AUSTIN METALS LIMITED — Capital/Financing Update 2021

Jul 8, 2021

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9 July 2021

RELEASE OF SHARES FROM VOLUNTARY ESCROW

Silver City Mineral Limited ( Silver City or the Company ) (ASX: SCI ) advises in accordance with Listing Rule 3.10A that 7,500,000 fully paid ordinary shares will be released from voluntary escrow on Wednesday, 21 July 2021.

These shares were subject to a period of voluntary escrow for 12 months from 21 July 2020 and were issued following the exercise of an option under the binding option agreement (Agreement) with Syndicate Minerals Pty Ltd (Vendor) to acquire EL 8971.

This announcement has been authorised by the Board of Directors of Silver City Minerals Limited.

-ENDS-

Contact details

Sonu Cheema (Director and Company Secretary) Ph: +61 (8) 6489 1600 Fax: +61 (8) 6489 1601 Email: reception@cicerogroup.com.au

ABOUT Silver City Minerals Limited

Silver City Minerals Limited (SCI) is a base and precious metals explorer focused on the prolific mining districts of Broken Hill, the Cobar Basin and the Lachlan Fold Belt of New South Wales, Australia. The Company has also secured a significant ground holding of the Tallering Greenstone belt in the prolific Murchison gold mining region of Western Australia located 150 km south of the Golden Grove deposit.

CAUTION REGARDING FORWARD LOOKING INFORMATION

This document contains forward looking statements concerning Silver City Minerals Limited. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on Silver City’s beliefs, opinions and estimates of Silver City Minerals as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future development.

Suite 9, 330 Churchill Avenue, Subiaco WA 6008 Ι PO Box 866, Subiaco WA 6904 P + 61 8 6489 1600 Ι F + 61 8 6489 1601 Ι E www.silvercityminerals.com.au Ι ABN 68 130 933 309