ARIKA RESOURCES LIMITED — Interim / Quarterly Report 2020

Jan 21, 2021

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ASX RELEASE: 22 January 2021

October-December 2020 Quarterly Activities Report

HIGHLIGHTS

• Assays from the Drilling Programme during the Quarter have returned some of the best intersections to date at the Kookynie Gold Project[1] , and continue to deliver spectacular results, including:

• LPRC0093 – 2 metres @ 22.96 g/t Au from 140 metres,

   - **inc. 1 metre @ 28.82 g/t Au from 140 metres,**
  

• LPRC0085 – 5 metres @ 5.42 g/t Au from 94 metres,

   - **inc. 2 metres @ 10.84 g/t Au from 94 metres,**
  
   - Please refer to ASX Announcement “ _Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project_ ” dated 1 October 2020.
  

• McTRC0025 - 8 metres @ 3.57 g/t Au from 47 metres,

• McTRC0018 - 4 metres @ 4.1 g/t Au from 47 metres,

• McTRC0026 - 3 metres @ 5.25 g/t Au from 69 metres,

   - Please refer to ASX Announcement “ _Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project_ ” dated 22 October 2020.
  

• ALTRC0015 – 4 metres @ 2.63 g/t Au from 29 metres; and

  • 1 metre @ 14.82 g/t Au from 57 metres

Notably, repeat assays on this sample returned the first value of 14.82 g/t Au: however subsequent duplicate samples returned values of 5.56 g/t Au, 60.34 g/t Au and 3.52 g/t Au indicating significant statistical variability within the mineralisation related to the “nugget effect”.

• During the Quarter, the Company completed 3 drill holes at the Leipold Prospect to confirm mineralisation and provide sample material for pilot metallurgical test work:

• LPRC0094 - 10 metres @ 2.28 g/t Au from 29 metres,

  • inc. 1 metre @ 10.94 g/t from 34 metres,

• LPRC0095 - 13 metres @ 2.77 g/t Au from 23 metres,

  • inc. 1 metre @ 16.86 g/t Au from 34 metres,

• Assays are still pending across the wider Kookynie Project for a further 87 holes.

  • Please refer to ASX Announcement “ Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project ” dated 22 December 2020.

• Metalicity acquired the Mulga Plum Project comprising exploration licences E40/350 & E40/357 where:

• Drilling in early 2020 has returned:

  • AJAR0009 – 2 metres @ 8.84 g/t Au from 14 metres,

  • Rock chips from veins have hosted mineralisation of up to 17.1 g/t Au.

  • Please refer to ASX Announcement “Metalicity Continues To Consolidate The Area Around The Kookynie Gold Project” dated 23 November 2020.

CORPORATE

• Cash on hand $3.126 million.

1Please refer to ASX Announcement “ Metalicity Farms Into Prolific Kookynie & Yundamindra Gold Projects, WA ” dated 6th May 2019 with Nex Metals Explorations Ltd, ASX:NME.

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

www.metalicity.com.au Unit B2, 20 Tarlton Crescent Perth Airport WA 6105

Metalicity Limited (ASX: MCT) (“MCT” or “Company”) is pleased to provide the Quarterly Activities Report for the period ending 31 December 2020.

Commenting on the Quarter, Metalicity Managing Director Mr Jason Livingstone said:

“ Field activities progressed exceptionally well at the Kookynie Gold Project with drilling being performed across a swag of prospects. However, assay turnaround was a significant impediment. Especially when we are trying to assess regional prospects like Orient Well East, Cosmopolitan North and Leipold North. Nevertheless, our work continues, and we have an exceptional number of assays pending from some very exciting Prospects. 111 drill holes for 9,491 metres were completed across Altona, Cosmopolitan North, Leipold, Leipold North, McTavish and Orient Well East. The sheer volume of work completed is testament to the men and women we have working out in the field and I sincerely thank them for their efforts.”

“Issues during 2020, notably assay turnaround time are being addressed. Similarly, the Admiral Bay Asset, held through our 80.3% holding in Kimberley Mining, is being put on care and maintenance with the application of retention licenses to reduce expenditure commitments to a minimum.”

“I am very happy with the US Litigation proceedings to date. With the advice received so far, we have denied liability and have filed a motion to dismiss the proceedings if they are not voluntarily withdrawn by the plaintiff. We expect to be able to update the market accordingly within the first quarter of 2021.”

“As we report the work completed during the final Quarter for 2020, the Company is in a strong financial position with over $3 million in the bank, a long list of assays pending and a fantastic gold project to develop in conjunction with our farm-in partner, Nex Metals. 2021 is well set to be a standout year for Metalicity.”

Kookynie and Yundamindra Gold Projects

Metalicity has continued to actively develop the Kookynie and Yundamindra Gold Projects, located in the Goldfields district of Western Australia, please refer to Figure 1. These projects comprise the Farm-In Agreement entered into with Nex Metals Explorations whereby Metalicity is earning into these (please refer to ASX Announcement “ Metalicity Farms Into Prolific Kookynie & Yundamindra Gold Projects, WA ” dated 6th May 2019 with Nex Metals Explorations Ltd, ASX:NME).

The Kookynie Project, which is located approximately 60 km south of Leonora is host to seven large-producing historical mines: Champion, McTavish, Leipold, Altona, Diamantina, Cosmopolitan and Cumberland.

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Figure 1 – The Kookynie Tenement Map

The Drilling Programme was designed to step out and continue to confirm the mineralisation observed in our previous drilling programmes, and to evaluate regional targets. The principle aim of step out and confirmatory drilling is to ensure results and data are of a standard supporting a new estimate and reporting classification in accordance with JORC 2012. The main issue to be addressed with historical drilling is that identified mineralisation needs to be verified by drill holes with down hole surveys to lend accuracy to its location below the ground. The second aspect of regional target evaluation is ongoing. The Company, during the Quarter completed 9,491 metres of RC drilling for 111 RC drill holes. Assays for 87 drill holes are pending.

The list below summarises and highlights significant intercepts returned from the drilling programmes by Metalicity during the Quarter. The full significant report list is attached in Appendix Two:

o Leipold:

o LPRC0093 – 2 metres @ 22.96 g/t Au from 140 metres,

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• inc. 1 metre @ 28.82 g/t Au from 140 metres,

• o LPRC0085 – 5 metres @ 5.42 g/t Au from 94 metres, ▪ inc. 2 metres @ 10.84 g/t Au from 94 metres,

• o LPRC0082 – 7 metres @ 4.76 g/t Au from 69 metres, o LPRC0080 – 4 metres @ 4.69 g/t Au from 51 metres,

• Please refer to ASX Announcement “ Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project ” dated 1 October 2020. o McTavish:

• McTRC0025 - 8 metres @ 3.57 g/t Au from 47 metres,

• McTRC0018 - 4 metres @ 4.1 g/t Au from 47 metres,

• McTRC0026 - 3 metres @ 5.25 g/t Au from 69 metres, &

• McTRC0029 - 4 metres @ 4.3 g/t Au from 62 metres

• Please refer to ASX Announcement “ Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project ” dated 22 October 2020. o Altona:

• ALTRC0015 – 4 metres @ 2.63 g/t Au from 29 metres; and

  • 1 metre @ 14.82 g/t Au from 57 metres

Notably, repeat assays on this sample returned the first value of 14.82 g/t Au: however subsequent duplicate samples returned values of 5.56 g/t Au, 60.34 g/t Au and 3.52 g/t Au indicating significant statistical variability within the mineralisation related to the “nugget effect”,

• ALTRC0016 – 4 metres @ 2.8 g/t Au from 49 metres,

• ALTRC0010 – 6 metres @ 2.03 g/t Au from 34 metres; and – 1 metre @ 8.36 g/t Au from 89 metres,

• ALTRC0012 – 1 metre @ 6.86 g/t Au from 102 metres,

• ALTRC0023 – 3 metres @ 1.77 g/t Au from 67 metres; and

• 1 metre @ 4.81 g/t Au from 86 metres,

• Leipold:

• LPRC0094 - 10 metres @ 2.28 g/t Au from 29 metres,

  • inc. 1 metre @ 10.94 g/t from 34 metres,

• LPRC0095 - 13 metres @ 2.77 g/t Au from 23 metres,

  • inc. 1 metre @ 16.86 g/t Au from 34 metres,

Please refer to ASX Announcement “ Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project ” dated 22 December 2020.

Drilling Discussion

Below is a discussion of the Quarterly activities that illustrate the recent and historical drilling detailing the significance of the results to date at each of the prospects. Please note that given the dipping angle of the mineralisation and the drill hole inclination, most drill hole intercepts are close to true thickness.

The Leipold Prospect

The Company has completed thirty-two (32) Reverse Circulation (RC) drill holes at the Leipold (3 holes) and Leipold North (29 holes) Prospect for a total of 2,433 metres in an area that is within the known historical drilling and significantly along strike from historical drilling. The list above illustrates the recent drill hole intercepts returned to date for the Leipold Prospect and Figure 2 illustrates the known mineralisation area and

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the targeted area for the Drilling Programme looking to expand the mineralisation to just over 700 metres in strike length.

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Figure 2 – Leipold Collar Plot with recent drilling*.

*Please refer to ASX Announcement “ Metalicity Reports Drill Hole Intercepts Up to 100 g/t Au for the Kookynie Gold Project ” dated 15[th] September 2020.

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The Company is observing consistent widths and relatively consistent grades at the Leipold Prospect in relation to the structural framework that hosts the mineralisation. The Leipold Prospect is host to a JORC 2004 compliant Mineral Resource Estimate. To date, Metalicity has completed 93 drill holes at the Leipold Prospect testing the strike and down plunge aspects. With this infill and step out drilling, and a defined strike extent based on the results so far, the Company is addressing the aspects required for a JORC 2012 Resource within previously drilled areas to eventually illustrate the size, with regards to tonnage and grade, of this Prospect.

The McTavish Prospect

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Figure 3 – McTavish Plane of Vein Section with recent drilling.*

• Please refer to ASX Announcement “Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project” dated 22 October 2020.

The McTavish Prospect had nine (9) holes completed for 812 metres during the Quarter within the target area. The premise again was to confirm and step out from known mineralisation to assist the Company in evaluating and converting the McTavish JORC 2004 compliant Mineral Resource Estimate to a JORC 2012 Resource.

Nevertheless, as illustrated by figure 3, McTavish has previously returned high grade intercepts such as 2 metres @ 14.11 g/t Au from 39 metres, including 1 metre @ 19.42 g/t Au from 39 metres. This drill hole

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represents a 20-metre step out south from McTRC0005 which returned 5 metres @ 17.9 g/t Au from 48 metres including 1 metre @ 80.17 g/t Au from 51 metres. Please refer to Figure 3 below.

At the McTavish Prospect, the Company is observing widths, and most importantly grades well above the JORC 2004 Mineral Resource Estimate. This bodes well for when a Mineral Resource Estimate is conducted with much more geological and grade data to be compiled for a potential significantly larger mineralised inventory. Therefore, as with Leipold, we are expanding our aggressive Phase Two Drilling Programme to delineate high grade mineralisation over a 400-500 metre strike length at McTavish.

The Altona Prospect

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Figure 4 – Altona Collar Plot with recent drilling*.

*Please refer to ASX Announcement “ Drilling Progressing Strongly, Assays Pending for 86 Holes. ” dated 9 December 2020

The first phase of drilling at the Altona Prospect demonstrated that previously identified mineralisation continues at depth and along strike. Twenty-seven (27) holes for 2,646 metres has been completed at Altona – please note that extra drill holes have been completed on pre-existing drill pads but at a different orientation. The drill holes that have returned significant intercepts continue to validate and confirm the down plunge extensions of previously drilled areas. This is encouraging and the Company is expediting plans to return to Altona to continue that extensional work.

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The variability noted in repeated analysis of samples is not uncommon in high-grade gold environments, it does pose an issue of qualifying the grade for certain intercepts. As highlighted above in Figure 4, the sample that represents ALTRC0015 with 1 metre at 14.82 g/t Au from 57 metres was re-assayed a further 3 times to understand the gold content and its relation to the observed mineralisation. The repeated analysis returned values of 5.56 g/t Au, 60.34 g/t Au and 3.52 g/t Au indicating significant statistical variability within the mineralisation related to a term called the “nugget effect”. This “nugget effect” is a principle that tries to explain that mineralisation, especially in a gold environment, is not homogeneous. Given the reported production from the Altona area historically, the variability in assays is not uncommon and during mineral resource estimations, are dealt with via industry standard geostatistical measures.

Of further note for the Altona Prospect, the initial target area represents a small part of the overall anomaly that represents circa 2 kilometres of strike potential north and south of main Altona workings. Figure 5 below illustrates the area where the initial drilling programme has been undertaken and the anomaly north and south represents similar geophysical signatures with sporadic and intermittent historical workings dotted along this trend:

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Figure 5 – The DCC & Altona Trend Imagery (1VD Magnetics – drone survey draped over regional, with east shade) with interpretation.

*Please refer to ASX Announcement “ Drone Survey Demonstrates 21 Targets with Incredible Prospectivity for the Kookynie Gold Project ” dated 2[nd] September 2020.

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The Company is evaluating the information on hand to ensure that future drilling within this large area of anomalism is systematically tested to illustrate the high-grade tenure of this locality. Historical drilling has been very shallow and wide spaced as evident from the collar plot in Figure 4 above with the majority of the historical drilling over the main Altona workings being sub 40 metres in depth. The historical Altona Gold Mine was a prolific producer during its operation, and like Cosmopolitan, requires systematic exploration and development to make sure we are drilling in the right areas to test the ineffective historical exploration completed to date. The results of this so far illustrate that the Altona Prospect may be an incredibly wellendowed gold system .

The Cosmopolitan North Prospect

The Cosmopolitan North Prospect, please refer to figure 5 for locality, received twenty-one (21) RC drill holes for 1,908 metres during the Quarter, all assays remain pending.

The Orient Well East Prospect

The Orient Well East Prospect received twenty-one (21) RC drill holes for 1,656 metres during the Quarter, all assays remain pending.

Tenement Acquisitions/Applications

The Mulga Plum Project

The Mulga Plum Project is located at the western extremity of the historic Niagara and Kookynie Goldfields within the Malcolm greenstone belt. The previous operator completed 25 RC drill holes for 1,518 metres in early 2020. The drilling information was made available to Metalicity and field visits have been conducted during 2020. As stated by Ardea Resources (ASX announcement 27 February 2020), and validated by Metalicity during field visits and during a full database review, significant intercepts include:

• AJAR0003 – 2 metres @ 1.19 g/t Au from 20 metres & 2 metres @ 2.96 g/t Au from 42 metres,

• AJAR0006 – 2 metres @ 1 g/t Au from 18 metres,

• AJAR0007 – 2 metres @ 1.25 g/t Au from 38 metres,

• AJAR0009 - 2 metres @ 8.84 g/t Au from 14metres, &

• AJAR0011 – 6 metres @ 1.22 g/t Au from 10 metres.

The parameters used to define the intercepts above were a minimum cut off of 0.5 g/t Au over a minimum interval thickness of 1 metre: however, including no more than 2 metres of sub 0.5 g/t material.

Furthermore, rock chip samples completed by Ardea and validated by Metalicity ranged from 0.02 g/t Au to 17.1 g/t Au with an average of 1.8 g/t Au.

Key details around the transaction are as follows:

• Metalicity to acquire the Option Agreement between an individual and Ardea Resources:

• The Option Agreement consideration will include a combination of cash and shares for a total value of $100,000.

• Metalicity is to also reimburse Ardea for direct drilling costs associated with their January 2020 programme totally approximately $82,000.

• Metalicity has acquired all data from this drilling programme.

• Metalicity acquires the gold rights and assumes management of the tenements, with Ardea retaining rights to all other commodities.

The Batavia Prospect

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Metalicity has entered into an outright purchase agreement to acquire P40/1407 and P40/1430. These two tenements are contiguous with the Champion lease and host the historic Batavia mining centre that produced 8,168 tonnes @ 30.974 g/t Au between 1898 and 1940 (MineDex Site - S0012656).

Cautionary Statement on Historical Production Data - “The Production total above is a historical estimate from a public source and is not reported in accordance with the JORC Code. The Competent Person has not done sufficient work to disclose the above results in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Production Results may be reduced when reported under the JORC Code 2012”

Very little to no modern exploration has been conducted over these tenements. The location of the prospects and general mineralised trends bode well for prospectivity of these leases in conjunction with our overall land package in this vicinity.

Key details around the transaction are as follows:

• Metalicity to acquire both tenements for a total consideration of $20,000 plus GST.

• No surviving royalties exist.

Kimberley Mining Limited – Admiral Bay (circa 80.3% holding)

The Admiral Bay asset is on care and maintenance.

The Company has engaged with numerous entities to try and effect a deal to monetise its holding in Kimberley Mining Limited. After a worldwide search, engaging some 120 entities, no deal has been forthcoming. This is also in light of a rights issue for Kimberley Mining that was not supported by any minority holder and Metalicity remains the sole funder for Kimberley Mining. As the Company is now solely focused on the Kookynie and Yundamindra gold projects, we have applied for retention licenses to reduce expenditure costs to an absolute minimum. Once issued, Metalicity will continue to maintain the Project in good standing, on care and maintenance, until a suitable purchaser for the asset can be found or circumstances change.

Corporate & Financial

Cash on hand at the end of the Quarter was $3.126 million.

The Company held its Annual General Meeting on Thursday 26th November 2020 at 2pm (WST) and had all proposed resolutions passed.

Security Issues, Lapses and Conversions

During the Quarter, the Company raised $5 million through the issue of shares via a placement. The 208.3m shares were placed at a price of $0.024 per share to be issued pursuant to available Placement Capacity under 7.1 and 7.1A. Canaccord Genuity acted as Sole Lead Manager to the Placement. The shares placed represent a 15% discount to the 15-day VWAP, and a 12.5% discount to the last traded price.

Other shares, options and performance shares issued, converted, and lapsed during the Quarter included:

• 9 September 2020 - 49,386,253 (ASX Code: MCTO) listed options were converted at an exercise price of $0.004 for $197,545;

• 9 September 2020 - 55,689 (ASX Code: MCTAI) options were converted at an exercise price of $0.015 for $835.33;

• 9 September 2020 - 1,200,000 (ASX Code: MCTAY) unlisted options were converted at an exercise price of $0.015 for $18,000;

• 9 September 2020 - 1,000,000 (ASX Code: MCTAD) performance rights vested at $0.025;

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• 2 October 2020 - 775,000 (ASX Code: MCTO) listed options were converted at an exercise price of $0.004 for $3,100;

• 2 October 2020 - 32,334 (ASX Code: MCTAI) unlisted options were converted at an exercise price of $0.015 for $485;

• 4 October 2020 - 6,768,765 (ASX Code: MCTAY) unlisted options convertible at an exercise price of $0.015 lapsed;

• 14 October 2020 - 2,552,244 (ASX Code: MCTAI) unlisted options were converted at an exercise price of $0.015 for $ $38,284;

• 14 October 2020 - 35,000,000 (ASX Code: MCTAY) unlisted broker options were issued at an exercise price of $0.003 to lead manager Canaccord as part of the recent $5Million Placement.

• 16 October 2020 - 1,108,051 (ASX Code: MCTAI) unlisted options were converted at an exercise price of $0.015 for $16,621;

• 16 October 2020 - 338,154 (ASX Code: MCTO) unlisted options were converted at an exercise price of $0.004 for $1,354;

• 18 October 2020 - 4,894,525 (ASX Code: MCTAI) unlisted options convertible at an exercise price of $0.015 lapsed;

• 3 November 2020 - 2,500,000 (ASX Code: MCTO) listed options were converted at an exercise price of $0.004 for $10,000;

• 17 November 2020 - 1,000,000 (ASX Code: MCTO) listed options were converted at an exercise price of $0.004 for $4,000;

• 3 December 2020 - 2,615,837 shares were issued as part consideration for the Mulga Plum Project

• 10 December 2020 - 3,150,000 (ASX Code: MCTAY) unlisted options convertible at an exercise price of $0.03 lapsed;

• 10 December 2020 - 4,550,000 (ASX Code: MCTAY) unlisted options convertible at an exercise price of $0.04 lapsed;

• 10 December 2020 - 4,550,000 (ASX Code: MCTAY) unlisted options convertible at an exercise price of $0.05 lapsed;

• 11 December 2020 - 1,250,000 (ASX Code: MCTO) listed options were converted at an exercise price of $0.004 for $5,000;

• 11 December 2020 - 400,000 (ASX Code: MCTAD) unlisted performance rights vesting at $0.06 expiring on or before 15 March 2021 lapsed;

• 18 December 2020 - 29,679,144 (ASX Code: MCTAD) unlisted performance rights subject to the Company achieving a 20-day volume weighted average price (VWAP) of Shares of at least $0.04 expiring on 18 December 2022 were issued;

• 18 December 2020 - 36,754,966 (ASX Code: MCTAD) unlisted performance rights subject to the Company achieving a 20-day volume weighted average price (VWAP) of Shares of at least $0.06 expiring on 18 December 2022 were issued; and

• 22 December 2020 - 2,139,668 (ASX Code: MCTO) listed options were converted at an exercise price of $0.004 for $8,559.

Supreme Court Application Granted

During the Quarter, the Company made and application to the Supreme Court whereby Orders under section 1322 of the Corporations Act were requested to:

• variously validate past offers for sale or sales of securities; and

• as to the Company’s 8 and 11 September 2020 issues of securities, extend the time to lodge Cleansing Notices and deem those Cleansing Notices to be effective from the dates the securities were issued.

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The Application to the Supreme Court of Western Australia was heard on the 16th October 2020 and the Court has granted the Orders requested (see ASX announcement dated 16 October “Supreme Court Orders Granted”).

US Litigation

The Company is one of several defendants named in the proceedings. The plaintiff’s claims relate to M-COR hip implants allegedly implanted in December 2012 and October 2013. These matters relate to the Company’s former operations prior to the Company being restructured under a Deed of Company Arrangement and relisting as a mining enterprise.

Nonetheless, the Company has instructed lawyers in the United States in relation to these historical matters whereby we deny any liability. The Company has filed file a motion to dismiss the proceedings if they are not voluntarily withdrawn by the plaintiff.

The Company relies on a number of grounds in support of the summary dismissal of the proceedings, including but not limited to objection to jurisdiction, a statutory bar to claims pursuant to a Deed of Company Arrangement which was effectuated on 23 November 2011, and the sale of the Company’s M-COR implant business in 2009, several years prior to the alleged implantation of M-COR devices in the plaintiff.

This Announcement is approved by Jason Livingstone, Managing Director & CEO of Metalicity Limited.

ENQUIRIES

Investors Jason Livingstone MD & CEO +61 8 6500 0202 jlivingstone@metalicity.com.au

Metalicity confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of “exploration results” that all material assumptions and technical parameters underpinning the “exploration results” in the relevant announcements referenced apply and have not materially changed.

Competent Persons Statement

For relevant Competent Person Statements, please refer to the announcement referenced.

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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Tenement Schedules:

Tenement Schedule under the Farm in Agreement, please refer to ASX Announcement “ Metalicity Farms Into Prolific Kookynie & Yundamindra Gold Projects, WA ” dated 6th May 2019, however, to date, the below tenement schedule is subject to the farm-in agreement:

**Tenement **	Registered Holder	Shares Held	**Plainted **	Status	Area(ha)
Kookynie
G40/3	Nex Metals Explorations Limited	100/100	No	Live	7.2
L40/9	Nex Metals Explorations Limited	100/100	No	Live	1.0
E40/332	Nex Metals Explorations Limited	100/100	No	Live	600.0
M40/22	Nex Metals Explorations Limited	100/100	No	Live	121.7
M40/27	Nex Metals Explorations Limited	100/100	No	Live	85.5
M40/61	Nex Metals Explorations Limited	100/100	No	Live	832.7
M40/77	Nex Metals Explorations Limited	90,405/90,405	No	Live	119.2
P40/1331	KYM MiningLimited	100/100	No	Live	161.2
E40/289	Paris Enterprises PtyLtd	100/100	No	Live	1,222.7
P40/1499	Nex Metals Explorations Limited	100/100	No	Pending	8.3
P40/1500	Nex Metals Explorations Limited	100/100	No	Pending	5.9
P40/1501	Nex Metals Explorations Limited	100/100	No	Pending	21.1
P40/1510	MetalicityLimited	100/100	No	Pending	185.0
P40/1511	MetalicityLimited	100/100	No	Pending	176.7
P40/1512	MetalicityLimited	100/100	No	Pending	118.6
E40/390	KYM MiningLimited	100/100	No	Pending	3,300.0
E40/387	MetalicityLimited	100/100	No	Pending	299.0
E40/395	KYM MiningLimited	100/100	No	Pending	4,203.0
E40/350	KYM MiningLimited	100/100	No	Live	2,394.0
E40/357	KYM MiningLimited	100/100	No	Live	1,194.0
P40/1407	KYM MiningLimited	100/100	No	Live	10.0
P40/1430	KYM MiningLimited	100/100	No	Live	9.9
Kookynie Total Area(ha)					15,076.6
Yundamindra
L39/34	Nex Metals Explorations Limited	100/100	Yes	Live	1.0
L39/52	Nex Metals Explorations Limited	96/96	Yes	Live	1.0
L39/258	Nex Metals Explorations Limited	100/100	Yes	Live	3.2
M39/84	Nex Metals Explorations Limited	100/100	Yes	Live	378.0
M39/274	Nex Metals Explorations Limited	100/100	Yes	Live	230.0
M39/406	Nex Metals Explorations Limited	100/100	Yes	Live	124.0
M39/407	Nex Metals Explorations Limited	100/100	Yes	Live	896.0
M39/408	Nex Metals Explorations Limited	100/100	Yes	Live	785.0
M39/409	Nex Metals Explorations Limited	100/100	Yes	Live	966.0
M39/410	Nex Metals Explorations Limited	100/100	Yes	Live	978.0
M39/839	Nex Metals Explorations Limited	100/100	Yes	Live	7.3
M39/840	Nex Metals Explorations Limited	100/100	Yes	Live	9.7
P39/6126	Nex Metals Explorations Limited	100/100	No	Pending	10.4
P39/6127	Nex Metals Explorations Limited	100/100	No	Pending	5.6
E39/1773	Paddick Investments PtyLtd	100/100	Yes	Live	903.0
E39/1774	Paddick Investments PtyLtd	100/100	Yes	Live	2,517.0
Yundamindra Total Area(ha)					7,815.1

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13

Appendix Two – Full Quarters Significant Intercept List:

				MGA 94 Zone 51 South	MGA 94 Zone 51 South	MGA 94 Zone 51 South
Prospect	Hole ID	Tenement	Hole Type	Easting	Northing	RL	EOH	Dip	Azi	From (m)	To (m)	Down Hole Width (m)	Grade (Au g/t)	Comments
Leipold	LPRC0079	M40/22	RC	350,765	6,752,272	430	90	-60	250	73	75	2	4.25	2 metre s@ 4.25 g/t Au from 73 metres
	LPRC0080			350,740	6,752,219	430	66	-60	250	51	55	4	4.69	4 metres @ 4.69 g/t Au from 51 metres
	LPRC0081			350,762	6,752,228	430	78	-60	250	67	70	3	2.97	3 metres @ 2.97 g/t Au from 67 metres
	LPRC0082			350,775	6,752,190	430	84	-60	250	69	76	7	4.76	7 metres @ 4.76 g/t Au from 69 metres
	LPRC0083			350,797	6,752,199	430	102	-60	250	No significant intercept
	LPRC0084			350,794	6,752,155	430	96	-60	250	78	81	3	1.28	3 metres @ 1.28 g/t Au from 78 metres
	LPRC0085			350,819	6,752,165	430	114	-60	250	94	99	5	5.42	5 metres @ 5.42 g/t Au from 94 metres
						Including				94	96	2	10.84	inc. 2 metres @ 10.84 g/t Au from 94 metres
	LPRC0086			350,807	6,752,117	430	96	-60	250	73	77	4	1.77	4 metre s@ 1.77 g/t Au from 73 metres
	LPRC0092			350,830	6,752,126	430	120	-60	250	No significant intercept
	LPRC0093			350,901	6,752,125	430	156	-60	250	140	142	2	22.96	2 metres @ 22.96 g/t Au from 140 metres
						Including				140	141	1	28.82	inc. 1 metre @ 28.82 g/t Au from 140 metres

Please refer to ASX Announcement “ Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project ” dated 1 October 2020.

				MGA 94 Zone 51 South	MGA 94 Zone 51 South	MGA 94 Zone 51 South
Prospect	Hole ID	Tenement	Hole Type	Easting	Northing	RL	EOH	Dip	Azi	From (m)	To (m)	Down Hole Width(m)	Grade (Au g/t)	Comments
McTavish	McTRC0016	M40/77	RC	350,586 350,607 350,636 350,616 350,637 350,662 350,675 350,701 350,661 350,666 350,693 350,691 350,658 350,697	6,754,031	424	54	-60	270	No significant intercept
	McTRC0017				6,754,031	424	78	-60	270	No significant intercept
	McTRC0018				6,754,031	424	78	-60	270	47	51	4	4.1	4 metres @ 4.1 g/t Au from 47 metres
	McTRC0019				6,753,982	424	42	-60	270	No significant intercept
	McTRC0020				6,753,982	424	60	-60	270	No significant intercept
	McTRC0021				6,753,982	424	84	-60	270	No significant intercept
	McTRC0022				6,753,962	426	78	-60	270	No significant intercept
	McTRC0023				6,753,942	425	96	-60	270	No significant intercept
	McTRC0024				6,753,942	425	66	-60	270	No significant intercept
	McTRC0025				6,753,922	425	72	-60	270	47	55	8	3.57	8 metres @ 3.57 g/t Au from 47 metres
	McTRC0026				6,753,922	425	84	-60	270	69	72	3	5.25	3 metres @ 5.25 g/t Au from 69 metres
	McTRC0027				6,753,902	425	84	-60	270	No significant intercept
	McTRC0028				6,753,862	425	54	-60	270	No significant intercept
	McTRC0029				6,753,863	423	90	-60	270	62	66	4	4.3	4 metres @ 4.3 g/t Au from 62 metres
Leipold	LPRC0087	M40/22	RC	350,650 350,669 350,687 350,659 350,679	6,752,355	430	30	-60	250	No significant intercept
	LPRC0088				6,752,362	430	30	-60	250	No significant intercept
	LPRC0089				6,752,370	430	48	-60	250	No significant intercept
	LPRC0090				6,752,402	430	30	-60	250	No significant intercept
	LPRC0091				6,752,402	430	48	-60	250	No significant intercept

Please refer to ASX Announcement “ Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project ” dated 22 October 2020.

Continued over page.

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14

					MGA94 Zone 51S	MGA94 Zone 51S	MGA94 Zone 51S
Prospect	Hole_ID	Tenement	Hole Type	EOH	East	North	RL	Dip	Mag Azi	From (m)	To (m)	Interval Width	Grade (g/t Au)	Comments
Altona	ALTRC0001	E40/332	RC	102	355,169	6,754,149	427	-60	300	No significant intercept
	ALTRC0002			102	355,202	6,754,128	427	-60	300	No significant intercept
	ALTRC0003			96	355,238	6,754,109	427	-60	300	No significant intercept
	ALTRC0004			102	355,283	6,754,094	426	-60	300	No significant intercept
	ALTRC0005			102	355,307	6,754,069	426	-60	300	No significant intercept
	ALTRC0006			102	355,346	6,754,047	427	-60	300	No significant intercept
	ALTRC0007			96	355,221	6,754,234	427	-60	300	No significant intercept
	ALTRC0008			96	355,249	6,754,209	427	-60	300	No significant intercept
	ALTRC0009			96	355,289	6,754,196	426	-60	300	No significant intercept
	ALTRC0010			108	355,324	6,754,176	426	-60	300	34	40	6	2.03	6 m@2.03g/t Au from 34 metres
	ALTRC0011			108	355,359	6,754,156	426	-60	300	66	67	1	1.42	1 metre@1.42g/t Au from 66 metres
										84	85	1	1.7	1 metre@1.7g/t Au from 84 metres
										89	90	1	8.36	1 metre@8.36g/t Au from 89 metres
	ALTRC0012			108	355,391	6,754,137	426	-60	300	102	103	1	6.86	1 metre@6.86g/t Au from 102 metres
	ALTRC0013			96	355,268	6,754,323	426	-60	300	No significant intercept
	ALTRC0014			96	355,303	6,754,305	426	-60	300	No significant intercept
	ALTRC0015			96	355,339	6,754,282	425	-60	300	29	33	4	2.63	4 metres@2.63g/t Au from 29 metres
										37	38	1	1.28	1 metre@1.28g/t Au from 37 metres
										57	58	1	14.82	1 metre@14.82g/t Au from 57 metres
										82	83	1	1.18	1 metre@1.18g/t Au from 82 metres
	ALTRC0016			102	355,373	6,754,264	425	-60	300	41	42	1	0.95	1 metre@0.95g/t Au from 41 metres
										49	53	4	2.8	4 metres@2.8g/t Au from 49 metres
	ALTRC0017			102	355,407	6,754,243	425	-60	300	92	94	2	1.34	2 metres@1.34g/t Au from 92 metres
	ALTRC0018			96	355,442	6,754,223	425	-60	300	No significant intercept
	ALTRC0019			96	355,321	6,754,410	424	-60	300	No significant intercept
	ALTRC0020			96	355,354	6,754,390	424	-60	300	16	17	1	1.16	1 metre@1.16g/t Au from 16 metres
										25	27	2	1.48	2 metres@2.11g/t Au from 25 metres
	ALTRC0021			96	355,389	6,754,370	424	-60	300	34	35	1	1.48	1 metre@1.48g/t Au from 34 metres
	ALTRC0022			96	355,426	6,754,349	424	-60	300	No significant intercept
	ALTRC0023			96	355,458	6,754,330	425	-60	300	67	70	3	1.77	3 metres@1.77g/t Au from 67 metres
										86	87	1	4.81	1 metre@4.81g/t Au from 86 metres
	ALTRC0024			96	355,494	6,754,309	425	-60	300	No significant intercept
Leipold	LPRC0094	M40/22	RC	60	350,734	6,752,161	430	-60	250	29	39	10	2.28	10 metres@2.28g/t Au from 29 metres
										34	35	1	10.94	inc. 1 metre@10.94g/t from 34 metres
	LPRC0095			60	350,744	6,752,114	430	-60	250	23	36	13	2.77	13 metres@2.77g/t Au from 23 metres
										34	35	1	16.86	inc. 1 metre@16.86g/t Au from 34 metres
	LPRC0096			60	350,752	6,752,095	430	-60	250	Assayspending

Please refer to ASX Announcement “ Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project ” dated 22 December 2020.

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15