Empire Resources : Assay Results from Yuinmery Project

2 May 2022

ASX Release

ASSAY RESULTS FROM YUINMERY PROJECT

HIGHLIGHTS

Assays results received for the remaining 12.4m of the previously reported 30m massive to disseminated pyrrhotite-chalcopyrite-pyrite sulphides [1] intersected from 276.1m downhole (YDD22-02) at Smiths Well prospect

Final assays for complete sulphide interval, including previously reported assays [2]:

30.1m @ 0.60% Cu, 0.17% Ni & 0.034% Co from 276m in YDD22-02

including 5m @ 1.15% Cu, 0.18% Ni & 0.027% Co from 284m and 1m @ 1.09% Cu, 0.18% Ni & 0.045% Co from 294m

and 2m @ 1.11%Cu, 0.19% Ni & 0.040% Co from 304.1m

Assays also received for diamond hole YDD22-01 at YT01 Prospect including:

13.4m @ 0.56% Cu & 0.12g/t Au from 240.6m

including 3.9m @ 1.01% Cu & 0.13g/t Au from 240.6m 3m @ 0.89% Cu & 0.12g/t Au from 172m

including 1m @ 1.49% Cu & 0.12g/t Au from 173m

Petrographic studies of YDD22-01 core identifies chalcopyrite-pyrite-sphalerite minerals and rare violarite after pentlandite

EMPIRE RESOURCES LIMITED ACN 092 471 513

Assay results for the remainder of March Quarter diamond drilling are due in May

Diamond drilling has re-commenced at Yuinmery targeting down plunge extents to mineralisation intercepted at both Smiths Well and YT01 Prospects

Empire Managing Director, Sean Richardson commented:

"The results from the March quarter drilling at Yuinmery continue to impress. The latest assays received for both the YT01 and Smith Well Prospects demonstrate an improvement in both mineralised thickness and copper grades at depth.

"Drilling has recommenced with the mobilisation of a diamond drilling contractor to Yuinmery. Diamond drilling at both YT01 and Smiths Well will target down plunge extents to the mineralisation identified by the March quarter drilling and DHEM surveys.

"We look forward to updating the market as drilling progresses and data become available."

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SUMMARY

Empire Resources (ASX:ERL, Empire) advises that it has received final assays results from its preferred commercial laboratory for diamond holes YDD22-02 from Smith Well and the complete assay set for diamond hole YDD22-01 from YT01 Prospect, Yuinmery.

Smiths Well Prospect

Results from a priority batch of assays for 17.6m of the previously reported 30m of massive to disseminated pyrrhotite-chalcopyrite-pyrite sulphides [1] in diamond hole YDD22-02 at Smiths Well were previously received in March 2022 [2]. The remaining assays for 12.4m of the 30m sulphides interval in YDD22-02 have now been received.

The complete set of assays for the 30m sulphide interval in hole YDD22-02, including those assays previously reported in March 2022 include:

30.1m @ 0.60% Cu, 0.17% Ni & 0.034% Co from 276m in YDD22-02

including 5m @ 1.15% Cu, 0.18% Ni & 0.027% Co from 284m and 1m @ 1.09% Cu, 0.18% Ni & 0.045% Co from 294m

and 2m @ 1.11%Cu, 0.19% Ni & 0.040% Co from 304.1m

Figure 1 - Smiths Well Oblique Cross Section YDD22-02

Figure 2 - March 2022 DHEM Conductor & Drill Collars

Base Image RTP_Eagcs50nl

Figure 3 - Smiths Well Long Section

A downhole-electromagnetic (DHEM) survey completed on hole YDD22-03 in March 2022 [3] defined a very high conductance modelled plate (> 20,000S) within the sulphide horizon. Drilling has recommenced at Smiths Well targeting the modelled plate down plunge to the massive-disseminated sulphides intercepted in YDD22-02.

YT01 Prospect

Assay results for two previously reported broad sulphidic zones comprising 5-25% pyrite-chalcopyrite sulphides [4] intersected in diamond drillhole YDD22-01 at YT01 have been received.

The upper sulphidic zone from 169m consisting of a stockwork of quartz-carbonate-pyrite-chalcopyrite veinlets in silicified basalt and minor disseminated sulphides returned 3m @ 0.89% Cu & 0.12g/t Au from 172m, including 1m @ 1.49% Cu & 0.12g/t Au from 173m. This zone is interpreted to be the extension of the upper mineralisation zone intersected in YRC21-16.

The lower sulphidic zone from 239m returned 13.4m @ 0.56% Cu & 0.12g/t Au from 240.6m, including 3.9m @ 1.01% Cu & 0.13g/t Au from 240.6m. This zone comprises disseminated-matrix pyrite-chalcopyrite sulphides hosted within an interpreted altered basalt. Weak to moderate shearing overprints the altered basalt.

Figure 4 - YT01 Prospect 687,250mE Cross Section