METALS AUSTRALIA LTD - Capital/Financing Update 2014

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A S X A N N O U N C E M E N T 1 J u l y 2 0 1 4 M ILE 72 U R ANI U M D RILLING R ESU L TS

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Drilling at Mile 72 in May 2014

HI G HLIGH T S

Drilling completed at Mile 72; confirmation of primary Rössing-style uranium mineralisation hosted by alaskitic pegmatites in southeast of licence.
53 RC drillholes completed for 2,688m in a campaign of widely-spaced drilling to assess large areas of the licence.
Assays received for 7 holes show 7 Significant Intercepts[1] , including an intercept of 2m@690ppm U3[O] 8[in MS] RC0037 and 2m@226ppm U3O8 in MSRC0047.
Confirmation of previously identified multiple anomalous uraniummineralised zones showing strike continuity of up to 2km in drilling and trenching.
Primary mineralised zones confirmed under sand cover, including mineralised calcrete channels (secondary mineralisation).
Radon Cup anomalism in northwest of licence shown by drilling to be near surface and localised in nature, underlain by areas of barren schist.
Further exploration will focus on identifying the extent of trap sites in southeastern uranium mineralised zones.

1 Si g nificant Intercept being 1 m>50ppm U 3O8

Met a ls Australi a Ltd (ABN 38 0 08 982 474) www.metals a ustralia.com. a 1[st] Flo o r, 8 Parliament P lace, West Perth, WA 6005 ▪ PO B ox 1618, West Perth, WA 6872 ▪ t : +61 8 9481 78 3 3 ▪ f: +61 9481 7 8 35 ▪ e: mls@me t alsaustralia.com. a

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DRILLING PROGRAM CO M PLETED

Met a ls is pleas e d to announce the co m pletion of a second pha s e of reverse circulation (RC) drilling at its Mile 72 Project north o f Swakopmund in Nami b ia (Figure 1). Initial res u lts from th e first progr a m in Nove m ber 2013 c onfirmed the existence o f alaskite-h o sted urani u m minerali s ation at Mil e 72. The pr o grams carried out by t h e Compan y are the first ever to t e st this are a for urani u m minerali s ation at sig n ificant dept h below surf a ce.

The November 2 013 program focused o n a series o f priority out c ropping ta r gets testin g the Da m aran schis t -granitepeg m atite/alask i te sequenc e where it c o rrelated wit h surface geo c hemical, radiometric, a n d aeromag n etic anom a lies. The pri m ary objecti v e of the in i tial progra m was met, with the ide n tification of multiple stri k e-persisten t pegmatitic horizons con t aining ano m alous uranium minerali s ation, withi n 85m of surf a ce at Mile 7 2.

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Figure 1 – L o cation of the M ile 72 uraniu m project, Namib i a.

Thi s most rece n t program was design e d to targe t blind mineralised ura n ium horizo n s that are hid d en under s hallow bla n keting san d s. These s andy plain s host a n u mber of R adon Cup ano m alies in th e undrilled n o rtheast of t h e Mile 72 li c ence area w hich require d testing.

AS S AYS RECEI V ED

Lab o ratory ass a ys have b e en receive d from 7 ho l es of the 53 hole pro g ram. Inters e ctions are sho w n in Tabl e 1, and ex p lained in f u rther detail in Appendix 1 of this release. T h e drillhole loc a tions are s h own in Fi g ure 2. A f u ll list of th e hole loca t ions in the program is shown in Appendix 2.

The most signifi c ant assay i n tercepts from the progr a m included;

 2m at 690ppm U3[O] 8[in MSR] C0037 from 3m including 1m at 737ppm U3O8  2m at 226ppm U3[O] 8[in MSR] C0046 from 3m including 1m at 312ppm U3O8

Als o of significa n ce was an intersection of 1m at 136ppm U3O8 from 30m i n MSRC0054, in which a p e gmatite is h osted withi n a medium grained gra n ite. These n ew results a re consist e nt with the res u lts of the first drill pro g ram, furth e r validating the presen c e of continuous prima r y uranium min e ralisation a t Mile 72.

A c a lcrete pala e ochannel h o sts an inte r section of 5m at 62ppm U3O8 from surface in MSRC055 including 1m at 106 ppm U3O8 , (se c ondary La n ger Heinrich style of m ineralisation) .This is con s idered pro m ising for the accumu l ation of surface mineralisation so u rced from hard rock sou r ces already identified at the Project.

Table 1 include s all sample s taken duri n g the progr a m that wer e sent for la b oratory analysis. Each of t h e 53 drillh o les in the p rogram wa s assayed i n the field on a metre- b y-metre ba s is using a RS125 spectro m eter and a h andheld X R F machine. Significant a nomalism i n either spec t rometer or XR F samples w ere sent fo r assay. This significan t ly reduced a ssay costs to the Co m pany. The spe c trometer a n d XRF res u lts have an excellent c o rrelation to mineralisati o n and uranium grade, and are considered a valid sample selec t ion guide.

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Table 1: U3O8 values d e termined by X-Ray Fluoresce n ce Spectromet r y.

Hole ID	C ollar coordin ates	C ollar coordin ates			Inter cept	Inter cept	Inter cept		C omments
			H ole direction

	E asting	N orthing	D ip	Azimuth (mag)	From	To	Interval
MSRC 0037	4 09610	7 581851	-6 0	133	3 4	4 5	1 1	737 643	2m at 690ppm
MSRC 0041	4 09521	7 581673	-6 0	133	13	14	1	200	1m at 200ppm
MSRC 0046	4 09555	7 581685	-6 0	133	3 4	4 5	1 1	312 141	2m at 227ppm
MSRC 0047	4 09504	7 581720	-6 0	133	7	8	1	94	1m at 94ppm
MSRC 0054	4 10153	7 582939	-6 0	133	30	31	1	136	1m at 136ppm
MSRC 0055	4 10043	7 583019	-6 0	133	0 1 2 3 4	1 2 3 4 5	1 1 1 1 1	106 35 29 88 53	5m at 63ppm
MSRC 0056	4 09991	7 583056	-6 0	133	17	18	1	218	1m at218ppm

The November 2 013 results included significant ass a y intercepts including:  3m at 1,192ppm U3O8 in MSRC0042 from 13m, including 1m at 3,407ppm U3O8 .  6m at 158ppm U3O8 in MSRC0031 from 9m , including 3m at 265ppm U3[O] 8[from ] 12m and including 1m at 572ppm U3O8
3m a t 106ppm U 3[O] 8[in MSR] [C] 0004 from 11m, including 1m at 14 1 ppm U3O8  3m a t 102 U3O8 in MSRC00 4 3 from 45 m , including 1 m at 147p p m U3O8
3m a t 96ppm U 3 O8 in MSR C 0009 from 32m , includi n g 1m at 15 9 U3O8
3m a t 88ppm U 3 O8 in MSR C 0001 from 9 6m, includi n g 1m at 10 6 ppm U3O8
7m a t 82ppm U 3 O8 in MSR C 0026 from 2m , includin g 2m at 144 p pm U3O8

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Fig u re 2 – Loca t ion of deep e r RC drillin g at Mile 72. D rilling has intercepted a laskite-host e d uranium mi n eralisation in several dr i llholes in th e Southeast terrane, defining a serie s of uranium trends up to 2km lon g . The drilling in the Nor t hwest terra n e defined a large area underlain by s chist

RA D ON CUP A NOMALIE S TESTED

Thi s most rece n t drill progr a m was desi g ned to test a number of targets lo c ated under s and cover as w ell as othe r s identified by radon cup anomalis m . The first 1 8 holes of t he program tested the ext e nsions of pr e vious uranium trends i d entified in t h e Novembe r 2013 drillin g program, s uch as the res u lts at MSR C 0031, whic h identified m ineralisation under sand cover. Th e presence o f multiple, nar r ow uraniu m -enriched h orizons wi t hin a sequence of s chist-granit e -pegmatite/ a laskite is con f irmed by t h e drilling around MSRC 0031, a n d includes the results from MSR C 0037 and

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MS R C0046. Th e se uranium-mineralise d zones repr e sent an on g oing oppor t unity for th e southeast of t h e project to host signific a nt primary a nd/or seco n dary uraniu m mineralis a tion.

Of the program , 35 holes t a rgeted highly anomalo u s radon cu p highs loca t ed in a radiometrically bar r en region i n the cent r e and nor t hwest of t h e licence. Localised a nomalous radon cup ano m alism was seen to b e potentiall y representative of buri e d primary o r seconda r y uranium min e ralisation. T he drilling f o und this no t to be the c a se, with the central and northwest a reas being und e rlain by pelitic schist wi t h sporadic p egmatites ( b arren) and underlain b y deeper granite bodies (als o barren). The schist-gr a nite-pegm a tite/alaskite geological t e rrane of th e southeast is in stark con t rast to the s chist dominated northw e st, separat e d by a maj o r geologic a l structure ( S ee Figure 2).

The drill progr a m was ter m inated early when it became evident that a l l of the n o rthwestern sub s urface targ e ts were bar r en of urani u m mineralis a tion. Explo r ation will re - focus on th e southeast terr a ne where p revious dril l ing has be e n successf u l at identif y ing both n e ar surface a nd buried zon e s over sign i ficant distances.

In a ddition, the identificatio n of mineral i sed calcret e palaeochannels in th e southeastern terrrane ope n s up furthe r opportuniti e s for preser v ed second a ry uranium m ineralisati o n at Mile 72.

FU R THER EXP L ORATION

Thi s most rece n t drilling, w hile sterilisi n g a signifi c ant portion of the proj e ct area, allows future exp l oration to f o cus on the most prospective area s and possi b le trap zon e s in the s o utheastern terr a ne. As well as primary Rossing-st y le uranium m ineralisation, this prog r am has co n firmed the pre s ence of cal c rete-hosted uranium at M ile 72.

For further information please contact: Vin c ent Algar or Matthew P a inter +61 8 948 1 7833 Or consult our website: w ww.metals a

w ww.metals a ustralia.co m .au

Competent Person Declaration

The i n formation in thi s release relating to the geology a nd exploration r e sults of the projects owned by MMetals Australia L td is based on infor m ation compiled b y Dr Matthew P a inter, who is a c o nsultant to Met a ls Australia. Dr P ainter is a membber of The Austr a lian Institute of Geos c ientists, a Reco g nised Professio n al Organisation b y the Australasian Joint Ore Re s erves Committeee, and has sufficient experience relev a nt to the style of mineralisation a n d types of depo s its under consid e ration and to the activity which is bbeing undertake n to qualify as a Com p etent Person as d efined in the 2012 Edition of the J o int Ore Reserve s Committee (JO R C) Australasian CCode for Reportin g of Exploration Results. Dr Painter co n sents to the inclu s ion in this report of the matters based on his inform a tion in the form aand context in which it appears. Forward-Looking Statements

This d ocument may include forward-lo o king statements. Forward-looking statements inclu d e, but are not limmited to, statem e nts concerning Metal s Australia Ltd’s planned exploration programme a n d other statem e nts that are not h istorical facts. WWhen used in this document, the word s such as "coul d ," "plan," "estim a te," "expect," "i n tend," "may”, " p otential," "shoul d ," and similar eexpressions are forward-looking state m ents. Although M etals Australia L td believes that i ts expectations r e flected in these forward-looking sstatements are reasonable, such state m ents involve ris k s and uncertaint i es and no assur a nce can be giv e n that actual results will be consiistent with these forward-looking state m ents.

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JO R C TABLE 1

Section 1 – Sa m ple Techniques and Da t a

*Crit* *eria*	*Explana* *tion*
*Samp* *techn* *ling* *iques*	Exploratio appropriat samplesa analysis. Spectrome for more p All drill sa riffle splitte are thenp by X-Ray Bureau Ve n results are ba e quality assura re collecteda Each 1m split ter. Anomalou recise analysis. mples submitte r to obtain a s repared by mix FluorescenceS ritas Laboratory sed on industr nce quality co s 1m compos sample is an s samples are d to the labora ub-fraction whic ing with a spec pectrometry (X in Swakopmu y best practice ntrol (QAQC)m ite samples th alysed with a submitted toB tory are dried t h is then pulve ial wax and pr RF). Samplep nd, Namibia. s, including sam easures. Reve rough a cyclon handheld XRF ureau Veritas hen crushed.A rised with a vib essing to form reparation and pling, assaym rse circulation e which arer analyser and Laboratory inS sample is the rating pulveris a solid buttona analysis areu ethods, and (RC) drilling iffle split for an RS125 wakopmund n split with a er. Samples nd analysed ndertaken at
*Drilli* *ng techniques*	RC drilling coordinate is completed s are quoted in by a 5 ¼ inch WGS84 datum diameter hole unless otherwi drilled with af se stated. ace samplingh ammer. All
*Drill* *reco* *sample* *very*	The qualit logging of field duplic The quality with certifi that results y of RC drilling various criteria ates to measur of analyticalr ed standards,d are representa samples is op designed to re e sample precis esults is monito uplicates andb tive and within timised by the cord sample siz ion. red by the use lanks and statis acceptable ran use of riffle an e, recovery an of internal labo tical analysiso ges of accuracy d/or cone split d contamination ratory procedu n a monthly ba and precision ters and the , and use of res together sis to ensure .
*Logg* *ing*	All logging intervalsa standard database validation Detailed in mineralisa is completeda nd stored inp Metals/Datashe and validated. and interpretatio formation on lit tion are collecte ccording to ind lastic chip tra d logging tem Once validate n. hology, sample d in a series of ustry best prac ys for future r plate. The res d, the data is quality, structu detailed self-va tice. RC drillc eference. Log ulting data is exported tom re, geotechnica lidating logging hips are wets ging is comple uploaded to odelling softwa l information,a templates. ieved on 1m ted using a a Datashed re for visual lteration and
*Sub-* *techn* *samp* *sampling* *iques and* *le preparation*	RC sample splitting ta For all sam is conside Field dupl control re duplicates Sample siz s are riffle split kes place. ple types, the red suitable as icates are take ports are unde . es are appropr on 1m interva nature, quality per industry bes n every 20 sam rtaken routine iate to the grain ls when dry.W and appropriat t practice. ples to ensure ly to monitor size of the ma hen wet, sampl eness of the sa the samples the performan terial being sam es are dried ou mple preparati are representa ce of field sta pled. t before riffle on technique tive. Quality ndards and
*Qual* *data* *tests* *ity of assay* *and laboratory*	The samp crushing th 3kg sub-fra Samplesa analysedb Field Stan and blank batch. les have been e whole sampl ction which ha re then prepar y X-Ray Fluore dards and Blan s at random in sorted, dried,c e. The samples s then been pu ed by mixingw scence Spectro ks are inserted tervals, but sev rushed and pu have been spl lverised in a vib ith a special wa metry (XRF) to every 10 sam eral are insert lverised. Prima it with a riffle sp rating pulverise x and pressing determine Ua ples. Laborato ed per batch re ry preparation litter, if require r. to form a soli nd Th contents ry inserts its ow gardless of th has been by d, to obtain a d button and . n standards e size of the

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*Verif* *samp* *assa* *ication of* *ling and* *ying*	All signific release to No adjustm original for All data is then carrie ant intercepts the market. ents are mad mat. validated using d out by senior are revieweda e to the raw a the QAQCr rep staff members nd confirmed ssay data. Da orter validation . by at least thre ta is imported tool with Datas e senior pers directly to Data hed. Visual va onnel before shed in raw lidations are
*Loca* *point* *tion of data* s	Holes are licenced s set out usinga urveyor on com handheld 12 c pletion of the h hannel GPS.A ole. ccurate collarl ocations are pi cked up by a
*Data* *distr* *spacing and* *ibution*	Data spac type ands data spaci ing and distribu tyle under cons ng and density tion used to de ideration. Wh is decided and termine geolog ere a mineral re reported by the ical continuityi source is to be competent per s dependent o estimated, the son. n the deposit appropriate
*Orien* *in rel* *geolo* *tation of data* *ation to* *gical structur* e	Orientation and interp If structure general str If the relat is conside considered Drilling is known inte of sampling is retation of thed and geometry ike of stratigrap ionship betwee red to havei material. at an angle to rpretation of th as unbiased a eposit geometr is not well und hy and/or regio n the drilling or ntroduced as surface and i e strike of previ s possible base y. erstood, sampl nal structure. ientation and th ampling bias, s drilled to ma ously intersecte d on the domin ing is orientated e orientationo this would be ximise perpend d mineralisatio ating mineralis to be perpend f key mineralise assessed and icular intersec n. ed structures icular to the d structures reported if tion with the
*Samp* *le security*	All sample field collec s remain in the tion to laborato custody of co ry drop-off. mpany geologi sts, and are fu lly supervised from point of
*Audi* *ts and reviews*	None yetu ndertaken fort his dataset.

Section 2 – Reporting of Ex p loration Re s ults

*Crit* *eria*	*Explana* *tion*
*Mine* *and l* *statu* *ral, tenement* *and tenure* s	The Comp 3308 is cu licence re pending st the area. The Comp any metal impedimen current en any controls an rrently pending ports and expe atus. There are any maintains production.T ts. The licence vironmental cle Exclusive Pro renewal by th nditure are al no known imp a 100% interes here are no kn is located in arance certifica specting Licenc e Namibian Mi l in good stan ediments with r t in EPL3308,a own native title the Dorab Par te to operate in e (EPL) at Mile nistry of Minera ding at the tim espect to renew nd a 3% gove interests, histo k recreationala the Park. 72, namely EP ls and Energy, e of reporting ing the licence rnment royalty rical sites ore rea. The Com L3308. EPL however the , despite the to operate in is in place on nvironmental pany holds a
*Explo* *other* *ration done b* *parties* y	Prior to th recorded deposit, lo Appraisal becausev has had to e exploration in the area. His cated on adjace of previous wo ery limited data re-collect thed completed by torical explora nt ground and rk has therefo are available ata. Metals on EPL tion in the are not within EPL3 re been limited in either digital 3308, no reco a focused ont 308. to high level or hardcopy fo rd of moderne he nearby Mile reviews of hist rmat. In most xploration is 72 Uranium orical reports cased Metals
*Geol* *ogy*	The geolo mineralisa the schists gy consists of tion is alaskite- , and supergen a sequence hosted uranium e uranium mine of Damaran s (Rössing-style ralisation. chists, granites uranium), with and alaskites potential for u . The target ranium within
*Drill* infor *hole* *mation*	All relevan t drillhole inform ation is supplie d in appendix 1 of the announ cement.
*Data* *meth* *aggregation* *ods*	All explora of high gra tion results are de material rec reported by a eive less weigh length weighte ting than longe d average. Thi r lengths of low s ensures that grade material short lengths .

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	No high gr ade cut-offs are applied.
*Relat* *betw* *mine* *width* *lengt* *ionship* *een* *ralisation* *s and interce* hs pt	Mineralisa betweena these have All holesd intersectio be close to tion seen atM magnetic bea been exposed rilled to dated n as practicable true thickness ile 72 is curre ring of 020° an in numerous t ip at 50° and to the above . ntly interpreted d 045°. Dips o renches across 60° and drilled orientation. Int to be largely f the various un the project at orientations ercept lengths, strata bound its are close to that result ina therefore, are and oriented vertical and s high angle interpreted to
*Diag* *rams*	A series o f relevant diagra ms are include d in the body o f the announce ment.
*Balan* *ced reporting*	Informatio laboratory XRF arer and XRFd n relating to ge assay resultsa ecorded andu ata are not inc ophysical andg re excluded.S sed to selects luded in the rele eochemical tes amples taken i amples for labo ase. twork is include n the field with ratory assay. d in the annou handheld Spec The handheld ncement. No trometer and Spectrometer
*Furth* *er work*	Plans forf urther work are outlined in the body of the ann ouncement

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Appendix 2 – Mile 72 RC Drilling

Hole No	Easting	Northing	F inal Depth (m)	Dip ( O)	A ( zimuth Omag)
MSRC0036	409529	7581909	45	-60	133
MSRC0037	409610	7581851	50	-60	133
MSRC0038	409492	7581689	50	-60	133
MSRC0039	409411	7581747	50	-60	133
MSRC0040	409330	7581806	50	-60	133
MSRC0041	409521	7581673	21	-60	133
MSRC0046	409555	7581685	15	-60	133
MSRC0047	409504	7581720	15	-60	133
MSRC0048	409595	7581821	15	-60	133
MSRC0049	409634	7581833	15	-60	133
MSRC0050	409566	7581877	15	-60	133
MSRC0051	410036	7582777	50	-60	133
MSRC0052	409876	7582895	15	-60	133
MSRC0053	409849	7582915	50	-60	133
MSRC0054	410153	7582939	50	-60	133
MSRC0055	410043	7583019	50	-60	133
MSRC0056	409991	7583056	45	-60	133
MSRC0057	409830	7583174	50	-60	133
MSRC0058	410109	7583218	50	-60	133
MSRC0059	409947	7583336	50	-60	133
MSRC0060	410065	7583498	50	-60	133
MSRC0061	409903	7583615	50	-60	132.83
MSRC0062	409741	7583733	50	-60	132.83
MSRC0063	410020	7583777	50	-60	132.83
MSRC0064	409859	7583895	50	-60	132.83
MSRC0065	409697	7584012	50	-60	132.83
MSRC0066	409535	7584130	50	-60	132.83
MSRC0067	409411	7583976	50	-60	132.83
MSRC0068	409192	7584260	100	-60	120.83
MSRC0069	409030	7584096	100	-60	120.83
MSRC0070	408991	7584318	50	-60	120.83
MSRC0071	410778	7583968	50	-60	132.83
MSRC0072	410616	7584086	50	-60	132.83
MSRC0073	410895	7584130	50	-60	132.83
MSRC0074	410733	7584248	50	-60	132.83

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MSRC0075	410292	7584321	50	-60	132.83
MSRC0076	410130	7584439	50	-60	132.83
MSRC0077	409969	7584556	50	-60	132.83
MSRC0078	409760	7584677	100	-60	3 00.83
MSRC0079	409692	7584489	100	-60	3 00.83
MSRC0080	409851	7584394	87	-60	3 12.83
MSRC0081	409624	7584301	100	-60	3 00.83
MSRC0082	409673	7584383	50	-60	120.83
MSRC0083	409814	7584174	50	-60	3 12.83
MSRC0084	408590	7584677	50	-60	120.83
MSRC0085	408684	7584643	50	-60	3 00.83
MSRC0086	408778	7584609	50	-60	3 00.83
MSRC0087	408872	7584574	50	-60	3 00.83
MSRC0088	409060	7584506	50	-60	3 00.83
MSRC0089	408496	7584711	50	-60	3 00.83
MSRC0090	408608	7586480	50	-60	3 00.83
MSRC0091	408796	7586411	50	-60	3 00.83
MSRC0092	408727	7586223	50	-60	3 00.83

AI assistant

METALS AUSTRALIA LTD Capital/Financing Update 2014

65344_rns_2014-06-30_b5e55159-6a31-4207-9562-89570e943a89.pdf

A S X A N N O U N C E M E N T 1 J u l y 2 0 1 4 M ILE 72 U R ANI U M D RILLING R ESU L TS

HI G HLIGH T S

DRILLING PROGRAM CO M PLETED

AS S AYS RECEI V ED

 2m at 690ppm U3[O] 8[in MSR] C0037 from 3m including 1m at 737ppm U3O8  2m at 226ppm U3[O] 8[in MSR] C0046 from 3m including 1m at 312ppm U3O8

RA D ON CUP A NOMALIE S TESTED

FU R THER EXP L ORATION

Competent Person Declaration

JO R C TABLE 1

Section 2 – Reporting of Ex p loration Re s ults

Appendix 2 – Mile 72 RC Drilling

AI assistant

METALS AUSTRALIA LTD — Capital/Financing Update 2014

65344_rns_2014-06-30_b5e55159-6a31-4207-9562-89570e943a89.pdf

A S X A N N O U N C E M E N T 1 J u l y 2 0 1 4 M ILE 72 U R ANI U M D RILLING R ESU L TS

HI G HLIGH T S

DRILLING PROGRAM CO M PLETED

AS S AYS RECEI V ED

 2m at 690ppm U3[O] 8[in MSR] C0037 from 3m including 1m at 737ppm U3O8  2m at 226ppm U3[O] 8[in MSR] C0046 from 3m including 1m at 312ppm U3O8

RA D ON CUP A NOMALIE S TESTED

FU R THER EXP L ORATION

Competent Person Declaration

JO R C TABLE 1

Section 2 – Reporting of Ex p loration Re s ults

Appendix 2 – Mile 72 RC Drilling

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METALS AUSTRALIA LTD Capital/Financing Update 2014