METALS AUSTRALIA LTD — Capital/Financing Update 2013

Aug 28, 2013

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29 Augus t 2013

The Manager ASX Market Announcements Office Australian Securities Exchange Limited Level 4, Exchange Centre 20 Bridge Street Sydney NSW 2000

Dear Sir

LISTED OPTIONS EXPIRING 30 SEPTEMBER 2013

Attached is a letter w hich we p ropose mailing to Optionhold e rs today t o advise t h em of the forthcomi n g expiry o f their options.

Yours faithfully Norman Grafton Company Secretary Metals Australia Ltd

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29 Aug u st 2013

LISTED OPTIONS EXPIRING 30 SEPTEMBER 2013 (ASX CODE: MLSO)

Dear Optionholder,

As a holder of MLS O listed options which e xpire on 30 September 2013, the C ompany is s upplying you wit h this infor m ation as r e quired by Listing Rul e 6.24 and Paragraph 6.1 of App e ndix 6A (‘Timetables’) of the ASX Listing Rules.

I appre c iate that th e current pri c e of our full y paid shar e s is about $ 0.02, and it remains a m atter for each o p tionholder t o determin e if they wi s h to exerc i se their op t ions. Any i n vestment in Metlas Australi a Ltd is an i n vestment i n a speculat i ve stock. A personalise d conversio n form is pr o vided on the rear of this letter for this purpose.

The Co m pany furth e r advises th a t:

1. The num b er of 30 Se p tember 201 3 Options o u tstanding is 163,665,00 0 . 2 . The exer c ise price is 2 cents ($0. 0 2). 3 . The due d ate for exer c ise is 30 S e ptember 20 1 3. 4 . Any Opti o ns which ar e not exerci s ed will laps e and have no value. 5 . The Opti o ns will cea s e to be qu o ted after th e close of t r ading on M o nday 23 S e ptember 2013.

6 . The lates t market pric e of the Co m pany’s ordi n ary shares w as 2 cents as at 23 Jul y 2013. 7 . During th e 3 months p rior to this n otice the hi g hest marke t price of or d inary share s was 2.2 cents on 2 7 August 2 0 13 and the lowest mar k et price wa s 1.2 cents o n several o c casions, most rec e ntly on 28 J u ne 2013.

8 . There is c urrently no u nderwriting agreement c overing the exercise of t hese Optio n s

TO EXERCISE YOUR OPTIONS

Please c omplete th e enclosed A pplication f o r Exercise of Options form and th e n forward it together with your cheque, w h ich must b e received b y 5:00 pm W S T on 30 September 20 1 3 to:

ADVANCED SHARE REGISTRY LIMITED PO Box 1156 Nedlands WA 6909

Telephone: (08) 9389 8033 Fax: (08) 9389 7871

Payments must be m ade in Au s tralian Doll a rs only, and cheques s h ould be ma d e payable t o Metals Australi a Ltd, drawn on an Austr a lian bank a n d crossed “Not Negotia b le.”

Yours f a ithfully, Norman Grafton Company Secretary Metals Australia Ltd

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MLSO

METALS AUSTRALIA LTD

ACN 008 982 474 INCORPORATED IN WESTERN AUSTRALIA APPLICATION FOR SHARES UPON EXERCISE OF OPTIONS

I/ We, Mr/ Mrs/ Miss

First Names/ Company Name

Surname/ Australian Company Number

Address

Postcode

(Please complete full name and address) Contact Telephone Number

The registered holder(s) of the Options hereby exercise my/our Option for:

In figures In words

Ordinary Fully Paid Shares and enclose application money of 2 cents per share $

(amount payable on exercise)

I/We whose full name(s) and address(es) appear above hereby apply for the number of Shares shown above. I/We agree to be bound by the Constitution of the Company.

Securityholder Reference Number (S.R.N.)	Complete this only if you are Issuer Sponsored.
Signature Of Shareholder(s)	Companies Only -Executed in accordance with the Company’s Constitution and
(All joint holders must sign)	the Corporations Act.
Signature Date	Sole Director and Sole Secretary Date
Signature Date	Director Date Secretary Date
Date Signature	Director Date Director Date
Note: If signed under Power of Attorney, a Certified Copy of the relevant Power of Attorney document must be exhibited to the
Registry. The Attorney declares that he/she	has had no notice of revocation of the Power of Attorney.

TERMS AND CONDITIONS

• a) Each Option shall entitle the Option holder, when exercised, to one fully paid ordinary share in the Company (“Share”).

• b) The Options are exercisable wholly or in part at any time prior to 5.00 pm (WST) on 30 September 2013 (“Expiry Date”). The Options not exercised by that date shall lapse.

• c) Each Option may be exercised by notice in writing to the Company, together with the payment for the number of shares in respect of which the Options are exercised, at any time before the Expiry Date. Any notice of exercise of an Option received by the Company will be deemed to be a notice of the exercise of that Option as at the date of receipt.

• d) The Option exercise price is $0.02 per Option.

• e) An Option does not confer the right to a change in exercise price or a change in the number of the underlying Shares over which the Option can be exercised.

• f) Shares issued upon exercise of the Options will be issued following receipt of all the relevant documents and payments and will rank equally in all respects with the then issued Shares.

• g) The Options are not to be quoted on ASX and the Company is under no obligation to apply for quotation of the Options on ASX. The Company may apply for quotation on ASX of the Options.

• h) The Company will apply for quotation on ASX of all Shares issued upon exercise of the Options.

• i) Subject to the Corporations Act, the Constitution and the Listing Rules, the Options are freely transferable.

• j) There are no participating rights or entitlements inherent in the Options and Option holders will not be entitled to participate in new issues of securities offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least 5 Business Days after the issue is announced so as to give Option holders the opportunity to exercise their Options before the date for determining entitlements to participate in any issue.

• k) If at any time the issued capital of the Company is reorganised, the rights of an Option holder are to be changed to the extent necessary to comply with the Listing Rules applying to a reorganisation of capital at the time of the reorganisation.

LODGEMENT INSTRUCTIONS

Cheques shall be in Australian currency made payable to Metals Australia Limited and crossed "Not Negotiable". The application for shares on exercise of the options with the appropriate remittance should be lodged at the Company's Registry, Advanced Share Registry Limited, PO Box 1156, Nedlands Western Australia 6909.

NOTE: OPTIONS NOT EXERCISED BY 30 SEPTEMBER 2013 WILL AUTOMATICALLY EXPIRE.