Eastern Metals : Diamond Drilling Recommences at Browns Reef

ASX ANNOUNCEMENT

23 MAY 2022

		Diamond Drilling Recommences at the
		Evergreen Discovery Zone at Browns Reef
onlyHighlights
use	•	A follow up diamond drilling program, aimed at extending the Evergreen Discovery Zone at
		Browns Reef, has commenced
	•	The four hole (1,325m) program, to extend the Evergreen Zone along strike to both the north
		and south, commenced following the receipt of all necessary approvals
personal	•	The first hole with a target length of 300m (BRD020) commenced on Saturday 21 May
•	The Program is expected to take approximately four weeks to complete
•	The latest drilling program will test for extensions of this mineralise zone
	•	Eastern Metals' initial drilling program at Browns Reef was completed in March 2022 with the
		discovery of the Evergreen Zone1
		➢ Mineralisation was intersected in all four holes drilled
		➢ High grade zinc assays were received from intersections, in all holes drilled
		➢ Potential discovery of a significant high grade zinc zone with elevated levels of Pb, Cu, Ag
		and Au
	•	The initial program indicated that the Evergreen Zone extends over a strike length of more than
		100m and vertical depth of 300m and remains open along strike and at depth

Eastern Metals Limited (ASX: EMS, 'Eastern Metals' or 'the Company') is pleased to announce that the second round of drilling has commenced at Browns Reef, with hole BRD020 underway. The Program Forwill involve step-outdrilling along strike from the Evergreen Zone, which was discovered in our maiden drilling program earlier this year. The Program is expected to take approximately four weeks to complete.

1See Eastern Metals' ASX announcement (ASX: EMS) "High Grade Zinc Zone Discovered at

Browns Reef", 26 April 2022

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Two step-outholes will be drilled to both the north and south, approximately 50m from holes BRD018 and BRD 019. Two holes will be drilled to target the lode, approximately 50m above the intersections in the same two holes. We are particularly interested in mineralisation that may be encountered in the southern holes where elevated copper mineralisation was identified in our maiden drilling program."

"The follow up round of drilling is designed to extend the Evergreen Zone discovery along strike to both the north and south, at a sufficient drill spacing to allow the potential estimation of an inferred resource in the future.

Managing Director and CEO, Wayne Rossiter said,

onlyuseBrowns Reef

Browns Reef lies 5km to the west of the town of Lake Cargelligo, approximately 470km west of Sydney. The area surrounding the Browns Reef base-metal deposit is utilised for agricultural purposes, including grazing and cropping.

personalThe known deposit at Browns Reef occupies a small part of the tenement. Most of the historical deeper drilling to date has been confined to a zone approximately 2.7km long in the central to southern part of

the tenement and is situated on the eastern flank of the interpreted 9km long syncline structure.

This current round of drilling is designed to extend the Evergreen Zone along strike to both the north and the south.

For

Figure 1. Long section of Browns Reef deposit previously drilled

which identifies the Evergreen Zone

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A long section, for that part of the Browns Reef deposit known as the Evergreen Zone, is shown in Figure 2 below.

For personal use only

Figure 2. Long Section of Browns Reef Evergreen Zone

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The current drilling program consists of four holes designed to step out from the Evergreen Zone. These new holes, BRD014-015and-BRD020-021, range in length from 300m to 350m with a total length of 1,325m. Rotary mud collars will be drilled followed by diamond drilling.

For personal use only

Figure 3. Drill rig commencing drilling of BRD020 at Browns Reef

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Authorisation for this Announcement

This announcement has been authorised for release by the Company's Disclosure Officers in accordance with its Disclosure and Communications Policy which is available on the Company's

onlywebsite,www.easternmetals.com.au.

Previously Reported Information

The information in this report that references previously reported Exploration Results, Mineral Resources r Ore Reserves is extracted from the Company's Prospectus released on 18 August 2021 (ASX: EMS 22/10/2021), along with the Company's ASX announcements released since then. The Prospectus and usethe subsequent announcements are available to view on the Company's website or on the ASX website (www.asx.com.au). Other than information set out in the Company's ASX announcements released after the release of the Prospectus, 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 personalCompetent Person's findings are presented have not been materially modified from the original market

nnouncements.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company's planned activities, including mining and exploration programs, and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. In addition, summaries of Exploration Results and estimates of Mineral Resources and Ore Reserves could also be forward looking statements. Although Eastern Metals believes that its expectations reflected in these forward-looking statements are reasonable, such

Forstatements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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

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