Eagle Mountain Mining Limited provided an update on its 100% owned Oracle Ridge Copper Mine Project (Oracle Ridge, or the Project) in Arizona, USA. Drilling: Assays results for 12 new holes have been received, including 10 resource expansion holes and 2 resource infill holes. Resource Expansion Results: The results for the 10 resource expansion holes continue to support the potential for growth of the Company's MRE.

Eastern Talon: WT-22-158 returned two main intercepts: 10.7m at 1.97% Cu, 23.35/t Ag and 0.32/t Au, at the Leatherwood contact and a narrow but spectacular 0.7m at 16.9% Cu, 136g/t Ag and 0.25g/t Au within strongly altered sediments. This high-grade intercept could be similar to several narrow massive sulphide veins or fracture fills also seen in underground workings. WT-22-159, drilled in the northeastern Talon approximately 45 metres to the north of WT-22-126 (13.7m at 1.97% Cu, 25.69g/t Ag and 0.39g/t Au 2) returned 11.9m at 2.94% Cu, 42/6g/t Ag and 0.49g/t Au including 3.3m at 7% Cu, 98g/t Ag and 1.01g/t Au.

WT-22-165 was drilled approximately 50m to the northeast of WT-22-159, testing for extensions to the reported mineralisation. Assays are awaited. The relatively high gold value in hole WT-22-159 is of note, being more than double than the average in the October 2022 JORC Resource.

WT-22-156 was also drilled at the northeastern edge of the Talon and returned stronger than expected alteration and mineralisation including two intercepts of 3.3m at 3.38% Cu, 32.94g/t Ag and 0.51g/t Au and 2.9m at 2.02% Cu, 29.27g/t Ag and 0.31g/t Au. These remain unconstrained to the north and east with topography constraining mineralisation over 120 metres away. WT-22-149, WT-22-151, WT-22-154 returned only modest mineralisation along the Leatherwood contact.

As these are extensional holes, they will have not depleted tonnes from the October 2022 Resource update. Southern Talon: Drilling in the southern Talon returned: 19.1m at 2.23% Cu, 34.1g/t Ag and 0.43g/t Au including 9.3m @ 3.63% Cu, 59.56g/t Ag and 0.76g/t Au in drill hole WT-22-148. The mineralisation is hosted along the Sediments-Leatherwood contact.

Potential exist for this mineralisation to extend 70m to the southeast where WT-22-144 was drilled. This holes intersected 3.1 metres at 1.37% Cu, 21.81g/t Ag and 0.39g/t gold along the intrusive contact. Additional drilling is planned between these two holes; WT-22-150 was drilled approximately 150 metres west of WT-22-148 and intersected Leatherwood and Leatherwood sill with minor mineralised sediments constrained to the upper part of the hole.

This provides with further information for revising the geological model; and WT-22-157 was completed approximately 60 metres to the east of WT-22-153 and 85 metres to the northeast of WT-22-155 (see Resource Infill Results section). Multiple, thin zones of mineralisation were intersected over approximately 80 metres downhole suggesting mineralisation in this area is scattered and did not concentrate in specific stratigraphic horizons. Resource Infill Results: Results from two infill holes were received.

These holes were drilled at a nominal Inferred spacing of 50 metres within the footprint of the existing MRE at a 1% copper cut-off grade. Drill holes WT-22-153 and WT-22-155 were drilled in the southernmost part of the Talon area testing the southern extension to strong results in WT-21-31. Both holes intersected a large section of Leatherwood intrusive with only minor sediments.

WT-22-153 encountered two mineralised zones within a narrow sediments interval surrounded by intrusive. WT-22-155, drilled approximately 80 metres to the south, intersected only minor mineralisation. A decrease in the Inferred resource in this area is expected due to the smaller than anticipated volumes of sediments encountered.

Discussion: The Company has recently released an updated JORC Mineral Resource Estimate. The results presented in the current announcement are not included in the updated MRE but will be incorporated in the next MRE update. The results outlined herein provide further confidence for additional mineralisation to be discovered at Oracle Ridge and the Talon remains an exciting and evolving discovery by Eagle Mountain.

The recently updated geological model is supporting the definition of new drill target with the aim to further building and upgrading the resources. Drilling is currently ongoing with a surface diamond drill rig. This rig is currently drilling in and around the historic Daily mine where no mineral resource has been defined.

Drill targets have also been established around the historic Geesaman mine which is also outside the existing mineral Resource. The recent increase in Measured and Indicated resources has provided the Company with further confidence to move Oracle Ridge towards feasibility work. To assist with this work, the Company is well underway with recommissioning the existing underground mine which provides valuable access to mineralisation in the drives for metallurgical testwork and optimisation of the processing plant.

In addition, drill stations are being established to enable underground diamond drilling to further upgrade the resources to higher confidence categories, thereby de-risking a restart of the project.