METAL HAWK LIMITED. — Investor Presentation 2021

Mar 30, 2021

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A Western Australian exploration company focused on Gold and Nickel discovery

Disclaimer

Confidential

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This investor presentation (Presentation) is strictly confidential and is intended for the exclusive benefit of the person to which it is presented. It may not be reproduced, distributed or passed on, directly or indirectly, to any other person or published, in whole or in part, by any medium or for any purpose. The recipient shall not disclose any of the information contained in this Presentation to any other person. This is a private communication and was not intended for public circulation or publication or for the use of any third party.

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Summary information

This Presentation has been prepared by Metal Hawk Ltd (Metal Hawk) in connection with a proposed Initial Public Offer (IPO) of shares in Metal Hawk. This document contains background information about Metal Hawk current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete, it does NOT contain all of the information that may be required for evaluating Metal Hawk, its assets, prospects or potential opportunities. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this Presentation. This Presentation is for information purposes only and is not a disclosure document for the purposes of the Corporations Act 2001 (Cth).

Not financial product advice or an offer

Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, Metal Hawk , its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

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WSA JV CHN JV

FOCUSED EXPLORATION FOR GOLD AND NICKEL IN WA

WSA JV

STRATEGIC PARTNERS SECURED

WSA JV

➢ Stage 1: $3m over 3 years for 51% ➢ Stage 2: $4m over 2 years for 75%

CHN JV

WSA JV

Directors and Management

DIRECTORS

Brett Lambert Non-Executive Chairman

Mining Engineer +30 years experience. Current chairman of MCR and STN

Will Belbin Managing Director

Exploration Geologist +20 years experience in WA nickel and gold exploration

David Pennock Executive Director

Qualified Geologist with +14 years resources industry experience

CORPORATE TEAM

Scott Glasson – Chief Financial Officer Chris Marshall – Company Secretary

KEY CONSULTANTS

Newexco Exploration Pty Ltd

MAJOR SHAREHOLDERS	MAJOR SHAREHOLDERS
Directors and Management	15.9%
Western Areas Limited	6.6%
Vendors	6.3%
Top 20	48.5%

Corporate Snapshot

CAPITAL STRUCTURE
MHK Shares on issue	47,247,500
Options on issue*	17,925,000
Cash at bank	$4.3m
Market Cap (undiluted) @ 22.5c	$10.6m
Enterprise Value	$6.3m

*Options with various exercise prices and expiry dates

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EASTERN GOLDFIELDS PROJECTS

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Kanowna East Project

GOLD AND NICKEL TARGETS

➢8km from Kanowna Belle gold mine (>6.4 Moz Au) and only 25km from Kalgoorlie

• ➢10km south along strike from Silver Swan (historical production of 130kt @ 5.2% Ni)

• ➢Underexplored

• ➢Gold and nickel hits from historical shallow drilling

• ➢WSA Earning-in

• ➢MHK retains gold rights – drilling underway

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Opportunity for a major discovery

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Kanowna East – Gold

MAIDEN DRILL PROGRAM

➢ Broad zones of gold mineralisation from widespaced aircore drilling

Western Tiger prospect:

• 6m @ 1.54g/t Au from 54m

• • 6m @ 1.19g/t Au from 57m

NO DRILLING

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• ➢ 268 Aircore holes drilled since Nov 2020 (~17,500m)

• ➢ Lake AC completed March 2021

• assays pending

Little Lake prospect:

• 4m @ 7.11g/t Au from 55m

• • 6m @ 3.37g/t Au from 24m
• • 5m @ 2.24g/t Au from 65m

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Kanowna East – Little Lake prospect

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PRIORITY GOLD TARGET IDENTIFIED FROM LIONORE NICKEL DRILLING 2005 November 2020 7

March 2021

Kanowna East - Gold

FORWARD PLAN

➢Stage – 2 aircore (8,000m) to commence April 2021 and will focus on priority structural zone north of Little Lake and follow-up targets from Stage-1 drilling

• ➢Approvals / Heritage survey north of Western Tiger (Q2 2021)

• ➢RC drilling mid-2021

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Heritage
Survey
Apr-May 21
Stage – 2 AC
Western
Tiger
Little Lake
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Kanowna East – Nickel

NICKEL EXPLORATION COMMENCES

• ➢12km south and along strike of Poseidon Nickel’s Black Swan / Silver Swan Project

• ➢ 9km strike of prospective high-MgO rocks, seriously underexplored

• ➢Historical AC intersections:

• 21m @ 1.0% Ni (from 8m to EOH)

• 23m @ 0.75% Ni (from 16m)

• 14m @ 0.62% Ni (from 4m)

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9km
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11 Targeting High Grade Massive Sulphide

Emu Lake Project

GREENSTONE-HOSTED EXPLORATION TENURE

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• ➢70km NE of Kalgoorlie

• ➢WSA Earn-in, MHK retains gold rights

• ➢ new Underexplored auger gold anomalies untested

• ➢Fertile ultramafic belt Binti nickel prospect located ~10km SSE, up to 18% Ni in drilling

➢WSA to commence nickel exploration Q2-2021

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65km [2]
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Norseman and Albany - Fraser Projects

CHN Earn-in

WSA Earn-in

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Viking Gold Project

CHN Earn-in

• ➢Tenement granted to MHK March 2021

• ➢Large gold system discovered by AngloGold Ashanti in 2011

• ➢Advanced prospects identified, with only shallow drilling to date

➢CHN to fund aggressive exploration and may earn a 70% interest by spending $2.75m over 4.5years

• ➢Exploration scheduled to commence in June quarter 2021

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Viking Gold Project – Beaker 2 Prospect

➢ EXTENSIVE ZONE OF HIGH GRADE SUPERGENE GOLD

➢ BEDROCK UNTESTED

• 6m @ 64.0g/t Au from 50m

- 4m @ 15.4g/t Au from 40m

• 3m @ 15.3 g/t Au from 28m

• 11m @ 3.1g/t Au from 14m - 3m @ 8.2 g/t Au from 40m

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Viking Gold Project – Beaker 4 Prospect

HIGH GRADE GOLD IN SHALLOW DRILLING

• ➢High-grade gold hosted in quartzsulphide veining, including:

• 7m @ 4.0g/t Au

• 4.4m @ 6.6g/t Au

• 6m @ 6.0g/t Au

• 2.3m @ 5.8g/t Au

• ➢Extends from near surface to >100m

• ➢Open along strike and down-plunge

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Norseman East Project (MHK 100%)

OPPORTUNITY FOR DISCOVERY IN WORLD-CLASS GOLD CAMP

• ➢ELA ~35km[2 ]

➢5km north of Pantoro’s (ASX: PNR) Gladstone - Everlasting and Daisy gold deposits (current resources >250koz Au)

• ➢No gold exploration since 1990s

• ➢Targeting mineralisation under shallow cover along strike from known deposits

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PRIORITY TARGET AREA
NO DRILLING
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Fraser South Project

CONSOLIDATED TENURE IN ALBANY-FRASER

• ➢40km strike of N-S trending metamorphic rocks under cover

• ➢Belt-scale prospectivity

• ➢Unexplored for Ni-Cu sulphides

• ➢The “Hawk Eye” feature - similar to that at Nova, visible in aeromagnetics

• ➢WSA Earning-In

• ➢WSA to manage and fund exploration

• ➢ MHK retains 25% - free carried to DTM

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Fraser South Project
780km [2]
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Targeting the ‘Hawk Eye’

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Significant Activity and News Flow

Project	Mar Qtr 21	Jun Qtr 21	Sep Qtr 21	Dec Qtr 21
Kanowna East (Au)	Lake AC	AC	RC	RC / AC
Kanowna East (Ni)		Targeting/ approvals	RC drilling / EM
Emu Lake (Au)	Geochem / Targeting		AC	AC
Emu Lake (Ni)		Heritage surveys	AC
Clinker Hill / Blair North (Ni)	MLTEM	Targeting	AC
Viking Gold (CHN)	Tenement grant	PoW Approvals	RC drilling
Fraser South (WSA)	Approvals and Targeting		Geochem / AC
Norseman East			Tenement grant

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Summary

LEVERAGED TO EXPLORATION SUCCESS

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✓ Prospective Gold and Nickel projects in WA

✓ High-level of exploration drilling and news flow ✓ Strong partnerships with successful explorers WSA and CHN ✓ Up-to $9.75million JV expenditure with MHK free-carried on Nickel JV ✓ Well-positioned to make significant discoveries

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www.metalhawk.com.au
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