METALSGROVE MINING LTD — Capital/Financing Update 2025

Dec 15, 2025

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Vavoua Permit Granted in Côte d’Ivoire and Soil Sampling Planned

16 December 2025

HIGHLIGHTS

• The Vavoua Permit comprising one of four gold joint venture (JV) permits in central-west Côte d’Ivoire, West Africa, formally granted .

• The gold JV permits are strategically located between 60 km and 140 km northeast of the 3.8 Moz Abujar gold mine , currently in operation.

• JV permits cover a total area of 1315 km² , encompassing over 75-strike-km of highly prospective Abujar fault/shear structures .

• Regional geological sequences indicate favourable characteristics for gold mineralization, aligning with Côte d’Ivoire’s well-endowed gold terrains.

• in neighbouring permit to the

• immediate south suggests mineralised trends likely to extend into the acquired JV permits.

• Aeromagnetic surveys reveal a complex structural setting, including several structural pressure shadows and low-strain zones, further enhancing prospectivity.

• Initial soil sampling program planned and will commence following a similar program on the adjoining Zuénoula permit.

MANAGEMENT COMMENTARY

Managing Director and CEO, Mr Lijun Yang, commented:

"I am pleased to announce that MetalsGrove has been advised of the grant of the Vavoua permit, one of its four gold JV permits in Côte d’Ivoire, a highly prospective region renowned for hosting multi-million-ounce gold deposits.

MetalsGrove has built solid portfolio covers an extensive 1315 km² area within the highly prospective Birimian greenstone belt. This land package includes over 75 km of major fault and shear zone structures. Supported by a favourable geological setting, encouraging anomalous gold results from adjacent projects, and robust structural data from aeromagnetic surveys, we believe the region holds strong potential for significant major gold discoveries.

An initial soil sampling program over the Vavoua permit area will commence immediately upon completion of a similar program on the adjoining, recently joint ventured Zuénoula permit”

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MetalsGrove Mining Limited ( ASX: MGA ) (“ MetalsGrove ” or the “ Company ”) is pleased to announce that the Vavoua permit, which comprises one of four gold joint venture (JV) permits in central-west Côte d’Ivoire, West Africa, has been granted . An initial soil sampling program will be commenced once the similar soil sampling program is completed on the adjoining Zuénoula permit.

Vavoua Permit

The Vavoua permit (PR-0454) covers 378.25 km[2] of highly prospective geology and is adjoined by the Vavoua West permit to the west and Zuénoula permit to the northeast. A coherent gold trend defined by strongly anomalous auger results[1] in a neighbouring permit to the immediate south suggest that this mineralised trend is highly likely to extend along the structure into the MetalsGrove’s JV permits (Figure 1).

The favourable structural complexity and the interpreted pressure shadows and low-strain zones that lie adjacent to the terminating granite intrusion define an immediate exploration target area.

The Vavoua permit has been granted for an initial 4 year term, which can be extended for a further two terms of three years each.

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Figure 1. Map illustrating Vavoua, Vavoua West, Kounahiri West and Zuénoula permits on geology and historical gold anomalous auger geochemistry[1 ]

1 Ricca Resources Limited Financial Report for half year ending 31 December 2021

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Soil Sampling Program

The initial Phase 1 soil sampling program on the Zuénoula and Vavoua permits, excluding agricultural areas and settlements, shall commence this month (Figure 2). Approximately 600 soil samples are to be collected on a 1km by 1km offset grid pattern, with the samples assayed on-site using the new and innovative PortablePPB technique developed in Australia. The sampling and assaying will be conducted by the highly professional and experienced SEMS Exploration Services (SEMS) team, who have been operating in West Africa for over 20 years. The assay results are to be available within 48 hours of sample collection, enabling infill soil sampling to be conducted while the sampling crew are still on-site. It is anticipated that the first results will be reported in February-March 2026.

will be conducted on 400m by 100m and then reduced to 200m by 50m spacing to further define gold targets. The Phase 2 follow-up samples will be analyses by conventional fire assay with the view to defining robust gold targets for drill testing.

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Figure 2. Map illustrating Phase 1 soil sampling program planned for

Vavoua and Zuénoula permit areas

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

SHAREHOLDER ENQUIRIES MEDIA ENQUIRIES Mr Lijun Yang Sam Burns Managing Director & CEO SIXº Investor Relations MetalsGrove Mining Ltd +61 400 164 067 LijunY@metalsgrove.com.au sam.burns@sdir.com.au

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Central West Gold Project in Côte d’Ivoire

Côte d’Ivoire, located in West Africa, shares borders with Liberia and Guinea to the west, Mali and Burkina Faso to the north, and Ghana to the east (Figure 3). The country is widely recognised as a stable and attractive destination for foreign investment, supported by a mature democracy, well-developed infrastructure, reliable energy supply, and skilled workforce.

The Central West Gold Project comprises three Gemica JV permits and 1 Stellar JV permit over a total area of approximately 1315 km² in a highly prospective green stone belt. The Project is situated along the Abujar– Napié gold trend in central Côte d’Ivoire, 160 km south of the 0.9M ounces Napié gold deposit and 100km north of the 3.8M ounces Zhaojin operated Abujar gold mine (Figure 3). Further details of the permits are provided in Table 1.

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Figure 3: Map illustrating location of Central West Gold Project permits

Table 1. Central West Gold Project Permits

Name	Permit ID	Type	Status	MGA Ownership	**Area (Km2) **
Zuénoula	PR-750	Exploration	Granted	Earning up to 80%	395.78
Vavoua	PR-454	Exploration	Granted	Earning up to 80%	378.25
Kounahiri West	PR-1063	Exploration	Application	90% on granting	338.48
Vavoua West	0544DMICM31/03/2022	Exploration	Application	90% on granting	203.33
Total Area					1,315.84

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COMPETENT PERSON STATEMENT – EXPLORATION STRATEGY

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The information in this announcement relating to exploration strategy and results is based on information provided to and compiled by Mr Robert Perring, who is a current member of the Australian Institute of Geoscientists (MAIG) and Exploration Manager of MetalsGrove Mining Limited.

Mr Perring has sufficient experience, which is relevant to the style of mineralisation and exploration processes as reported herein, 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 Perring consents to the inclusion of the information contained herein in the form and context in which it appears in this announcement.

FORWARD LOOKING STATEMENTS

This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

However, forward-looking statements are subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, exploration risk, mineral resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which we sell our product to, and government regulation and judicial outcomes.

For a more detailed discussion of such risks and other factors, see the Company’s website about the Company’s other filings. Readers should not place undue reliance on forward-looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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JORC Code, 2012 Edition – Table 1

Section 1- Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling Techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or	• No drilling has been undertaken. Soil Sampling (PortablePPB):Initial broad-
	specific specialized industry	spaced (1km by 1km) soil sampling supported
	standard measurement tools	by rapid field analysis of samples using the
	appropriate to the minerals under	PortablePPB analytical technique is planned so
	investigation, such as down hole	that gold anomalous trends can be identified,
		and infill sampling conducted before the field
	gamma sondes, or handheld XRF
		crew is demobilized.
	instruments, etc). These examples	• MGA has provided SEMS Exploration
	should not be taken as limiting the	Services with an Excel table listing the
	broad meaning of sampling.	designated sample point locations using
	• Include reference to measures taken	WGS-84 UTM zone 29N coordinates
		• Each soil sample to be collected from within
	to ensure sample representivity and	100 metres of the designated sample point,
	the appropriate calibration of any	with the actual sample point then recorded
	measurement tools or systems used.	• At each sample point: 1) brush away all
		organic material from the surface, 2) dig a
	• Aspects of the determination of
		15cm deep hole and collect the sample by
	mineralisation that are Material to	taking a channel-cut along the entire length
	the Public Report.	of the hole, 3) collect 800g of the minus
		2mm fraction of soil from each sample
		point, 4) use the hand-held XRF to
	In cases where ‘industry standard’
	work has been done this would be	determine and record arsenic, copper,
		nickel tungsten iron and manganese
	relatively simple (e.g. ‘reverse circulation drilling was used to obtain	, , concentrations 5) gold to be determined at
	1 m samples from which 3 kg was	the SEMS field compound using the PortablePPB technique
	pulverised to produce a 30 g charge	• Duplicate sample is to be collected every
	for fire assay’). In other cases more	20th sample and given the next sample
	explanation may be required, such as	number
	where there is coarse gold that has	• No Standards will be used to avoid low-level
	inherent sampling problems.	gold contamination. Gold anomalous
	Unusual commodities or	sample sites (+15ppb Au) shall be
		resampled and assayed using the fire assay
	mineralisation types (e.g. submarine
		technique to achieve total digestion.
	nodules) may warrant disclosure of
		• Samples are to be stored and processed at
	detailed information.
		a secure SEMS field compound
		• Assay results to be reported to MetalsGrove
		within 48 hours so that infll sampling can be
		planned and scheduled.
Drilling	• Drill type (e.g. core, reverse	• No drilling has been undertaken.
Techniques	circulation, open-hole hammer,
	rotary air blast, auger, Bangka, sonic,
	etc.) and details (e.g. core diameter,
	triple or standard tube, depth of
	diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by
	what method, etc).

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Drill Sample	• Method of recording and assessing	• No drilling has been undertaken.
Recovery	core and chip sample recoveries and
	results assessed.
	• Measures taken to maximise sample
	recovery and ensure representative
	nature of the samples.
	• Whether a relationship exists between samle recover and grade
	p y , and whether sample bias may have
	occurred due to preferential
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples	• No drilling has been undertaken.
	have been geologically and
	geotechnically logged to a level of
	detail to support appropriate
	Mineral Resource estimation,
	mining studies and metallurgical
	studies.
	• Whether logging is qualitative or
	quantitative in nature. Core (or
	costean, channel, etc.)
	photography.
	• The total length and percentage of
	the relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn and	• No drilling has been undertaken.
Techniques	whether quarter, half or all core
and Sample	taken.
Preparation	• If non-core, whether riffled, tube
	sampled, rotary split, etc. and
	whether sampled wet or dry.
	• For all sample types, the nature,
	quality and appropriateness of the
	sample preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of
	samples.
	• Measures taken to ensure that the
	sampling is representative of the in-
	situ material collected, including
	for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are
	appropriate to the grain size of the

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	material being sampled.
Quality of	• The nature, quality and	• Samples are to be analysed using the
Assay Data	appropriateness of the assaying	patented detectORE™ process developed by
and Laboratory Tt	and laboratory procedures used and hth th thi i	Portable PPB Pty Ltd in Australia. • The process involves a partial extraction
ess	weer e ecnque s considered partial or total.	using the safe, non-dangerous GLIX-20® reagent that is akin to traditional BLEG
	• For geophysical tools, spectrometers, handheld XRF	(which uses a cyanide leach).
		• The 400g samples are added to the reagent
	instruments, etc., the parameters
		and tumbled for 12 hours, into which the
	used in determining the analysis	detectORE™ collector device had been
	including instrument make and	inserted.
	model, reading times, calibrations	• After the bottle roll process has completed,
	factors applied, and	the collector device is removed, washed,
	their derivation, etc.	and dried prior to reading on a Vanta M
	• Nature of quality control procedures	(VMR) pXRF loaded with Evident/Olympus’s
	adopted (e.g. standards, blanks,	detectORE™ mode.
	duplicates, external laboratory	• The entire process is managed using
	checks) and whether acceptable	Portable PPB’s Portable Lab Information
		Management System (pLIMSTM), which records all asects of the samle
	levels of accuracy (i.e. lack of bias)
	and precision have been established.	p p throughput including QAQC and control of
		, the pXRF via the Application Programming
		Interface to Olympus/Evident’s co-
		developed detectORE™ mode.
		• Certified Collector Devices (CCDs) supplied
		by PortablePPB with known quantities of
		gold ranging from 0 -1000 ppb are used to
		check that the pXRF was functioning
		correctly and that the instrument settings
		were as intended. One CCD serves as a
		blank.
		• The pLIMS software confirmed the
		instrument settings are correct and the VMR
		is operating as expected, controlled by the
		pLIMS API and Evident’s detectORE™
		firmware.
Verification of	• The verification of significant	• No Independent check was conducted
Sampling and	intersections by either independent	• Sample duplicates (1 in 20) to be used to
Assaying	or alternative company personnel.	verify results.
	• The use of twinned holes.	• All samples that assay +15ppb Au by
	• Documentation of primary data, data	PortablePPB shall be further assayed using
	entry procedures, data verification,	the fire assay technique to achieve total
	data storage (physical and	extraction of gold, and the data from both
		techniques shall be compared to quantify
	electronic) protocols.
		variance between the partial extraction
	• Discuss any adjustment to assay
		PortablePPB technique and the total
	data.
		extraction fire assay technique.

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Location of	• Accuracy and quality of surveys	• A handheld GPS is used to locate the soil
Data Points	used to locate drillholes (collar and	data positions, with a +/-5m vertical and
		horizontal accuracy
	down-hole surveys), trenches, mine
		• Sample locations and sample descriptions
	workings and other locations used in
		are digitally recorded in the field using grid
	Mineral Resource estimation.	system: UTM WGS84 zone 29N
	• Specification of the grid system	• GPS measurements of sample positions
	used. lit d d f thi	are sufficiently accurate for first pass.
	• Quay an aequacy o opograpc control.
Data Spacing	• Data spacing for reporting of	• The 1km by 1km offset soil sample pattern
and	Exploration Results.	over the entire permit areas, excluding
Distribution	• Whether the data spacing and	intensive agricultural areas and townsites,
	distribution is sufficient to establish	is considered to be an effective technique
		for identifying and delimiting gold
	the degree of geological and grade	anomalous areas which will then be
	continuity appropriate for the	, followed-up with higher density sampling
	Mineral Resource and Ore Reserve
		• No sample compositing has been
	estimation procedure(s) and
		undertaken
	classifications applied.
	• Whether sample compositing
	has been applied.
Orientation	• Whether the orientation of sampling	• The 1km by 1km offset soil sample pattern
of data in	achieves unbiased sampling of	is considered to be an effective technique
relation to	possible structures and the extent to	for identifying and delimiting gold
		anomalous areas, which will then be
geological al structure	which this is known, considering the deposit type.	followed up with higher density soil sampling.
	• If the relationship between the drilling
	orientation and the orientation of key
	mineralised structures is considered
	to have introduced a sampling bias,
	this should be assessed and reported
	if material.
Sample	• The measures taken to ensure sample	• Samples are collected in calico bags,
security	security.	assigned individual sample numbers and
		transported to the secure SEMS site facility
		for gold determination by PortablePPB.
Audits or	• The results of any audits or reviews of	• The soil sampling technique implemented
Reviews	sampling techniques and data.	at Vavoua and Zuénoula has been
		responsible for the discovery of a number
		of +1Moz. gold deposits in Cote d’Ivoire.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code Explanation

Commentary

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Mineral	• Type, reference name/number, location	• Referred to the ASX announcement on 31
Tenement	and ownership including agreements or	March 2025, MetalsGrove acquired three
and Land	material issues with third parties such	gold JV permits, including the Vavoua
Tenure Status	as joint ventures, partnerships,	permit granted in this release, together
		with the other two permit applications,
	overriding royalties, native title interests,
		Vavoua West and Kounahiri West, from
	historical sites, wilderness or national
	park and environmental settings. Th it f th t hld t th	Desert Metals Limited (ASX: DM1). • Following the acquisition of the three
	• e secury o e enure e a e time of reporting along with any known	Central West Gold joint venture (JV)
		permits in Côte d’Ivoire, MetalsGrove
	impediments to obtaining a licence to
	operate in the area.	entered into another JV with TSX-V listing
		company Stellar AfricaGold Inc. (Stellar)
		for its PR-0750 Zuénoula permit. PR-0750
		was granted on 17 April 2024 for an initial
		four years period, renewable for two
		additional 3 years period.
		• For the Vavoua permit, MetalsGrove is
		earning up to 80% interest from its Ivory
		Coast JV partner, Générale des Mines et
		Carrières S.A.R.L (GEMICA). Subject to
		specific mineral resources defined and
		potential production may achieve in
		future, A$1 million milestone cash
		payment and/or a 1% net smelter royalty
		becomes payable to DM1
		• Based on the nature of the JV,
		MetalsGrove will earn 40%/60%/80%
		interest in the Vavoua permit by spending
		the accumulated amount at A$200,000
		(80M FCFA) / A$425,000 (170M FCFA) /
		A$750,000 (300M FCFA). On the occasion
		to apply for an exploitation permit,
		MetalsGrove owns the right to acquire a
		further 10% interest from GEMICA by
		making a payment of A$2,100,000 (840M
		FCFA)
		• In granting an exploitation permit under
		the Vavoua permit, the Ivory Coast
		government will own 10% free-carried
		interest, which will be deployed pro rata
		from ultimate interests held by
		MetalsGrove and Gemica
		• There are no third-party arrangements or
		royalties, etc., to impede exploration on
		the tenure
		• There are no reserves or national parks to
		impede exploration on the tenure
		• Ownership – MetalsGrove is earning up to
		80% interest in the Vavoua permit.

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Exploration	• Acknowledgement and appraisal of	• MetalsGrove is not aware of any previous
Done by	exploration by other parties.	material company exploration having
Other Parties.		being conducted with the permits.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Vavoua permit, together with the Vavoua West, Kounahiri West and
		Zuenoula permits acquired by MetalsGrove, are located in the central
		west of Côte d'Ivoire at the south edge of
		the West Africa craton. This region is the
		world’s largest Proterozoic gold-
		producing region, and owns 35% of the
		region’s Birimian Group rocks, which are
		considered the source of multi-million-
		ounce gold deposits
		• Vavoua permit together with Vavoua
		West, Kounahiri West and Zuenoula
		permits are located between 60 and135
		km NE of the Abujar gold mine (3.8Moz),
		which is a typical orogenic gold deposit
		• The Abujar gold mine falls in the same
		greenstone belt as Vavoua, Vavoua West,
		Kounahiri West and Zuenoula permits.
		• MetalsGrove controls 75 strike- km of
		structurally deformed greenstone and i idd hih i f
		grante consere g prospectve or the discovery of orogenic gold deposit.
Drillhole	• A summary of all information material	• No drilling results are included in this
Information	to the understanding of the exploration	release.
	results including a tabulation of the
	following information for all Material
	drill holes:
	• easting and northing of the drillhole
	collar elevation or RL (Reduced Level –
	elevation above sea level in metres) of
	the drillhole collar dip and azimuth of
	the hole
	• down hole length and interception depth
	hole length.
Data	• In reporting Exploration Results,	• No data aggregation methods were
Aggregation	weighting averaging techniques,	applied to the soil sampling data.
Methods	maximum and/or minimum grade
	truncations (e.g. cutting of high
	grades) and cut-off grades are
	usually Material and should be
	stated.
	• Where aggregate intercepts
	incorporate short lengths of high-
	grade results and longer lengths of

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	low-grade results, the procedure
	used for such aggregation should be
	stated and some typical examples of
	such aggregations should be shown
	in detail.
	• The assumption used for any
	reporting of metal equivalent values
	should be clearly stated.
Relationship	• If the geometry of mineralisation with	• Not applicable.
Between	respect to the drillhole angle is known,
Mineralisation	its nature should be reported.
Widths and
Intercept
Lengths
Diagrams	• Appropriate maps and sections (with	• See maps in the body of the report.
	scales) and tabulations of intercepts
	should be included for any significant
	discovery being reported. These should
	include, but not be limited to, a plan
	view of drillhole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all	• The reporting of these soil sample results
Reporting	Exploration Results is not practicable,	is representative and appropriate as first-
	representative reporting of both low and	pass geochemical sampling of the permit
	high grades and/or widths should be	area.
	practiced avoiding misleading
	reporting of Exploration Results.
Other	• Other exploration data, if meaningful and	• All meaningful data and relevant
Substantive	material, should be reported including	information have been included in the
Exploration	(but not limited to): geological	body of this release.
Data	observations; geophysical survey
	results; geochemical survey results;
	bulk samples – size and method of
	treatment; metallurgical test results;
	bulk density, groundwater, geotechnical
	and rock characteristics; potential
	deleterious or contaminating
	substances.

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Further Work	• The nature and scale of plannedfurther	• Ongoing exploration of the Vavoua permit
	work (e.g. tests for lateral extensions or	is a high priority for the Company
		• Soil sampling will be completed as
	depth extensions or large-scale step-out
		outlined by this release
	drilling).
		• The images included show the location of
	• Diagrams clearly highlighting the areas f ibl ti ildi th
		the current areas of interest.
	o posse exensons, ncung e main geological interpretations and future drillin areas rovided this
	g , p information is not commercially
	sensitive.

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