Mandilla Lithium-Gold Project WA, RC Drilling Update

Enterprise Metals Limited (ASX: ENT) ('Enterprise' or the 'Company') is pleased to announce that six reverse circulation (RC) holes have been completed at its Mandilla Prospect near Widgiemooltha in Western Australia.

Five of these RC holes were drilled to follow up anomalous lithium results in 4 slimline RC holes reported to the ASX on 26 October 2022, with one additional RC hole (156m) drilled to follow up a previous gold intersection north of the Mandilla homestead.

2023 Mandilla RC Lithium Results

In March 2023 Enterprise undertook a limited Stage 2 (infill) RC drilling program to define the geometry, nature and the potential grade of the lithium mineralisation intersected on Section 6527,500N in the 2021 Mandilla slimline RC drill program.

2023 Gold and Base Metal Assay Results

Also in March 2023 Enterprise drilled one angled RC hole 23MERC023 from north to south, to test for gold mineralisation below previous shallow RC holes 21MERC018 and 21MERC019, located north of the Mandilla homestead at the 'Star' Prospect. Hole 23MERC023 intersected a 72m zone of weakly pyritic intermediate volcanics from 44m to 116m. This discrete zone displayed elevated gold mineralisation (8m @ 33ppb Au, with max. 4m @ 50ppb Au) and elevated silver, arsenic and other base metals (72m @ 1.7ppm Ag, 99ppm As, 0.6ppm Cd, 90ppm Cu, 13ppm Pb, 1% sulphur, 11ppm Sb, 9ppm W and 314ppm Zn). A 20m zone of 0.24ppm Te was also evident between 72m and 92m.

ABOUT THE MANDILLA PROSPECT

The Mandilla Prospect (E15/1437) is located in the Widgiemooltha greenstone belt in the western part of the Kalgoorlie geological domain, some 100 kilometres south of Kalgoorlie by road and 20 kilometres south west of Kambalda. Significant nickel and gold deposits are present in the belt, with the nearest mined gold deposit being the high-grade Wattle Dam Mine located approximately 3 km to the west of Mandilla. The syenite intrudes volcanoclastic sedimentary rocks in the area which form part of the Spargoville Group. Significant NW to WNW and NE trending structures along the western flank of the tenements are interpreted from regional aeromagnetic data to cut through the Mandilla Syenite and may be important in localising gold mineralisation within the Mandilla Syenite. Enterprise's target at Mandilla is primary gold mineralisation, similar to the 1 Moz's discovered on the western margin of the Mandilla Syenite by Astral Resources NL (ASX: AAR: 11 January 2023). AAR's drilling has demonstrated that shallow low grade gold intersections in saprolite and saprock may overlie primary gold mineralisation. Enterprise believes that the eastern margin of the Emu Rocks Granite (on E15/1437) is equally prospective for gold, but the regolith is deeper and although Enterprise has completed 121 aircore (AC) holes and 22 reverse circulation (RC) holes on the property, the drilling grid is still very sparse.

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration Activities and Results is based on information compiled by Mr Dermot Ryan of Montana Exploration Services Pty Ltd, who is a Director and security holder of the Enterprise Metals Limited. 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.

Contact:

Tel: +61 8 6381 0392

Email: admin@enterprisemetals.com.au