
Paradice Investment Management Pty Ltd
Ausbil Investment Management Limited
70,664,001
26.34%
13,985,296
19,254,660
5.308%
7.307%
DD.. UUnnqquuootteedd SSeeccuurriittiieess
Options over Unissued Shares
NNuummbbeerr ooff
OOppttiioonnss
6,500,000
715,000
1,600,000
1,500,000
650,000
2,500,000
2,800,000
6,000,000
2,000,000
2,000,000
2266,,226655,,000000
EExxeerrcciissee PPrriiccee
EExxppiirryy DDaattee
20 cents
20 cents
20 cents
21.5 cents
20 cents
52 cents
52 cents
55 cents
$1.25
81.25 cents
15 January 2023
1 February 2023
1 July 2023
15 January 2023
7 October 2023
22 February 2024
1 July 2024
1 July 2024
7 May 2023
12 October 2023
NNuummbbeerr ooff
HHoollddeerrss
6
2
2
1
1
1
8
6
1
1
Performance Rights
NNuummbbeerr ooff RRiigghhttss
EExxppiirryy DDaattee
300,000
330000,,000000
1 February 2025
NNuummbbeerr ooff
HHoollddeerrss
1
EE..
VVoottiinngg RRiigghhttss
In accordance with the Company’s Constitution, voting rights in respect of ordinary shares
are on a show of hands whereby each member present in person or by proxy shall have one
vote and upon a poll, each share will have one vote.
There are no voting rights in respect of options or performance rights over unissued shares.
FF..
RReessttrriicctteedd SSeeccuurriittiieess
There are no restricted securities on issue.
E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 30
32
EAGLE MOUNTAIN MINING | 2022 Annual Report
AADDDDIITTIIOONNAALL AASSXX IINNFFOORRMMAATTIIOONN
Schedule of interests in mining tenements
EEaaggllee MMoouunnttaaiinn mmiinneerraall lliicceenncceess aass aatt 1100 OOccttoobbeerr 22002222 aarree aallll pprreesseennttllyy llooccaatteedd iinn tthhee SSttaattee
ooff AArriizzoonnaa,, UUnniitteedd SSttaatteess ooff AAmmeerriiccaa..
Claim Reference
(Tenement)
Percentage
held
Prospect &
Tenure type
PPaacciiffiicc HHoorriizzoonn
Patented Claims
(26 individual claims)
SSIILLVVEERR MMOOUUNNTTAAIINN PPRROOJJEECCTT
Empire, Copper Ash, Palestine, Buffalo, Little
Pittsburg, Austin, Wellington, Eagle, Number Ten,
Number Eleven, Number Twelve, Number Thirteen,
Noonday, South Noonday, Dudley, Comet, Alameda,
Virginia, Mars, Ashland, Oakland, Sunnyside, Cuprite,
Azurite, Yavapai and Jumbo
100%
100%
100%
100%
100%
100%
100%
100%
100%
Unpatented Claims
(150 individual claims)
SMM#1-14, SMM#17-145, SMM#147, SMM#149,
SMM151, SMM#155, SMM#157, SMM#159,
SMM#161
Exploration Permit
(1 individual permit)
008-012-0870
SSccaarrlleetttt
Unpatented Claims
(92 individual claims)
Exploration Permit
(2 individual permits)
RReedd MMuullee
Unpatented Claims
(98 individual claims)
Exploration Permit
(2 individual permits)
RRhhyyoolliittee TTaarrggeett
Unpatented Claims
(70 individual claims)
Exploration Permit
(1 individual permit)
SCA#1-15, SCA#57-133
008-120868, 008-120869
SMM#146, SMM#148, SMM#150, SMM#152,
SMM#153, SMM#154, SMM#158, SMM#160,
SMM#162-207, SMM#210-212, SCA#16-56
008-120871, 008-120872
SMMSO#001 - 015; SMMSO#023 - 048;
SMMSO#054; SMMSO#056; SMMSO#058 - 084
008-120101
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EAGLE MOUNTAIN MINING | 2022 Annual Report
Prospect &
Tenure type
Claim Reference
(Tenement)
Percentage
held
Patented Claims
(60 individual claims)
OORRAACCLLEE RRIIDDGGEE CCOOPPPPEERR PPRROOJJEECCTT
Parcel 1 (Roosevelt, Way-up, Homestake, Lone Pine, Imperial
and Hidden Treasure)
Parcel 2 (Eagle, York, Copper Peak and Golden Peak No 2)
Parcel 3 (Grand Central Lode)
Parcel 4 (Tunnel Site, Major McKinley, Marble Peak, Wedge,
Giant, Copper Head, Centennial, General R E Lee and
Blizzard)
Parcel 5 (Oversight MS3461)
Parcel 6 ( Daily No3, Daily No5, Sphinx, Roskruge, Calumet,
Edith, Daily Extension, Cave, Wedge No3, Wedge No2 and
Katherine)
Parcel 7 (Copper Princess, Apache Central and Daily Tunnel
Site)
Parcel 8 (Oversight MS3504)
Parcel 9 (Apex, Alabama, Bornite, Contact, Cuprite, Epidote,
Embersite, Garnet, Over the Top, Yellow Copper, Valley, Apex
No2, Keeney and Wilson)
Parcel 10 (Chalcopyrite and Peacock)
Parcel 11 (Daily Extension No2, Daily Extension No3, Daily
Extension No4)
Parcel 12 (H T Fraction)
Parcel 13 (Turkey)
Parcel 22 (Cochise)
Parcel 27 (Holly Terror)
Parcel 28 (Precious Metals)
That portion of Parcels 24 and 25 lying within: (Apache,
Maricopa, Yavapai, Buster, Major, Greenlee)
Unpatented Claims
(50 individual claims)
Jody #1 – 20, Lorelei #1 – 7,
Olesya #1 – 23
Red Hawk
Unpatented Claims
(24 individual claims)
OREX
Unpatented Claims
(93 individual claims)
Golden Eagle
Unpatented Claims
(27 individual claims)
WTO 1-24 Lode Claims
WTO 25-105, 115-124, 142-144 Lode Claims
WTO 106-114, 125-141 Lode Claims
100%
100%
100%
100%
100%
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EAGLE MOUNTAIN MINING | 2022 Annual Report ASX:EM2 | eaglemountain.com.au
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