METALS AUSTRALIA LTD — Share Issue/Capital Change 2022

Feb 15, 2022

ASX ANNOUNCEMENT 16 February 2022

ASX code: MLS

COMPLETION OF CONSOLIDATION OF CAPITAL

Metals Australia Limited (ASX: MLS) (Company) is pleased to advise that the Consolidation of Capital on a twenty (20) to one (1) basis as approved at the Company’s Annual General Meeting held on 27 January 2022 has now been completed.

Following completion of the Consolidation, the Company’s capital structure is as follows:

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----- Start of picture text ----- Quoted Securities ASX Code NumberFully Paid Ordinary Shares MLS 261,928,095Options Expiring 1 June 2022 Exercisable at $0.07 MLSOB 136,733,066Unquoted SecuritiesOptions Expiring 1 January 2023 Exercisable at $0.07 MLSAA 2,500,000----- End of picture text -----

An updated appendix 3A-3 follows.

New holding statements are being dispatched to security holders advising them of their securities held on a post-Consolidation basis. Where the Consolidation has resulted in a fraction of a security held, that fraction entitlement has been rounded up to the nearest whole security.

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

ENDS

For further information, please refer to the Company’s website or contact:

Gino D’Anna Director Metals Australia Limited

Michael Muhling Company Secretary Metals Australia Limited

+61 (08) 9481 7833 +61 (08) 9481 7833