BARYS RESOURCES LIMITED — Capital/Financing Update 2015

Apr 16, 2015

17 April 2015

ASX ANNOUNCEMENT

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Metallum now producing from three mines

Highlights

• Three independent sources are now contributing to mine production

• Stope production in progress at San Sebastian mine

• Viuda mine producing from development level

• Paraguay mine producing from stope access shafts and level development

Perth-based copper developer Metallum Ltd (ASX: MNE) is pleased to provide an update on activities at the El Roble Copper Project in Chile.

The San Sebastian, Viuda and Paraguay underground copper mines are now all established as independent ore sources and are all contributing to production (Figure 1). Ore is currently being removed from the San Sebastian stope, being mined at Viuda within a new development level and being mined from the Paraguay stope access shafts. This work will enable additional stopes to come on line sequentially and provide a consistent ore supply to the ENAMI processing facility.

Metallum’s Managing Director, Mr Zeff Reeves, commented: “ Over the past couple of months our team at El Roble has been working hard to get the operations into a position whereby we have multiple ore sources available, and this is now happening .

“ The significant waste development and preparatory work completed will ensure that a consistent ore supply is established into the future. We now have substantial high grade stockpiles on site, which puts the Company in a sound position to increase deliveries to the processing facility ”, Mr Reeves added.

San Sebastian stope

The Company has begun hauling material from the San Sebastian stope from the panel located between shafts 1 and 3 (Figure 2). Blasting is ongoing between shafts 3 and 0 and shafts 0 and 2 with approximately 25 metres of vertical distance to access before reaching the 1090 level above.

To date, approximately 5,800 tonnes has been mined from San Sebastian, which includes an estimated 3,000 tonnes of blasted stope material. 2,247 tonnes have been trucked to the ENAMI processing facility, with approximately 550 tonnes currently in surface stockpiles. It is estimated that there is an additional 1,500 tonnes remaining within the stope and this will be blasted in coming days.

The next steps planned for San Sebastian will be continued accelerated haulage from the stope, completion of the 1020 level ramp and establishment of the 1020 level. The 1020 level, along with additional strike

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development of the 1030 level, will enable access to additional stoping panels for consistent production output going forward.

Viuda mine

Since encountering the Viuda vein within the 1005 level of the mine, the Company has completed approximately 12 metres of strike development along the vein (Figure 3). The vein is between 0.50 metres and 1.50 metres in thickness and is well mineralised.

To date, approximately 300 tonnes of ore has been mined from Viuda and trucking to the ENAMI facility has commenced.

The Company is focused on developing the 1005 level along strike and establishing the first stope as quickly as possible. Installation of the first access shaft has already begun in order to provide access into the vein between the 1005 and 1015 levels and also ventilation to the 1005 level.

Paraguay mine

The Company is currently establishing stope access shafts into the first panel at Paraguay to begin shrink stoping. In addition, development has also commenced along the vein to the east to further extend access to the mineralisation already delineated within the mine (Figure 4).

This work has produced approximately 200 tonnes of ore which is being trucked to the ENAMI facility for processing.

The next stage of work planned for Paraguay is to complete the access shafts and continue development along the vein to the east to expose additional ore for stoping. It is expected that Paraguay will begin to contribute higher tonnages as the shafts are completed and stoping commences.

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Figure 1 – Map of the north east sector of the El Roble Project, Chile, showing the location of the San Sebastian, Viuda, Paraguay and Panga Mines within a strike continuous mineralised corridor where Metallum has mapped over 60km of prospective veins.

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Figure 2 – Schematic long section of the San Sebastian mine and 1030 level stope, looking north. Ore is currently being removed from shaft one with the panel completely blasted between shaft 1 and shaft 3. Blasting is ongoing between shafts 3 and 0 and 2.

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Figure 3 – Plan view of the Viuda mine showing in ore development along the vein at the 1005 level.

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Figure 4- Plan view of the Paraguay Mine showing location of stope access shafts currently being installed.

About Shrink Stoping

In shrinkage stoping, mining proceeds from the bottom upwards, in horizontal slices with the broken ore being left in place for miners to utilise as a work platform. Blasted rock takes up a greater volume than in situ rock (due to swell factor) so some of the blasted ore (approximately 30%) must be removed to provide working space for the next ore slice. Once the top of the stope is reached, all the ore is removed from the stope.

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For more information visit the Metallum website at www.metallum.com.au or contact:

Zeffron Reeves Phil Retter Managing Director Investor Relations Metallum Limited NWR Communications zreeves@metallum.com.au phil@nwrcommunications.com.au P: + 61 8 9322 4328 P: +61 407 440 882

About Metallum Limited

Metallum Limited (ASX: MNE) is an Australian-based company that acquires and develops copper and gold projects around the world with a focus on Chile. The Company has an interest in the highly prospective, high grade El Roble Copper Project in Region III of Chile, targeting IOCG-style copper and gold mineralisation. The Company is focused on achieving growth and shareholder value through the development of near-term, small-scale mining operations at El Roble which will enable self-funded growth into the future. El Roble is ideally located 25km from the port of Caldera and within 80km of two copper toll treatment plants within the world class Atacama IOCG region, which has a history of high-grade copper production. The Company has commenced trucking copper-bearing material from the Panga mine at El Roble for processing at a nearby plant.

Metallum Limited also has an interest in the Comval Copper Project in the Philippines, and its Australian-based project, Teutonic, which is prospective for gold and base metals.

Metallum Limited has a strong Board and management team with considerable technical, commercial and corporate experience in the resources sector.

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