METALS AUSTRALIA LTD - Capital/Financing Update 2016

ASX Announcemen

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14 Dec e mber 2016

Metals Australia to Accelerate Exploration Activities on Priority Resource Extension and Greenfields Targets at the Manindi Zinc Project

Highlights:

MLS has completed a technical review of Priority Resource Extension and Greenfields Exploration targets at the Manindi Zinc Project. (JORC 2012 resource estimate 1.076 Mt at 6.52% Zn; 0.26% Cn and 3:19glt Ag reported at 2% cut-off).
Previous 3D modelling of existing geological and geophysical data identified nine high priority targets.
MLS to commence drilling in the next two months to test at least three high priority Resource Extension and Greenfields targets.
These high priority targets provide the potential to greatly increase the Manindi mineral resource and improve project economics.
Zinc prices have risen to their highest level in more than eight years and are currently at approximately US$2,700/t. The price of the metal, used mainly to galvanise steel, has risen almost 90 per cent since a six-and-a-half-year low of US$1,444.50 in January 2016 on concerns of shortages due to mine closures and lack of new production.

Diversified metals e xploration c ompany, M etals Austr a lia Ltd (AS X : MLS ) is p leased to announce that the Company h as completed a techni c al review o f the high priority expl o ration targ e ts at the Compa n y’s Manind i Zinc Proje c t.

The Ma n indi Projec t is located in the Murchison Distri c t of Weste r n Australia, 20 km sou t hwest of the historic Youna m i gold mi n e. The pr oj ect is loca t ed on three granted m ining lice n ces and contain s a high gra d e zinc dep o sit.

Manind i is conside r ed to be a volcanogenic massive s ulphide (V M S) deposit , comprisin g a series of lens e s of zinc-d o minated mineralisatio n that have been folde d , sheared, f aulted, and possibly intrude d by later dolerite and gabbro. Th e style of m ineralisatio n is similar t o other base metal sulphid e deposits in the Yilga r n Craton, p articularly Golden Gr o ve near Ya l goo to th e west of Manind i , and Teutonic Bore-Ja g uar in the E astern Gol d fields.

The current estima t ed mineral resources a t the Man i ndi Zinc Project, in compliance with JORC (2012) are:

1.076Mt @ 6.52% Zn for 70,102 tonnes of contained zinc metal (at a cut-off grade of 2% Zn)

Exploration Targets

A detailed exploration targeting exercise was undertaken to complement the JORC 2012 mineral resource estimate at Manindi. The aim was to identify robust exploration targets with the potential to host significant tonnages of additional mineralisation and improve the economics of the project. Any increase in the mineral resource estimate will improve the project economics at Manindi.

The Company has previously flown a VTEM survey over the Manindi project. This survey confirmed existing anomalies from historic MLTEM, FLTEM and DHTEM surveys and the EM response of the existing deposits, as well as identifying several new untested anomalies. The mineralisation at Manindi consists of massive sulphides with very high pyrrhotite content. Pyrrhotite is highly conductive, making TEM a particularly effective targeting technique for Manindi-style mineralisation.

All EM data, historic and new, were reprocessed and modelled using modern 3D modelling software. The resultant 3D models were combined with existing aeromagnetic, geochemical and geological datasets to generate and rank exploration targets in order of priority.

3D inversion modelling of the aeromagnetic dataset was particularly useful in ranking the TEM conductors. The mineralisation at Manindi is located on the western side of a deep-rooted, strongly magnetic body. TEM conductors located in similar positions either along strike from Manindi, or associated with other similar magnetic bodies received higher rankings.

Drilling at the current Manindi mineral resource has identified four mineralised positions, all of which are open in at least one direction. Most importantly, drilling at the current mineral resource has only tested the mineralisation to a maximum depth of 300m below surface.

Recent EM modelling indicates that conductive bodies extend much deeper than this, particularly beneath Kowari, Numbat and Kultarr where the 2012 FLTEM models extend to over 500m below surface, and are open at depth. These are referred to as “ resource extension ” targets.

In addition to the resource extension targets a number of other exploration targets have been identified which have not yet been drill tested. These targets are referred to as ‘ greenfield targets ’ rather than ‘resource extension targets’. These greenfield targets have been ranked in order of priority and will be drill tested in order of priority. Should any of these greenfield targets contain mineralisation they would enhance the Manindi mineral resource estimate and could improve project economics.

Resource Extension Targets

As a result of the technical review of the geological database for the Manindi project, MLS has been able to identify three high priority and significant resource extension targets, being (i) Kultarr Deeps and Kultarr North and (ii) Kowari Deeps.

The discovery of mineralisation at the above targets would significantly increase the mineral resource at Manindi and could substantially improve project economics.

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Figure 1 – Manindi VTEM i m agery and target map showing hi g hest priority targ e ts in red polygo n s, other targets inn beige polygons, conductive trends in pink lines and ar e as of conductive o verburden in gr e y hatching

Kultarr Deeps and Kultarr North

Various phases of TEM surve y ing dating back as far as the 1 9 70s have i d entified this highly conduc t ive zone, w hich hosts the Kultarr mineralisation. The 2012 VTEM s u rvey and follow-up FLTEM s urveying s h owed that this zone e x tends to a t least 1,00 0 m verticall y below sur f ace. The deepes t drilling onl y tests to a m aximum o f 300m vert i cal below s u rface.

Given its location d irectly bel o w and alo n g strike fr o m the Kult a rr minerali s ation, whi c h is also highly c o nductive, this is a very high priori t y drill targe t .

Follow- u p will involve a progr a m of deeper drilling followed by DHTEM su r veying. Th e DHTEM surveyi n g will be u s ed to map out the sul p hide mine r alisation in detail and t arget futur e drilling. This tar g et alone h a s the potential to greatly increase t he Manindi mineral res o urce.

Kowari Deeps

This ta r get is similar to Kul t arr Deeps but ranks lower bec a use the K owari and Numbat mineralisation are both of a lower gra d e than K u ltarr. How e ver, given the gener a lly high

segregated and z o ned natur e of VMS style mineralisation, there is a good chance this conductor represents higher grade zinc and/or copper mineralisation. The highest grade copper intersected by drilling in the Manindi area, up to 1.27% Cu, occurs at the Kowari prospect .

Follow- u p will involve a program of drillin g followed b y DHTEM surveying. T h e DHTEM s urveying will be u sed to map out the sul p hide mine r alisation in detail and t a rget future drilling.

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Figure 2 ‐ L ong Section of Ko w ari and Kultarr sh o wing the high prio r ity target areas. Newexco 2007 DHT E M models are in grreen, 2002 surface E M models a re in yellow, 2012 FLTEM models are in light brown and d rillhole pierce poi n ts are in black dotss.

Greenfields Targets

In addi t ion to the resource e x tension tar g ets, a nu m ber of oth e r high pri o rity targets such as Kaluta, D ibbler and Brushtail have not yet been drill t ested (Figure 1.). The s e are refer r ed to as ‘greenfi e lds targets ’ . Should a n y of these high-qualit y targets co n tain miner a lisation, th e y would substan t ially incre a se the Manindi mine r al resourc e estimate a nd theref o re improv e project econo m ics.

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Figure 3 - 3D oblique vie w showing 3D ma g netic inversion models in green wi t h mineralisation w ireframes in blacck and FLTEM co n ductor mo d els in yellow. N o te the favourable positions of the h ighest priority EM conductor modells.

Descrip t ions and pr o posed follo w ‐up programs for the highest priority greenfields targets in order of priority a re as follo w s:

1. Kaluta

T his target w as identifi e d by the 2 0 12 VTEM survey, and r efined by f l ow‐up FLTEM in the s ame year. K aluta is a r e latively lar g e untested highly conductive body . The 3D m o del is at least 70m b y 600m in s urface area. Potential thickness is unknown a t this stage, but the t onnage po t ential is si g nificant. T he target s tarts at ju s t 30m bel o w surface, where it resolves int o several discrete bodie s then plun g es shallowl y , at approxi m ately 25 d e grees at a n azimuth of 290 deg r ees. It is l o cated clos e to the W o mbat Cu‐Ni soil anom a ly and is c oincident w ith a deep‐rooted ma g netic body comparabl e to the se t ting of the Manindi mineralisati o n.

T he Kaluta E M anomaly was first id e ntified by W estern Mi n ing Corpor a tion (WMC ) in 1974. Drill testing was attem p ted, but m o dern TEM s urveying and 3D proce s sing have confirmed t hat the conductor was n ot effectiv e ly drill tested at the tim e .

Follow‐up w ill involve diamond drill testing followed by DH T EM surveyi n g. DHTEM s urveying w ill be used to determi n e whether o r not the c o nductor has been effe c tively intersected, to refine the 3 D conductor models, an d to provide a vector for future pha s es of drillin g . Future phases of d r illing would depend on t he discover y of significant mineralis a tion.

Kaluta is th e highest ra n ked target because it i s highly co n ductive, it is potentiall y large in s ize, it is coincident wi t h a strongl y magnetic b ody with a similar geo l ogical setti n g to the e xisting Ma n indi mineral resource, a nd it is com p letely unte s ted by drilli n g.

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Figure 4 - Cro s s section of the K aluta TEM cond u ctor model showing the 1974 WM C holes which did not intersect the t arget

2. Dibbler

T his TEM conductor is l o cated 300 m east of Ko w ari, coincid e nt with a m agnetic tre n d similar t o, and par a llel to the Manindi trend. It may represent a new mine r alised horizon lower d own in th e volcanic sequence to the main M anindi po s ition, or p o ssibly mineralisation remobilised into the footwall gabbr o . This would be expect e d in a typic a l VMS targ e t model. A lthough this conducto r is relativel y small at it s top, it ma y represent t he top of s o mething larger, whic h develops at depth.

Dibbler was identified b y historic E M surveys. A shallow percussion ho l e was drille d by Esso Exploration and Production Australia INC (Ess o ) in 1984 over the co n ductor. M o dern 3D modelling i n dicates that the hole fa i led to inter s ect the con d uctor. The hole was terminated a t 39m in + 3 00ppm copper. The M a nindi depo s its are typi c ally surrou n ded by an a lteration halo contai n ing +250pp m copper, s o this is a very positive si g n for Dibbl e r.

Follow‐up w ill involve drilling one hole to in t ersect the conductor f ollowed b y DHTEM s urveying. If significant mineralis a tion is intersected, a s econd pha s e of drillin g will be c arried out.

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Figure 5 - Cross section of the Dibbler T E M 3D model, loo k ing North West, s howing the hole d rilled by Esso in 1984, which faile d to intersect the t arget, EM model s in green, magnetic inversion mod e ls in blue and mineralisation in re d . Note the Dibbleer position on the 3D magnetic inversion m o dels in comparis o n to the Kowari- N umbat mineralis e d position on the left

3. Brushtail

Identified b y the 2012 V TEM surve y and refine d by follow‐up FLTEM i n the same y ear. This c onductor i s coincident w ith a stron g ly magneti c trend simil a r to the M a nindi trend, the area is undercov e r and com p letely unex p lored, and may repres e nt a miner a lised positi o n higher up in the vo l canic sequence to Mani n di.

A lthough th e conductor appears to b e relatively small at its top, it could represent the top of s omething larger devel o ping at de p th, particu l arly given the coincide n ce with a magnetic body. Only d rilling and D HTEM surv e ying can d e termine thi s .

T he fact th a t this area has never been explo r ed for Ma n indi style m ineralisati o n makes Brushtail a v ery high pri o rity target.

Follow‐up w ill involve d r illing of on e or two dia m ond holes f ollowed by DHTEM sur v eying. If mineralisati o n is encountered, furth e r drilling a n d DHTEM s u rveying ma y be propos e d.

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Figure 6 - Cross s ection of Brushtail showing the 20 1 2 FLTEM 3D models in green and the 3D magnetic inversion model in blue

Drilling to Commence on Resource Extension and Greenfields Targets

The Co m pany now proposes to undertak e exploration activities at Manindi to define additional resourc e tonnage at the project. An increa s e in the re s ource tonnage at Man i ndi will im p rove the potenti a l economics of the pr o ject and wi l l assist the Company i n better de f ining the n e xt stage of development for this high-g r ade zinc d e posit.

The firs t phase of e x ploration at these hig h priority resource extension and gr e enfields targets will consist o f a small scale explor a tion drillin g program, with each d rill hole de s igned to e i ther test for dep t h extensio n s of the m ain Manin d i resource target or t o test for n e w zinc an d copper mineralised zones.

Followi n g this first phase of drilling, and dependent on the successful out c ome, the C ompany then pl a ns to unde r take a second stage o f drilling to f ollow up p r evious drilling and to test other undrille d targets.

The firs t phase of exploration drilling is p lanned to commence in the nex t 2 months with the Compa n y already i n the advan c ed stages o f awarding t he exploration drilling c ontract.

Significant Historic Drilling Intersections

Drilling at Manindi to date ha s identified f our zones of high gra d e zinc mi n eralisation. The four main zones from n o rth to sout h are Kultar r , Kowari, M u lgara and W arabi.

A number of factor s are believ e d to control the miner a lisation at M anindi:

T he miner a lisation occurs within multipl e stratigra p hic horiz o ns, which extend d iscontinuously over a s trike lengt h of 4 km.

The gabbro footwall does not appear to intrude and remove the mineralisation, but rather forms a ‘marker’ unit within the stratigraphy above which is potentially prospective for mineralisation.

Table 1 shows significant drill results from the four mineralised zones at Manindi. The high tenor and significant thickness of the zinc mineralisation are important attributes of Manindi. The presence of intersections such as 52m* at 5.96% Zn and 0.25% Cu in FWD0053 from 137.60m and 10m* at 12.61% Zn and 0.42% Cu from 172.36m in MND005 in the northern Kultarr zone can be compared to intersections in the southern Warabi zone of 24m* at 11.41% Zn and 0.33% Cu from 43m in MNRC014 and 13.97m* at 11.61% Zn and 0.39% Cu from 38.70m in MND007 . These mineralised areas are separated by 1.7km of strike which is poorly tested by drilling.

*not indicative of true width due to holes being drilled at low angle to the mineralised structure

For more information, please contact:

Dean Goodwin James Moses Consultant Geologist Media and Investor Relations T: +61 8 9481 7833 Mandate Corporate M: +61 420 991 574 E: [email protected]

Competent Person Statement

The information in this announcement relating to geology, exploration results and the mineral resource estimate is based on information compiled by Dean Goodwin, who is a consultant to Metals Australia Ltd. Mr Goodwin is a member of The Australian Institute of Geoscientists, a Recognised Professional Organisation by the Australian Joint Ore Reserves Committee, and has sufficient experience relevant to the style of mineralisation and types of deposits under consideration and to the activity which is being 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. Mr Goodwin consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

Table 1: Significan t drill inters e ctions in m ineralised w ireframes a t Manindi u sing a 0.5 % Zn cutoff. Int e rnal intersections over 5% are sh o wn within e ach hole. Intersectio n s in Table 1 do not represe n t true widt h s of miner a lisation.

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AI assistant

METALS AUSTRALIA LTD Capital/Financing Update 2016

65344_rns_2016-12-13_21225545-cfe1-41b8-9d93-b9524b702099.pdf

Metals Australia to Accelerate Exploration Activities on Priority Resource Extension and Greenfields Targets at the Manindi Zinc Project

Highlights:

1.076Mt @ 6.52% Zn for 70,102 tonnes of contained zinc metal (at a cut-off grade of 2% Zn)

Exploration Targets

Resource Extension Targets

Kultarr Deeps and Kultarr North

Kowari Deeps

Greenfields Targets

1. Kaluta

2. Dibbler

3. Brushtail

Drilling to Commence on Resource Extension and Greenfields Targets

Significant Historic Drilling Intersections

For more information, please contact:

Competent Person Statement

JORC Code, 2012 Edition – Table 1

AI assistant

METALS AUSTRALIA LTD — Capital/Financing Update 2016

65344_rns_2016-12-13_21225545-cfe1-41b8-9d93-b9524b702099.pdf

Metals Australia to Accelerate Exploration Activities on Priority Resource Extension and Greenfields Targets at the Manindi Zinc Project

Highlights:

1.076Mt @ 6.52% Zn for 70,102 tonnes of contained zinc metal (at a cut-off grade of 2% Zn)

Exploration Targets

Resource Extension Targets

Kultarr Deeps and Kultarr North

Kowari Deeps

Greenfields Targets

1. Kaluta

2. Dibbler

3. Brushtail

Drilling to Commence on Resource Extension and Greenfields Targets

Significant Historic Drilling Intersections

For more information, please contact:

Competent Person Statement

JORC Code, 2012 Edition – Table 1

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