#1BI EASTERN METALS ASX:EMS Presentation OCTOBER 2021 Developing advanced copper-nickel-zinc-gold and lithium exploration projects in some of Australia's most resource- rich regions.#2I IMPORTANT INFORMATION DISCLAIMER This presentation may contain certain statements and projections provided by or on behalf of Eastern Metals Limited (ASX: EMS, Eastern Metals, or the Company) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of Eastern Metals. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Eastern Metals which could cause actual results or trends to differ materially, including but not limited to price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised. Eastern Metals makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved. Additionally, Eastern Metals makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Eastern Metals or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Eastern Metals undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Eastern Metals. This presentation contains exploration results and historic exploration results as originally reported the Company's Prospectus dated 18 August 2021 and subsequent ASX market announcements. The information in this Presentation that relates to Exploration Results, Mineral Resources or Ore Reserves (as those terms are used and defined in the JORC Code), except where otherwise noted, is based on information compiled by Mr Gary Jones who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Jones is a full-time employee of Geonz Associates, Consultant Geologists, a former director of Eastern Metals, and Principal Consultant - Geology to the Company. Mr Jones has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Jones consents to the inclusion in this document of the matters based on his information in the form and context in which it appears. The information pertaining to the Brown's Reef Exploration Target was extracted from the report entitled "Brown's Reef Mineral Resource Estimate" dated 12 December 2014 prepared by Geos Mining. The information for the Brown's Reef Project was first disclosed by Kidman Resources under the JORC Code 2012 on 29 December 2014 and further clarified on 20 January 2015 and is available on www.asx.com.au. The information pertaining to the Home of Bullion project mineral resource estimate was extracted from the report entitled "Home of Bullion Resource Estimate" dated September 2014 prepared by SRK Consulting (Australasia) Pty Ltd. The information for the Home of Bullion Project was first disclosed by Kidman Resource Limited under the JORC Code 2012 and released on 29 July 2014 and is available to view on www.asx.com.au Eastern Metals has not undertaken any work on the project that would impact this published resource estimate. Eastern Metals confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 2 EASTERN METALS#3Pending#4Pending#5I BOARD OF DIRECTORS HIGHLY EXPERIENCED MANAGEMENT TEAM Left to right: Jason Berton, Cathy Moises, Bob Duffin, lan Morgan, Wayne Rossiter. BOB DUFFIN | Non-Executive Charmain | BSc (Hons), MSc (Hons), Grad Dip Mgt, FAusIMM Bob is an experienced company director with over 45 years' experience in resource exploration, project assessment, mining investment analysis, and company management. Bob lived and worked in mining communities whilst holding senior positions in the exploration divisions of Peko Wallsend and MIM Holdings. He was also the Managing Director of Austirex International, an international resource exploration consulting and contracting firm. He has also worked with three stockbroking firms and was head of research at one of Australia's leading resource sector brokers in the 1980s. Bob is a former Non-Executive Director of a number of companies, including Centennial Coal, Midwest Corporation, Ferrowest, Burmine, Austmin Gold, Mt Lyell, the UK resources investment company Europa Minerals Group, and Mancala, a mining contractor. Most recently he was the Chairman of WPG Resources that operated two gold mines in South Australia and also acquired and developed the Peculiar Knob, Buzzard and Tui iron projects which were divested resulting in a significant return for shareholders. WAYNE ROSSITER | Managing Director & Chief Executive Officer | BE (Mining), CA, MappFin, MAus/MM, GMAICD Wayne is both a mining engineer and a chartered accountant. Wayne has held senior finance and management roles in resource and energy companies. He has knowledge and experience in transitioning companies from the exploration stage through to development and into production. His range of experience includes underground coal gasification, coal seam gas, coal, conventional oil and gas, precious metals, gold and iron ore with global experience covering Australia, Africa, China, Indonesia, the USA, the UK, the former Soviet Republic of Georgia and the Middle East. Most recently Wayne was Chief Executive Officer of WPG Resources where he operated the underground Challenger gold mine, the open cut Tarcoola gold mine along with a portfolio of exploration and development projects. He is currently a corporate advisor with a boutique broking and advisory firm with extensive resources experience. CATHY MOISES | Deputy Chair & Lead Independent Non-Executive Director | BSc (Hons), Dip SIA Cathy is a geologist and mining investment analyst who has transitioned to corporate roles and a career more recently as an independent non-executive director of several listed companies. In her career as a mining analyst, she worked with McIntosh (now Merrill Lynch), County Securities (now Citigroup), Evans and Partners, and Patersons Securities, where she was head of research. She then moved to the corporate sector where she became head of investor relations and business development at Perseus Mining. She is non-executive chair of Pacgold, an independent non-executive director of WA Kaolin, Arafura Resources, Australian Potash, Podium Minerals, and Pearl Gull. She is also an independent member of the investment committee at Argonaut Securities. Her key areas of industry experience include gold, base metals, mineral sands and the rare earths sector. JASON BERTON | Independent Non-Executive Director | BEC BSc (Hons) PhD Jason is a geologist and company director. He started his career as an exploration and mine geologist at the Plutonic gold mine in Western Australia then moved to BHP Billiton in South Australia, where he worked on the Olympic Dam mine expansion project. He has also worked with SRK, an international firm of consulting geologists, and spent two years in private equity assessing resource sector investment opportunities. He is a former managing director of Estrella Resources, and is a director of PolarX, where he played a major role in negotiating the acquisition of key tenements in North America. Jason's honours thesis was focussed on the geology of the Lake Cargelligo area in New South Wales, close to the Company's Browns Reef deposit, and his doctorate was in structural geology. He has strong entrepreneurial and corporate skills, as well as a very firm understanding of structural geology and its role in the formation of metalliferous orebodies. 5 EASTERN METALS#6Pending#77 | ARUNTA PROJECT EXISTING COPPER RESOURCE 2.5MT AT 2.8% CU EQUIV 17,840,000mN 400,000mE Stuart Highway Aeolian deposits Alluvial deposits Residual deposits Colluvial deposits Georgina Basin Sediments Granitoids Bullion Schist Hatches Creek Group Prospect Mulbangas (Cu) Arunta Project EASTERN Regional Geology METALS Prospect D EL 23186 410.000mE EL 23186 Road Runner◆ Tin Can Camp Hoop ◆Red Back Best Western Anvil Home of Bullion ⭑Nose →Grand Final Kilometres 420,000mE Arunta Project Ghan Railway, The Barrow Creek (EL 23186) is located in the Arunta region 282km north of Alice Springs in the Northern Territory. It Consists of the Home of Bullion project, Prospect D and is within the Barrow Creek pegmatite field HOME OF BULLION 2.5mt @ 1.8% Cu, 2.0% Zn, 1.2% Pb, 36g/t Ag and 0.14g/t Au (2.8% CU Equiv) PROSPECT D Cu/Ni/Ag mineralisation Largely untested area of mineralisation over 2km Located 4km off the Stuart Highway with good access to infrastructure (road/rail/gas) BARROW CREEK PEGMATITE FIELD Excellent potential to host LCT-type lithium pegmatites EASTERN METALS#8Pending#9Pending#10■ PROSPECT D EXTENSIVE COPPER-NICKEL MINERALISATION UNTESTED AT DEPTH 406,000mE 408,000mE 410,000mE ■ Prospect D contains copper- nickel mineralisation, which has been mapped over a length of two kilometres A higher-grade zone has been traced for over 250 metres and remains largely untested at depth The near surface oxide zone at Prospect D is known as Prospect DA may represent an open pittable deposit Outcropping granites prospective for pegmatites 7,646,000N 648,000mN E Stuart Highway PDRC001 6m @ 1.4% Cu, 5726ppm Ni PDRC004 5m @ 1.7% Cu, 5864ppm Ni PDRC008 8m @ 2.2% Cu, 1567ppm Ni PDV6 Malachite stained dolerite Arunta Project 10 EL 23186 EASTERN Prospect D Geology METALS 0 Kilometres High Grade Zone ARUNTA PROJECT 412,000 mE Prospect B Aeolian Gabbro deposits Quaternary sediments Alluvial Drillhole deposits Granite Residual Hatches Creek deposits Group EASTERN METALS#11LITHIUM POTENTIAL BARROW CREEK PEGMATITE FIELD 407500E 410000E 412500E 415000E EX EASTERN METALS EL 23681 PROPOSED LITHIUM EXPLORATION p-Tit Magnetic Intent (TY) Proposed Soil Sampling Area EL 23186 Granitoid Outcrop Faults (interpreted) Home of Bullion Prospect 0 1 407500E 2 3 km 410000 412500E 415000E Soil sampling Target Areas with 1 VD Total Magnetic Intensity (TMI) basemap 11 7,630,000 mN ☐ Potentially prospective for LCT-type pegmatites. Initial testing of out cropping granites near Prospect D Geochemical soil sampling programme proposed over two target areas in southern area. 370,000 mE 380,000 mE 390,000 mE 400,000 mE 410,000 mE BARROW CREEK PROJECT A Mineralised Pegmatites N in the Arunta Inlier N.T. EL 23186 Granitoid Outcrop Mineralised Pegmatite Occurences IKE EASTERN METALS 0 2.5 7.5 km 1370.000 mE Possible buried non-magnetic granitoid 380 000 mE 390.000 mE 400.000 mE Possible buried non-magnetic granitoid 410,000 mE Mineralised pegmatite occurrences across the Arunta Inlier EASTERN METALS#12Pending#13BROWN'S REEF (EL6321) HEAVILY ENDOWED MINERAL SYSTEM Exploration target estimate of 27 to 37mt grading at 1.3-1.4% Zn, 0.6- 0.7% Pb, 9-10g/t Ag and 0.2-0.3% Cu Targeting high grades pods within the mineralised system The mineralisation structure is interpreted as syncline with a strike length of approximately 8km ■ The existing exploration target comprises a limited 2.7km section on the eastern limb of the interpreted syncline Ore grade intercepts both within and outside of current exploration target Excellent potential to host multiple economic orebodies 6,314,000mN 6,318,000mN 432,000mE Cob COBAR PROJECT Sydney EL 6321 436,000mE ELA 6114 NSWGS Airborne Electromagnetic Anomaly EL 6321 Hole BRD013: 301.2-308.2m 7.0m @ 5.5% Zn, 2.3% Pb, 0.5% Cu, 20g/t Ag, 0.5g/t Au RAB Pb-Zn anomaly highlights the mineralisation potential of the Preston Formation to the west C Area of Preston Formation with no geochemical sampling data Tertiary Basalt Ural Volcanics Upper sediments Preston Formation Interpreted Preston Fm Structure Lower sediments Clements Formation EASTERN METALS EL 6321, Browns Reef Geological Map Woorara B B A' Section 6,312,450N, Af 0 0.5 Kilometres 440,000mE N Lake Cargelligo Hole BD005: 417.3-421.0m 3.7m @5.8% Zn, 3.2% Pb, 0.8% Cu, 35g/t Ag, 0.04g/t Au Hole BS0002A: 256.7-266.0m 9.3m @5.1% Zn, 2.8% Pb, 0.2% Cu, 13g/t Ag, 0.05g/t Au 13 = EASTERN METALS#14Pending#15I BROWN'S REEF DRILLING STRATEGY Cobar COBAR PROJECT EL 0321 Sydney 435,000mE West Area #1 West Area #2 Proposed Northern RAB Program to test Airborne Electromagnetic Anomaly EL 6321 Woorar RARA Proposed BR North Follow-up Drillholes Proposed BR South Follow-up Drillholes West Area #4 Preston Formation West Area #3 Interpreted Preston Fm Structure Proposed Follow-up Drillhole EASTERN METALS 100mRL OmRL -100mRL -200mRL 15 1437.250mE EL 6321, Browns Reef Work Program Proposed RC/Diamond Drill Hole Target Zone 1437.5005 440,000mE Lake Cargelligo Syncline Nose Area Proposed Traverses of RAB Drilling 0 BS002A LC002 LC001 1437,750mE Proposed RC/Diamond Drill Hole Section 6,311,760N Target Zone Kilometre 437.500mE BRD005 437.750m 100mRL OmRU -100mRL At the southern end, are two intersections of high grade mineralisation in two holes: BD002A of 9.3 metres averaging 5.1% Zn, 2.8% Pb and 0.2% Cu, and BD005 of 3.7 metres averaging 5.8% Zn, 3.3% Pb and 0.8% Cu At the northern end hole BRD returned an intersection of 7.0 metres averaging 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2 g/t Ag and 0.5 g/t Au These high-grade intersections, which are open along strike and at depth, appear not to have been followed up at depth and present attractive targets Western limb returned highly anomalous results from aircore drilling through basalt cover Western limb and 'noses" in north and south of syncline remains undrilled Higher grade copper and gold detected at depth Section 6,312,060N EASTERN METALS#16Pending#17Pending#18Pending#19Pending#20Pending