ARIKA RESOURCES LIMITED — Capital/Financing Update 2022

May 22, 2022

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ASX RELEASE: 23[rd] May 2022

Rights Issue Closing Date Reminder

HIGHLIGHTS

• Fully underwritten Non-Renounceable Rights Issue to raise ~$3,650,751 is scheduled to close on Tuesday 24 May at 5pm (WST).

• Any shareholders who have not received their Right Issue Prospectus and Entitlement and Application Form should contact the Company immediately or utilise the link below.

• Proceeds will go towards drilling at the Kookynie Gold Project in the prolific Eastern Goldfields region.

• First assays pending imminently for circa 9,000m recently drilled.

• Drilling to commence at Mulgam Plum and Wandin shortly.

Metalicity Limited (ASX: MCT) (“ MCT ” or “the Company ”) advises that the 2 for 7 Non-Renounceable Rights Issue to raise a total of circa $3.65 million before costs will close on Tuesday 24 May at 5pm (WST).

Eligible participants who subscribe to the offer for $0.005 per Share will also receive 1 free attaching listed option for every 3 shares subscribed, exercisable at $0.01, with a 2-year expiry.

The Company understands there has been some delays with postal services and some shareholders may not have received their Prospectus and Entitlement and Acceptance Form. The Company advises in relation to the Non-Renounceable Rights Issue that you can access the Prospectus and download your personalised Entitlement and Acceptance Form via the following hyperlink: https://events.miraqle.com/MCT-Offer and pay by BPAY®.

The primary focus of the offer is to continue with further drilling at the Kookynie Gold Project including new targets and potential extensions to the Leipold-McTavish-Champion golden corridor over a combined potential strike length of circa 3kms and where 9,000m of drilling has recently been completed. Funds will also facilitate a drilling programme at our highly prospective Mulga Plum and Wandin prospects which is due to start shortly, also part of the wider Kookynie Gold Project.

Under the Rights Issue, up to 730,150,287 shares and 243,383,429 options will be offered. Eligible shareholders will be given the opportunity to apply for additional securities in excess of their entitlement. The Directors intend to participate in the rights issue. The Rights issue is fully underwritten by Canaccord Genuity (Australia) Limited. Details of the Underwriting Agreement are contained within the Prospectus.

If you have any queries concerning the Rights Issue, or the action you are required to take to subscribe for the new shares, please contact your financial advisor, or the Share Registry “Link Market Services” on 1300 853 816 or Mr. Nick Day, Metalicity’s Company Secretary, on +61 8 6500 0202.

The remaining timetable for the Rights Issue is as follows:

Action	Date
Closing Date (Offer closes 5:00 pm WST)	24 May 2022
Shortfall Notice Day	24 May 2022
Securities quoted on a deferred settlement basis	25 May 2022

Metalicity Limited	www.metalicity.com.au
ASX Code: MCT	Unit B2, 20 Tarlton Crescent
ABN: 92 086 839 992	Perth Airport WA 6105

Announcement of results of the Offer	27 May 2022
Issue date, Securities entered into Shareholders’ security holdings and lodgment ofAppendix 2A with ASX	31 May 2022
Quotation of Securities issued under the Offer	1 June 2022

ENQUIRIES

Investors

Justin Barton Managing Director +61 8 6500 0202 jbarton@metalicity.com.au

Forward Looking Statements

This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward-looking statements:

(a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

(b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such risks include, without limitation, resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which the Company operates or supplies or sells product to, and governmental regulation and judicial outcomes; and

(c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.

All forward-looking statements contained in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward-looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forwardlooking statements due to the inherent uncertainty therein.

The Company disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.

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