23 Nov

Chairmans Address to Shareholders

ASX Code: ESS Corporate Profile Shares on issue: 240,839,974 Cash: $9m (30 Sep 2021) Debt: Nil KEY PROJECTS LITHIUM Pioneer Dome GOLD Golden Ridge GOLD Juglah Dome Joint Ventures (ESS %) 1x lithium project (51%)* 2x nickel projects (20-25%)** 4x gold projects (25-30%)** *Sale is subject to an option agreement ** Free carried to a decision to mine Corporate Directory Non - Executive Chairman Craig McGown Non-Executive Directors Paul Payne Warren Hallam Managing Director Timothy Spencer CFO & Company Secretary Carl Travaglini Exploration Manager Andrew Dunn Investor Relations Nicholas Read Read Corporate t: +61 8 9388 1474 e: nicholas@readcorporate.com.au ABN: 44 103 423 981 t: +61 8 9322 6974 e: info@essmetals.com.au w: essmetals.com.au Level 3, 46 Ord St West Perth, WA 6005 Australia PO Box 1787, West Perth, WA 6872 Australia Page 1 of 4 23 November 2021 2021 Annual General Meeting Chairman’s Address The following Chairman’s Address was delivered by the Company’s Chairman, Mr Craig McGown, at the 2021 Annual General Meeting of Essential Metals Limited (“Essential”, the “Company”) held today. “Before we move onto the procedural matters of the meeting I would like to provide a recap of your Company’s progress over the last 12 months and the path forward. I also note that Tim will provide a presentation on the Company’s projects after the meeting has concluded. Essential Metals is focussed on becoming a new force in the lithium supply chain. The rebound in lithium sentiment during 2021, driven by global climate change imperatives, has seen Essential Metals well positioned to capitalise on this fundamental market shift. The progress of our 100% owned Pioneer Dome Lithium Project containing a lithium Mineral Resource of 11.2Mt at 1.21% lithium oxide continues to be our focus. The Project is located in the core of Western Australia’s lithium corridor in the Eastern Goldfields. With just over half of the lithium oxide classified in the indicated category we feel this is a particularly exciting project coupled with a fundamentally strong medium to long-term outlook for lithium demand. Late last year metallurgical testwork returned an excellent total lithium oxide recovery rate of 74% which provides further confidence that the Dome North Lithium Project can produce lithium concentrate that will likely exceed accepted industry specifications. The Essential team has moved swiftly to progress the project on multiple fronts. In addition to these outstanding metallurgical results, a 6,000 metre Reverse Circulation drill campaign was completed in and around the Dome North resource in August this year with results from this drilling demonstrating the near surface spodumene mineralisaton of the Dome North resource. While continuing exploration to grow our lithium resources and potentially make new discoveries, we are taking the necessary steps to transition the Dome North Resource area to a ‘development ready’ status. This includes an application for a Mining Lease over the Dome North Mineral Resource, a capital and operating cost study for two process plant scenarios, a flora and fauna study and a hydrology study, most of which are expected to be complete by the end of this year. Page 2 of 4 Not only is Essential Metals well positioned with the right commodities being lithium, gold and nickel in a tier 1 jurisdiction, but we are well funded to make swift progress on these plans. The recently completed $5 million placement has underpinned this expanded exploration and development plan and also enabled continued progress on our 100% owned, highly prospective Juglah Dome and Golden Ridge gold projects near Kalgoorlie. Essential Metals holds free-carried minority interests of between 25% and 30% in three highly prospective gold projects in Western Australia with reputable farmin and joint venture partners. Earlier this year Essential Metals executed a $4 million nickel farm-in joint venture with a group of industry renowned nickel specialists to unlock the resource potential at Blair – Golden Ridge. Essential Metals retains all other mineral rights and a free carried 25% interest to a decision to mine, maximising our leverage to another nickel discovery being made on this Project. We are encouraged by the strong support of new and long-standing shareholders over the last 12 months welcoming new institutional investors to our register with strong industry experience and commitment to our cause. With $9 million in cash and liquid investments on hand, our strong balance sheet will enable us to focus on delivering our strategy for all shareholders over the coming year. We continue to monitor the evolving COVID-19 situation, with the ongoing health and safety of our staff and contractors being our number one priority. Being focussed in Western Australia your company has been able to maintain a consistent level of activity. I would like to acknowledge the efforts of my fellow Board members and management, in particular Tim Spencer, Carl Travaglini and Andrew Dunn, whose efforts in the year have been significant. I also thank the Essential Metals personnel, our contractors, our joint venture partners and other stakeholders, who over the past 12 months have worked tirelessly to advance the Company. I would also like to thank our shareholders for their continued support, and we look forward to rewarding your loyalty with further exploration success over the coming 12 months. We have entered 2022 with considerable momentum, and with a highly capable Board and management team, good capital structure and favourable commodity market conditions forecast, I am confident Essential Metals can realise further value for shareholders this year. We will now move onto the procedural matters of the meeting.” This ASX release has been approved by the Company Secretary, Carl Travaglini. For further information: Investor Relations Tim Spencer, Managing Director Nicholas Read Essential Metals Limited Read Corporate T: +61 8 9322 6974 T: +61 8 9388 1474 E: tims@essmetals.com.au E: nicholas@readcorporate.com.au Page 3 of 4 ABOUT ESSENTIAL METALS LIMITED Essential Metals is a well-funded and active explorer focussed on the discovery of key global demand-driven commodities, for the creation of shareholder wealth through exploration and project development. The Company operates three strategically located lithium and gold projects in Western Australia. 100% OWNED AND MANAGED PROJECTS: • LITHIUM : The Pioneer Dome Lithium Project is highly prospective for lithium-caesium-tantalum (LCT) mineral systems and includes the Dome North Lithium Mineral Resource of 11.2 million tonnes @ 1.21% lithium (Li 2 O). 1 • GOLD : The Juglah Dome Project is located 60km east-south-east of Kalgoorlie and is considered to be highly prospective for gold and has potential for VHMS style polymetallic deposits. • GOLD : The Golden Ridge Project is located ~20km south-east of Kalgoorlie, WA. Our activities are focussed on reappraising known prospects as well as identifying new areas within the large land tenure. JOINT VENTURE INTERESTS : • LITHIUM : The Company holds a 51% Project interest in the Mavis Lake Project, Ontario, Canada where drilling has intersected spodumene (now subject to a sale option agreement with Critical Resources Limited – refer ASX announcement 25 October 2021). • GOLD : The Acra Project is near Kalgoorlie. Northern Star Resources Limited (ASX:NST) has earned a 75% Project Interest and continues to fully fund exploration programmes until approval of a Mining Proposal by DMIRS is received with Essential Metals holding a 25% interest. • GOLD : The Kangan Project is in the West Pilbara and part of a joint venture with Novo Resources Corp (TSXV.NVO) and Sumitomo Corporation (TYO:8053), who will jointly fund 100% of gold exploration programmes until a decision to mine is made, with Essential Metals holding a 30% interest. • GOLD : The Balagundi Project is subject to a farmin & JV agreement where Black Cat Syndicate Limited (ASX:BC8) is earning a 75% interest in the Project located at Bulong, near Kalgoorlie. Black Cat will then fully fund gold exploration programmes until a decision to mine is made, with Essential Metals retaining a 25% interest. • GOLD : The Company holds a 25% free-carried interest (20% for nickel rights) in the Larkinville Project near Kambalda, WA, with Maximus Resources Ltd (ASX:MXR). • NICKEL : The nickel mineral rights on the Blair-Golden Ridge Project, which includes the suspended Blair Nickel Sulphide Mine, are subject to a Farmin/Joint Venture with Crest Investment Group, a nickel exploration specialist which is earning up to a 75% interest. The Company will retain a 25% free-carried interest up to a decision to mine. • NICKEL : The Company holds a 20% free-carried interest (nickel only) in the Wattle Dam project near Kambalda, WA, with Maximus Resources Ltd (ASX:MXR). 1 Refer to ASX announcement dated 29 September 2020 “Dome North Lithium Project – Resource Upgrade” Page 4 of 4 Forward Looking Statement This announcement may contain forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments. Reference to previous market announcements The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The company confirms that the form and context in which Exploration Results or Competent Person’s findings are presented have not been materially modified from the original market announcements.

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