ARIKA RESOURCES LIMITED — Capital/Financing Update 2022

May 24, 2022

METALICITY LIMITED ACN 086 839 992 SUPPLEMENTARY PROSPECTUS

==> picture [122 x 47] intentionally omitted <==

1. IMPORTANT INFORMATION

This is a supplementary prospectus ( Supplementary Prospectus ) intended to be read with the prospectus dated 4 May 2022 ( Prospectus ) issued by Metalicity Limited (ACN 086 839 992) ( Company ).

This Supplementary Prospectus is dated 25 May 2022 and was lodged with the Australian Securities and Investments Commission ( ASIC ) on that date. The ASIC, the ASX and their respective officers take no responsibility for the contents of this Supplementary Prospectus.

This Supplementary Prospectus should be read together with the Prospectus. Other than as set out below, all details in relation to the Prospectus remain unchanged. Terms and abbreviations defined in the Prospectus have the same meaning in this Supplementary Prospectus. If there is a conflict between the Prospectus and this Supplementary Prospectus, this Supplementary Prospectus will prevail.

This Supplementary Prospectus will be issued with the Prospectus in hard copy or as an electronic copy and may be accessed on the Company’s website at www.metalicity.com.au.

This is an important document and should be read in its entirety. If you do not understand it, you should consult your professional advisers without delay.

2. BACKGROUND

By this Supplementary Prospectus, the Company makes an amendment to the Prospectus as set out in Section 3. The amendment to the Prospectus outlined in Section 3 below should be read in conjunction with the Prospectus.

3. AMENDMENT TO THE PROSPECTUS

3.1 Appointment of Nominee

Section 2.13 of the Prospectus is deleted and the Company confirms that Canaccord will not act as nominee to sell the Entitlements to which Ineligible Shareholders are entitled under the Offer.

The Company has made this determination on the basis that the number of Ineligible Shareholders and the number and value of Shares held by Ineligible Shareholders are not significant and do not warrant the extension of the Offer into any further jurisdictions beyond Australia, New Zealand, Singapore or Malaysia or the appointment of a nominee. Further no shareholder will acquire a relevant interest in issued voting shares in the Company in excess of 20% as result of the Offer, so the appointment of a nominee is not required by section 611(item 10) of the Corporations Act.

This Supplementary Prospectus is intended to be read with the Prospectus dated 4 May 2022 issued by Metalicity Limited (ACN 086 839 992).

1

4. CONSENTS

The Company confirms that as at the date of this Supplementary Prospectus, each of the parties that have been named as having consented to being named in the Prospectus have not withdrawn that consent.

5. DIRECTORS’ AUTHORISATION

This Supplementary Prospectus is issued by the Company and its issue has been authorised by a resolution of the Directors.

In accordance with Section 720 of the Corporations Act, each Director has consented to the lodgement of this Supplementary Prospectus with the ASIC.

==> picture [77 x 46] intentionally omitted <==

---

Justin Barton Managing Director For and on behalf of Metalicity Limited

This Supplementary Prospectus is intended to be read with the Prospectus dated 4 May 2022 issued by Metalicity Limited (ACN 086 839 992).

2