BARYS RESOURCES LIMITED — Interim / Quarterly Report 2017

Apr 26, 2017

27 April 2017

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Quarterly Activities Report – March 2017

ASX ANNOUNCEMENT

Perth-based exploration company Metallum Limited (ASX: MNE) provides the following activities and cashflow report for the quarter ended 31 March 2017.

Teutonic Project

Following its successful exploration program in late 2015 and early 2016 the Company has commenced the next stage of exploration at its prospective Western Australian Teutonic project.

A ground Moving Loop Electromagnetic (MLEM) survey over the northern extensions of the Mustang target with approximately 30, 1100m long MLEM survey lines was commenced post the quarter end to test the VMS prospective corridor to the north of the Mustang VMS target, over a strike distance of 5,500m (ASX announcement 13 March 2017).

Previous work at Mustang has included MLEM surveying, drilling of two diamond drill holes and follow up down hole electromagnetic surveying (DHEM) (ASX Announcement 7 January 2016). Drilling produced encouraging results with the Company deciding to continue exploration to test for VMS base metal mineralisation similar to Independence Group Limited’s (ASX:IGO) Bentley and Jaguar VMS deposits to the north of the Teutonic Project area (Figure 1).

Previous work has identified that the prospective VMS corridor may extend along strike to the north of the tenement E37/1037 and the MLEM survey will test the prospective corridor to the northern tenement boundary (Figure 2).

The MLEM survey is progressing and the Company anticipates results being available within the June quarter 2017.

In March 2017, the Company was granted two exploration licences comprising a total of approximately 3,900 hectares to add to its landholding at its Teutonic Project (Figure 2).

Metallum Limited Suite 5, 62 Ord Street West Perth WA 6005 I Phone +61 (08) 9322 4328 I Fax +61 (08) 9322 5230 I www.metallum.com.au

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Figure 1– Regional geology and location of the Teutonic Project and Mustang Conductor showing proximity to the Jaguar and Bentley VMS deposits. Resource figures for Bentley and Jaguar sourced from Independence Group’s website.

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2

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Figure 2 – Satellite image showing location of planned 2017 ground MLEM program (red) along strike from the Mustang EM Conductor (pink), within the interpreted VMS corridor (green). Yellow outlines show Teutonic Project tenements including E37/1281 and E37/1282.

Comval Project

The Company continues to hold the Comval Copper Gold Project in the Philippines on care and maintenance while it seeks partners to assist in progressing the project. The Company’s interest is now being diluted in accordance with the original acquisition terms.

Corporate

On 8 March 2017, the Company released its Half Year Report on ASX.

No other significant corporate matters occurred during the quarter.

Outlook

Concurrently with its work on the Teutonic Project, the Company continues to seek and review complementary resource and other projects.

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For further information please contact: Winton Willesee Chairman Metallum Ltd P: + 61 8 9322 6424

About Metallum Limited

Metallum Limited (ASX: MNE) is an Australian-based company that acquires and develops copper and gold projects around the world. The Company currently has interests in its Australian-based Teutonic Project as well as the Comval Copper Project in the Philippines.

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Tenement Schedule

Tenement Schedule
Tenement	Name	Location	Size (Ha)	Grant Date	Expiry Date	% Ownership
E37/1037	Teutonic	Western Australia	1,613	23/07/2010	22/07/2020	70%
E37/1281	Teutonic	Western Australia	954	21/03/2017	20/03/2022	100%
E37/1282	Teutonic	Western Australia	2,350	21/03/2017	20/03/2022	100%
EP-000001-00-XI	Comval	Mindanao, Philippines	2,171	30/01/2009 (2nd renewal)	29/01/2011	Diluting
EP -000002-09-XI	Comval	Mindanao, Philippines	2,139	15/08/2015 (2nd renewal)	14/08/2017	Diluting

Notes:

1. EP-000001-00-XI expired on the 29/01/2011. The Company’s Philippines subsidiary has applied to the Philippines Mines and Geosciences Bureau for a 2 year renewal.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

METALLUM LIMITED ABN Quarter ended (“current quarter”) 73 149 230 811 31 March 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (Squirel transaction costs) 1.9 Net cash from / (used in) operating activities	- (1) - - (33) (46) - 1 - - - -	- (16) - - (114) (211) - 6 - - - (129)
	(79)	(464)

2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- - - -	- - - -

• See chapter 19 for defined terms

1 September 2016

Page 1

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - 1 - - - - - -
	-	1
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	1,068 (79) - - -	1,452 (464) - 1 -
	989	989

• See chapter 19 for defined terms

1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	984 5 - -	1,063 5 - -
	989	1,068
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 30 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		30
		-

1.2(e) Payments made to a director related entity for company secretarial services and for sublease of office premises for the quarter summed $15,000 and $2,659, respectively.

7.	Payments to related entities of the entity and their	Current quarter
	associates	$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2		-
7.2	Aggregate amount of cash flow from loans to these parties included		-
	in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

	Appendix 5B Mining exploration entity and oil andgas exploration entity quarterly report	oil andgas exploration	Appendix 5B entity quarterly report
	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-

9. Estimated cash outflows for next quarter	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows	120 - - 65 45 -
	230

10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
10.2 Interests in mining tenements and petroleum tenements acquired or increased

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: 27 April 2017 (Company secretary)

Print name: Shannon Coates

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2016

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