METALLIUM LIMITED - Capital/Financing Update 2021

ASX Announcement

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ASX:MTM

18 November 2021

OPTION TO ACQUIRE THE ALBION GOLD PROJECT

Highlights:

Option Agreement executed to acquire the Albion Gold Project
Tenement located close to Norseman in the Goldfields of WA
High-grade historical workings on mineralised quartz lodes
Multiple known mineralised structures with potential for discovery of a significant gold resource
Rock chip samples from outcropping lodes up to 9g/t Au
Gold and nickel soil geochemical anomalies
Workings and other exploration targets not previously tested by drilling
Geological prospectivity for nickel sulphides and lithium-bearing pegmatites

The Board of Mt Monger Resources Limited (ASX: MTM ) ( Mt Monger or the Company ) is pleased to advise that the Company has executed an Option Agreement ( Option ) to explore and subsequently acquire a 100% interest in the Albion Gold Project (the Project ) located near Norseman in Western Australia. The Project area contains numerous high-grade historical workings, is untested by drilling and is considered to be highly prospective for the discovery of a significant gold resource.

Albion Gold Project

The Albion Gold Project is located approximately 25km to the south of Norseman (Figure 1) and comprises a single exploration licence, comprising a total area of 4 graticular blocks (Table 1).

Table 1: Tenement Summary

Licence ID	Area (blocks)	Date Granted	Date Expires
E63/1810	4	12/01/2018	11/01/2023

Access to the area is excellent, as the Norseman-Esperance highway cuts through the northwestern corner of the tenement area. The Project is in close proximity to the Norseman gold operations that are currently being redeveloped by Pantoro Limited (ASX:PNR) and is situated approximately 10km to the west of the Scotia gold mines.

Mt Monger Resources Limited (ABN 27 645 885 463) Suite 2, 38 Colin Street, West Perth, 6005, Australia P: +61 (0)8 6444 1788, E: [email protected] www.mtmongerresources.com.au

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Figure 1: Location map of the Albion Gold Project (E63/1810).

Project Geology

The Project is located at the southern end of the highly endowed Norseman-Wiluna greenstone belt, within the Eastern Goldfields of Western Australia (Figure 2).

Previous geological mapping (Figure 3) indicates the area contains metamorphosed and folded Archaean rocks including amphibolite (typically the host rock to Au-bearing quartz veins), gabbro and ultramafic komatiites. Pegmatites locally occur as pods and veins within the amphibolite and are orientated parallel to the metamorphic foliation.

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Figure 2: Regional interpreted geology map of the Norseman area showing known mineralisation occurrences (source GSWA, Minedex database & 1:2,500,000 scale interpreted geology).

On regional magnetic images, the Project is associated with anomalies within a broad zone of subdued responses. The more magnetic rocks are interpreted to be an inlier of maficultramafic rocks occurring as amphibolitic gneiss and ferruginous schist, surrounded by granitoids. Several northwest-southeast trending magnetic dolerite dykes transect the area.

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Figure 3: Mapped surface geology of the Albion Project (source Mawson West Ltd, Albion Project, Annual Report for the Period 09/10/2003 to 08/10/2004, A070149). Note that coordinates are shown as AMG Zone 51 AGD84 and that the historical tenement boundaries are no longer valid.

Gold Mineralisation

Numerous alluvial and hardrock gold workings occur in the Project area and many are recorded in the abandoned mines database (Figure 4) maintained by the Geological Survey of Western Australia (GSWA).

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Available reports indicate that high-grade gold was mined historically (1891-1942) from shallow shafts and underground workings. The shafts reached a depth of approximately 40m, at which point groundwater prevented further development due to a lack of adequate pumping equipment. Gold production is reported as 97 oz Au from 156 t of ore, equivalent to a grade of approximately 19 g/t Au. The gold was typically associated with quartz lodes (reefs).

Geological mapping has identified at least three, steeply-dippping, gold-bearing quartz lodes that are interpreted to be hosted by west-northwest to northwest trending shear zones which are axial-planar to the mapped folds in the greenstones. The lodes can be traced over 100m in strike length and remain open to the east where they are covered by alluvium and lake sediments; and to the west where the surface trace is concealed beneath a scree slope.

Recent prospecting around the historical workings has successfully recovered a significant amount of alluvial gold nuggets, interpreted to be shedding from the weathering mineralised lodes.

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Figure 4: Historical gold workings (yellow) at the Albion Project on surface image (source GSWA, Wabmines database).

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Exploration History

Despite the Project’s proximity to Norseman, limited modern exploration has been undertaken in the area (Appendix I). Unusually, the outcropping mineralised lodes have not been drill tested to evaluate the grade, extent and continuity of the gold mineralisation. Central Norseman Gold Corporation Pty Ltd held the area in the early 1990’s and again from 2008 to 2015 as part of its extensive Norseman Project but did not undertake any substantive exploration.

From 2002 to 2004 Mawson West Ltd conducted soil geochemistry sampling, completed a comprehensive mapping program (Figure 3) and collected some rock chip samples from around old workings, in conjunction with Boyer Exploration and Resource Management Pty Ltd. Best results included a rock chip sample of 9.1g/t Au taken from an outcropping quartz lode (Table 2).

Table 2: Selected rock chip sample results from Mawson West Ltd in 2002-2003

Sample ID	North (AMG)	East (AMG)	Au (g/t)	Sample Type
ABRK004	6404969	375316	0.82	Rock Chip
ABRK008	6404957	375367	9.12	Rock Chip
ABRK009	6404953	375375	3.44	Rock Chip
ABRK011	6404948	375384	2.13	Rock Chip

Matsa Resources Ltd operated in the area between 2009 to 2014 and compiled much of the available geochemical data. Soil anomalies of up to 150ppb Au were defined but the sample lines were generally subparallel to the interpreted mineralised structures and consequently not optimal. Elevated nickel and chrome values occur associated with mapped ultramafic rocks.

Proposed Exploration Program

The Company considers that further exploration at the Albion Project could define a significant gold resource, which is likely to be comprised of a number of sub-parallel lodes containing local zones of high-grade mineralisation associated with plunging quartz lodes. The Company proposes to undertake a program of drilling to test the known gold mineralised structures.

Further soil sampling will also be completed to extend and infill the current surface geochemical survey coverage and assess the potential for additional prospective structures. The potential for nickel sulphides and lithium mineralisation within the Project area will be evaluated concurrently.

Option Agreement

The Company has executed an Option Agreement with Glen Tyrrell Bulldozing Pty Ltd (the Vendor ) that provides the Company with an exclusive right to explore the Albion Gold Project and to acquire a 100% interest in the Project tenement.

Key terms of the Option Agreement are:

a) The Company will have exclusive exploration access to the Tenement for 12 months from the execution date of the Agreement, extendable for a further 12 months;

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b) The Company will pay the Vendor an up-front Option fee of $10,000 in cash and issue ordinary shares to the value of $20,000 (based on the 5 day VWAP);
c) MTM will pay an Option extension fee of $10,000 in cash and issue additional ordinary shares to the value of A$20,000 if it elects to extend the Option for a further 12 months.
d) The Vendor will retain surface prospecting rights.
e) At minimum, the Company’s expenditure on the Tenement shall be $60,000.
f) If the Company elects to exercise the Option, then the Vendor shall transfer 100% interest in the tenement to Mt Monger Resources Ltd. The Company shall pay the Vendor the equivalent of $150,000 in cash and shares and grant the Vendor an uncapped 1% NSR royalty on future gold production.
g) If the Company elects not to exercise the Option, the agreement shall lapse and the rights to the tenement shall revert wholly back to the Vendor.

The Company looks forwards to commencing its exploration program at the Albion Project and will update shareholders with results as they become available.

This announcement is authorised for release on behalf the Board by Mr Lachlan Reynolds, Managing Director.

For further information, please contact:

Lachlan Reynolds Simon Adams Managing Director Company Secretary Mt Monger Resources Limited Mt Monger Resources Limited Tel: +61 (0)8 6391 0112 Tel: +61 (0)8 6391 0112 Email: [email protected] Email: [email protected]

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About Mt Monger Resources Limited

Mt Monger Resources Limited is an exploration company searching for gold, nickel, rare earth elements (REE) and base metals in the Goldfields of Western Australia. The Company holds over 3,000km[2] of tenements in two prolific and highly prospective goldfields. The Mt Monger Gold Project comprises a contiguous area of ~120km[2] area containing known gold deposits occurrences in the Mt Monger area, located ~70km SE of Kalgoorlie and immediately adjacent to the Randalls gold mill operated by Silver Lake Resources Limited. The East Laverton Gold Project is a regionally extensive package of underexplored tenements prospective for gold, base metals and REE. Priority drilling targets have been identified in both project areas and the Company is well funded to undertake effective exploration programs. The Company has an experienced Board and management team which is focused on discovery to increase value for Shareholders.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on and fairly represents information compiled by Mr Lachlan Reynolds. Mr Reynolds is the Managing Director of Mt Monger Resources Limited and is a member of both the Australasian Institute of Mining and Metallurgy and the Australasian Institute of Geoscientists. Mr Reynolds has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reynolds consents to the inclusion in this report of the matters based on information in the form and context in which they appear.

Previous Disclosure

The information in this announcement is not based on an any prior disclosure by Mt Monger Resources Limited.

Cautionary Statement Regarding Values & Forward-Looking Information

The figures, valuations, forecasts, estimates, opinions and projections contained herein involve elements of subjective judgment and analysis and assumption. Mt Monger Resources does not accept any liability in relation to any such matters, or to inform the Recipient of any matter arising or coming to the company’s notice after the date of this document which may affect any matter referred to herein. Any opinions expressed in this material are subject to change without notice, including as a result of using different assumptions and criteria. This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “expect”, and “intend” and statements than an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Mt Monger Resources undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. The Recipient should not place undue reliance upon forward-looking statements. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Mt Monger Resources from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Mt Monger Resources, its affiliates, directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of this document or any of the information contained herein.

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APPENDIX I – Historical Exploration Summary

Date	Company	Exploration Program	WAMEX Report Number
1968-1970	Newmont Pty Ltd	Geological mapping and soil sampling	A010353
1971-1973	Western MiningCorpLtd	Reconnaissance mapping
1987-1993	Central Norseman Gold Corp Ltd	Geological mapping and airborne magnetic interpretation	A030593 A033828 A039822
1995	Dundas MiningPtyLtd	Airborne magnetic interpretation	A045540
1996-1997	Spinifex Gold NL	Soil sampling	A048961 A052170
1997-1998	Dominion MiningLtd	Reconnaissance	A055725
2002	Goldfields Australasia PtyLtd	Soil sampling	A064784
2002-2005	Mawson West Ltd & Boyer Exploration and Resource Management Pty Ltd	Geological mapping, soil and rock chip sampling, ground magnetics	A066644 A070149 A071513 A075488
2008-2015	Central Norseman Gold Corp Ltd	Regional exploration	Numerous
2011-2013	Anglogold Ashanti Australia Ltd	Auger sampling	A092238 A098894
2009-2014	Matsa Resources Ltd	Soil sampling	A087515 A104207

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APPENDIX II – Historical Rock Chip Geochemistry Results, Albion Prospect

Sample ID	Northing (AMG)	Easting (AMG)	Gold (ppb)	Geology
ABRK001	6404987	375301	4	Mullock sample of milky white quartz vein from smallpit
ABRK002	6404979	375306	5	Mullock sample from small costean across sheared gabbro and minorquartz
ABRK003	6404970	375309	136	Shearedgabbro and ferruginous veinquartz
ABRK004	6404969	375316	815	Sheared/ferruginous gabbro and minor ferruginous quartz
ABRK005	6404968	375321	185	Milkywhitequartz vein from smallpit
ABRK006	6404968	375337	408	Channel sample across large (80cm) quartz vein in largepit
ABRK007	6404963	375340	429	Channel sample across large (60cm) quartz vein in largepit
ABRK008	6404957	375367	9123	Blocky quartz vein ~80cm in width from small shaft ~18m deep
ABRK009	6404953	375375	3440	Weakly ferruginous vein quartz from wall of main Albion shaft
ABRK010	6404956	375380	312	Blocky white quartz vein from side wall of pit ~4m deep
ABRK011	6404948	375384	2130	Blocky white quartz vein from side wall of pit ~3m deep
ABRK012	6404928	375394	237	Weakly sheared mafics and minor quartz in small pit
ABRK013	6404924	375392	65	Ferruginous mafics and minor vein quartz from small costean
ABRK014	6404918	375399	10	Ferruginous mafics and minor vein quartz from smallpit

Source: Mawson West Limited, Annual Report, Albion Project P63/1034, For the Period 18/03/2002 to 17/03/2003, WAMEX report number A066644.

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Historical rock chip sample locations. Note coordinates are AMG Zone 51 AGD84.

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APPENDIX III – JORC Compliance Table

Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Rock chip samples and channel samples selectively collected from historical workings.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Not applicable, no drilling completed.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Not applicable, no drilling completed.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length andpercentage of the relevant intersections logged.	Not applicable, no drilling completed.

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Criteria	JORC Code Explanation	Commentary
Sub-sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample preparation techniques are not known.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) andprecision have been established.	All rock chip samples were assayed for a “classic fire assay” by Ultratrace, method code FA, 1 ppb Au detection limit. The assay technique is considered appropriate and industry best standard for the time. The techniques are considered to be a near total digest. Quality control procedures are unknown.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	No verification of sampling and assaying has been completed, results are as originally reported.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	Sample locations were recorded with a handheld GPS instrument. The grid system used for location of rock chip samples as shown in tables and on figures is AMG Zone 51, AGD84. All other figures in this announcement use MGA Zone 51, GDA94.
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Data spacing is variable and not appropriate to establish geological and grade continuity.

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Criteria	JORC Code Explanation	Commentary
	 Whether sample compositing has been applied.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	The rock chip samples are not oriented to the mineralised structures and any sample bias is unknown.
Sample security	 The measures taken to ensure sample security.	Measures taken to ensure sample security are unknown.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	No audit or review has been completed.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The results relate to historical rock chip sampling completed on the area of exploration licence E63/1810. The tenements are held 100% by Glen Tyrrell Bulldozing Pty Ltd and are subject to an Option Agreement with Mt Monger Resources Ltd, pursuant to the details in this announcement. The tenements are held securely and no impediments to obtaining a licence to operate have been identified.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	The exploration completed by other parties is described in the body of the announcement.
Geology	 Deposit type, geological setting and style of mineralisation.	The Albion Project is prospective for orogenic gold mineralisation associated with structures in Archaean greenstone units, as described in the body of the announcement.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including Easting and northing of the drill hole collar, Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar, dip and azimuth of the hole, down hole length and interception depth plus hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the	Not applicable, no drilling reported.

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Criteria	JORC Code Explanation	Commentary
	understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable, only surface rock chip samples reported.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	Not applicable, no intersections reported.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to Figures included in the body of the announcement.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Comprehensive reporting of assay results is provided in the announcement.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	None.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further drilling may be undertaken for infill and extension of the known mineralisation at the Albion deposit and surrounding exploration prospects. Soil sampling may be undertaken to evaluate the extension of the mineralised structures.

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AI assistant

METALLIUM LIMITED Capital/Financing Update 2021

65382_rns_2021-11-17_2aab4e4c-d5a7-4677-81f7-4c22cbaf7de1.pdf

ASX Announcement

ASX:MTM

18 November 2021

OPTION TO ACQUIRE THE ALBION GOLD PROJECT

Highlights:

Albion Gold Project

Project Geology

Gold Mineralisation

Exploration History

Proposed Exploration Program

Option Agreement

For further information, please contact:

About Mt Monger Resources Limited

Competent Person’s Statement

Previous Disclosure

Cautionary Statement Regarding Values & Forward-Looking Information

APPENDIX I – Historical Exploration Summary

APPENDIX II – Historical Rock Chip Geochemistry Results, Albion Prospect

APPENDIX III – JORC Compliance Table

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

METALLIUM LIMITED — Capital/Financing Update 2021

65382_rns_2021-11-17_2aab4e4c-d5a7-4677-81f7-4c22cbaf7de1.pdf

ASX Announcement

ASX:MTM

18 November 2021

OPTION TO ACQUIRE THE ALBION GOLD PROJECT

Highlights:

Albion Gold Project

Project Geology

Gold Mineralisation

Exploration History

Proposed Exploration Program

Option Agreement

For further information, please contact:

About Mt Monger Resources Limited

Competent Person’s Statement

Previous Disclosure

Cautionary Statement Regarding Values & Forward-Looking Information

APPENDIX I – Historical Exploration Summary

APPENDIX II – Historical Rock Chip Geochemistry Results, Albion Prospect

APPENDIX III – JORC Compliance Table

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

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