Eagle Mountain Mining (ASX: $EM2) Entitlement Offer Results

Eagle Mountain Mining Limited (ASX: $EM2) successfully closed its Renounceable Entitlement Offer, raising $4,180,095. The funds will be utilized to conduct field exploration activities at the Oracle Ridge and Silver Mountain Projects, undertake a scoping study for Oracle Ridge, and assess the use of geophysical surveys at both projects.

Executive Commentary on Entitlement Offer Results

The Board and management are very pleased with the strong support received for the entitlement offer. The funds raised will allow us to undertake exciting exploration activities at Silver Mountain, following the recent discoveries of uranium, thorium, and rare earths. In addition, the funds raised will enable a Scoping Study to be completed on the development of Oracle Ridge which is due for completion in the September quarter of 2024. We wish to thank our loyal shareholders who continue to support Eagle Mountain's activities. In particular, the Board and management wish to thank Charlie Bass, our Managing Director, who continues to show his unwavering financial support for the Company with the subscription for $1.25 million through the partial underwriting of the offer.

Summary of Eagle Mountain Mining's Entitlement Offer

Eagle Mountain Mining (ASX: $EM2) successfully raised $4,180,095 through its Renounceable Entitlement Offer. The raised funds will facilitate field exploration activities at the Oracle Ridge and Silver Mountain Projects, a scoping study for Oracle Ridge, and the assessment of geophysical surveys at both projects. The company's Managing Director's substantial financial support and the participation of all directors and employees in the offer demonstrate confidence in the projects' potential. The discoveries of uranium, thorium, and rare earths at Silver Mountain indicate promising mineralization and alteration evident on the surface. The completion of the Scoping Study for Oracle Ridge in the September quarter of 2024 presents a significant milestone for the company's development plans.