Investing

Eclipse Metals

Overview

Eclipse Metals Ltd. (ASX:EPM) is an exploration and mining development company focusing on multi-commodity assets that support the world’s decarbonization goals. The company has a robust portfolio of projects in Australia and Greenland targeting crucial minerals, including rare earth elements (REEs), lithium, zinc, manganese, high-purity quartz, gold, copper, vanadium and uranium.

Governments worldwide have set ambitious goals to reach net-zero emissions in the coming decades, highlighting miners that supply the critical minerals required for low-carbon technologies, which is expected to consume a growing percentage of the world’s total mineral production, with vital elements growing by over 100 percent by 2050, according to the World Bank.

Greenland REE deposits

Eclipse Metal’s flagship asset in Greenland, the Ivigtût project, contains known REE mineralization, industrial minerals and lithium potential.

Multiple academic research and significant rare earths results obtained by Eclipse Metals to date imply that the Grønnedal prospect (located 10 kilometers northeast of Ivigtût) has the potential to contain significant rare earth mineralization. This presence is consistent with other rare earth-bearing carbonatite-syenite intrusive complexes and has elevated ratios in praseodymium (Pr), neodymium (Nd), with enriched in dysprosium (Dy),

zirconium (Zr) and niobium (Nb) — elements that are crucial in the global journey toward a low-carbon, net-zero-emission future. As a mining-friendly jurisdiction, Greenland has an established infrastructure, reducing future development costs.

Additionally, the Ivigtût project contains a high-grade quartz body, a required material for high-end electronics and semiconductors. Eclipse Metals has begun its initial exploration drilling campaign and developed the project’s environmental impact assessment.

Eclipse Metals’ portfolio also includes Australian assets targeting uranium, copper and manganese as part of the company’s mission to support decarbonization. Its Northern Territory and Queensland assets allow the company to capitalize on existing infrastructure and mining-friendly local governments. The company’s uranium assets are in close proximity to other world-class deposits, allowing Eclipse to benefit from existing infrastructure and community support.

A sound management team with decades of experience in the natural resource industry leads Eclipse Metals. The team’s breadth of expertise includes mineral exploration, geology, corporate administration, metallurgy and international trade, creating confidence in the company’s ability to capitalize on its assets.

Company Highlights

Eclipse Metals is an exploration and mining development company with assets in Greenland and Australia, supporting the world’s decarbonization goals.The company’s flagship Ivigtût multi-commodity asset in Greenland exposes the company to REEs, high-purity quartz, and other industrial metals required for emerging technologies.Greenland is a mining-friendly yet underexplored jurisdiction, creating tremendous opportunities for the company.Eclipse Metals’ portfolio of assets in Australia includes projects in Queensland and the Northern Territory in world-class mining jurisdictions.The company has begun its initial exploratory drilling campaign in Greenland and is progressing on the project’s environmental impact assessment for the mining license.An experienced management team leads Eclipse Metals with decades of experience in the mining industry.

Key Projects

Ivigtût Multi-commodity Project

The flagship Ivigtût project has a 120-year mining history, having produced 3.8 million tons of cryolite to support aluminum production. The settlement of Kangilinnguit (Grønnedal) approximately 5.5 kilometers to the northeast of Ivigtut provides access to an existing port. In addition, the project is close to existing infrastructure, including a power station, wharf and heliport, which minimizes future development costs.

Project Highlights:

A Multi-commodity Project: The asset is known to host REEs and undiscovered polymetallic potential. In addition to REEs, the project contains other minerals, which include:CryoliteFluoriteHigh silica-grade quartz (99.9 percent SiO2)ZincIronLithiumRich Exploration Potential: The asset’s area includes a source of carbonatite minerals and REEs, with deposits occurring in the project area that offers additional exploration opportunities to expand known resources. Eclipse Metals is presently strategically exploring the asset, with a drill program, planned pit dewatering, and sampling of 19,000 meters of historical drill cores.High-grade Quartz Opportunity: High-grade quartz is necessary to produce photovoltaic products, such as semiconductors and other high-end electronics. The asset contains over 5 million tonnes of quartz mineralization with up to 99.99 percent silica grade.

The company completed scoping phase reports of social and environmental impact assessments for its Ivigtût project with the assistance of Danish consultancy, COWI. The reports are integral to applying to Greenland’s Mineral Licence and Safety Authority for a mining license.

Eclipse also completed its maiden percussion drilling and trench sampling program at the Ivigtût mine site and Grønnedal carbonatite complex.

MEL2007-45 Location map and exploration drill targets

Northern Territory Uranium projects

Liverpool Uranium Project

The Liverpool project comprises five exploration licenses totalling 1,464 square kilometers in the Northern Territory, a proven uranium district. The advanced exploration target contains multiple drill-ready targets.

Project Highlights:

Nearby World-class Deposits: The Devil’s Elbow prospect within the asset is near several world-class deposits, including:Ranger 1 No 1: 0.34 percent uraniumRanger 1 No 3: 0.17 percent uraniumNabarlek: 1.95 percent uraniumJabiluka 1: 0.25 percent uranium

Encouraging Sample Results:

Samples from shallow trenching yielded high-grade uranium assays including 3.2 percent uranium oxide, 3.7 percent uranium oxide, 4.40 percent uranium oxide, and 5.8 percent uranium oxide, with 38.1 g/t gold and 28.02 g/t palladium, related to fractures within altered amygdaloidal basalt of the Nungbalgarri Volcanics.Samples from the radioactive volcanic boulders returned assays of up to 1,720 ppm uranium (0.17 percent uranium), 1,210 ppm uranium (0.12 percent uranium) and a peak value of 3,300 ppm uranium (0.33 percent uranium).

Ngalia Basin Uranium Project

As Eclipse Metals’ second Northern Territory project, the Ngalia Basin project comprises eight exploration licenses totaling 7,280 square kilometers.

Project Highlights:

Drill-ready Targets Identified: The company has identified two high-priority drill-ready targets within granted tenements.Benefitting from Previous Explorers: The asset’s previous explorers discovered anomalous uranium values, streamlining Eclipse’s exploration program and creating a clear progression path.

Mary Valley Manganese Project

The company’s Queensland project covers 35 square kilometers and is 16 kilometers southwest of Gympie Township. The Mary Valley hosts historic mines, such as Amamoor, which produced roughly 20,000 tonnes at 51 percent manganese. In addition, existing road and power infrastructure significantly reduce future development costs.

Project Highlights:

Promising Historical Results: Drill results from the previous explorer include:2018 drilling: 3.2 meters at 59.8 percent manganese dioxide2020 shallow drilling: 3.5 meters at 24.9 percent manganese dioxide from the surfaceHigh-grade Manganese Potential: As an essential component in lithium-ion batteries, high-grade manganese is growing in demand. The Mary Valley deposit may support mill feed for a beneficiation plant capable of producing marketable, high-grade manganese.Encouraging Intersection: Previous diamond drill holes produced encouraging results, including:ADD 006 – 8.8 to 12 meters manganese oxide = 59.8 percentADD 007 – 14.9 to 17.3 meters manganese oxide = 26.3 percentADD 010 – 0.0 to 5.0 meters manganese oxide = 16.8 percent

Rock Hill Copper Project

The Northern Territory Rock Hill copper project contains encouraging copper-silver mineralization. Eclipse Metals plans to conduct airborne electromagnetic surveys and reverse circulation drilling over the mineralized zones, followed by diamond drilling. The potential mineralized corridor extends for over 10 kilometers.

Project Highlights:

Promising Historical Results: Historical results indicate upside potential including:3.0 meters at 1,420 g/t silver from 6.1 meters11.6 meters at 0.43 percent copper from 58.2 meters0.3 meters at 4.6 percent copper and 10 g/t silver0.3 meters at 10.20 percent copper, 27 g/t silver

Management Team

Carl Popal – Executive Chairman

Carl Popal has more than 20 years of entrepreneurial experience covering a diverse range of commodities trading, corporate management, minerals exploration, asset management and construction, to name some. Previously, Popal was chief executive director of ASX-listed company Paynes Find Gold Ltd. He is the managing director of Ghan Resources Pty Ltd and Popal Enterprise Pty Ltd. Since 2001, Popal has managed several entities conducting international trading. He has more than 12 years’ experience in property development and has managed various commercial dealings within a network of companies around the world including in India, China and Malaysia.

Rodney Dale – Non-executive Director

Rodney Dale holds a Fellowship Diploma in geology from the Royal Melbourne Institute of Technology and is a Fellow of the Australasian Institute of Mining and Metallurgy. His experience covers more than 60 years, working in many parts of Australia, Indonesia and Africa on gold, tin, wolfram, base metals and industrial mineral exploration and mining, including trial mining and export of high-grade quartz. He has worked in and managed small gold mines in Western Australia. Since 1970, Dale has been an independent geological consultant with three periods as a director of ASX-listed companies. More recently, he has been involved with the assessment of iron ore projects in Australia, South America, India, China and Africa.

Oliver Kreuzer – Non-executive Director

Dr. Oliver Kreuzer is a registered professional geoscientist and company director with a broad skill set in structural, generative and corporate geology honed within more than a 20-year career in applied research and mineral exploration across a wide range of gold, base, energy and battery metals projects worldwide. His generative work laid the foundations for several new company floats, project acquisitions and new discoveries. Kreuzer is currently a non-executive director of ASX-listed exploration companies 92 Energy Ltd and NickelX Ltd.

Ibrar Idrees – Non-executive Director

Ibrar Idrees has a Bachelor of Commerce (majoring in Accounting and Finance) from Deakin University and has over 10 years of professional and corporate experience gained in a diverse range of industries in Australia and South Asia. Idrees, a practicing accountant, has worked in a variety of business development and financial positions in small and large companies.

Sebastian Andre – Company Secretary

Sebastian Andre is a chartered secretary with over 14 years of experience in corporate advisory, governance, compliance, and risk services. Andre has previously acted as an adviser at the ASX and has a thorough understanding of the ASX listing rules. He holds qualifications in accounting, finance and corporate governance and is a member of the Governance Institute of Australia

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