METALS AUSTRALIA LTD — Interim / Quarterly Report 2021

Jul 29, 2021

30 July 2021

QUARTERLY ACTIVITIES REPORT

For the quarter ended 30 June 2021

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Highlights:

• ➢ At Lac Rainy Graphite Phase 1 metallurgical testwork is well advanced and designed to:

• i) produce a concentrate with a greater proportion of larger, higher-value, flake sizes, and,

• ii) produce a high-purity, high-total carbon, concentrate to be assessed for suitability to produce downstream products such as expandable and/or spherical graphite

• ➢ At Nepean South nickel sulphide project, further exploration is planned, including detailed ground magnetics and EM to assist drill-targeting for massive nickel sulphides

• ➢ At Eade copper-gold project, processing of geophysical data has highlighted coincident magnetic and EM anomalies to be targeted for gold and copper-gold mineralisation associated with sulphide zones

• ➢ Airborne magnetics and EM program planned for the Lac du Marche copper-cobalt project

• ➢ Manindi Project exploration targeting for lithium as well as review of base metal targets

Metals Australia Ltd ( ASX: MLS and Company ) is pleased to report its activities for the Quarter ended 30 June 2021.

Lac Rainy Graphite Project, Quebec (Canada)

During the Quarter, the Company continued with the advanced metallurgical test work with SGS Canada to optimise the production capabilities of the Lac Rainy Graphite Project, under a present graphite concentrate only production model.

A key component of the, Phase 1, advanced metallurgical test work is to optimise product yield across the various size fractions and increase the proportion medium, large and jumbo flake mesh sizes, where premium pricing can be achieved.

This has the potential to enhance the product yield / mass feed into the concentrate plant, resulting in a smaller plant size and a corresponding reduction in upfront capital costs. There is also potential to reduce operating costs due to the optimised product mix, producing a positive impact on operating margins. It is anticipated that an increase in the flake size fractions and improved recoveries will deliver enhanced NPV and IRR returns for the Project.

The results of the metallurgical testwork program are expected to be received in stages, however, the overall report and raw data is expected to be received early in Q4 of 2021. This will then allow the Company to commence Phase 2 of its strategy for the Project which will focus on downstream product testwork.

The Company has already held various discussions with DRA Global about the optimised Lac Rainy modelling and pending receipt of the results from the advanced metallurgical testwork, the Company will move straight into the design element of the Phase 2 Scoping Study.

In preparation for the downstream product testwork, the Company arranged for a mini bulk sample of graphite to be transported from the Lac Rainy Graphite Project and delivered to SGS Canada. This material will undergo compositing prior to being fed through the flowsheet that is currently being developed. The end result of this process is that the Company will be able to produce a sizeable quantity of high-purity / high-total carbon graphite concentrate which can then be tested further for downstream product assessment, including expandable graphite, purified micronized graphite and spheronized graphite.

The Company has opened a dialogue with technology partners in Germany and North America which will allow the Lac Rainy Graphite concentrate product to be further tested in a downstream product environment.

The Company is focusing its efforts on marketing the high-quality and high-purity Lac Rainy graphite concentrate across North America and Europe with a focus towards end users that can then apply the graphite concentrate in the downstream market. Knowing what downstream products we can produce will be critical in directing our marketing efforts and leveraging our knowledge is important in determining our key relationships.

We are of the view that this additional work is critical to the future development of the Lac Rainy Graphite Project as it will not only enable the Company to secure potential end-users of the high-carbon (total) and high-purity graphite concentrate, but it will also offer the Company more insight into the downstream market and also provide the Company with potential options for the continued development of the Lac Rainy project into a mineable operation.

The opportunity for Metals Australia to deliver into growing high-margin downstream markets such as the Lithium-ion battery supply chain, spheronized graphite and expandable graphite remain open to the Company as future upside.

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Nepean South Nickel Project, Western Australia

During the Quarter, the Company acquired a 100% interest in the Nepean South Nickel Project ( Nepean South ), located near Coolgardie in Western Australia. The Nepean South Nickel Project is located approximately 30km south of the township of Coolgardie in the Goldfields region of Western Australia.

The Nepean South project is located directly south and along strike of the historic Nepean nickel sulphide mine ( Nepean mine ), currently 80% owned by Auroch Minerals Limited ( ASX: AOU ) ( Auroch ), which was the second producing nickel mine in Australia, producing 1,108,457t of ore between 1970 and 1987 for 32,202t of nickel metal at an average recovered grade of 2.99% Ni (Refer to ASX announcement dated 11 November 2020 and released on the MAP by Auroch Minerals Limited (ASX: AOU) and titled “Auroch to Acquire High-Grade Nepean Nickel Project”). The ore was treated by Western Mining Corporation (WMC, now BHP Group Ltd) at their Kambalda processing facilities. The Nepean mine closed in 1987 due to low nickel prices.

The tenement incorporates approximately 10km of strike of Kambalda-style komatiites, flanked by granites, with significant nickel sulphide mineralisation potential. The mineralisation present at the Nepean South project is interpreted to be similar to the Kambalda style, with nickel sulphides dominantly associated with the basal unit of komatiite flows in the stratigraphic package.

The Nepean South project geology is illustrated in Figure 1 below:

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Figure 1: Nepean South Nickel Project interpreted geology

The nickel mineralisation identified in the Kambalda area are volcanic peridotite associated deposits which are best developed at or near the base of ultramafic flows (komatiite). The ultramafic flows occur at a low stratigraphic level in the Kambalda greenstone succession.

Historic shallow RAB drilling was completed by Mincor Resources NL (Mincor) with significant drilling results including (refer to ASX announcement dated 3 March 2021 and released on the MAP by Metals Australia Limited and titled “Metals Australia to Acquire Nepean South Nickel Project, Western Australia”) :

• NRB042: 3m @ 2.34g/t Au from 57m

• NRB048: 6m @ 1.84% Ni and 0.02% Cu from 18m

• NRB048: 12m @ 1.29% Ni from 15m

• NRB067: 3m @ 0.78% Ni from 33m and 3m @ 0.76% Ni from 48m (6537270mN, 315560mE)

• NRB055: 9m @ 0.54% Ni from 21m

• NRB077: 3m @ 0.69% Ni from 24m (6536970mN, 315600mE)

The association of high nickel values in association with elevated copper, particularly in NRB048 (6m @ 1.84% Ni and 0.02% Cu) indicates that the Nepean South project is considered highly prospective for the discovery of massive nickel sulphides in primary lithologies.

RAB drilling was completed to only very shallow depths, on average only 42m from surface, with many holes drilled at even shallower depths. Deeper potential in the vicinity of the shallow RAB intersections will be targeted for the discovery of massive nickel sulphides.

To assist drill-targeting, an initial exploration program has been planned at the Nepean South project comprising an EM and magnetics survey (airborne or ground-based) across the entire strike length of the prospective ultramafic sequence. This will be followed by a drilling campaign to target nickel sulphides at depth. The Company is currently securing a contractor for the EM and magnetics data acquisition and data interpretation and will update shareholders in due course.

Eade Copper-Gold Project, Quebec (Canada)

During the Quarter ended 30 June 2021, the Company continued with the geological review, interpretation and targeting of the Eade, Pontois and Felicie gold-copper-silver-zinc projects, located in Quebec (Canada).

Previous exploration completed by the Company field tested the extensive gold and copper exploration targets that had been identified. High-grade gold, copper, zinc, silver and lead has been identified across each of the project areas (refer to ASX announcement dated 1 October 2020 and released on the MAP by Metals Australia Limited and titled “Field Program Highlights High-Grade Gold, Silver and Copper Mineralisation at Eade, Pontois and Felicie Projects”), including :

• Eade Gold Project

• 29.6 g/t Au (A0067009, angular quartz boulder)

• 3.67 g/t Au and 3.13 g/t Ag (A0067002, rock sample)

• 2.56 g/t Au (A0067005, rock sample)

• Pontois Copper-Gold Project

• 0.36% Cu and 4.52 g/t Ag (A0067122, rock sample)

• 0.41 g/t Au (A0067124, rock sample)

• Felicie Gold-Copper Project:

• 4.16 g/t Au, 44.10 g/t Ag, 0.23% Cu, 0.62% Pb and 1.25% Zn (A0067026, rock sample)

• 1m at 1.5 g/t Au, 1.39% Pb and 0.39% Zn (A0067065, channel sample)

• These mineralised zones are particularly significant because they are located in a new area that is open along strike

The results of the field program were consistent with, and significantly improved upon, the historical sampling that was undertaken at the Eade, Pontois and Felicie projects confirming the presence of not only gold mineralisation, but also copper, lead, silver, nickel and zinc within, predominantly, iron formation units.

This is a key breakthrough for the Company because the polymetallic nature of the mineralisation is indicative of the broader Lac Guyer Greenstone Belt and demonstrates that the Company is exploring the right geological structures in the right geological environment. Significantly, the Company has also demonstrated that gold and polymetallic mineralisation occurs over considerable strike lengths, indicating the potential for larger mineralised bodies to be discovered.

Figure 2: Geology base map overlaid by the 2020 and 2019 field exploration program sampling locations at the Eade, Pontois and Felicie project areas together with the sampling points and location of historic exploration data

During the quarter ended 30 June 2021, the Company announced that it had completed an airborne MAG and TDEM survey at the Eade Copper-Gold Project. A total of 748 line-km was flown with drill target planning to occur concurrently. Prospectair was engaged to complete the airborne Magnetic ( MAG ) and Time-Domain Electromagnetic ( TDEM ) survey over the Eade Copper-Gold Project. The surveys were carried out with traverse lines oriented N000 (in a north-south direction) at a line spacing of 50m in order to properly map the dominant geological strike. Control lines were flown with a N090 (in an east-west direction) azimuth and spaced every 500m.

The airborne survey focused on better defining copper-gold mineralised targets which are characteristic of the Lac Guyer Greenstone Belt, often associated with sulphide alteration with the mineralisation.

Initial processing of the Airborne Magnetic ( MAG ) and Time-Domain Electromagnetic ( TDEM ) data indicates, for both West and East Eade, that mineralised iron formation is associated with coincident magnetic and EM anomalies that are disrupted by cross-cutting structures. These coincident anomalies may be indicative of sulphide mineralisation associated with copper-gold deposits.

The Company has recently engaged Newexco Exploration to assist with the final interpretation and definition of drill targets. The anomalies generated by the survey will be modelled for size, orientation and depth of any conductive sources for direct drill targeting. The work is likely to result in the definition of several high-priority exploration targets which will be followed up by the Company in the field during this upcoming exploration season.

This work is expected to be completed shortly, following which the Company plans to conduct an initial reconnaissance drilling campaign.

Lac du Marcheur Copper-Cobalt Project, Quebec (Canada)

During the quarter ended 30 June 2021, the Company completed its review of the geological information available relating to the Lac du Marcheur Copper-Cobalt Project, located in Quebec, Canada. The next

phase of exploration at the Lac du Marcheur project will be the completion of an airborne geophysical program.

The Lac du Marcheur Cobalt Project covers an area of 1,780 hectares representing 35 active mineral claims, as well as an additional two pending claims hosting the Lac Pauzé showings (total of 119 ha) and is situated north and south of the Chilton Copper-Cobalt Project. The Project contains the Lac Pauzé and Lac Pauzé-Ouest cobalt-copper-nickel showings and is on strike with a number of other documented cobalt-copper-nickel showings, including (from north to south) SC-95-02, Lac Baume, Chilton Nickel, Lac Sicotte, Lac du Marcheur and Lac Sicotte-Est. The Lac du Marcheur Showing is located on the northern border of the South Block of the Lac du Marcheur Cobalt Project.

The mineralisation is in the form of disseminated sulphides and stockworks (veins and veinlets) massive sulphides filling fractures in the anorthositic gabbros, commonly at or near contacts with quartzites. Historic samples taken from the Lac du Marcheur Cobalt Project - Lac Pauzé Showing (located in Entrelacs Township) returned assays up to 1,765 ppm (0.18%) cobalt, 0.23% copper and 0.34% nickel (MERNQ GM 54214, GM 54928, GM 55347, and GM 55906). The Lac Pauzé Showing is exposed via a road cut and is easily visable and accessible from the highway. The strike length of the favourable mineralised zone within the North Block is over 5 kilometres, north-south, whilst the strike length of the favourable mineralised zone within the South Block is just under 6 kilometres, northwest-southeast.

Assay results from grab samples collected at the Lac Pauze prospect during the 2017 field program completed by the Company included (refer to ASX announcement dated 25 October 2017 and released on the MAP by Metals Australia Limited and titled “Sampling Program at Lac du Marcheur Cobalt Project Confirms Cobalt Mineralisation and Potential”) included :

• Sample 128478 returned a result of 2,360 ppm Cobalt, 2,700 ppm Copper and 1,790 ppm Nickel (select chip sample)

• Sample 128479 returned a result of 362 ppm Cobalt, 2,930 ppm Copper and 693 ppm Nickel (grab sample)

Sample results by the Company support the historic sample results and indicates the strongest prospectivity is in the Lac Pauzé Showing area, with further work required to define the extent of the copper-cobalt mineralisation as well as better define the structural characteristics of the mineralisation.

Additional prospectivity remains over parts of the property not yet assessed.

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----- Start of picture text -----

SC-95-02 Outcrop:
Lac Baume Outcrop:
2,180 ppm Cu and
3,907 ppm Ni and 2,406 ppm Cu and
772 ppm Co 2,730 ppm Ni and
920 ppm Co
Chilton Nickel
Outcrop: Lac du Marcheur
Outcrop:
12,300 ppm Ni and
3,300 ppm Cu and 1,482 ppm Cu and
2,500 ppm Co 2,876 ppm Ni and
529 ppm Co
6,800 ppm Ni and
1,400 ppm Cu and
1,300 ppm Co
Lac Sicotte Outcrop:
1,848 ppm Cu and
1,874 ppm Ni and Lac Pauze-Ouest
1,742 ppm Co
Outcrop:
1,186 ppm Cu and
1,389 ppm Ni and
393 ppm Co
Lac Pauze Outcrop:
1,765 ppm Co and
2,300 ppm Cu and
3,400 ppm Ni
----- End of picture text -----

Figure 5: Geology Map of Lac du Marcheur Cobalt Project and Assay Results of Local Outcrops

The Company is currently finalising the engagement of a suitable contractor to undertake a MAG and TDEM survey over the project to further define the target areas of copper and sulphide mineralisation, detect new conductive anomalies, and identify resistive zones within otherwise conductive host units to aid further testing in the field.

The Company will update shareholders in due course once a contractor has been engaged, which is expected to occur shortly.

Manindi Lithium Project, Western Australia

During the quarter ended 30 June 2021, the Company continued with its review of the Manindi Lithium Project, located in the Murchison District of Western Australia, approximately 20 km southwest of the Youanmi gold mine. The Project is situated in a fertile geological complex and is host to a significant undeveloped zinc deposit. The Manindi Project is comprised of three granted mining leases.

Lithium-bearing pegmatite dykes have previously been identified on the Manindi mining leases in the vicinity of the Mulgara-Warabi Prospect areas (refer to Metals Australia ASX announcement dated 21 March 2017) .

Surface mapping carried out at Mulgara and Warabi Prospects identified at least three lithium bearing pegmatites outcropping at surface with strike lengths of over 300 m and widths up to 25-30 m.

Results from twelve rock chip samples collected from these pegmatites have returned high grade assays up to 2.84% Li2O. The pegmatites were sampled where exposed, and mapping indicated that they extend under cover (refer to Metals Australia ASX announcement dated 21 March 2017) .

Previous exploration drilling undertaken by the Company at the Manindi Lithium Project has also identified extensions of lithium mineralisation beyond the surface mineralised samples which were collected. Interestingly, the lithium mineralised pegmatites are located away from the zinc and base metal mineralisation, allowing the Company to retain flexibility over the future exploration of the project. A total of 17 RC holes were previously completed by the Company for a total of 837 metres of drilling (refer to ASX announcement dated 21 June 2018) .

Significant intersections included:

• MNRC030 – 8 m @ 1.06% Li2O from 18 m including 3 m @ 1.65% Li2O; peak assay of 1.96% Li2O

• MNRC033 – 8 m @ 1.00% Li2O from 32 m and 7m @ 1.29% Li2O from 42 m; including 5 m @ 1.53% Li2O; peak assay of 1.90% Li2O

The previous drilling campaign completed by the Company also defined a continuous, mineralised pegmatite dyke with a strike length of in excess of 200m. (Refer to Metals Australia ASX announcement dated 24 July 2018).

In addition to exploration drilling undertaken at the Manindi Lithium Project, the Company engaged metallurgical experts NAGROM to undertake a testwork program on two composite diamond drill core samples collected from the Manindi Lithium Project (refer to Metals Australia ASX announcement dated 13 April 2018) .

Mineral characterisation results indicated that the lithium mineralisation principally occurs as the mineral lepidolite (a lithium mica mineral). The metallurgical test work indicated that flotation was the preferred option for treatment of the lithium mineralisation identified at Manindi. An un-optimised sighter flotation testing program achieved a concentrate grade of up to 3.05% Li2O and recovery of up to 77% with a mass yield of approximately 30%.

These concentrate grades and recovery profiles compare favourably against other lepidolite-hosted lithium projects and are encouraging given that the flowsheet was not tailored to the mineralisation identified at Manindi.

As a comparison, indicative test work completed by Lithium Australia NL (ASX: LIT) on its Lepidolite Hill project located in Western Australia, produced a lepidolite-hosted lithium concentrate with a grade of 3.34% Li2O ( Refer to Metals Australia ASX announcement dated 21 May 2018).

Given the recent renewed interest in the lithium and battery metals sector, the Company is currently evaluating previous RC and diamond drilling results to define further extensions of the lithium bearing pegmatites under cover as well as potential for in-fill drilling of the lithium mineralised pegmatites, which are still open down-dip and along strike.

Previous drilling for lead-zinc sulphide intersected intervals of pegmatite in other areas at the Manindi Project that were not tested during the June 2018 RC drilling program described above. Geological logging of diamond core identified lepidolite in pegmatites but these intervals were not sampled at the time. The Company now plans to cut and sample the pegmatite intervals in the previous diamond holes that are stored on site and conduct petrological work to determine if there is spodumene present in addition to lepidolite. The mineralogy of pegmatites can vary between intrusions and internally within intrusions because of fractionation and zonation. Additional mapping will assist in determining the extent of the pegmatites.

Corporate

Cash Position

Metals Australia’s net expenditure during the Quarter was $220K and the cash position as at 30 June 2021 was $0.984 million. Payments to related parties of the entity and their associates was limited to payment of director fees, superannuation and consulting fees totalling $26K (see Appendix 5B Quarterly Cash Flow report).

- ENDS -

This announcement has been authorised for release by the Board of Directors.

For further information please contact:

Martin Stein

Company Secretary

+61 8 9481 7833

Or consult our website:

www.metalsaustralia.com.au

ASX Listing Rules Compliance

In preparing this announcement dated 30 July 2021, the Company has relied on the announcements previously made by the Company and disclosed below. The Company confirms that it is not aware of any new information or data that materially affects those announcements previously made, or that would materially affect the Company from relying on those announcements for the purpose of this announcement.

Eade Gold Project

Pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement dated 23 July 2020, 29 July 2020, 6 August 2020, 12 August 2020 and 27 August 2020.

Lac Rainy Graphite Project

Pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement dated 15 June 2020, 30 June 2020, 10 September 2020, 12 November 2020 and 3 February 2021.

Nepean South Nickel Project

Pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement dated 3 March 2021.

- Lac du Marcheur Copper Cobalt Project

Pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement dated 3 August 2017 and 25 October 2017.

Manindi Lithium Project

Pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement dated 21 March 2017, 21 June 2018, 13 April 2018 and 21 May 2018.

Competent Person Declaration

The information in this announcement that relates to Exploration Results is based on information compiled by Mr. Jean-Paul Barrette P.Geo, B.Sc. Mr Barrette is Project Geologist with Magnor Exploration Inc. and a consultant to Metals Australia Limited. Mr Barrette and is a member of the Ordre des Géologues du Québec (OGQ) with member number OGQ #619. Mr. Barrette has sufficient experience (35 years) that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Barrette consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves specific to the Manindi Lithium Project is based on information compiled by Mr. Martin Bennett, a consultant to Metals Australia Ltd, and a member of The Australasian Institute of Geoscientists. Mr. Bennett has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Bennett consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Resource Estimation is based on information compiled by Simon Coxhell, Principal Consultant of CoxsRocks Pty Ltd. Mr Coxhell is a consultant to the Company. Mr Coxhell is a Member of the Australian Institute of Mining and Metallurgy. Mr Coxhell has sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this document and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code”). Mr Coxhell consents to the inclusion in this report of the Matters based on this information in the form and context in which it appears. Mr Coxhell has not been to the Lac Rainy site but is familiar with graphite deposits around the world and has completed numerous resource estimates for this commodity.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning Metals Australia. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forwardlooking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of Metals Australia as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

MINERAL AND EXPLORATION LICENCES

Country	State/ Region	Project	Tenement	ID	Area km2	Grant Date	Expiry Date	Interest %	Company
			M57/227		4.64	3/09/1992	2/09/2034	80	Karrilea
Australia	WA	Manindi	M57/240 M57/533		3.15 8.01	10/11/1993 17/01/2008	9/11/2035 16/01/2029	80 80	Holdings Pty Ltd

Lac Rainy Graphite Project

Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date		Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date
1	2477073	52.35	2/02/2017	1/02/2022		43	2462775	52.31	19/09/2016	18/09/2021
2	2477074	52.35	2/02/2017	1/02/2022		44	2462776	52.31	19/09/2016	18/09/2021
3	2477075	52.35	2/02/2017	1/02/2022		45	2462777	52.31	19/09/2016	18/09/2021
4	2477076	52.34	2/02/2017	1/02/2022		46	2462778	52.31	19/09/2016	18/09/2021
5	2477077	52.34	2/02/2017	1/02/2022		47	2462779	52.30	19/09/2016	18/09/2021
6	2477078	52.30	2/02/2017	1/02/2022		48	2462780	52.30	19/09/2016	18/09/2021
7	2477079	52.30	2/02/2017	1/02/2022		49	2462781	52.30	19/09/2016	18/09/2021
8	2493128	52.34	24/05/2017	23/05/2022		50	2462782	52.30	19/09/2016	18/09/2021
9	2493129	52.30	24/05/2017	23/05/2022		51	2462783	52.30	19/09/2016	18/09/2021
10	2493130	52.30	24/05/2017	23/05/2022		52	2471082	52.38	16/12/2016	15/12/2021
11	2493131	52.30	24/05/2017	23/05/2022		53	2471083	52.37	16/12/2016	15/12/2021
12	2493132	52.30	24/05/2017	23/05/2022		54	2471084	52.36	16/12/2016	15/12/2021
13	2493133	52.29	24/05/2017	23/05/2022		55	2471085	52.36	16/12/2016	15/12/2021
14	2493134	52.29	24/05/2017	23/05/2022		56	2471086	52.36	16/12/2016	15/12/2021
15	2493135	52.31	24/05/2017	23/05/2022		57	2471087	52.36	16/12/2016	15/12/2021
16	2467343	52.33	31/10/2016	30/10/2021		58	2471088	52.35	16/12/2016	15/12/2021
17	2467344	52.33	31/10/2016	30/10/2021		59	2471089	52.35	16/12/2016	15/12/2021
18	2467345	52.32	31/10/2016	30/10/2021		60	2471090	52.35	16/12/2016	15/12/2021
19	2467346	52.32	31/10/2016	30/10/2021		61	2471091	52.35	16/12/2016	15/12/2021
20	2462752	52.36	19/09/2016	18/09/2021		62	2471092	52.34	16/12/2016	15/12/2021
21	2462753	52.36	19/09/2016	18/09/2021		63	2471093	52.34	16/12/2016	15/12/2021
22	2462754	52.35	19/09/2016	18/09/2021		64	2471094	52.34	16/12/2016	15/12/2021
23	2462755	52.35	19/09/2016	18/09/2021		65	2471095	52.34	16/12/2016	15/12/2021
24	2462756	52.35	19/09/2016	18/09/2021		66	2471096	52.33	16/12/2016	15/12/2021
25	2462757	52.34	19/09/2016	18/09/2021		67	2471097	52.33	16/12/2016	15/12/2021
26	2462758	52.34	19/09/2016	18/09/2021		68	2471098	52.33	16/12/2016	15/12/2021
27	2462759	52.34	19/09/2016	18/09/2021		69	2471099	52.33	16/12/2016	15/12/2021
28	2462760	52.34	19/09/2016	18/09/2021		70	2471100	52.32	16/12/2016	15/12/2021
29	2462761	52.34	19/09/2016	18/09/2021		71	2471101	52.32	16/12/2016	15/12/2021
30	2462762	52.33	19/09/2016	18/09/2021		72	2471102	52.32	16/12/2016	15/12/2021
31	2462763	52.33	19/09/2016	18/09/202		73	2471103	52.32	16/12/2016	15/12/2021
32	2462764	52.33	19/09/2016	18/09/2021		74	2471104	52.31	16/12/2016	15/12/2021
33	2462765	52.33	19/09/2016	18/09/2021		75	2471105	52.31	16/12/2016	15/12/2021
34	2462766	52.33	19/09/2016	18/09/2021		76	2471106	52.31	16/12/2016	15/12/2021
35	2462767	52.33	19/09/2016	18/09/2021		77	2471107	52.31	16/12/2016	15/12/2021
36	2462768	52.32	19/09/2016	18/09/2021		78	2471108	52.31	16/12/2016	15/12/2021
37	2462769	52.32	19/09/2016	18/09/2021		79	2465815	52.30	13/10/2016	12/10/2021
38	2462770	52.32	19/09/2016	18/09/2021		80	2499090	35.22	2/08/2017	1/08/2022
39	2462771	52.32	19/09/2016	18/09/2021		81	2499091	45.67	2/08/2017	1/08/2022
40	2462772	52.32	19/09/2016	18/09/2021		82	2499092	25.58	2/08/2017	1/08/2022
41	2462773	52.31	19/09/2016	18/09/2021		83	2499356	52.35	7/08/2017	6/08/2022
42	2462774	52.31	19/09/2016	18/09/2021		84	2499357	52.35	7/08/2017	6/08/2022

Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date
85	2528299	52.35	29/11/2018	28/11/2021
86	2528300	52.35	29/11/2018	28/11/2021
87	2529282	52.35	14/12/2018	13/12/2021
88	2529504	52.35	09/01/2019	08/01/2022
89	2511046	52.32	01/02/2018	31/01/2023

Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date
90	2511047	52.31	01/02/2018	31/01/2023
91	2499377	52.34	07/08/2017	06/08/2022
92	2499378	52.35	07/08/2017	06/08/2022

Lac du Marcheur Cobalt Project

Total Count	Claim number (CDC series)	Area (ha)	Date Granted	Date Expires
1	2505515	59.61	20/11/2017	19/11/2022
2	2505516	59.61	20/11/2017	19/11/2022
3	2473803	59.55	27/01/2017	26/01/2022
4	2473804	59.54	27/01/2017	26/01/2022
5	2473805	59.53	27/01/2017	26/01/2022
6	2473806	59.53	27/01/2017	26/01/2022
7	2473807	59.53	27/01/2017	26/01/2022
8	2473808	59.52	27/01/2017	26/01/2022
9	2488121	56.75	6/04/2017	5/04/2022
10	2488122	34.77	6/04/2017	5/04/2022
11	2488123	24.04	6/04/2017	5/04/2022
12	2488124	19.67	6/04/2017	5/04/2022
13	2488125	0.72	6/04/2017	5/04/2022
14	2488126	27.75	6/04/2017	5/04/2022
15	2488062	58.30	5/04/2017	4/04/2022
16	2488063	31.04	5/04/2017	4/04/2022
17	2488064	31.51	5/04/2017	4/04/2022
18	2488065	59.61	5/04/2017	4/04/2022
19	2488066	59.61	5/04/2017	4/04/2022
20	2488067	59.61	5/04/2017	4/04/2022
21	2488068	59.61	5/04/2017	4/04/2022
22	2488069	59.61	5/04/2017	4/04/2022
23	2477461	59.55	7/02/2017	6/02/2022
24	2477462	56.91	7/02/2017	6/02/2022
25	2477463	8.83	7/02/2017	6/02/2022
26	2477464	46.28	7/02/2017	6/02/2022
27	2477465	49.94	7/02/2017	6/02/2022
28	2477466	10.88	7/02/2017	6/02/2022

29	2477467	23.53	7/02/2017	6/02/2022
30	2477468	56.87	7/02/2017	6/02/2022
31	2477469	9.58	7/02/2017	6/02/2022
32	2477470	54.20	7/02/2017	6/02/2022
33	2477471	41.03	7/02/2017	6/02/2022
34	2477472	55.11	7/02/2017	6/02/2022
35	2477473	18.90	7/02/2017	6/02/2022
36	2477474	35.87	7/02/2017	6/02/2022

Eade Gold Project	Eade Gold Project
Total	Claim number	Area	Grant Date	Expiry Date
Count	(CDC series)	(ha)
1	2434601	51.39	4-Nov-15	3-Nov-22
2	2434602	51.4	4-Nov-15	3-Nov-22
3	2450053	51.39	20-Jun-16	19-Jun-21
4	2457201	51.4	12-Aug-16	11-Aug-21
5	2457202	51.4	12-Aug-16	11-Aug-21
6	2523119	51.39	25-Sep-18	24-Sep-21
7	2527905	51.39	15-Nov-18	14-Nov-21
8	2527906	51.39	15-Nov-18	14-Nov-21
9	2527907	51.39	15-Nov-18	14-Nov-21
10	2527908	51.39	15-Nov-18	14-Nov-21
11	2527909	51.39	15-Nov-18	14-Nov-21
12	2528118	51.4	27-Nov-18	26-Nov-21
13	2528119	51.4	27-Nov-18	26-Nov-21
14	2528120	51.4	27-Nov-18	26-Nov-21
15	2528121	51.4	27-Nov-18	26-Nov-21
16	2528122	51.39	27-Nov-18	26-Nov-21
17	2528123	51.39	27-Nov-18	26-Nov-21
18	2528124	51.39	27-Nov-18	26-Nov-21
19	2528125	51.39	27-Nov-18	26-Nov-21
20	2528126	51.39	27-Nov-18	26-Nov-21
21	2528127	51.39	27-Nov-18	26-Nov-21
22	2528128	51.39	27-Nov-18	26-Nov-21
23	2528177	51.4	27-Nov-18	26-Nov-21
24	2528178	51.4	27-Nov-18	26-Nov-21
25	2528179	51.4	27-Nov-18	26-Nov-21
26	2528180	51.39	27-Nov-18	26-Nov-21
27	2528181	51.39	27-Nov-18	26-Nov-21
28	2528182	51.4	28-Nov-18	27-Nov-21
29	2528183	51.4	28-Nov-18	27-Nov-21
30	2528261	51.39	28-Nov-18	27-Nov-21
31	2528262	51.39	28-Nov-18	27-Nov-21
32	2528263	51.39	28-Nov-18	27-Nov-21
33	2529093	51.4	11-Dec-18	10-Dec-21
34	2529094	51.4	11-Dec-18	10-Dec-21
35	2529095	51.39	11-Dec-18	10-Dec-21
36	2529096	51.39	11-Dec-18	10-Dec-21

Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date
37	2529097	51.4	11-Dec-18	10-Dec-21
38	2529098	51.4	11-Dec-18	10-Dec-21
39	2529236	51.39	14-Dec-18	13-Dec-21

Pontois Gold Project

Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date
1	2427155	51.23	24/04/2015	23/04/2022
2	2427156	51.23	24/04/2015	23/04/2022
3	2462322	51.23	16/09/2016	15/09/2021
4	2527510	51.25	15/11/2018	14/11/2021
5	2527511	51.25	15/11/2018	14/11/2021
6	2527512	51.25	15/11/2018	14/11/2021
7	2527513	51.25	15/11/2018	14/11/2021
8	2527514	51.25	15/11/2018	14/11/2021
9	2527515	51.25	15/11/2018	14/11/2021
10	2527516	51.25	15/11/2018	14/11/2021
11	2527517	51.25	15/11/2018	14/11/2021

Felicie Gold Project

Total Count	Claim number (CDC series)	Area (ha)	Grant Date	Expiry Date
1	2491512	51.25	04/05/2017	03/05/2022
2	2491513	51.25	04/05/2017	03/05/2022

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Metals Australia Ltd ABN Quarter ended (“current quarter”) 38 008 982 474 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (Canadian tax refunds) 1.9 Net cash from / (used in) operating activities	- - - - (26) (95) - - - - - 9	- - - - (138) (628) - 1 - - - 325
	(112)	(440)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	- - - (106) - -	- - - (785) - -

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - 20 - - - -
	(106)	(765)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other 3.10 Net cash from / (used in) financing activities	- - - (2) - - - - -	1,845 - - (152) - - - - -
	(2)	1,693
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	1,204 (112) (106) (2)	496 (440) (765) 1,693

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	984	984
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (bank security deposit) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	984 - - -	1,204 - - -
	984	1,204
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2
		Current quarter $A'000
		(26)1
		-

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

1 Payment of fees and superannuation to directors and consulting fees to a company related to a director.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
	-	-

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (Item 1.9) Capitalised exploration & evaluation (Item 2.1(d)) Total relevant outgoings (Item 8.1 + Item 8.2) Cash and cash equivalents at quarter end (Item 4.6) Unused finance facilities available at quarter end (Item 7.5) Total available funding (Item 8.4 + Item 8.5) Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(112) (106) (218) 984 - 984
		4.51
8.8	If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer:
	2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer:
	3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer:

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 July 2021

==> picture [171 x 33] intentionally omitted <==

Authorised by: ................................................................................... Martin Stein – Company Secretary On behalf of the Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 5