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ECLIPSE METALS LIMITED
Symbol	EPMFF
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Eclipse Metals Limited (EPMFF) FY2026: Progress Across South Greenland Critical Minerals Portfolio

2026-09-29 22:56 ET - News Release

Perth, Australia, Sep 29, 2026 - (ABN Newswire) - Expanded Gronnedal rare-earth Mineral Resource, first Indicated component and post-balance-date Ivigtut resource provide a strengthened technical platform for ongoing evaluation.

Eclipse Metals Limited (ASX:EPM) (FRA:9EU) (OTCMKTS:EPMFF) has released its Annual Report for the financial year ended 30 June 2026, outlining progress across its wholly owned South Greenland critical-minerals project.

During FY2026, Eclipse completed its first modern diamond drilling program across the Gronnedalrare-earth deposit and the historic Ivigtut mining district, updated the Gronnedal Mineral Resource, advanced mineralogical and metallurgical work, and continued environmental, social and regulatory programs in Greenland.

Gronnedal Mineral Resource

In April 2026, Eclipse announced an updated Mineral Resource Estimate for Gronnedal of 208Mt at 7,239ppm total rare-earth oxides (TREO), reported at a 2,000ppm TREO cut-off.

The estimate comprises 6Mt in the Indicated category at 7,139ppm TREO and 202Mt in the Inferred category at 7,242ppm TREO. It contains 1,505kt TREO, including approximately 456,000 tonnes of neodymium and praseodymium oxides.

The updated estimate represented a 234% increase in tonnage and a 12% increase in gradecompared with the previous 89.2Mt Inferred Mineral Resource. It also established the first Indicated Mineral Resource component at Gronnedal.

Five diamond holes completed at Gronnedal during the 2025 field season contributed to the updated resource estimate. The holes formed part of a seven-hole, 1,208m integrated program completed across Gronnedal and Ivigtut.

Reported downhole intervals at Gronnedal included:

- GD001: 195.0m from surface at 6,268ppm TREO and 2,036ppm Nd2O3 plus Pr2O3.

- GD002: 151.0m from surface at 4,507ppm TREO and 1,649ppm Nd2O3 plus Pr2O3.

- GD003: 150.2m from surface at 5,762ppm TREO and 1,774ppm Nd2O3 plus Pr2O3.

- GD004: 114.4m from surface at 6,883ppm TREO and 2,057ppm Nd2O3 plus Pr2O3.

-GD005: 89.3m from surface at 6,700ppm TREO and 2,075ppm Nd2O3 plus Pr2O3.

Technical and Regulatory Work

During FY2026, Eclipse advanced staged mineralogical and metallurgical work at Gronnedal to improve its understanding of rare-earth mineral deportment, liberation characteristics and potential physical-separation and flotation pathways.

Four composites from 2025 drill core were prepared for detailed automated mineralogical analysis and metallurgical testing. ALS Metallurgy conducted testwork, Tetra Tech supported process design and technical interpretation, and the University of Western Australia undertook complementary mineralogical characterisation.

The Company also progressed its Environmental Impact Assessment and Social Impact Assessment workstreams in Greenland. Documentation was updated and resubmitted to align with Greenland's revised regulatory framework, while engagement continued with Greenland's Mineral Licence and Safety Authority regarding the future exploitation licence pathway.

Post-Balance-Date Developments

The following developments occurred after 30 June 2026 and are not FY2026 results.

On 15 July 2026, Eclipse announced a maiden Inferred Mineral Resource at Ivigtut of 4.87Mt at 188ppmHfO2, 61ppm Ga2O3, 147ppm Y2O3 and 3,380ppm zirconium, reported at a 60ppm HfO2 cut-off.

The Ivigtut resource contains an estimated 917 tonnes of HfO2, 297 tonnes of Ga2O3, 714 tonnes of Y2O3 and 16,454 tonnes of zirconium. It is hosted in mineralised granite principally around the southern and eastern sides of the historic pit and is entirely classified as Inferred.

On 19 August 2026, Eclipse announced that Boss Energy had withdrawn from the Liverpool uranium project option and earn-in arrangement. Eclipse and its wholly owned subsidiary, North Minerals Pty Ltd, retained 100% legal and beneficial ownership of the Liverpool uranium project.

Following consultation with Traditional Owners at Kabulwarnamyo on 9 July 2026, facilitatedby the Northern Land Council, consent was received for a defined exploration work program at EL27584, including diamond drilling in consented areas, subject to cultural heritage, environmental, regulatory and access requirements.

Funding and Outlook

In October 2025, Eclipse completed a $3,750,000 placement at $0.03 per share to institutional and sophisticated investors. During FY2026, the Company received $2,221,000 from the exercise of options.

Net cash used in operating activities during FY2026 was $2,211,514, while net cash used in investing activities was $1,798,296. Net cash provided by financing activities was $5,923,364.

The Company intends to stage future expenditure against technical and regulatory priorities, including Gronnedal resource conversion and process development, Ivigtut mineralogy and recovery assessment, and supporting environmental and social programs.

The reported cash balance should not be interpreted as a forecast that all proposed studies orany future development can be funded without additional capital. The Annual Report notes that a material uncertainty exists regarding the Company's ability to secure additional funding, where required, and to implement expenditure-management measuresnecessary to meet ongoing obligations. The Directors have nevertheless concluded that the going-concern basis of preparation is appropriate.

Chairman's Comment

Eclipse Metals Executive Chairman Carl Popal said:

"FY2026 was an important yearfor Eclipse, during which the Company materially strengthened the foundation of its South Greenland critical-minerals strategy."

"The first modern integrated drilling program across Gronnedal and Ivigtut delivered a substantially enlarged Gronnedal Mineral Resource, the first Indicated component and a maiden post-year-end Mineral Resource at Ivigtut."

"Our focus now is to build on this progress with discipline. We are directing capital towards work that can most improve project definition: increasing resource confidence, establishing potential recovery and product pathways, and advancing environmental, social and regulatory programs."

*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/LA3U4M50

Editorial Note:

This media release has been independently prepared by ABN Newswire editorial staff based on Eclipse Metals' Annual Report for 2026. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Eclipse Metals' full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.

About Eclipse Metals Limited:

Eclipse Metals Ltd (ASX:EPM) is an Australian exploration company focused on exploring southwestern Greenland, Australia’s Northern Territory and state of Queensland for multi-commodity mineralisation. Eclipse has an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz, rare earths, gold, platinum group metals, manganese, palladium and vanadium mineralisation. The Company’s mission is to increase shareholder wealth through capital growth and ultimately dividends. Eclipse plans to achieve this goal by exploring for and developing viable mineral deposits to generate mining or joint venture income.

Contact:

 
Carl Popal
Executive Chairman
Eclipse Metals
+61 8 9480 0420