METALLIUM LIMITED — Capital/Financing Update 2021

Oct 26, 2021

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26 October 2021

Dear Shareholder

Notice to Ineligible Shareholders of Non-Renounceable Loyalty Options Offer

As announced on 26 October 2021, Mt Monger Resources Ltd (ASX: MTM) ( MTM or Company ) is undertaking a pro-rata non-renounceable entitlement offer ( Loyalty Options Offer ) to eligible shareholders of quoted options in the Company at an issue price of $0.005 (0.5 cents) per option and on the basis of 1 new quoted option ( Quoted Option ) for every 3 shares held on the record date. Each Quoted Option will have an exercise price of $0.25 (25 cents) and an expiry date of 3 years from the issue date.

Pursuant to the Loyalty Options Offer, the Company will issue up to 14,316,666 Quoted Options to raise up to approximately $71,583 (before costs). The Company released a prospectus for the Loyalty Options Offer ( Prospectus ) to ASX on 26 October 2021.

Purpose of the Loyalty Options Offer

Subject to the satisfactory completion of the Loyalty Options Offer, funds raised from the issue of the Quoted Options will be used towards the costs of the Loyalty Options Offer and for general working capital. Funds raised from the exercise of the Quoted Options (if any) will be used towards development of the Company's existing projects and for general working capital.

The Loyalty Options Offer is available to all MTM shareholders ( Shareholders ) registered on the record date on 1 November 2021 ( Record Date ) whose registered address is in Australia or New Zealand ( Eligible Shareholders ).

Ineligible shareholders

A Shareholder who has a registered address outside Australia and New Zealand ( Ineligible Shareholder ) will not be eligible to participate in the Loyalty Options Offer.

You are not eligible to participate in the Loyalty Options Offer and you will not be sent a copy of the Prospectus. This decision has been made pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside Australia and New Zealand compared with the small number of Ineligible Shareholders and the number and value of Quoted Options to which they would otherwise be entitled.

For all enquiries concerning the Loyalty Options Offer, please contact the Company Secretary by telephone on +61 8 6444 1788. For all general shareholder enquiries, please contact the Company's Share Registry on 1300 288 664 (within Australia) or +61 2 9698 5414 (outside Australia).

Yours faithfully

SIMON ADAMS

Company Secretary

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