Eastern Resources : 2023 Annual Report

Annual Report 2023

Contents

Review of Operations	1
Tenement Schedule and Resource Summary	14
Directors' Report	16
Auditor's Independence Declaration	23
Consolidated Statement of Comprehensive Income	25
Consolidated Statement of Financial Position	26
Consolidated Statement of Cash Flows	27
Consolidated Statement of Changes in Equity	28
Notes to the Consolidated Financial Statements	29
Directors' Declaration	49
Independent Auditor's Report	50
Additional Information	54

REVIEW OF OPERATIONS

HIGHLIGHTS

• Eastern Resources completed acquisition of 70% interest in Lepidolite Hill Lithium Project
• Binding Agreement executed to acquire 50% interest and 100% all mineral rights except beryl minerals in Curlew Mine Project
• Significant thickness of near surface pegmatites and spodumene identified at Trigg Hill Project
• Encouraging results from the drilling program at the Trigg Hill Project, with hole ECRC009 returning 3m at 1.01% Li2O
• Highly experienced mining executive Mr Mark Calderwood joins Eastern Resources
• Ya Hua International Investment and Development Co Ltd. becomes a substantial shareholder of Eastern Resources

LITHIUM PROJECT

Trigg Hill Lithium Project

During the financial year, the Company completed three phases of rock chip and soil sampling at the Trigg Hill Lithium Project, confirming the presence of fractionated lithium caesium and tantalum (LCT) pegmatites. Of the rock chip samples collected from the large East Curlew pegmatite swarm, at least 80% were from LCT pegmatites, with peak values of 2.28% Li2O, 1.23% Rb2O, 1,552ppm Cs2O, 514ppm Ta2O5 and 2,921ppm SnO2 (ref ASX: 8 July 2022). The soil samples returned strongly anomalous lithium (Li), tantalum (Ta) and tin (Sn), with peak values of 517ppm Li2O, 95ppm Ta2O5 and 922ppm SnO2. (ref ASX: 8 August 2022).

Figure 1: Samples Location at Trigg Hill Project

Eastern Resources Limited

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REVIEW OF OPERATIONS

Following the completion of phase II mapping and sampling, the Company commenced a drilling campaign in September 2022, aiming to test a number of vertical and low angle LCT pegmatites to obtain an understanding of zonation and lithium mineralisation.

Two phases of reverse circulation (RC) drilling programmes comprising of 46 holes totalling 4,282m were successful in intercepting pegmatites, which indicate the presence of spodumene. Multiple thick downhole intervals were intersected, including:

• ETRC001: 3 pegmatite intervals totalling 29m from 60m hole including 17m from surface
• ETRC006: 7 pegmatite intervals totalling 88m from 128m hole including 39m from 51m
• ETRC008: 2 pegmatite intervals totalling 43m in 63m hole including 37m from surface
• ETRC009: single pegmatite interval of 65m from surface in 68m hole
• ETRC010: 3 pegmatite intervals totalling 57m in 64m hole including 43m from 20m
• ETRC011: 5 pegmatite intervals totalling 58m in 86m hole including 30m from 55m
• ECRC009: 3 pegmatite intervals totalling 19m in 66m hole including 13m from 49m
• ECRC020: 3 pegmatite intervals totalling 19m in 84m hole including 9m from 46m
• ECRC023: 5 pegmatite intervals totalling 26m from 150m hole including 19m from 108m
• ECRC031: 5 pegmatite intervals totalling 16m in 150m hole including 9m from 78m
• ECRC034: 5 pegmatite intervals totalling 20m in 198m hole including 12m from 143m

Figure 2: Pegmatite samples of ETRC011 at Trigg Hill Project

Drilling intercepted anomalous lithium including two pegmatites intercepted in ECRC009 which are confirmed to contain spodumene. Drill hole ECRC009 returned 3m at 1.01% Li2O from 54m, including 2m at 1.30% Li2O from 54m (ref ASX: 11 January 2023). The drilling programmes were designed to test a number of vertical and low angle pegmatites with shallow wide-spaced RC holes to obtain an understanding of zonation and lithium mineralisation.

Eastern Resources Limited

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REVIEW OF OPERATIONS

Figure 3: East Curlew drill hole location

Figure 4: Trigg Hill drill hole location

Eastern Resources Limited

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