ARIKA RESOURCES LIMITED — M&A Activity 2021

Nov 25, 2021

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26 November 2021

Your Ref: Our Ref: RCS:AND:3515-06 Contact: Adrian Di Menna Senior Associate adimenna@steinpag.com.au

Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

METALICITY LIMITED OFF-MARKET TAKEOVER BID FOR NEX METALS EXPLORATIONS LIMITED: EXTENSION OF OFFER PERIOD

We act for Metalicity Limited (ACN 086 839 992) ( Metalicity ) in respect of its offers in relation to its off-market takeover bid for all of the fully paid ordinary shares in Nex Metals Explorations Limited (ACN 124 706 449) ( Offer ) pursuant to its bidder’s statement dated 24 September 2021 (as varied).

Metalicity has determined to extend the period during which the Offer will remain open for acceptance until 5:00pm (Perth time) on 15 December 2021 .

We enclose formal notice given by Metalicity under sections 650D and 630(2)(b) of the Corporations Act 2001 (Cth) in relation to the extension of the offer period lodged with the Australian Securities and Investments Commission on 26 November 2021.

This release has been authorised by the board of directors of Metalicity.

Yours faithfully

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STEINEPREIS PAGANIN

3515-06/2837245v1

Metalicity Limited ACN 086 839 992

Off-market takeover bid for Nex Metals Explorations Limited

Notice under section 650D of the Corporations Act 2001 (Cth)

Variation of offer – extension of offer period

• To: Australian Securities and Investments Commission ( ASIC );

Nex Metals Explorations Limited (ACN 124 706 449) ( NME ); ASX Limited ( ASX ); and

Each NME shareholder to whom offers were made under the off-market takeover bid

Metalicity Limited (ACN 086 839 992) ( Metalicity ) gives this notice under section 650D of the Corporations Act 2001 (Cth) ( Corporations Act ) in respect of its offers dated 14 October 2021 ( Offer ) in relation to its off-market takeover bid for all of the fully paid ordinary shares in Nex Metals Explorations Limited (ACN 124 706 449) pursuant to its bidder’s statement dated 24 September 2021 ( Bidder’s Statement ) as varied on 5 November 2021.

Capitalised terms in this notice have the same meaning as given in the Bidder’s Statement, unless the context requires otherwise.

Extension of Offer Period

Metalicity gives notice under section 650D(1) of the Corporations Act that pursuant to section 650C(1) of the Corporations Act it varies the Offer by:

• (a) extending the period during which the Offer will remain open for acceptance until 5:00pm (Perth time) on 15 December 2021 , unless withdrawn or further extended; and

• (b) replacing references to ‘15 November 2021’ with ‘15 December 2021’ in all places in the Bidder’s Statement and the Acceptance Form where ’15 November 2021’ appears (or is deemed to appear) as the last day of the Offer Period.

New date for giving notice as to the status of defeating conditions under the Offer

As a result of the extension to the Offer Period as set out above and since the Offer remains subject to the defeating conditions set out in section 11.8 of the Bidder’s Statement, Metalicity gives notice under section 630(2)(b) of the Corporations Act that:

• (a) the Bidder's Statement is varied so that the new date that Metalicity is required to give notice of the status of the defeating conditions is 7 December 2021; and

• (b) as at the date of this notice, so far as Metalicity is aware, none of the defeating conditions set out in section 11.8 of the Bidder’s Statement have been fulfilled or waived and accordingly the Offer remains subject to those conditions.

Date of lodgement and disclaimer

A copy of this notice was lodged with ASIC on 26 November 2021. Neither ASIC, ASX nor any of their respective officers takes any responsibility for the contents of this notice.

Authorisation

This notice has been approved by a unanimous resolution passed by the Directors of Metalicity in accordance with section 650D(3A) of the Corporations Act (as inserted by ASIC Class Order [CO 13/521]).

Date: 26 November 2021

Signed for and on behalf of Metalicity Limited:

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____ Justin Barton CEO and Finance Director