ARIKA RESOURCES LIMITED — M&A Activity 2022

May 24, 2022

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25 May 2022

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

The Manager 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 June 2022 .

We enclose formal notice given by Metalicity under section 650D of the Corporations Act 2001 (Cth) in relation to the extension of the offer period lodged with the Australian Securities and Investments Commission on 25 May 2022.

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

Yours faithfully

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STEINEPREIS PAGANIN

3515-06/2957442v1

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

Those persons shown as holders of NME shares in the register of members of NME as at 20 May 2022 who have not yet accepted the Offer in accordance with section 650D(1)(c)(ii) of the Corporations Act 2001 (Cth) (as modified by ASIC Class Order [CO 13/521])

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 (as varied) ( Bidder’s Statement ).

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 June 2022 , unless withdrawn or further extended; and

• (b) replacing references to ‘15 November 2021’ with ’15 June 2022’ 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.

Date of lodgement and disclaimer

A copy of this notice was lodged with ASIC on 25 May 2022. 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: 25 May 2022

Signed for and on behalf of Metalicity Limited:

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____________________________ Justin Barton Managing Director