Evolution Petroleum Corporation press release

Eclipse Metals Limited (EPMFF) Two-Rig Diamond Drilling Underway at Gronnedal Greenland

2026-10-19

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Drill Results

Perth, Australia (ABN Newswire) - Eclipse Metals Limited (ASX:EPM) (FRA:9EU) (OTCMKTS:EPMFF) announced that two diamond drill rigs have commenced operations at its 100%-owned Gronnedal Rare Earth Project in South Greenland. Drilling crews are working double shifts to maximise progress during the remaining field season.

Highlights

Two diamond drill rigs are operating at Gronnedal following the successful mobilisation of drilling equipment, personnel and supporting infrastructure.

Double shift operations are underway across the planned 17-hole, 2,355-metre diamond drilling campaign.

The program is designed to test extensions to known mineralisation, improve geological continuity and support potential conversion of selected Inferred Mineral Resources to the Indicated category.

Gronnedal hosts a Mineral Resource of 208Mt at 0.72% TREO, containing approximately 1.505Mt TREO and approximately 456,000 tonnes of contained neodymium and praseodymium oxides (Announced on 29 April 2026).

The project is in South Greenland near deep-water coastal access and historic mining infrastructure, within a region attracting increased international attention for critical minerals.

Two-rig campaign building momentum

After equipment arrived and was unloaded at the historic Ivigtut landing facility, the drilling fleet and supporting equipment moved to Gronnedal. Both rigs have commenced operations, with crews working double shifts to use the available field window efficiently.

The 17-holeprogram is targeting approximately 2,355 metres of diamond drilling. The team is managing hole sequencing against geological priorities, site access, and seasonal operating conditions. The campaign will provide new drill core for geological logging,sampling and independent laboratory analysis.

Drilling objectives

The program combines infill and step-out drilling to generate information relevant to future resource modelling and technical studies. The principal objectives are to:

test geological and grade continuity within priority areas of the existing Mineral Resource;

investigate potential extensions to mineralisation along strike and at depth;

provide additional data that may support conversion of selected Inferred Mineral Resources to the Indicated category; and

generate core for geological, geotechnical, analytical and metallurgical assessment.

Building on a substantial magnet rare earth resource

Gronnedal hosts a JORC 2012 Mineral Resourceof 208Mt at 0.72% TREO, reported at a 2,000ppm TREO cutoff. The estimate contains approximately 1.505Mt TREO, including approximately 456,000 tonnes of contained neodymium and praseodymium oxides (Announced on 29 April 2026). NdPr oxides are important inputs for highperformance permanent magnets used in electric mobility, renewable energy, advanced manufacturing and defence applications.

Strategic location in South Greenland

Gronnedal lies within the historic Ivigtut-Gronnedal mining district in South Greenland, close to deep-water coastal access and established infrastructure. This location provides a practical operating base for exploration and future technical evaluation.

The campaign is advancing as governments and industryfocus on diversifying critical-mineral supply chains. Eclipse believes Gronnedal's scale, NdPr content and Greenland location provide a strong foundation for evaluating the project's potential contribution to future Western rare earth supply chains.

Eclipse Metals Executive Chairman Carl Popal said:

"Having both rigs operating on double shifts is an important step for Eclipse. We are directing the available field window towards the holes most capable of improving geological confidence and testing extensions to the existing resource.

"Gronnedal already contains approximately 1.5 million tonnes of TREO, including a substantial NdPr component. This campaign focuses on converting that scale into better technical definition through disciplined drilling, sampling, and analysis. We look forward to updating shareholders as material results become available."

Next steps

Continue drilling across the planned priority holes.

Complete geological and geotechnical loggingand sampling of recovered core.

Submit samples for independent laboratory analysis under documented chain-of-custody procedures.

Integrate validated drilling data into the geological and resource models.

Continue metallurgical and technical studies supporting future development evaluation.

Eclipse will provide further updates as drilling results and technical information become available.

*To view tables and figures included in the announcement, please visit: https://abnnewswire.net/lnk/89Y7BG94

About Eclipse Metals Limited:

Eclipse Metals Ltd (ASX:EPM) is an Australian exploration company focused on exploring southwestern Greenland, Australia’s Northern Territory and state of Queensland for multi-commodity mineralisation. Eclipse has an impressive portfolio of assets prospective for cryolite, fluorite, siderite, quartz, rare earths, gold, platinum group metals, manganese, palladium and vanadium mineralisation. The Company’s mission is to increase shareholder wealth through capital growth and ultimately dividends. Eclipse plans to achieve this goal by exploring for and developing viable mineral deposits to generate mining or joint venture income.

Source: Eclipse Metals Limited

Contact: Carl Popal Executive Chairman Eclipse Metals +61 8 9480 0420