Enterprise Metals Ltd (ENT) ('Enterprise' or the 'Company') is pleased to advise that it has completed check assaying of 54 of the Stage 1 -80# orientation soil samples from the Bullfinch North Project which were reported on 30 May 2022.

Some 23 of these 54 samples have reported +50ppm Li, of which 13 samples have recorded +60ppm Li. These anomalous lithium samples are predominantly clustered over and around two parallel pegmatite intrusives which have been identified by mapping of outcrops and interpretation of soil and vegetation trends in detailed imagery. Duplicate soil samples were sent to Labwest Minerals Analysis Pty Ltd as the lithium results reported in May 2022 were substantially lower than the pXRF results reported from Portable Spectral Services ('PSS') in West Perth. The lithium results from Labwest's UltraFine+ analysis has produced lithium results which largely confirm PSS' pXRF results.

Labwest's UltraFine+ analysis process involves collecting the reactive 2-micron clay fraction from soil samples, with microwave digestion and then using the latest low detection level ICPMS technology. This process avoids analysing the generally large volume of wind-blown sand particles which can act as a dilutant in soil located in low lying areas adjacent to weathering granites.

UltraFine+ - Labwest The anomalous Labwest lithium and associated L-C-T elements are clustered just west of the southern apex of the Radio Granite. Refer Figures 1 and 2 overleaf which display the location of the Radio Lithium Anomaly and the Radio Granite. A Stage 2 detailed soil sampling program over the Radio Lithium Anomaly has been planned for mid August on fourteen 100m spaced east-west lines, with sample spacing of 25m along lines.

Rationale for Detailed Grid Soil Sampling over +60ppm Lithium Anomalies

Enterprise considers that the geological setting of the Radio Lithium Anomaly has some similarities with the geological setting of the Earl Grey lithium deposit some 100km south of Southern Cross. The Earl Grey deposit is described as being a pegmatite with an albite-spodumene-quartzmicrocline dominated composition, with accessory muscovite, biotite, petalite and tourmaline. The albite spodumene pegmatite hosts rare metal lithium-cesium-tantalum (L-C-T) mineralisation. The published Measured and Indicated Resource for Earl Grey: 189 Mt @ 1.50% Li 2 O. (Kidman, 19 March 2018). However the surface expression of the Earl Grey deposit is represented by a +60ppm lithium anomaly. In detail, the deposit's soil anomaly is relatively small, approximately 1,000m east-west and 200-300m north-south. Refer Figure 3 overleaf.

Contact:

Dermot Ryan

P: +61 8 6381 0392

E: admin@enterprisemetals.com.au

Competent Person Statement

The information in this report that relates to Exploration Activities and Results is based on information compiled by Mr Dermot Ryan, who is an employee of Montana Exploration Services Pty Ltd and a Director and security holder of the Company. Mr Ryan is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ryan consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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