METALS AUSTRALIA LTD — Capital/Financing Update 2017

Mar 20, 2017

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ASX Announceme

21 Mar c h 2017

High Grade Lithium Bearing Pegmatites Discovered at Manindi

Highlights:

• Sampling of historic diamond cores has returned significant widths of high grade lithium bearing pegmatites up to 25m wide assaying up to 2.14% Li2O

• Results include 15m @ 1.20% Li2[O from 34] m including 5m @ 1.53% Li2O from 38m in MND018

• Detailed geological mapping at the Mulgara/Warabi Zinc resource zone has confirmed several lithium bearing pegmatites outcropping at surface with strike lengths of over 300m and widths of up to 25-30m

• � Rock chip sampling of outcropping pegmatites has returned high grade lithium assays up to 2.84% Li2[O and high] grade tantalum assays up to 296 ppm Ta205

• The economics of any future mining of the existing zinc resource at Mulgara/Warabi should be substantially improved by the potential presence of lithium being mined together with zinc

Diversif i ed metals e xploration c ompany, M etals Austr a lia Ltd (AS X : MLS ) is e xcited to announce the dis c overy of significant hi g h grade Lithium-Cae s ium-Tantal u m (LCT) m ineralisati o n at the Mulgar a / Warabi zinc resourc e area of th e Manindi Zi n c Project l o cated in W e stern Aust r alia.

Recent re-examina t ion of historical diamo n d cores b y Metals Au s tralia geol o gists has unearthed a num b er of lithium bearing pegmatite intrusions a ssociated with previ o us diamon d drilling conduc t ed at the M ulgara an d Warabi z i nc resourc e s located a pproximat e ly 1.3km S E along strike fr o m the Kult a rr resource.

Significant Lithium mineralisation present in historic drilling

Lithium bearing pe g matites w e re discove r ed during a recent review of the M ulgara an d Warabi zinc resources. Co r e from fou r historic di a mond hole s was examined, being MND018, M ND019, MND02 0 and MN D 022. Of t h e four hol e s examin e d, the cor e for hole MND018 c ontained signific a nt widths of high gr a de lithium mineralis a tion hoste d within p e gmatite. T h e three remaini n g holes also contained lithium mineralisation o f a lower g r ade.

Mulgar a and Wara b i were drilled over 10 years ago as part of a zinc expl o ration and resource definition drilling pr o gram. As a result, the diamond c o res were n o t assayed f or lithium, a s it was not con s idered a v a luable metal. It is cle a r from exa m ining the c ore that a n umber of d rill holes were te r minated w h ile still in th e lithium mi n eralised p e gmatite.

In addit i on to thes e four holes a further 2 4 diamond h oles in the vicinity of M ulgara an d Warabi mineralised zone r e quire further investigation for pote n tial lithium b earing pegmatites.

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Assay r e sults retur n ed from re c ent diamond core sam p ling includ e 15m @ 1.20% Li2O from 34m, includin g 5m @ 1.53% Li2O fr o m 38m, in M ND018 and 3m @ 1.00% Li2O fr o m 41m in M ND022. The lith i um mineralisation app e ars to be a ssociated m ainly with t he mineral lepidolite ( F igure 1). Other li t hium miner a ls observe d in diamon d core inclu d e eucryptit e and spod u mene.

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Figure 1 – Diamond core from MND018 sho w ing zone of p urple colour e d lepidolite. Assaying of this zone returned t he highest a s say result of 2.14% Li2O f ro m 43.36m t o 44m. Photo shows diam o nd core from 40.01m to 45.12m.

Lithium bearing pegmatites outcrop at surface

Detaile d surface m apping rec e ntly carrie d out at M u lgara and Warabi, sit u ated appr o ximately 1.3km S E of Kul t arr (Figur e 3), has identified a t least thr e e lithium bearing p e gmatites outcrop p ing at surf a ce with stri k e lengths o f over 300 m and width s up to 25-3 0 m (Figure 2 ).

Results from twelv e rock chip s amples col l ected from these peg m atites have returned hi g h grade assays up to 2.84% Li2O. O t her strategic metals s uch as Ta n talum (up to 296ppm Ta2O5), Caesiu m (up to 74 6 ppm Cs2O) and Niobiu m (up to 16 9 ppm Nb2O 5 ) are also p resent (Ta b le 1).

The pe g matite intr u sions appe a r to cross c ut the mai n geological strike in a northeast-s o uthwest orientat i on. They appear to b e moderatel y zoned wi t h coarser g rained cry s tals adjacent to the contact s fining in w ard towar d s the centre. Lithium mineralisa t ion also a p pears to b e more concen t rated adjacent to the c ontacts ex h ibiting coarser graine d and mor e abundant lepidolite and sp o dumene cr y stals. The p egmatites o verall strik e length is n ot limited t o surface o u tcrop as detailed aeromagn e tics strongl y suggest f a r more ext e nsive development of p egmatite structures exist su b -surface.

Rock Chip Assay Results

Rock C hip A	ssay R esults
Sample ID	Nort hing	E asting	Lithium	Tantalum	Caesium	Niob ium
			(% Li2O)	(ppm Ta2O5)	(ppm Cs2 2O)	(ppm N **b2O5) **
MDD40 2	6818 222	6 64358	0.77	69	113	9 7
MDD40 3	6818 222	6 64322	1.08	60	84	6 0
MDD40 4	6818 208	6 64286	1.44	296	158	16 9
MDD40 5	6818 200	6 64250	1.46	63	146	6 6
MDD40 6	6818 187	6 64210	0.85	118	124	9 2
MDD40 7	6818 280	6 64235	2.07	249	324	12 6
MDD40 8	6818 287	6 64270	2.37	193	393	10 7
MDD40 9	6818 292	6 64295	2.84	198	746	12 5
MDD41 0	6818 270	6 64270	1.55	72	145	7 9
MDD41 1	6818 294	6 64325	2.75	277	**632 **	12 2
MDD41 2	6818 173	6 64170	1.47	100	142	7 8
Table 1 – Rock	chip as say results.

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Figure 2 – Interprete d geology of the Mulgara - Warabi area showing pe g matite intrus i ons, rock chip sample locations , historic drill holes sam p led for lithi u m, historic drill hole collar positions and outcro p ping zinc mineralis a tion (shown i n red) on the felsic-mafic c o ntact.

Previou s ly flown a e romagnetic surveys s h ow that th e strike length of the p e gmatites o u tlined to date ar e not limited to surface o utcrop but s uggests there is extensive sub su r face continuation of the peg m atites.

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Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra	Mulga ra
Cut off	C ategory	V olume m 3	Tonnes t	Zn %	Ag g/t	Au g/t	Cu %	Zn t	Ag Oz	Au Oz	Cu t
2	M In In easured dicated ferred	I ndicated Inferred 40146	8453 41984 150140	3 15 6 1463 6801 .34	5.6 6.1 5.7 5 4 2	5.52 5.69 0.03	0.01 0.03 0.43	0.28 0.42 9516	173 524 276 0 9 26	3 14 151	28 83 651
	T otal:	50316	188177	6 .34	5.7 2	0.03	0.40	11932	346 05	168	762
Warra bi
Cut off	C ategory	V olume m 3	Tonnes t	Zn %	Ag g/t	Au g/t	Cu %	Zn t	Ag Oz	Au Oz	Cu t
2	M In In easured dicated ferred	6176 11770 21539	23860 45066 80752	1 9 6 1.29 .92 .73	7.3 7.6 6.6 4 5 1	0.01 0.02 0.05	0.46 0.47 0.47	2693 4471 5438	562 110 171 7 82 59	9 33 130	110 211 380
	T otal:	39485	149678	8 .42	7.0 4	0.04	0.47	12601	338 68	172	701

Table 2: JORC Resource

The res o urce at W a rabi is 149,678 tonne s @ 8.42% Z n together with 7.04 g /t Ag and 0.47% Cu whilst t h e resource at Mulgara is at 188,177 tonnes @ 6.34% Z n together w ith 5.72 g/t Ag and 0.4% C u (both at a 2% cut off g rade).

The co m bined res o urce at M ulgara and Warabi r e presents a p proximatel y 24,639 t o nnes of contain e d zinc m e tal (withou t accountin g for the c opper and silver cre d its) and represents approxi m ately 35% of the curr e nt total Ma n indi JORC resource o f 1.06Mt at 6 .52% Zn f o r 70,102 tonnes o f containe d metal (at a 2% cut off g rade.).

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Figure 3: Location pe g matites withi n the zinc ore b ody

As can b e seen fro m Figure 3, t he lithium b earing peg m atites at M ulgara and Warabi sit w ithin the outline o f the existi n g JORC (2 0 12) Measured, Indicat e d and Infe r red resour ce at Manin d i.

MLS is excited by t he potential of the lithi u m mineralisation parti c ularly as it is within th e current zinc re s ource area. Any mini n g of the zi n c resourc e will by necessity als o involve mining the lithium m ineralisati o n, which is expected t o significantly improve t he overall p roject eco n omics at Manindi.

The co n current mi n ing of any l ithium toge t her with th e zinc should have a s u bstantial benefit on overall m ining economics of th e zinc resource.

For more information, please contact:

Gino D’ A nna Directo r Metals A ustralia Lt d M: +61 4 00 408 87 8

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Competent Person Statement

The in f ormation i n this ann o uncement relating to geology, exploration results, g e ological interpre t ation is based on inf o rmation co m piled by M r Dean G o odwin, wh o is a con s ultant to Metals A ustralia Ltd. Mr Goo d win is a m ember of T he Australian Institute of Geosci e ntists, a Recognised Profes s ional Orga n isation by t he Australi a n Joint Or e Reserves C ommittee, and has sufficie n t experien c e relevan t to the s t yle of mineralisation and types of deposi t s under consideration and to the activi t y which is b eing under t aken to qu a lify as a C o mpetent Person as defined in the 201 2 edition of t he Joint O r e Reserve s Committe e (JORC) A u stralasian Code for Reporti n g of Expl o ration Res u lts. Mr Go o dwin con s ents to the inclusion in this report of the contain e d technical information in the form and context in which it appears.

Appendix 1

Table 3: Historic Drill Hole Details

Drill hole	Northing	Easting	AHD RL (m )	Inclinat (0) ion	Azimu (0) th	Tot Depth al (m)	Loca tion
MND018	6818300	664310	483	60	270	49. 2	Mulg ara
MND019	6818320	664350	483	60	270	120. 62	Mulg ara
MND020	6818320	664320	483	60	270	81. 7	Mulg ara
MND022	6818340	664330	483	60	270	90. 7	Mulg ara

JORC Code, 2012 Ed i tion TABLE 1 Section 1 – Sample T echniques and Data

Criteria	E xplanation
Sampling te chniques	S E a R p o A r l A p b ampling include xploration resul ppropriate qual andom rock chip egmatites in the f the assessmen total of 12 rock epresent and ch ab. The assay me total of 4 diamo rogram. Diamon oundaries. The a s diamond core a ts are based on in ity assurance qua s have been col project area. Th t and the availab chip samples ran aracterise the ma thod was 4 acid nd holes had 95 d core sampling ssay method wa nd rockchip. dustry best prac lity control (QAQ lected as a first p e samples have a ility of suitable o ging from 2‐3kg terial targeted. digest with ICP‐M sample intervals was cut to ½ cor s 4 acid digest w tices, including s C) measures. ass assessment a n irregular spac utcropping mate of material were Sample weights h S. selected from t e with sampling ith ICP‐MS. ampling, assay m nd orientation o ing reflecting the rial for sampling collected in the ave been record hem by Metals A breaks adjusted t ethods, and f the outcroppin reconnaissance . field to properly ed and reported ustralia Ltd in th o geological g nature by the is
Drilling tech niques	N ot applicable, n o drilling has bee n carried out.
Drill sample recovery	D S S a iamond drill hol elected intervals amples were sel n unbiased sam es had been geo from the target ected on a basis ple. logically logged a ed drill holes hav of pegmatite int nd recorded wit e been re‐logged ersection and hig hin a digital data and recompiled h lepidolite occu base. into a database rrence, hence ar by MLS e not

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Logging	A l t A ll logging was co ogging template he data is export ll field descriptio mpleted accordi s.. The resulting d ed to modelling ns are qualitativ ng to industry st ata is uploaded software for visu e in nature andard practice. to a Datashed da al validation and Logging was com tabase and valid interpretation. pleted using sta ated. Once valid ndard ated,
Sub‐ sampli techniques preparation ng and sample	F c A A A A s or all sample typ onsidered suitab total of 12 rock total of 95 sam ll samples were ll samples were tandard codes o es, the nature, q le as per industr chip samples we ples of ½ cut diam dry and presente sent to Bureau V f practices. uality and appro y best practice. re collected. ond core were d to the laborat eritas laboratori priateness of the taken during this ory “as is”. es in Perth for sa sample prepara program. mple preparatio tion technique is n and analysis us ing
Quality of a and laborat ssay data ory tests	T t A M T L he samples have he whole sample 0.25gm aliquot S. his procedure is aboratories inse been sorted, dr . was then digeste considered appr rted their own st ied, crushed and d in a four acid opriate for LCT p andards and bla pulverised. Prim solution for a “ne egmatite analys nks at random in ary preparation ar” total digestio is. tervals and to co has been by crus n and analysed nfirm high grade hing by ICP‐ results.
Verification sampling an of d assaying	A A c ll significant inte ll data is validat arried out by sen rcepts are review ed using the QAQ ior staff membe ed and confirm Cr reporter valid rs. ed by senior per ation tool with D sonnel before rel atashed. Visual ease to the mark validations are t et. hen
Location of data points	R a T ock chip positio nd +/ 10m vertic he Grid system u ns were recorded al. sed is GDA94 da with a handhel tum, MGA zone d GPS system wit 50 projection h expected accu racy of +/‐5m ho rizontal
Data spacin distribution g and	D m T t S iamond drill hol odelling. he data spacing o appropriate fo amples have not e samples were c and distribution r Mineral Resour been composite omposited to a is not sufficient t ce estimation pu d. nominal 1.0 m do o establish the d rposes. wn‐hole interva egree of geologi ls for resource cal and grade co ntinuity
Orientation relation to structure of data in geological	S r ampling was car epresentative of ried out over a s the pegmatite b mall area of the ody project and inter preted pegmatite and are not con sidered
Sample sec urity	A c ll samples rema ollection to labo in in the custody ratory drop‐off. of company geo logists, and are f ully supervised fr om point of field
Audits and reviews	N o audits or revie ws have been u ndertaken

Section 2 – Reportin g of Explora t ion Results

Criteria Explanation Mineral, tenement and The Company controls an 80% In t erest in three g r anted Mining Licences in Wester n Australia cover i ng the land tenure status known mineralisation and surrounding area. The licences are M57 / 227, M57/240 a nd M57/533. The licence reports and exp e nditure are all i n good standing a t the time of reporting. There ar e no known impediments

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	with respect to o perate in the are a.
Exploration other partie done by s	The deposits wer geophysical tech geophysical tech The project has b These include 10 deposits have ne e identified by W niques prior to d nique being appl een drilled in 8 s 9 diamond drillh ver been mined. MC in the early rilling. Mapping ied to the projec eparate drill pro oles, 105 RC drill 1970s and have and soil geochem t. grams since 1971 holes, 169 RAB d been extensively istry preceded a , with 389 holes rillholes and 8 pe explored using s irborne and surf having been com rcussion holes ( urface and ace pleted. . The
Geology	The mineralisatio has been extensi and emplacemen mineralisation is lenses of zinc‐do dolerite and gab Pegmatites that n at Manindi is h vely deformed by t of the Youanm considered to be minated mineral bro. are prospective f osted within an regional metam i gabbro intrusio a volcanogenic isation that have or lithium, caesiu Archaean felsic a orphism and str n and other later massive sulphide been folded, she m and tantalum nd mafic volcani uctural event rel granitic phases. (VMS) zinc depo ared, faulted, an (LCT). c sequence. The ated to the Youa The Manindi zin sit, comprising a d possibly intrud sequence nmi Fault c‐copper series of ed by later
Drillhole inf ormation	All relevant drillh ole information is supplied in Ap pendix 1 of the a nnouncement.
Data aggre methods gation	All exploration re grade material re No metal equiva sults are reporte ceive less weigh lent values repor d by a length we ting than longer ted ighted average. lengths of low gr This ensures tha ade material. t short lengths o f high
Relationshi mineralisat and interce p between ion widths pt lengths	The mineralisatio located east of a following the com grade envelope a majority of the h angles. A smaller angles, resulting The pegmatites h conducted in a si intercepts return n at Manindi is c gabbroic intrusio plex N‐S stratig nd these have m oles drilled to da portion of the h in close to true t ave been mappe milar orientation ed in historic dri omplex in natur n. The overall zo raphy. Higher gra ore varying orie te dip steeply to oles are drilled to hickness interse d with an overa . Further drilling lling. e but confined to ne of lower grad de zones of zinc ntations. Overall the west and as wards the east a ctions ll east‐west strike work is required a series of appro e mineralisation mineralisation a the zone is steep such intersect th nd intersect the with the majori to determine th ximately N‐S str appears to be st re located within ly dipping to the e mineralisation mineralisation a ty of historic dril e true width of p iking zones rata‐bound the lower west, A at low t high ling egmatite
Diagrams	A series of releva nt diagrams are included in the b ody of the annou ncement.
Balanced re porting	All relevant assay results are repo rted.
Other subst exploration antive data	All meaningful an d material explo ration data has b een reported.
Further wor k	Metals Australia mineralisation in Ltd plans to cond pegmatites. uct further sam pling of historic d rill cores for add itional lithium