ARIKA RESOURCES LIMITED — Capital/Financing Update 2017

Sep 24, 2017

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ASX RELEASE: 25 SEPTEMBER 2017

LITHIUM AND COBALT PROJECTS DRILLING UPDATE

Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to announce the completion of the company’s reverse circulation (RC) drilling program at Pilgangoora North (formerly Lynas Find North), (Figure 1), as well as the receipt of the last remaining regulatory approvals paving the way for the commencement of its maiden RC drill program this week at the company’s 100% owned Kyarra Cobalt Project (Figure 2), located in the emerging Yerrida Basin, WA.

At the Pilgangoora North Project (Figure 1), significant lithium bearing pegmatites (ASX: MCT 20/12/16) have been identified and now mapped during recent field exploration. The extensive pegmatites mapped over the ~10km x 4km project area were commonly observed to be shallowly dipping, stacked, sill-like bodies. The southernmost pegmatites are located 1km along strike to the north from the Lynas Find deposit within the world class Pilgangoora Lithium project, where intersections including 21m at 2.64% Li2O have been recorded (ASX: DKO 3/6/16).

The initial 500-600m RC drill program was aimed at testing for mineralized pegmatites extending north into the southern parts of the tenement below the pegmatites already mapped at surface. Drilling intersected pegmatites in every hole, and samples are currently being assayed by SGS Laboratories. Results and interpretation of the program are expected by months end.

The Kyarra Cobalt project is located in the Yerrida Basin, WA (Figure 2) and is considered highly prospective for structural/stratigraphic-controlled copper-cobalt and potentially nickel-cobalt mineralisation. The Company has developed, based on a geological evaluation of the region an exploration model that includes numerous aspects of significant copper-cobalt and nickel-cobalt deposits of the Central African Copperbelt, where new discoveries continue to be made based on advances in exploration concepts. The initial 1,800m RC drill program will commence in the next week.

ENQUIRIES

Investors Media Matt Gauci Michael Vaughan Managing Director Fivemark Partners +61 8 9324 1053 +61 422 602 720 mgauci@metalicity.com.au michael.vaughan@fivemark.com.au

About Metalicity Limited

Metalicity Limited is an Australian exploration company with a primary focus on the base metals sector and the development of the world class Admiral Bay Zinc Project, located in the north west of Australia. The Company is currently undertaking a Pre-Feasibility Study (PFS) on Admiral Bay. The Company’s secondary focus is the lithium and cobalt sector with the addition of several lithium and cobalt projects where early stage exploration has commenced. The Company is supported by a management team with significant collective experience in the resources sector as well as international private equity, institutional and retail funds.

Metalicity Limited ASX Code: MCT ABN: 92 086 839 992

www.metalicity.com.au 6 Outram Street West Perth WA 6005

Figure 1: Pegmatites and pegmatitic granites recently mapped at Pilgangoora North (Lynas Find North), adjoining the Pilgangoora Lithium projects of Pilbara Minerals and Altura.

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----- Start of picture text ----- PILGANGOORA NORTH PROJECTLocation of drill holes----- End of picture text -----

Source: Metalicity

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Figure 2: Kyarra West Target Area showing previously reported rock chip sampling results and Minedex open file results (see MCT ASX announcement 21/07/2017).

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----- Start of picture text ----- Area of drilling----- End of picture text -----

Source: Metal i city

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