Enterprise Metals Ltd (ASX: ENT) ('Enterprise' or 'the Company') is pleased to advise that it is undertaking a pro-rata non-renounceable entitlement offer to raise up to approximately $1.42m (before costs) (Entitlement Offer)

Key Details 1 for 2.5 pro-rata non-renounceable entitlement offer to existing shareholders to raise up to $1.42m (before costs) priced at $0.004 per fully paid ordinary share in the capital of the Company (Share). Participants under the Entitlement Offer will also receive 1 free attaching unquoted option for every 1 Share subscribed for and issued (New Option). These New Options will be exercisable at $0.006 and expire two years after their issue date. All eligible shareholders will be given the opportunity to participate in the Entitlement Offer, if shareholders participate for their full entitlement they will not be diluted. The Prospectus includes a separate offer to Eligible Shareholders who have subscribed for their full Entitlement to apply for Shares and New Options not subscribed for by other Shareholders pursuant to the Entitlement Offer, on the same terms as the Entitlement Offer (Top Up Offer). Eligible shareholders and other investors invited to apply for any shortfall that might exist under the Entitlement Offer and Top-Up Offer (Shortfall Offer). Funds raised through the Entitlement Offer, Top-Up Offer and Shortfall Offer (together, the Offers) will primarily be used for exploration at the Company's Eneabba East Project, as well as exploration at other Company projects, paying the costs of the Offers and for general working capital. Enterprise Directors Dermot Ryan and Changshun Jia have advised they will take up their full entitlements

Eligibility for the Entitlement Offer The Entitlement Offer will be available to shareholders of the Company named on its register of members at 5:00pm (AWST) on Tuesday, 11 June 2024 (Record Date), whose registered address is in Australia or New Zealand, as well as certain eligible holders in Hong Kong (together, the Eligible Shareholders).

About Enterprise Metals Limited

Enterprise is a West Australian based exploration company with wholly owned projects at Doolgunna north of Meekatharra, at Murchison north of Cue, and Mandilla, just north of Widgiemooltha. The Company has recently acquired an option to explore, for 2 years, for all minerals including heavy minerals (HM) such as zircon, monazite, rutile, ilmenite, Rare Earths and base metals including titanium at the Eneabba East Project. The Eneabba East Project is located approximately 300 km north of Perth, in the North Perth Basin, east and southeast of Iluka Resources Ltd's Eneabba HM minesites. The Company also has a 30% free carried interest to completion of bankable feasibility in the Orpheus Project in the Fraser Range with Constellation Resources Ltd. The Company is focused on applying world-class exploration technologies and experience to proven mineralised tenure to generate shareholder wealth through discovery and production. This ASX Announcement has been approved in accordance with the Company's published continuous disclosure policy and authorised for release by the Enterprise Metals Ltd Board of Directors.

Contact:

Mr Dermot Ryan

Tel: +61 8 6381 0392

Email: admin@enterprisemetals.com.au

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