METALS AUSTRALIA LTD — Capital/Financing Update 2022

Feb 8, 2022

ASX ANNOUNCEMENT 9 February 2022

ASX code: MLS

Update Regarding the Issue of Quoted Options

Metals Australia Limited ( Company ) advises that at its Annual General Meeting held 27 January 2022 ( AGM ), shareholder approval was given to issue 1,041,369,312 options with an exercise price of $0.003 expiring 31 December 2023 (including 1,011,369,312 options which were proposed to be issued as free-attaching options with the placement conducted on 29 September 2021, and 30,000,000 options which are proposed to be issued to the broker who assisted with the placement).

As noted at the AGM, the Company intends to apply for quotation of these options subject to compliance with the ASX requirements. Accordingly, the Company will offer these options under a prospectus, which is anticipated to be lodged within the next two to three weeks. The issue of the options will occur following lodgement of the prospectus and receipt of application forms.

This announcement was authorised for released by the Board of Directors.

Sincerely.

Michael Muhling Company Secretary Metals Australia Ltd Phone: +61 8 9481 7833

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