ARIKA RESOURCES LIMITED — Investor Presentation 2021

Oct 26, 2021

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Kookynie Gold Project

South-West Connect - Investor Update

Investor Presentation 27 October 2021

Disclaimer

Disclaimer and 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 forward-looking 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.

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 Person Statement

For the pre JORC 2012 mineral resource statements made (McTavish, Champion and Leipold), please refer to ASX Announcement by NME dated 1st August 2011 “Update on activities” for the Competent Person details. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Exploration Results: Information in this report that relates to Exploration results is based on, and fairly reflects, information compiled by Jason Livingstone, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Livingstone is an employee of Metalicity Limited. Mr. Livingstone has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Livingstone consents to the inclusion of the data in the form and context in which it appears.

ASX Announcements; “Metalicity Farms Into Prolific Kookynie & Yundamindra Gold Projects, WA” dated 6 May 2019 , “Kookynie Exploration Target Demonstrates Potential For A High-Quality Gold Project” dated 23 May, 2019, “Metalicity Confirms Mineralisation” dated 31 July 2019, “Metalicity moves to consolidate the Kookynie Gold Project” dated 27 August 2019 , Metalicity further consolidates the Kookynie & Yundamindra Gold Projects” dated 2 September 2019, dated 11 September 2019 titled “Metalicity Completes a RC Drilling Programme at the Kookynie Gold Project, WA”, “Metalicity Confirms Additional Gold Mineralisation at Kookynie” dated 2 October 2019 & “Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie” dated 21 January 2020, dated 10 February “Sale of Lithium Royalty”, dated 28 April titled “Entitlement Issue Prospectus”. ASX Announcement “Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project” dated 25 June 2020, ASX Announcement “Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project” dated 2 July 2020, & ASX Announcement “Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently” dated 10 July 2020 . ASX Announcement dated 25 August 2020 titled “Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project”, Please refer to ASX Announcement by MCT dated 7 September 2020 “Placement Raises $5 million to Accelerate the high-Grade Kookynie Gold Project”, Please refer to ASX Announcement dated 22 October 2020 titled “Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project”, ASX Announcement dated 9 December 2020 titled “Drilling Progressing Strongly, Assays Pending for 86 Holes”, Please refer to ASX Announcement dated 23 November 2020 titled “Metalicity Continues To Consolidate The Area Around The Kookynie Gold Project”

Cautionary Statements

The Production details for the Altona, Cosmopolitan and Wandin Mines are referenced from publicly available data sources. The source and date of the production data reported has been referenced in the body of this announcement where production data has been reported. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data 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 data may be reduced when reported under the JORC Code 2012.Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the historical production data, and An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company’s development plan.

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Metalicity

Board and Management

• Mining Engineer and Investment Banker

• 50+ years experience in the resource and investment

• Non-Executive Chairman banking industry

• Andrew Daley

• Founding Director of Metalicity, PanAust, Oxiana and Investor Resources Limited

• • Chartered Accountant

• Finance Director/CEO • 25 years experience in the resources sector Justin Barton • Formerly with dual listed Paladin Energy Limited and Ernst & Young

• • Geologist

• Technical Director • 20 years industry experience within greenfields exploration Jason Livingstone through to production environments. • Broad commodity experience • Company Secretary • 20 years experience in the resources industry • Previously Company Secretary and CFO for Battery Minerals.

• Company Secretary Nick Day Minbos Resources Limited, Dreadnought Resources Limited, RTG Mining, Finance Director at Coventry Resources and Company Secretary to Paringa Resources Limited and Ebooks Corporation.

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Capital structure

Capital structure
Issued share capital (MCT)		2.14 billion
Options		347.2 mil
Performance Rights		82.1 mil
Share price (25/10/2021)		A1.0c
Market capitalisation (undiluted)		~A$21.5mil
Management		3%
Management 3%		Top 10
Other		11%
67%		Top 11 to 20
	6% Other Top 50
		13%

Kookynie & Yundamindra Gold Projects – Emerging Gold District

• JV Agreement with Nex Metals Exploration Limited formed on 20 May 2021 for which MCT owns a controlling 51% interest.

• MCT major land holder in emerging Kookynie gold district with land holding of over 20,000 ha.

• Over past 18 months, Metalicity has drilled 368 drill holes for ~33,540 metres.

• 1 Exploration Target of between 294,000 ounces and 967,000 ounces.

• “ Exploration Target ” cautionary statement: The potential quantity and grade is conceptual in nature, given that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

• Pending Maiden JORC 2012 Mineral Resource Estimate (Champion, Leipold & McTavish), which are all on mining licenses.

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1 ASX Announcement, “Metalicity Farms Into Prolific Kookynie & Yundamindra Gold Projects, WA” dated 6 May 2019 2ASX Announcement dated 9 December 2020 titled “Drilling Progressing Strongly, Assays Pending for 86 Holes” 3Please refer to ASX Announcement by NME dated 1st August 2011 “Update on activities”

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The Kookynie Gold Project.

• The Kookynie Gold Project is host to 8 Prospects – The DCC Trend (combination of Diamantine-Cosmopolitan-Cumberland), Leipold, McTavish, Champion, Altona Trend, Wandin, Orient Well East and Mulga Plum.

• Attraction to the area is historic mining centre:

• See Cautionary Statement:

• The Cosmopolitan Gold Mine produced 360,000 ounces , between 1896 to 1922, at an average grade of 15 g/t Au.

• The Altona Gold Mine produced 88,700 ounces , between 1900 to 1965, at an average head grade of 30 g/t Au .

• Drone magnetic survey defined 21 targets within the 8 kms of strike potential from the known areas of mineralisation[1] .

• Spectacular holes drilled by MCT include:

• 5m @ 25.9 g/t Au[2]

• 2m @ 35.23 g/t Au[3]

• 4m @ 26.91 g/t Au[3]

Cautionary Statement Relating to Cosmopolitan and Altona Historical Production Data

The Production details for the Cosmopolitan Mine and Altona are referenced from publicly available data sources. The source and date of the production data for Altona has been referenced in the body of this announcement; and for the Cosmopolitan Gold Mine has been reported in the Geological Survey of Western Australia records showing the development of the Cosmopolitan Gold Mine in 1905. DMIRS digital records include open file Annual Reports and data pertaining to the exploration and development efforts of previous operators. Two documents with WAMEX reference numbers A069774 and A067918 are of particular interest. The previous operator in the early 2000’s, Point Exploration Ltd, digitised these historical maps, including the channel sampling. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data 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 data may be reduced when reported under the JORC Code 2012 Nothing has come to the attention of the operator that causes it to question the accuracy or reliability of the historical production data; An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company’s development plan.

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• 1Please refer to ASX Announcement by MCT dated 2 September 2020 “Drone Survey Demonstrates 21 Targets with Incredible Prospectivity for the Kookynie Gold Project”

• 2Please refer to ASX Announcement dated 8 July 2021 titles “McTavish Delivers Bonanza Grade Gold Results up to 91.2 g/t Au””

• 3Please refer to ASX Announcement dated 21 January 2020 titled “Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie”

The Kookynie Gold Project – McTavish Prospect

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• The McTavish Prospect has seen some of the highest-grade intercepts within the project drilled by Metalicity.

• Bonanza intercepts to date include:

• 5m @ 25.9 g/t Au from 28m ,

• Inc. 3m @41.5 g/t from 30m; and

• Inc. 1m @ 91.2 g/t Au from 30m[1] .

• 6m @ 20.6 g/t Au from 19m,

• Inc. 4m @ 29.1 g/t Au from 20m[1] .

• 3m @ 19.1 g/t Au from 88m,

• Inc. 1m @ 52.8 g/t Au from 89m[1] .

• 5m @ 17.9 g/t Au from 48m,

  - including 1m @ 80.17 g/t Au from 51m[2.]

• Mineralisation currently defined over 300m and remains open along strike and at depth.

• Structure continues a further 2km to the South to the Leipold prospect (Currently being drilled).

• 1Please refer to ASX Announcement dated 8 July 2021 titles “McTavish Delivers Bonanza Grade Gold Results up to 91.2 g/t Au””

2Please refer to ASX Announcement dated 21 January 2020 titled “Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie” ASX Announcement “Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project” dated 25 June 2020, ASX Announcement “Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project” dated 2 July 2020, & ASX Announcement “Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently” dated 10 July 2020.

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The Kookynie Gold Project – McTavish Prospect. cont.

• McTavish prospect is interpreted to continue along structure for a further 2km to the South to the Leipold prospect.

• A total of 5 key targets identified through geophysical signatures within the McTavish tenure highlighting potential new areas of mineralisation for further follow-up.

• Drilling is currently underway at McTavish on the 2km of untested strike between McTavish and Leipold.

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McTavish
Leipold
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Leipold – McTavish Trend Imagery (1VD Magnetics – drone survey draped over regional, with east shade) with interpretation

The Kookynie Gold Project – Leipold Prospect

• The Leipold Prospect is now defined over nearly 1km to a vertical depth of only 130 metres, remaining open along strike for a further 2km to the North towards McTavish and at depth[1] .

• Shows continuous repetition of high-grade lodes along strike.

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1Please refer to ASX Announcement dated 2 July 2021 titled “Strong Gold Assays Extend Leipold Mineralisation to 1km”

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The Kookynie Gold Project – Leipold Prospect. cont.

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• Best intercepts to date include[1] :

• 4m @ 26.91 g/t Au from 65m,

  • inc. 1m @ 100.77 g/t Au from 67m,

• 10m @ 7.44 g/t Au from 108m,

  • inc. 2m @ 21.03 g/t Au from 111m

• 2m @ 35.23 g/t Au from 124m,

• 4m @ 17.29 g/t Au from 103m,

  • inc. 2m @ 28.79 g/t Au from 104m.

• First holes to the north of Leipold delivered mineralised intercepts at 17 out of 22 holes, including[2] :

• 2m @4.7 g/t Au from 65m

o inc. 1m @ 8.4 g/t Au from 66m,

• 3m @3.3 g/t Au from 133m,

o inc. 1m @ 6.4 g/t Au from 135m

1Please refer to ASX Announcement dated 21 January 2020 titled “Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie” ASX Announcement “Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project” dated 25 June 2020, ASX Announcement “Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project” dated 2 July 2020, & ASX Announcement “Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently” dated 10 July 2020. ASX Announcement dated 25 August 2020 titled “Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project”, ASX Announcement dated 9 December 2020 titled “Drilling Progressing Strongly, Assays Pending for 86 Holes”

2Please refer to ASX Announcement dated 2 July 2021 titled “Strong Gold Assays Extend Leipold Mineralisation to 1km”

The Kookynie Gold Project – Champion Prospect

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Image to be
updated
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• Mineralisation at Champion is currently defined over ~300m and remains open at depth.

• Recent follow up drilling at Champion returned intercepts delivering consistent grades over considerable widths, including[1] :

• 5m @1.5 g/t Au from 95m,

• 4m @ 3.9 g/t Au from 104m, inc. 2m @ 6.5 g/t Au from 105m.

• 5m @2.1 g/t from 117m, inc. 1 metre @ 6.3 g/t Au from 120m.

• This followed up drilling results in January 2020 that delivered intercepts of:

• 2m @ 25.2 g/t Au from 28m, including 1m @ 42 g/t Au from 28m.

1Please refer to ASX Announcement dated 15 July 2021 titled “Champion Delivers Consistent Grades at Significant Widths”

• 2Please refer to ASX Announcement dated 21 January 2020 titled “Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie”

• These results bode very well for pending Mineral Resource Estimate for Champion, Leipold and McTavish, all situated on mining leases.

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The Kookynie Gold Project – Cosmopolitan.

• The Cosmopolitan Mine produced 360k oz @ 15 g/t Au to a depth of 320 metres.

• Cosmopolitan represents an incredible opportunity within a historical, high-grade and prolific mine with very little exploratory work conducted within the underground workings, let alone along strike and down dip.

• Incredibly high-grade historical channel samples detail the tenure of grade during mining operations at the turn of the century[2] :

• Of the 2,438 sample points presented:

• 110 returned assays above 100 g/t Au

• 444 returned assays above 50 g/t Au.

• 1,046 returned assays above 20 g/t Au

• Cosmopolitan to be a key focus of future drilling.

Cautionary Statement Relating to Cosmopolitan Historical Production Data

The Production details for the Cosmopolitan Mine are referenced from publicly available data sources. The source and date of the production data for Altona has been referenced in the body of this announcement; and for the Cosmopolitan Gold Mine has been reported in the Geological Survey of Western Australia records showing the development of the Cosmopolitan Gold Mine in 1905. DMIRS digital records include open file Annual Reports and data pertaining to the exploration and development efforts of previous operators. Two documents with WAMEX reference numbers A069774 and A067918 are of particular interest. The previous operator in the early 2000’s, Point Exploration Ltd, digitised these historical maps, including the channel sampling. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data 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 data may be reduced when reported under the JORC Code 2012 Nothing has come to the attention of the operator that causes it to question the accuracy or reliability of the historical production data; An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company’s development plan.

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• 1Please refer to ASX Announcement dated 21 January 2020 titled “Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie”

• 2ASX Announcement dated 9 June 2020 titled “Extremely High-Grade Gold From Historical Underground Sampling At The Cosmopolitan Gold Mine”

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The Kookynie Gold Project – Cosmopolitan

• A number of targets have been identified to the north, which appear to be a possible strike extension to the Cosmopolitan Gold Mine.

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Cosmopolitan
North Geophysical
Target
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• Host rocks encountered are similar to the host lithologies observed at the Cosmopolitan Gold Mine with minor alteration noted.

• The company has only drilled 12 holes in and around the historical mine.

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Cosmopolit
an Gold
Mine
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1Please refer to ASX Announcement dated 2 September 2020 titled “A Further 21 New Targets with Significant Prospectivity identified at the Kookynie Gold Project from final Drone Survey Results”

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The Kookynie Gold Project – Altona.

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• 1Please refer to ASX Announcement dated 18 March 2021 titled “Further Impressive Results at Altona, Kookynie Gold Project” 2Please refer to ASX Announcement dated 22 December 2020 titled “Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project”

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• Altona, between 1900 and 1960, produced 88,700 ounces at an average head grade of 30 g/t Au.

• The circa 2km long Altona Prospect delivered recent excellent near surface results, including[1] :

  • ALTRC0030 – 3 metres @ 14.9 g/t Au from 97m,

    • inc. 1 metre @ 39.2 g/t from 97m,

  • ALTRC0032 – 2 metres @ 5.9 g/t from 62m,

    • inc. 1 metre @ 10.7 g/t Au from 62m.

• This followed high grade near surface drilling results in December 2020, including[2] :

  • ALTRC0015

    • 4 metres @ 2.63 g/t AU from 29m, and

    • 1 metre @ 14.82 g/t Au from 57m.

• A further 3 targets identified for further follow up

Cautionary Statement Relating to Altona Historical Production Data

The Production details for the Altona are referenced from publicly available data sources. DMIRS digital records include open file Annual Reports and data pertaining to the exploration and development efforts of previous operators. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data 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 data may be reduced when reported under the JORC Code 2012 Nothing has come to the attention of the operator that causes it to question the accuracy or reliability of the historical production data; An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company’s development plan.

The Kookynie Gold Project – Mulga Plum

• Metalicity acquired the Mulga Plum Project[1] comprising exploration licences E40/350 & E40/357.

• Drilling in early 2020, of 25 RC drill holes for 1,518 metres, returned:

• 2m @ 8.84 g/t Au from 14m,

• 2m @ 2.96 g/t Au from 42m, &

• 6m @ 1.22 g/t Au from 10m.

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

• The Mulga Plum Project is located at the western extremity of the historic Niagara and Kookynie Goldfields within the Malcolm greenstone belt.

• Metalicity intends to follow up the high grade hits from the ARL 2020 drilling programme and assess this area via the successful drone magnetic survey instruments used over our main areas.

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• 1Please refer to ASX Announcement dated 23 November 2020 titled “Metalicity Continues To Consolidate The Area Around The Kookynie Gold Project”

The Kookynie Gold Project – Wandin

• The Wandin Tenement (E40/390) demonstrates similar geophysical signatures to the prolific Niagara Trend under thin alluvial cover.

• Historical, turn of the century mine site produced 40 tonnes at 12 g/t Au with little to no historical exploration in the area.

• Proximal and complimentary to the recently acquired Mulga Plum tenure that has demonstrated significant drill hole intercepts.

• As per the proposed work schedule at Mulga Plum, the plan is to evaluate the Wandin Prospect via drilling and the tenement utilising the successful drone magnetic survey instruments used over our main areas.

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Cautionary Statement Relating to Wandin Historical Production Data

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The Production details for the Wandin are referenced from publicly available data sourcesThe historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data 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 data may be reduced when reported under the JORC Code 2012 Nothing has come to the attention of the operator that causes it to question the accuracy or reliability of the historical production data; An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company’s development plan.

The Kookynie Gold Project – Orient Well East

• With E40/289 (Orient Well East/Fortuna) Five high tenure geophysical anomalies[1] have been identified that coincide with historical mining centres, coupled with similar signatures to mining centres further along strike within this highly endowed trend.

• Drilling confirmed favourable lithologies and alteration assemblages which supports our interpretations – follow up work is warranted to assess further.

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Orient Well East - The area where
the 22-drill hole programme is
being conducted
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Image above illustrates the historical workings in this drilling area.

The drilling has been designed to test the structural disruptions highlighted in the aerial drone survey completed. The general observations are that the area is dominated by a sequence of highly magnetic basalts, moving into a de-magnetised basalt juxtaposed against volcaniclastics. Of note is extensive alteration and sulphide mineralogy demonstrating that a mineralised fluid has passed through this area. Furthermore, quartz carbonate veins coincident with the contact between the altered and de-magnetised basalt and volcaniclastics bodes incredibly well for analogous mineralisation to the historic Orient Well Mine.

Photograph taken of the historical workings at Orient Well East drilling area. Photograph is looking north, and approximate scale is the structure within the red lines is approximately 1 metre wide.

The Orient Well East (E40/289) Trend Imagery (1VD Magnetics – drone survey draped over regional, with east shade) with interpretation

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• 1Please refer to ASX Announcement dated 2 September 2020 titled “A Further 21 New Targets with Significant Prospectivity identified at the Kookynie Gold Project from final Drone Survey Results” 2Please refer to ASX Announcement dated 9 December 2020 titled “Drilling Progressing Strongly, Assays Pending for 86 Holes”

The Kookynie Gold Project – Summary & Plan

• Metalicity has a 51% and controlling interest in just over 11,000ha of tenure in this prolific and gold well-endowed region of Kookynie.

• All Prospects at the Kookynie Gold Project have demonstrated a high-grade nature to the gold mineralisation.

• Incredible drill hole intercepts returned to date.

• Metalicity has drilled 368 drill holes for 33,540 metres.

• 21 high tenure geophysical targets which potentially allows for a significant discovery.

Plan for remainder of 2021 and 2022:

• Complete drilling of the increasingly prospective 2km of untested strike between McTavish and Leipold.

• Complete the pending Mineral Resource Estimate for Champion, Leipold and McTavish, all situated on mining leases.

• Undertake extensive drilling programme at Cosmopolitan Gold Mine.

• Create that value by showing the Kookynie Gold Project that we are working in the jewel within this district.

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1Please refer to ASX Announcement dated 2 September 2020 titled “A Further 21 New Targets with Significant Prospectivity identified at the Kookynie Gold Project from final Drone Survey Results”

The Yundamindra Gold Project

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• The Yundamindra Gold Project is approximately 60 kms east of the Kookynie Gold Project and hosts significant historical production of 74kt @ 19.3 g/t Au for 45,000 ounces[1] .

• Total land area under control is circa 8,000 ha which is highly prospective and significantly under-explored.

• Significant intercepts from the Yundamindra Gold Project Prospects include[1] :

• 2m @ 7.21 g/t Au from 30m

• 8m @ 56.36 g/t Au from 44m

• 1m @ 48.1 g/t Au from 12m

• 2m @ 39.49 g/t Au from 31m &

• 2m @ 23.29 g/t Au from 30 m.

• Tenure is currently under plaint. We are working with our Farm-In partner to defend this claim and look forward to commencing exploration and development activities expeditiously.

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1Metalicity Farms Into Prolific Kookynie & Yundamindra Gold Projects, WA” dated 6 May 2019

Takeover Offer to NME Shareholders

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Offer made to NME shareholders of 4.81 new MCT shares for every NME share

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Current 33% premium to NME share price at close 22 October 2021.

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Offer opened on 14 October 2021 and closes 15 November 2021, unless extended or withdrawn.

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Key benefits of offer:

• Accelerate development of the project;

• Unlock potential step change in value to all shareholders of combining the entities;

• Creates a compelling combination with improved access to capital, removal of JV structure, cost savings and enhanced balance sheet;

• Simplified ownership of the Kookynie and Yundamindra Gold Projects;

• Costs synergies.

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Metalicity Limited – poised for growth

.com.au jbarton@metalicity

Photograph taken at the McTavish Prospect – June 2020