Empire Metals Limited provided an update on the second phase of reverse circulation (RC) drilling at the Central Menzies Gold Project in Western Australia, over which Empire holds an option to acquire a 75% interest. Background on the Central Menzies Gold Project: In May 2021 Empire entered into an option agreement to acquire a 75% interest in the Central Menzies Gold Project, located in the Menzies Shire, approximately 115km north of the city of Kalgoorlie-Boulder and 10km south of the township of Menzies. Central Menzies consists of four prospecting tenements (P26/2361, 2362, 2363 and 2364) covering a total area of 618 hectares.

Empire can exercise the Option at any time up to the 9-month option expiration date by payment of AUD 1,750,000 in cash and AUD 1,250,000 to be settled via the issue of new ordinary shares of no-par value at a price calculated by reference to a 10% discount to the 30-day VWAP. Since entering into the Option Agreement in May Empire Metals has undertaken several exploration campaigns in order to technically evaluate the potential for a significant gold resource within the licence area. The exploration activities undertaken include: Geophysical mapping: Empire Metals purchased close-spaced (25 metres) airborne magnetic and radiometric data over the four exploration licences from Kingwest Resources Ltd. which had commissioned an airborne geophysical survey across the adjacent tenements in the fourth quarter of 2019.

Geochemical Mapping: A soil programme comprising 688 sites was completed in July 2021. The sampling sites were situated on each of the four licences, although largely focused on P29/2361 and P29/2363. The sampling grid was 160m x 40m and samples were collected from 10-30cm below surface using standard industry practices.

RC Drilling Programme: An initial RC drilling programme of 27 RC holes for a total of 2,379 metres was completed in September 2021, targeting the two priority prospects initially identified from the historical exploration dataset. 14 RC holes for 1,189 metres were drilled at Teglio, testing a strike length of 520 metres. A total of seven sections of drill holes spans this length.

At Nugget Patch a further 13 holes were drilled for 1,190 metres. These targets were chosen based on elevated gold concentration within the licence area and the potential to generate significant strike and lateral extension from old workings. Phase 2 RC Drilling Programme: A second phase of RC drilling was carried out in December 2021, focused on testing the 500m long Nugget Patch gold trend where a coherent zone of supergene gold mineralisation was previously delineated close to the base of strong weathering during the initial RC drilling programme in September 2021.

At Teglio additional holes were drilled to confirm historic high grade gold intersections closely associated with the main workings, plus an additional traverse to test under a strong gold-in-soil anomaly recently defined by Empire some 300m northwest of the previous drilling. The drilling programme consisted of 13 RC holes for a total of 1,422 metres with nine RC holes drilled at Nugget Patch, for 1,1,112 metres, and a further four holes drilled at Teglio, for 310 metres, with the following significant intercepts reported: 1m @ 1.35 g/t Au from 81m downhole at Nugget Patch; 2m @ 1.41 g/t Au from 90m downhole at Nugget Patch; 3m @ 3.1 g/t Au from 13m downhole at Teglio; 4m @ 112 g/t Au from 36m downhole at Teglio.