ARIKA RESOURCES LIMITED — Capital/Financing Update 2019

May 30, 2019

==> picture [281 x 58] intentionally omitted <==

ASX RELEASE: 31 May 2019

COMPLETION OF PLACEMENT

HIGHLIGHTS

• Placement to investors raises $129,500 at $0.007 per share

• Funds will go towards progressing a drilling programme at the Kookynie Gold Project in the prolific Eastern Goldfields region

• Drilling to commence imminently upon drill contractor selection

• Geological mapping completed at Kookynie and Yundamindra

Metalicity Limited (ASX: MCT) (“ MCT ” or “ Company ”) is pleased to announce the Company has received firm commitments from investors to raise $129,500.

The Company will issue 18,571,428 new ordinary shares at a price of $0.007 per share. In addition, as part of the Placement, the Company will issue 9,285,714 unlisted options to parties associated with the Placement. The options will be priced at an exercise price of $0.02 and will have an expiry date of 31 May 2022. The shares and options will be issued within the Company’s existing Listing Rule 7.1 placement capacity.

A programme of reverse circulation (RC) and Diamond drilling (DD), commensurate with the funds available to MCT, will commence at Kookynie to confirm and extend zones of known mineralisation at the defined Cosmopolitan, Diamantina, Cumberland Champion McTavish and Leipold deposits, all of which are open along strike and down dip.

Drilling is scheduled to commence imminently once a drill contractor has been selected. The programme is anticipated to take several months to complete.

Geological mapping is now complete at both Kookynie and Yundamindra providing a detailed framework for ongoing exploration and drilling. The mapping is focused on the controls on mineralisation and identification of the extents of mineralised systems at the projects.

Metalicity CEO Mat Longworth said:

“ We are very happy with the support of investors who participated in the placement. We are confident results from the upcoming drilling programme at Kookynie will vindicate their support. ”

THIS ANNOUNCEMENT IS DESIGNED TO LIFT THE CURRENT VOLUNTARY SUSPENSION OF THE COMPANY’S SECURITIES

ENQUIRIES

Investors Investor Relations Mat Longworth David Tasker/ Colin Jacoby CEO Chapter One Advisors +61 8 9324 1053 +61 433 112 936/ +61 439 980 359 mlongworth@metalicity.com.au dtasker@chapteroneadvisors.com.au

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

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