EAGLE MOUNTAIN MINING

(ASX:EM2)

Company Profile

Eagle Mountain Mining is a copper-focused exploration and development company with a key objective of becoming a low-emission producer at its high-grade Oracle Ridge project in the mining friendly US state of Arizona.

Copper is a metal essential to the electrification required to drive the world’s clean energy transition, with demand widely forecast to rise to 60 million tonnes by 2050 –double today's consumption volume of about 30 million tonnes per year.

Eagle Mountain’s focus since acquisition in November 2019 has been on progressing towards a restart of the historic Oracle

Ridge copper mine in Arizona, where EM2’s reinterpretation of existing data is building on geological knowledge of the mine and region.

With a history spanning back to 1873, the last significant production from Oracle Ridge was in the mid 1990s. The project benefits from the significant existing infrastructure, including 18km of underground tunnels, as well as its previous production history.

Oracle Ridge’s copper JORC resource currently stands at 16.5 million tonnes at 1.45% Cu for 240,000 tonnes contained copper, with significant gold and silver as well.

The sustained success of EM2’s ongoing drilling program at Oracle Ridge has the company confident it can increase this mineral resource estimate (MRE), given its pipeline of quality targets outside the MRE.

Recent recommissioning of the existing mine allows for underground drilling. Further MRE updates are planned for 2023 on the back of current drilling.

Eagle Mountain couldn’t be better placed. Arizona is at the heart of US mining and home to some of the world’s largest copper discoveries belonging to companies including BHP, Rio Tinto, Freeport McMoRan, and Hudbay.

Oracle Ridge is less than a two-hour drive from the city of Tucson and only half an hour from the nearby San Manuel copper mine –the world’s largest underground copper mine in the 1980s, which produced more than 700Mt of ore.

Consistent with its goal to supply copper for clean energy, EM2 is leveraging Oracle

Ridge’s good credentials with the key objective of becoming a low-emission producer.

These credentials stem from leveraging the natural benefits of gravity in its future operations, including downhill haulage of ore via a conveyor or road.

EM2 also plans to use solar panels to harness sun energy, as well as low-emission or hybrid equipment.

Unlike large open pits, underground operations have a far less surface disturbance leading to less impact on the environment.

The company’s leadership team includes Charles Bass, who has 50 years’ experience in the mining industry, including cofounding Aquila Resources before it was taken over for $1.4 billion in 2014.

CEO Tim Mason has 20 years’ experience in mining across corporate, operations, business development and engineering roles.

CEO of US operations Manuel Ramos is a veteran of the Arizona copper industry, having been VP of metallurgical operations, then president and Chief Operating Officer at prolific copper producer ASARCO over 19 years.

Key Points

◾ Company Name: Encounter Resources

◾ Company ASX code: ENR

◾ Key Commodities: Copper, rare earths, lithium

◾ Key Personnel: Will Robinson, Managing Director | Paul Chapman, Non-Executive Chairman | Dr Jon Hronsky OAM, Non-Executive Director

◾ Locations: Western Australia, Northern Territory

◾ Market Cap as of 25/01/23: $58.66M

◾ 52-Week Share Price Range at 25/01/23: $0.112 - $0.250

◾ W: enrl.com.au

Investment Highlights

◾ 100% owned West Arunta copper-REE project in WA shows early hallmarks of a new critical minerals province with compelling REE targets under shallow cover.

◾ Large scale NT copper leverage through active exploration farm-in agreements with BHP at the Elliott project, South32 at the Jessica/Carrara projects, and at ENR’s 100% owned Sandover project with an extensive outcropping copper unit mapped.

◾ Field work identifies the potential of 4km+ of pegmatites at the 100% owned Junction project in the NT’s North Arunta province.

WILL ROBINSON MANAGING DIRECTOR