#1EASTERN METALS Exploring for metals vital to the energy transition Brisbane Mining Investor Conference 13 March 2024#2OVERVIEW - EASTERN METALS' ASSETS EXPLORING FOR METALS VITAL TO THE ENERGY TRANSITION Barrow Creek Perth= WESTERN AUSTRALIA Darwin Arunta NORTHERN TERRITORY ■White Cliffs Tilpa Alice Springs SOUTH AUSTRALIA QUEENSLAND ■Brisbane Thomson NEW SOUTH WALES Sydney Cobar Adelaide■ Gilgunnia VICTORIA ■Melbourne Legend ■City . Locality - Highway Major road Road - Railway EMS project EMS tenement Lake Cargelligo Condobolin TASMANIA ■ Hobart 2 Brisbane Mining Investor Conference | 13 March 2024 XASX:EMS Base metals exploration in tier-one mineral provinces Arunta Project (NT) Home of Bullion deposit hosts a Mineral Resource Estimate of 3.1 million tonnes grading @ 2.9% CuEq Cobar Project (NSW) ■ Browns Reef zinc-silver-lead-copper deposit in the world-class Cobar Basin Thomson Project (NSW) Greenfields gold and base metals exploration with multiple walk-up drill targets and big system potential * Eastern Metals Ltd (ASX:EMS) ASX Announcements 8 & 10 March 2023, 'Resource Grows at Home of Bullion Copper Project' EASTERN METALS#3CORPORATE SNAPSHOT CAPITAL STRUCTURE XASX:EMS Shares on issue 82,426,245 Bob Duffin Non-Executive Chair Dr Jason Berton Independent Unlisted options* 46,887,701 Non-Executive Director Market capitalisation A$2.3M Share price (12 March 2024) A$0.028 Cash (31 December 2023) A$1.4M Debt Nil Mark Dugmore Independent Non-Executive Director Ian White Independent *$0.30 (26,550,000) and $0.10 (20,337,701) strike prices Non-Executive Director Ley Kingdom Chief Executive Officer 3 Brisbane Mining Investor Conference | 13 March 2024 lan Morgan Company Secretary & Chief Financial Officer Investors 76% Directors & Management 24% EASTERN METALS#4COPPER & ZINC - 'ENERGY TRANSITION' METALS COMMODITIES & FUTURES Copper Outlook for 2024 Dominated by Uncertain Supply, Green Demand By Yusuf Khan Follow Dec. 14, 2023 8:14 am ET Mining Copper: The Red Metal's Central Role in Powering Our Net-Zero Carbon Future BY SPROTT | MONDAY, FEBRUARY 26, 2024 A single wind turbine can contain up to $350,000 worth of copper. Plus zinc. Plus tungsten... June 22, 2023 Jessica Cummins ASX 200 ASX:BHP BHP sees tightening copper market on back of global decarbonisation efforts By Colin Hay-March 5, 2024 Pay Attention To Copper Before It Derails The Energy Transition Mark Le Dain Contributor CEO & Founder, Emissions Decisions. Cover cleantech, energy, finance. а O Follow Jan 22. 2024, 12:38pm EST COPPER Demand driven by electrification and energy transmission efficiency Solar, wind generation and electric vehicles use 4 x more copper than conventional power and cars Copper's expected inventory build in 2024 has "disappeared", with a concentrate deficit now expected ZINC XASX:EMS ■ Demand driven by galvanisation to protect steel, batteries, solar panels, offshore wind turbines, electric vehicles ■ Zinc coatings extend steel life-cycle, reducing costs, environmental impacts ■ Global zinc inventory at historic lows One 13MW offshore wind turbine requires ~125t copper, 7t zinc, 700t coal 4 Brisbane Mining Investor Conference | 13 March 2024 回 Sources: * BMO Global Commodities Research, 'Copper: 2024's "bad year" disappears', 10 December 2023 * Financial Times, 'Copper producers warn of lack of mines to meet demand for metal', 9 October 2023 * Stockhead, 'A single wind turbine can contain up to $350,000 worth of copper. Plus zinc. Plus tungsten', 22 June 2023 * Teck, Presentation to 'Bank of America Global Metals, Mining & Steel Conference 2023', 16 May 2023 * BHP, Presentation to 'Bank of America Global Metals, Mining & Steel Conference 2023', 16 May 2023 EASTERN METALS#5ARUNTA PROJECT (NT) STRATEGICALLY LOCATED TENEMENT PACKAGE Base and precious metal prospects near Home of Bullion -7630,000m N 7625,000m -7620,000m N 405,000m E 410,000m E EL32027 Mulbangas -7,800,000m N Wiso Tennant Creek Basin Gecko, Goanna, Orlando CuFe Legend ■Town Highway -Major road Railway EMS tenement 6.6Mt @ 1.8% Cu, 0.7g/t Au for 122kt Cu, 145koz Au ● Prospect 415,000m E Rover 1 Castile Resources 6.9Mt at 1.74g/t Au, 2.07g/t Ag, 1.2% Cu, 0.14% Bi, 0.06% Co Warramunga Province Mulbangas Prospect D Davenport Province Barrow Creek -7600,000m N Ti-Tree Home of Bullion 3.1Mt @ 1.7% Cu, 35g/t Ag, 0.17g/t Au, 2.0% Zn, 1.1% Pb, 0.02% Co 0 Jervois KGL Resources Major resource Georgina Basin 23.8Mt @ 2.02% Cu, 25.3g/t Ag, 0.25g/t Au XASX:EMS Location of Arunta Project tenement package, NT: ■ Home of Bullion, 3.1 Mt @ 2.9% CuEq Prospect D, Cu-Ni mineralisation mapped for ~2km Mulbangas, Cu prospect, ~9km along strike from Home of Bullion Road Runner O Red Back Tin Can Campo Hoop Best Western Anvilo Nose • Grand Final EL28615 Home of Bullion EL23186 0 4 km 5 Brisbane Mining Investor Conference | 13 March 2024 NT 13 Aileron Province -7400 000m N Alice Springs 00.000m E Irindinal Province 50 100 km 600 000m E EM NT 14 * Resource information extracted from each company's website, market announcements, presentations and reports lodged during the FY2024 period EASTERN METALS#6ARUNTA PROJECT - HOME OF BULLION (NT) EXISTING COPPER RESOURCE South-southwest -00mRL 250mAL OPEN South Lode Looking west-northwest Main shaft OPEN Indicated and Inferred Resource 3.1 Mt @ 2.9% CuEq (1.7% Cu, 2.0% Zn, 35g/t Ag, 1.1% Pb, 0.17g/t Au, 0.02% Co) North-northeast Base of oxidation Main Lode Upper Main Lode Lower OPEN XASX:EMS ■ The total Mineral Resource Estimate was updated in March 2023 to: ■ 3.1 Mt averaging 1.7% Cu (2.9% CuEq), 2.0% Zn, 35g/t Ag, 1.1% Pb, 0.17ppm Au and 0.02% Co Tonnage increased by 0.6Mt or 24% from ASX:KDR's 2014 MRE and the grade by 0.1% CuEq (or 4%) ■ Contained CuEq increased from 70kt to 89.9kt of metal - an increase of 28% High-grade, structurally controlled, volcanogenic massive sulphide (VMS) style deposit, open along-strike and at depth Preliminary metallurgical testing showed good copper flotation recovery 6 100 Drillhole 200 Interpreted lode metres EASTERN METALS NORTHERN TERRITORY HOME OF BULLION Cross section Source: Eastern Metals Ltd (ASX:EMS) ASX Announcements 8 & 10 March 2023, 'Resource Grows at Home of Bullion Copper Project' Brisbane Mining Investor Conference | 13 March 2024 EASTERN METALS#7ARUNTA PROJECT - HOME OF BULLION, WHAT NEXT? XASX:EMS 7 -7,621,000m N Untested magnetic high Arunta 02 412,000m E 413,000m E Main Lode Lower Main Lode Upper Follow up drill testing Structual axis Mineralised horizon Modelled lode Prospective area Fault Total magnetic intensity background image South Lode Brisbane Mining Investor Conference | 13 March 2024 EASTERN METALS NORTHERN TERRITORY ARUNTA PROJECT HOME OF BULLION Structural interpretation with TMI image Interpreted mineralised horizon Major F1 anticline (assuming E to NE plunge) 200 400m Major F1 hinge zone untested Source: Adapted from Dr John Stewart, PGN Geoscience EASTERN METALS#8COBAR BASIN - KEY MINES AND PROJECTS* EXISTING MINES Metals Acquisition (NYSE:MTAL, ASX:MAC) purchased CSA Copper Mine from Glencore for US$1.1 billion in 2022, Australia's largest Cu mine MAC started ASX trading on 20 February 2024, raised A$325M in oversubscribed IPO Aurelia Metals (ASX:AMI) Hera and Peak, with Federation and Great Cobar in development. Two CIL/flotation plants Kingston Resources (ASX:KSN) Mineral Hill, CIL/flotation plant, moving from reprocessing tailings to mining in FY25, within 100km of Browns Reef Polymetals Resources (ASX:POL) Endeavor ('Elura') CSA Copper Mine Metals Acquisition 13.3Mt @ 5% Cu, 21g/t Ag (resource) 7.9Mt @ 4% Cu, 16g/t Ag (reserves) Wonawinta Manuka Resources Endeavor Mine Polymetals Resources 16.3Mt 8% Zn, 4.6% Pb, 79g/t Ag 38.3Mt @41.3g/t Ag, 0.54% Pb Wirlong Peel Mining Cobar Peak Mine Aurelia 4.3Mt @ 1.75% Cu, 6g/t Ag, 0.1% Zn, 0.02% Pb, 0.03g/t Au Mallee Bull Peel Mining 46.6koz Au, 12.1kt Pb, 6.7kt Zn, 6.3kt Cu pa 6.34Mt @ 1.92% Cu, 26g/t Ag, 0.12% Zn, 0.19% Pb, 0.35g/t Au Nymagee Tritton Aeris Federation Aurelia 5.0Mt at 9.2% Zn, 5.4% Pb, 0.3% Cu, 0.9g/t Au, 6g/t Ag Overflow Mine Alchemy Resources May Day Peel Mining 1.6Mt @25g/t Ag, 0.92% Zn, 0.61% Pb, 0.98g/t Au EL9180 Wagga Tank - Southern Nights Peel Mining Mineral Hill Kingston Resources [email protected]/t Au, EL9565 6.83Mt @ 0.24% Cu, 62g/t Ag, 3.92% Zn, 1.52% Pb, 0.3g/t Au 26g/t Ag, 1% Cu, 1.6% Pb, 1.1% Zn Condobolin DEVELOPMENT PROJECTS Peel Mining (ASX:PEX) Mallee Bull, Wirlong and Wagga Tank-Southern Nights underground projects, and an open pit project at May Day * The third-party projects are not considered by the Company to be peer comparisons to the Company's projects; Eastern Metals is a mineral explorer, not a mineral producer. The third-party projects listed are from producing operations or approved mining projects * Information extracted from each company's website, market announcements, presentations and reports lodged during the FY2023 and FY2024 periods * "Metals Acquisition Limited Initial Offering in Connection with ASX Listing Oversubscribed and Upsized to ~A$325million", 9 February 2024 8 Brisbane Mining Investor Conference | 13 March 2024 EL9136 Legend Major township Lake Cargelligo Town Highway EL6321 Browns Reef Major road EMS tenement Mine EL9136 >Major resource 25 50 km Cobar 04 EASTERN METALS#9COBAR PROJECT - BROWNS REEF (NSW) EASTERN METALS' Zn-Pb-Cu-Ag ASSET Steeply-dipping stratabound, structurally controlled system, with a total strike length of about 6km Strike length of Evergreen-Pineview is comparable to Peel Mining's (ASX:PEX) Wagga Tank-Southern Nights Zn-Pb-Ag system (about 2km in length) Exploration Target* consisting of 27-36Mt averaging between 1.3-1.4% Zn (2.28-2.34% ZnEq), 0.6-0.7% Pb, 9-10g/t Ag and 0.2-0.3% Cu 254 254 235 BADOIS EL9136 Lake Cargelligo +632000 Evergreen Sources: END 255 SS 310.000m N BRD018, massive sulphide mineralisation (253.0-255.5m) Legend * Kidman Resources Ltd (ASX:KDR) ASX Announcement 20 January 2015, 'Clarification to Browns Reef Announcement' * Kidman Resources Ltd (ASX:KDR) ASX Announcement 16 October 2014, 'New mineralised extensions at Browns Reef' * Peel Mining Ltd (ASX:PEX), Investor Presentation November 2022 * Eastern Metals Ltd (ASX:EMS) ASX Announcement 9 March 2022, 'Browns Reef Lode Extended Along Strike and at Depth' Major road EMS tenement Fault Alteration Lode ● Prospect Browne 05 9 Brisbane Mining Investor Conference | 13 March 2024 EL6321 Pineview Browns Reef WOORARA FAULT 2 km EASTERN METALS#1010 COBAR PROJECT - BROWNS REEF (NSW) EASTERN METALS' Zn-Pb-Cu-Ag ASSET South - 500m ASL Looking west -Sea level Pineview High grade target zone 2.7km strike length OPEN ए OPEN OPEN Evergreen High grade target zone OPEN BRD013 OPEN 7.0m @ 5.5% Zn, 2.3% Pb, 0.5% Cu, 20.2g/t Ag, 0.5g/t Au >1.0% Zn 0.25% 1.0% Zn Drillhole - 500m BSL BS0002A 9.3m @ 5.1% Zn, 2.8% Pb, 0.2% Cu BR0018 6.0m @ 11.4% Zn, 4.6% Pb, 1.2% Cu, 71g/t Ag Exploration target 27-36Mt 2.28-2.34% ZnEq BRD005 - 1,000m BSL 3.7m @ 5.8% Zn, 3.2% Pb, 0.8% Cu, 35g/t Ag 0 300 600 Metres Brown 04 Brisbane Mining Investor Conference | 13 March 2024 EASTERN METALS NEW SOUTH WALES EL6321 - Browns Reef Longitudinal projection XASX:EMS North * Eastern Metals Ltd (ASX:EMS) ASX Announcement 27 June 2022, 'Evergreen Discovery Zone Expanded at Browns Reef' EASTERN METALS#11THOMSON PROJECT (NSW) A NEW FRONTIER FOR Au-Cu & Pb-Zn-Ag DEPOSITS Harrier - 6,600.000m N EL9194 White Cliffs 200.000m E THOMSON OROGEN Falcon EL9190 XASX:EMS Legend Town Main road EMS tenement Mine Orogen boundary Endeavor Mine ■ 100%-owned Falcon and Harrier tenements in the southern Thomson Orogen, carefully acquired to cover a set of discrete magnetic anomalies ■ Basement drilling has confirmed alteration and mineralisation in rock units considered to be the same as those that host the Endeavor, Great Cobar, Peak, Chesney and CSA mines to the southeast ■ Three high-priority anomalies defined at Falcon LACHLAN OROGEN DELAMERIAN OROGEN CSA Copper Mine Cobar Wilcannia -6,600 000m N 11 Peak Gold Mines 20 40 km Brisbane Mining Investor Conference | 13 March 2024 EASTERN METALS#12THOMSON PROJECT - FALCON (EL9190, NSW) DISTINCT GEOPHYSICAL ANOMALIES IN THE UNDER-EXPLORED THOMSON OROGEN F16 EASTERN METALS NEW SOUTH WALES THOMSON PROJECT EL9190 Falcon TMI anomalies TMI anomaly 200.000m E F3 10 20 km 250,000m E CUT-B 6,600,000m N XASX:EMS ■ At least nine walk-up drill targets with potential for large base and precious metals deposits ■ Some targets are defined by discrete "bull's eye" magnetic anomalies (e.g. F16 and F3), similar to Cobar Basin deposits such as Endeavor (Elura), Great Cobar, Chesney and Peak Others are defined by more complex magnetic anomalies considered to have potential for ‘intrusion-related gold' (IRG) systems (e.g. F1 and CUTB) Three priority targets include the CUT-B, F3 and F16 anomalies 12 Brisbane Mining Investor Conference | 13 March 2024 Thomson 02 EASTERN METALS#13THOMSON PROJECT (NSW) EXAMPLES OF MAGNETIC SIGNATURES ASSOCIATED WITH WORLD-CLASS DEPOSITS XASX:EMS GREAT COBAR, NSW Copper-Gold-Silver ENDEAVOR, NSW Gold-Zinc-Lead ERNEST HENRY, QLD Copper-Gold +-5 250 500 1 750 2000 2 250 5 000 4 750 4 500 CSA 2000 2000 CSA, NSW Copper CUT-B EL9190, NSW Potential IRG system F3 EL9190, NSW OLYMPIC DAM Grasberg (2000nT) CANNINGTON, QLD Silver-Lead OLYMPIC DAM, SA Copper-Uranium GRASBERG, Indonesia F16 EL9190, NSW Copper-Gold 13 Brisbane Mining Investor Conference | 13 March 2024 NOT TO SCALE EASTERN METALS#14THOMSON PROJECT - ANOMALY 'CUT-B' HIGH PRIORITY TARGET South 1.0 Gravity 0.0 -1.0 605500 CALCULATED GRAVITY North 6606000 6606500 6607000 6607500 6608000 6608500 0 TMI 25 50 CALCULATED TMI 75 Depth metres 500m 1,000m CutBD03 CutBD02 CutẞD01 Proposed drillhole Tabular 1 S = 0.0130 D = 2.77 Ellipsoid S = 0.0000 D = 3.10 EL9190 CUTB Gravity & magnetic model CUTB geophysical modelling prepared by Bob Richardson Tabular 3 S = 0.0070 |D = 2.85 Line 249600 Tabular S = 0.0070 D = 2.85 0 500 metres 1,000 CUTB geophysical model section showing the location of planned hole and target PREVIOUS DRILLING XASX:EMS ■ Previous holes (CUTBD02 and CUTBD03*) intersected extensive multiple-vein systems with visible base metal sulphides and strong silicification Assays of up to 4.2% Zn and 113g/t Ag encountered in a stockwork-style system of veins of quartz, pyrrhotite and pyrite in CUTBD02 ■ Thomson Resources* theorised that "drilling has skimmed the edge of the magnetic body, whose centre lies to the west" Thought to be an alteration halo akin to the Endeavor deposit Sources: * Annual Report for Exploration Licence 6224 "Cuttaburra" for the period 5 April 2011 to 4 April 2012, Thomson Resources Ltd * CUTB geophysical modelling prepared by Bob Richardson, Consultant Geophysicist 14 Thomson 04 Brisbane Mining Investor Conference | 13 March 2024 Hole CUTBD02: Sphalerite, arsenopyrite and pyrite in a 50cm wide quartz vein at 411m EASTERN METALS#15INVESTMENT SUMMARY Two advanced projects: Home of Bullion in the NT, and Browns Reef in the Cobar Basin, NSW Both advanced projects located in tier-one base metal provinces, with established production and transport infrastructure Shareholder value driven by de-risking and advancing Home of Bullion and Browns Reef, both with excellent potential for expansion Big mineral system potential in the under-explored Thomson Orogen, targeting distinct geophysical anomalies Highly experienced team with a strong track record in mineral exploration, development, monetisation and governance 15 Brisbane Mining Investor Conference | 13 March 2024 XASX:EMS EASTERN METALS#16EASTERN METALS Thank you www.easternmetals.com.au ASX:EMS Ley Kingdom Chief Executive Officer [email protected]#17IMPORTANT INFORMATION DISCLAIMER XASX:EMS 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 in the Company's Prospectus dated 18 August 2021 (ASX:EMS released 22 October 2021). Competent Person Statement 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, shareholder 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. Previously Reported Information The information pertaining to the Browns Reef Exploration Target was extracted from the report entitled "Browns Reef Mineral Resource Estimate" dated 12 December 2014 prepared by Geos Mining. The information for the Browns Reef Project was first disclosed by Kidman Resources Limited (ASX:KDR) under the JORC Code 2012 on 29 December 2014 (Competent Persons, Llyle Sawyer for resource estimation and Michael Green for exploration) and further clarified on 20 January 2015 (Competent Persons, Llyle Sawyer for resource estimation and Michael Green for exploration) 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", March 2023 prepared by SRK Consulting (Australasia) Pty Ltd as originally reported in an announcement on 8 & 10 March 2023 (ASX:EMS) (Competent Person, Gary Jones). The information for the Home of Bullion Project was first disclosed by Kidman Resource Limited Resources (ASX:KDR) under the JORC Code 2012 and released on 29 July 2014 (Competent Person, Danny Kentwell) and is available to view on www.asx.com.au. Eastern Metals has not undertaken any work on the project that would impact the published resource estimates. The information in this report that references previously reported Exploration Results, Mineral Resources or Ore Reserves is extracted from the Company's Prospectus released on 18 August 2021 (ASX:EMS 22 October 2021). The Prospectus is available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements. 17 Brisbane Mining Investor Conference | 13 March 2024 EASTERN METALS