Enterprise Metals Ltd ('Enterprise' or 'ENT') is pleased to advise that additional follow-up soil sampling has further defined the four pegmatite zones, announced on 21 November 2022. Assay results of 50 follow-up soil samples have now been added to the existing 235 soil samples previously collected.

These additional assay results have resulted in further enhancement and definition of the location and tenor of the Enterprise Li rich soil zone discoveries. While undertaking the follow-up sampling and mapping, Enterprise's geological team located a number of new pegmatite subcrops which add confidence to the developing geological interpretation.

Geological mapping is in progress to best locate pegmatite subcrop samples to complement the existing soil geochemical database. The mapping and prospecting has determined that the surface expression of the weathered pegmatites is a distinctive pale soil-type with widely dispersed gum trees. Enterprise is encouraged by the scale of the lithium anomalism and host pegmatite system. The results from the recent sampling clearly warrant high-priority follow-up to delineate pegmatite zonation and fractionation

The Company has planned a non-ground-disturbing follow-up soil sampling program using Toyota mounted auger to recover pegmatite rock chips for analysis and petrology. This sampling program is subject to approval from the Marlinyu Ghoorlie Native Title Claimant. Refer Figure 1 overleaf shows the interpreted pegmatite localities at the Radio Prospect, and Figures 2 and 3 show in detail the anomalous Li ppm grades and their relationship to soil and pronounced vegetation anomalies. Appendix 1 lists the results of all samples analysed for the elements in Table 1, sorted by Li2O grade.

Contact:

Dermot Ryan

Director

T: +61 8 6381 0392

E: admin@enterprisemetals.com.au

Forward Looking Statements

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue', and 'guidance', or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or const ruction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statement s or to advise of any change in events, conditions or circumstances on which any such statement is based. No New Information Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements

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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