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 1 3 5 7 13 27 30 36 52 53 54 55 56 57 91 92 EAGLE MOUNTAIN MINING | 2022 Annual Report 2 2 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. 3 3 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 4 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. 5 5 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 6 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 7 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 8 8 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. 9 9 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 11 11 EAGLE MOUNTAIN MINING | 2022 Annual Report EAGLE MOUNTAIN MINING | 2022 Annual Report i i O u t c r o p p n g m n e r a l i s a t i o n n e a r t h e G e e s a m a n M n e a r e a i EAGLE MOUNTAIN MINING | 2022 Annual Report 12 12 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 14 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 16 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 E A G L E M O U N T A I N M I N I N G | 2022 Annual Report 15 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 0 2 t r o p e R l a u n n A 2 2 0 2 | G N I N I M N I A T N U O M E L G A E ) 2 2 0 2 r e b o t c O 6 t n e m e c n u o n n a X S A r e f e r ( n w o h s s t l u s e r y a s s a d e t c e l e s h t i w s i i l m a C e g d R e l c a r O e h t l f o p a M n a P - 5 e r u g F i 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 LTD57,270,001 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 33 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% 34 EAGLE MOUNTAIN MINING | 2022 Annual Report Financial Report 35 EAGLE MOUNTAIN MINING | 2022 Annual Report 36 EAGLE MOUNTAIN MINING | 2022 Annual Report 37 EAGLE MOUNTAIN MINING | 2022 Annual Report 38 EAGLE MOUNTAIN MINING | 2022 Annual Report 39 EAGLE MOUNTAIN MINING | 2022 Annual Report 40 EAGLE MOUNTAIN MINING | 2022 Annual Report 41 EAGLE MOUNTAIN MINING | 2022 Annual Report 42 EAGLE MOUNTAIN MINING | 2022 Annual Report 43 EAGLE MOUNTAIN MINING | 2022 Annual Report 44 EAGLE MOUNTAIN MINING | 2022 Annual Report 45 EAGLE MOUNTAIN MINING | 2022 Annual Report 46 EAGLE MOUNTAIN MINING | 2022 Annual Report 47 EAGLE MOUNTAIN MINING | 2022 Annual Report 48 EAGLE MOUNTAIN MINING | 2022 Annual Report 49 EAGLE MOUNTAIN MINING | 2022 Annual Report 50 EAGLE MOUNTAIN MINING | 2022 Annual Report 51 EAGLE MOUNTAIN MINING | 2022 Annual Report 52 EAGLE MOUNTAIN MINING | 2022 Annual Report 53 EAGLE MOUNTAIN MINING | 2022 Annual Report 54 EAGLE MOUNTAIN MINING | 2022 Annual Report 55 EAGLE MOUNTAIN MINING | 2022 Annual Report 56 EAGLE MOUNTAIN MINING | 2022 Annual Report 57 EAGLE MOUNTAIN MINING | 2022 Annual Report 58 EAGLE MOUNTAIN MINING | 2022 Annual Report 59 EAGLE MOUNTAIN MINING | 2022 Annual Report 60 EAGLE MOUNTAIN MINING | 2022 Annual Report 61 EAGLE MOUNTAIN MINING | 2022 Annual Report 62 EAGLE MOUNTAIN MINING | 2022 Annual Report 63 EAGLE MOUNTAIN MINING | 2022 Annual Report 64 EAGLE MOUNTAIN MINING | 2022 Annual Report 65 EAGLE MOUNTAIN MINING | 2022 Annual Report 66 EAGLE MOUNTAIN MINING | 2022 Annual Report 67 EAGLE MOUNTAIN MINING | 2022 Annual Report 68 EAGLE MOUNTAIN MINING | 2022 Annual Report 69 EAGLE MOUNTAIN MINING | 2022 Annual Report 70 EAGLE MOUNTAIN MINING | 2022 Annual Report 71 EAGLE MOUNTAIN MINING | 2022 Annual Report 72 EAGLE MOUNTAIN MINING | 2022 Annual Report 73 EAGLE MOUNTAIN MINING | 2022 Annual Report 74 EAGLE MOUNTAIN MINING | 2022 Annual Report 75 EAGLE MOUNTAIN MINING | 2022 Annual Report 76 EAGLE MOUNTAIN MINING | 2022 Annual Report 77 EAGLE MOUNTAIN MINING | 2022 Annual Report 78 EAGLE MOUNTAIN MINING | 2022 Annual Report 79 EAGLE MOUNTAIN MINING | 2022 Annual Report 80 EAGLE MOUNTAIN MINING | 2022 Annual Report 81 EAGLE MOUNTAIN MINING | 2022 Annual Report 82 EAGLE MOUNTAIN MINING | 2022 Annual Report 83 EAGLE MOUNTAIN MINING | 2022 Annual Report 84 EAGLE MOUNTAIN MINING | 2022 Annual Report 85 EAGLE MOUNTAIN MINING | 2022 Annual Report 86 EAGLE MOUNTAIN MINING | 2022 Annual Report 87 EAGLE MOUNTAIN MINING | 2022 Annual Report 88 EAGLE MOUNTAIN MINING | 2022 Annual Report 89 EAGLE MOUNTAIN MINING | 2022 Annual Report 90 EAGLE MOUNTAIN MINING | 2022 Annual Report 91 EAGLE MOUNTAIN MINING | 2022 Annual Report 92 EAGLE MOUNTAIN MINING | 2022 Annual Report 93 EAGLE MOUNTAIN MINING | 2022 Annual Report 94 EAGLE MOUNTAIN MINING | 2022 Annual Report 43 to 50 95 EAGLE MOUNTAIN MINING | 2022 Annual Report ASX:EM2 | eaglemountain.com.au