23 Nov

Chairmans Address to Shareholders

23 November 2021 ASX Release EMPIRE RESOURCES LIMITED www.resourcesempire.com.au t +61 (0) 8 6389 1032 ACN 092 471 513 info@resourcesempire.com.au ASX: ERL 159 Stirling Highway, Nedlands WA 6009 CHAIRMAN’S ADDRESS 2021 ANNUAL GENERAL MEETING Dear Shareholder While 2021 has seen significant progress by Empire on its projects and financial position, it has been frustrating for the Board and Company facing difficulties in obtaining drilling rigs when required and long turn around for sample assays from commercial laboratories. Empire has substantial tenement holdings in WA and numerous highly prospective exploration targets. A number of new prospects were acquired during the year via low cost tenement applications. These include new tenements in the Nanadie Well area near Meekatharra and expansion of the Company’s holdings at Barloweerie, west of Cue, WA. Despite the problems referred to above in the past 12 months Empire completed 192 drill holes for 13,140 metres producing some highly encouraging results at both the Yuinmery copper/nickel/gold project near Sandstone and at the Penny’s gold prospect 60km northeast of Kalgoorlie. Expanded exploration programs are planned for these prospects during 2022. Work at the exciting Barloweerie prospect has been delayed by Native Title issues but we are optimistic that activities will commence at the project during the 2022 field season. Sell down of Empire’s investment in NTM Gold Ltd provided a windfall profit of $2.6 million during the year. This return covered operating expenditures for the year and enabled the company to payout all existing loan obligations. Cash on hand at 30 June 2021 was $1.3M. Empire recently announced a 1:7 Non-Renounceable Rights Issue aimed at topping up available funds by approximately $1.5M based on the issue of 129.8 million shares at 1.2 cents per share with a 1:2 free attaching option having an exercise price of 1.6 cents per share. The raising will assist in funding the accelerated exploration programs proposed by Empire for 2022. In this context, we are pleased to announce the engagement of Mr Mark Shelverton as our new Exploration Manager and Aaron Childs our new field coordinator. Our exploration plans for 2022 include the lock-in of a core drilling rig and driller for exclusive use by Empire. This should assist in accelerating at least the drilling component of our exploration programs for the forthcoming period. The rig will be particularly useful for the deep drilling required for the promising Yuinmery targets (eg Smiths Well/YT01). The rig should be ready for commissioning in December 2021. Development of the Penny’s Find gold mine previously held by Empire has been slower than anticipated. Early in 2019 Empire sold its interest in the mine to Orminex Ltd for $600,000 plus a royalty stream. In November 2020 Orminex farmed out a 50 % interest in Penny’s Find to Horizon Minerals Ltd with a view to accelerating development. Dewatering of the mine is in progress but development schedules are not available at this time. In summary, the Empire Board and the Company are looking forward to an accelerated rate of progress in 2022 with an expanded exploration team and an exciting portfolio of prospects. ASX Announcement 23 November 2021 EMPIRE RESOURCES LIMITED Page | 2 ASX: ERL I would like to thank Managing Director, Sean Richardson for his endeavours over the year, also co-director Jeremy Atkinson, and our administration coordinators Simon and Sheena Storm. Thanks also go to Contractors and Shareholders for their support in 2021. Michael Ruane Non-Executive Chairman Empire Resources Ltd This announcement is authorised for release by: Sean Richardson Managing Director For further information on the Company Phone: +61 (0)8 6389 1032 www.resourcesempire.com.au ASX Announcement 23 November 2021 EMPIRE RESOURCES LIMITED Page | 3 ASX: ERL About Empire Empire Resources Limited (ASX:ERL) is a gold and copper focussed exploration and development company. Empire owns four highly prospective projects. The Yuinmery Copper-Gold Project 470km northeast of Perth in the Youanmi Greenstone Belt, the Barloweerie multi-element precious and base metal project, the Nanadie Copper-Gold Project southeast of Meekatharra in the Murchison Region and the Penny’s Gold Project 45km northeast of Kalgoorlie in the prolific Eastern Goldfields Region of Western Australia. Empire’s projects have nu merous exploration targets with excellent potential. Empire has an experienced team of exploration, development and financial professionals who are committed to developing a sustainable and profitable mineral business. Empire seeks to extract value from direct exploration in its existing projects as well as identifying value accretive investment opportunities that complement the Company’s development objectives. Empire Resources Project Locations
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