METALSTECH LIMITED — Capital/Financing Update 2017

Aug 16, 2017

ASX Release 17 August 2017

High Grade Cobalt Targets Confirmed at Bay Lake

Cobalt and Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce that it has received surface rock sample and soil geochemistry laboratory assay results from the recently completed field exploration program at the Company’s 100% owned Bay Lake High Grade Cobalt Project located in Ontario, Canada.

Highlights:

• Sampling program at Bay Lake confirms the presence of high grade cobalt mineralisation at surface across the prospective geological trend at the contact of the Nipissing Diabase

• 1.17% Co and 7.7g/t Ag recovered from a surface “dump” pile at the Van Chester (Last Chance) Prospect

• 0.40% Co recovered at the historic Price Prospect exploration pit where historic sampling of a surface “dump” pile returned 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag (refer to ASX announcement dated 16 May 2017 and titled "MetalsTech Expands High Grade Bay Lake Cobalt Project”)

• 0.61% Co , 0.34% Co and 0.15% Co were recovered surrounding the historic Bay Lake exploration shaft where in-vein sampling of the cobaltite vein below ground assayed 15.36% Co (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”)

• 3.45g/t Au and 44.5g/t Ag also recovered around the Bay Lake exploration shaft and pit suggesting potential for Co-Ag-Au in the area

• A previously un-reported zone of mineralisation at a historic pit located approximately 900m NE of the Bay Lake Prospect exploration shaft has assayed 0.30% Co and 16.4g/t Ag

• Re-sampling of the Bay Lake Prospect exploration shaft below ground was not possible due to water in-fill which prevented access

• Evaluation and interpretation of recent MAG and TDEM survey as well as a follow up field program is planned prior to commencement of maiden drilling

Commenting on recent results, Executive Director Mr Gino D’Anna stated:

“Results from our recent field program at Bay Lake are outstanding and confirm potential for both high grade cobalt hosted within calcite veins as well as disseminated cobalt bearing mineralisation at surface. The next stage of development includes final interpretation of recent MAG and TDEM surveys before commencing a follow-up field program and our maiden drilling campaign. We continue to build our geological knowledge of the Bay Lake project and these results have confirmed that the prospective trend associated with the contacts at the Nipissing Diabase is the host of the high grade cobalt. We have now confirmed high grade cobalt mineralisation on surface and within the shallow cobalt-rich calcite veins.”

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Registered Office Unit 1, 44 Denis Street Subiaco WA 6008 T +61 408 408 878 T +61 415 493 993 E info@metalstech.net

Board of Directors Executive Chairman - Russell Moran Executive Director - Gino D’Anna Non-Executive Director - Shane Uren Non-Executive Director - Michael Velletta

Projects Cancet 100% owned Adina 100% owned Terre Des Montagnes 100% owned Wells-Lacourciere 100% owned Kapiwak 100% owned Sirmac-Clapier 100% owned Bay Lake 100% owned

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Bay Lake High Grade Cobalt Project

The Bay Lake High Grade Cobalt Project is comprised of 41 contiguous mineral claims covering an area of 3,200 hectares, and is 100% owned by MetalsTech. Bay Lake is located 10km SSW of the Historic Cobalt Mining Camp in the Cobalt Township on the eastern shore of Bay Lake in Coleman Township, Ontario, Canada.

The map below illustrates the location of the new mineral claims, relative to the Company’s existing Bay Lake mineral claims, relevant to the prospective cobalt rich trends:

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Figure 1: Bay Lake High Grade Cobalt Project Location Map

The mineral claims are located approximately 5km SSW of Cobalt One Limited (ASX: CO1), the owner of the Cobalt Camp Project where historical assays have reported cobalt grades up to 12.3% Co (range

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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0.42% Co to 12.3% Co - average of 5.84% Co) along strike in the same geological structure (refer to ASX announcement dated 28 November 2016 titled “High Grade Cobalt Project Acquisition, Canada”).

Historic in-vein sampling of the calcite veins at the Bay Lake Prospect have assayed15.36% Co in cobalt-rich veins. Historic sampling from 1988 of surface “dump” material at the Price Prospect assayed 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag. Drilling in this area from the 1950’s returned 1.5 m grading 7.95% Cu and 1.96 oz/ton Ag, with a 50-ton bulk sample grading 16% Cu and 12 oz/ton Ag collected from the same area in 1916. The Property has seen little exploration since the late 1980s.

The recently acquired Van Chester Cobalt Project includes mineral claims that are similarly host to historic exploration shafts and pits, including the Van Chester (Last Chance) Prospect where historic sampling of surface “dump” material assayed 0.38% Co (refer to ASX announcement dated 4 August 2017 and titled "MTC Acquires Van Chester and West Cobalt Projects, Ontario”).

Recently, an airborne geophysical program consisting of MAG and TDEM has been completed at Bay Lake. Preliminary results from the MAG survey strongly illustrates the prospective trend that runs across the project in a NE-SW direction with a second regional trend operating in a NW direction off the main zone. The prospective trend is associated with the contact of the Nipissing Diabase where calcite veins have formed as an intrusive in the surrounding formations. Data from the MAG and TDEM surveys are still being analysed and interpretation is continuing with results expected in the next 10 days.

Field Exploration Program

The Company commenced the field exploration program at the end of June 2017. Its primary objective was to confirm the historic high-grade silver-cobalt mineralisation documented on the property from the existing shafts and pits dating from the early 1900s. In addition, reconnaissance mapping and sampling was completed along several prospective trends within the property as a precursor to maiden diamond drilling.

The images below show cobalt bloom (also known as Erythrite) and a historical exploration shaft which were identified in the area and is typical of the Bay Lake area:

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Image 1 (above) : Cobalt bloom at Bay Lake, noted by the pink colouration on the rock sample. Image 2 (right) : Historic Exploration Shaft at Bay Lake.

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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During the program several historic trenches, pits and shafts were identified and sampled. These included the Bay Lake, Price, and Jumbo Point prospects.

The figure below shows field crew tracks, sample locations, as well as historic showings. Note that the recent mineral claim acquisitions associated with the Van Chester Cobalt and West Cobalt projects are not shown, refer to Figure 1.

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Figure 2: Summary of 2017 Field Exploration Tracks and Sample Locations (Van Chester and West Cobalt not shown)

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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The trenches located were typically 5m long, 2m wide, and 1-2m deep with some soil cover and water infill. The pits and shafts located were typically square or rectangular in shape, commonly 3 x 5 m with an indeterminate depth due to water infill. Some shafts were reinforced with wooden beams / structures.

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Image 3 (above) : Historic shaft located at the Bay Lake Prospect, on the SW portion of the Bay Lake Project

Image 4 (right) : Historic mine site at the Jumbo Point Prospect, on the NW portion of the Bay Lake Project

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A total of 64 rock samples (grab) were collected, targeting the calcite-sulphide veins within the Nipissing Diabase. Rock samples were collected from either the associated adjacent muck/dump piles or the structure walls. A soil sample grid was also completed in the Bay Lake Prospect area, with a total of 109 samples collected.

Bay Lake Prospect

A total of 12 historical structures (pit/shaft) were located and sampled in the area of the Bay Lake Showing, with a total of 27 rock samples collected (122733-54, 122863-98) from the associated muck piles. Several of the samples displayed cobalt bloom.

Pit/shaft sizes ranged from approximately 2 x 2m to 7 x 5m, with depth indeterminate due to water infill. Overall, the field crew observed that the historic work at the Bay Lake Prospect targeted the upper contact of the Nipissing Diabase as the pits/trenches were oriented roughly parallel to the contact (030[0] ).

A soil sampling grid was also completed in the Bay Lake Prospect area with the objective of identifying the presence of anomalous cobalt that may be associated with the upper and lower contacts of the Nipissing Diabase. The soil grid consisted of eight grid lines of ~525 m in length, with 50m line spacing and 25m station spacing.

The results from the soil sampling program identified that the south-eastern contact of the Nipissing Diabase around the Bay Lake Prospect is the most prospective.

The Company is planning on undertaking additional mapping and soil sampling along this contact where the strongest anomalous samples have been received.

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Price Prospect

A total of 5 historical structures (pit/shaft) were located in the area of the Price Prospect, with a total of 5 rock samples collected (122762-66) from the associated muck piles. Several of the samples displayed cobalt bloom and copper staining.

The primary historic Price shaft was also located and sampled. The mine shaft had dimensions of approximately 4 x 5m, with depth indeterminate due to water in-fill. The Price Prospect, as well as several adjacent pits, were also sampled during the program. One of the pits was at least 15m deep, and the trenches at an orientation of between 030[0] and 045[0] .

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Image 5 (left): Cobalt bloom from muck pile at Bay Lake Prospect (Sample 122745)

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Image 6 (right): Cobalt bloom from muck pile at Price Prospect (Sample 122766)

Jumbo Point Prospect

A total of 7 samples were collected (122767-73) from the Jumbo Point Mine shaft and the surrounding area, of which, 2 samples were collected from the mine shaft muck pile, and 1 sample collected from a pit muck pile ~15m to the northwest. The remainder of the samples were collected from outcrops that showed signs of sulphide mineralisation. The Jumbo Point Prospect shaft was roughly 3 x 5m, with an indeterminate depth due to water infill.

Van Chester (Last Chance) Prospect

A total of 4 samples (122779-82) were collected from muck piles at the Van Chester (Last Chance) Prospect, located just south of Highway 11, all of which displayed cobalt bloom. The major pit at the Van Chester (Last Chance) Prospect was covered over by a large concrete slab.

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Image 7 : Cobalt bloom on rock sample taken at the Van Chester (Last Chance) Prospect

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Image 8 : Concrete slab over the entrance to the shaft at the Van Chester (Last Chance) Prospect

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Regional Targets

Approximately 900m northeast of the Bay Lake Prospect, three historic pits were located and sampled. One muck pile had samples with cobalt bloom (samples 122755-56).

In the southeast portion of the prospective area, 5 historic pits/trenches were sampled (samples 12272627, 122731-32, 122774-76) in addition to some of the surrounding outcrops. On the eastern side of the Property, a total of 3 historic pits, ranging in size from 5 x 5m to 3 x 2m, were located and sampled (samples 122783-85).

The north-central areas of the property were also visited to locate historic pits/trenches. The field crew was unable to locate two historic structures at the north end of the property closest to the Portage Bay Camp, due to ground cover.

Future field exploration programs will allocate additional time to this area, which is located along the prospective trend, and further investigation is warranted.

Approximately 1km SW of this area, 3 samples were collected from a pit, trench, and shaft. The shaft (6 x 3m with depth indeterminate due to water infill) and the trench are located approximately 30m off the property, and were sampled for orientation purposes to map the direction of the mineralised calcite veins.

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Image 8 : Typical historic pit / shaft at the Bay Lake Prospect.

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Image 9 : Historic mine shaft (6 x 3m) located approximately 30m off the Property.

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Results and Discussion

The sampling program at Bay Lake has confirmed the presence of strong cobalt mineralisation on surface in calcite veins across the prospective geological trend at the contact of the Nipissing Diabase. Samples were collected from historic pits, trenches, shafts, muck/dump piles, and outcrop exposures, with most of the samples exhibiting visual mineralisation, known as “cobalt bloom”.

A Cobalt grade of 1.17% Co and 7.7g/t Ag was recovered from a surface “dump” pile at the newly acquired Van Chester (Last Chance) Prospect. These results are better than historic sampling suggests, verifying the high prospectivity of this historic exploration shaft and surrounding area. The Company will focus its future efforts including drilling on this high grade cobalt mineralised area.

A grab sample taken from an area adjacent to the historic Price Prospect exploration pit returned a cobalt assay grade of 0.40% Co , which has validated the prospectivity of this area where historic sampling of a surface “dump” pile returned a cobalt assay grade of 2.14% Co . The differential in the assay grade is not unexpected given the weathering and oxidisation profile of the surface dump/muck pile. The Company considers this result to be an understatement of true potential and future exploration including drilling will be completed at this area.

Surface sampling adjacent to the historic Bay Lake exploration shaft returned cobalt assay grades of 0.15% Co, 0.34% Co and 0.61% Co . In-vein sampling of the cobaltite vein within the Bay Lake exploration shaft where historic assay results were 15.36% Co was not possible due to water infill in the historic shaft. The presence of cobalt mineralisation at surface combined with the historic high grade invein samples suggest that disseminated and vein-hosted mineralisation is present. Another surface sample taken at the historic Bay Lake exploration shaft returned a gold grade of 3.45g/t Au suggesting that the mineralisation in the area has the potential to host Co-Ag-Au.

Another sample taken from the historic Bay Lake pit returned a silver assay grade of 44.5g/t Ag. Elevated silver mineralisation is strongly correlated with cobalt mineralisation within the Cobalt Embayment zones, so this result is not unexpected and confirms the origins of the Bay Lake project, where historic miners would use the cobalt mineralisation as a tracer mineral to the identification of high grade silver mineralisation.

A previously un-documented zone of mineralisation approximately 900m NE of the Bay Lake Prospect has been discovered along the Nipissing Diabase returning assay results of 0.30% Co and 16.4g/t Ag. This area is at the intersection of the two main regional prospective geological trends and his seen little historic exploration. The Company plans to undertake some additional field mapping of this new area before undertaking the first phase of drilling.

Overall the field exploration program has been a tremendous success, having confirmed the presence of high grade cobalt mineralisation as well as the distinct correlation between silver mineralisation and cobalt mineralisation. The next stage of exploration will consist of additional field sampling, channel sampling, stripping / trenching and additional mapping across the high priority areas that have been identified together with those areas that were not traversed.

Drill program design, including the number of holes and the number of drill targets, for the maiden drilling campaign at Bay Lake is being finalised. At this stage, dependent on the receipt of the necessary permits, the Company plans to commence drilling during September/October, which will then continue in winter when access is easiest.

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Geology and Exploration Strategy

Bay Lake hosts principal ore veins, cross-veins, masses of mineralised Keewatin interflow rocks, and disseminated minerals in the Gowganda Formation, Coleman Member. Only the principal ore veins contain silver ore and they occur primarily in the Coleman Member. The veins also contain cobalt indicator minerals such as arsenides and native silver (principal metal veins). The arsenides, including nickel, cobalt, and iron varieties, occur as massive lenses and disseminated grains in the carbonate veins. Some massive lenses extend across the entire widths of the veins, others present as irregular bodies in the centres of the veins, and still others occur at the edges of the veins.

The distribution of cobalt indicator minerals from top to bottom of the veins are rich in the following elements (i) nickel, (ii) cobalt and (iii) iron. The veins can be classified as Ni-As, Ni-Co-As, Co-Fe-As and Fe-As. Silver grades exhibit a very different zonation implying that previous production has excluded multiple areas of cobalt mineralisation.

Implications for Cobalt Targets

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• Cobalt and silver mineralisation occurs in calcite veins in close association

• Cobalt indicator minerals are not correlated to silver grades – high grade zones cross cut indicator mineral zones

• Historical production targeting silver didn’t focus on cobalt mineralisation – low grade silver zones likely to have Co-mineralisation in-situ

• Re-entry of the mine workings considered possible with establishment of drill platforms to follow rehabilitation

• Drill out of interpreted cobalt rich zones to follow

Figure 3: Idealised long section of veins 1 and 2 showing separate zonation of silver and cobalt mineralisation

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Summary

Historical reports indicate substantial cobalt grades in silver ore however the project’s cobalt potential remains untested – cobalt was used as a tracer for silver mineralisation but not targeted in its own right.

The Bay Lake Project, including the Van Chester (Last Chance) Prospect, the West Cobalt Shaft, the Price Prospect, the Bay Lake Prospect and the Jumbo Point Prospect, have been exposed to historic existing underground mine workings related to past operations. The Company believes re-entry following rehabilitation of existing adits will open up a significant amount of strike length of known structures for modern cobalt focused exploration and production. In the project area, several Calcite veins occur within the lowest part of a Nipissing diabase sill near the contact with arkoses of the Lorrain Formation.

ENDS

For further information, contact:

Russell Moran Gino D’Anna Executive Chairman Executive Director M +61 415 493 993 M +61 400 408 878 russell@metalstech.net gino@metalstech.net

Nathan Ryan Investor Relations M +61 420 582 887 nathan@nwrcommunications.com.au

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning MetalsTech. 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. Forward-looking 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 forwardlooking 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 MetalsTech 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.

Competent Person Statement

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Neil McCallum, PGeo, is a Competent Person who is a Professional Geologist registered with the Association of Professional Geoscientists of Ontario, in Canada. Mr. Neil McCallum, PGeo, is an employee of Dahrouge Geological Consulting Ltd. (Dahrouge). Dahrouge Geological Consulting Ltd. and all competent persons are independent from the issuer of this statement, MetalsTech Limited. Mr. Neil McCallum has sufficient experience 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. Neil McCallum consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Mr. Neil McCallum has reviewed the historical exploration results that are contained in this announcement and has validated the source of the historical information. Mr. Neil McCallum is satisfied with its inclusion in the form and context in which it appears in this announcement.

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Appendix A: Rock Sample Assay Results at Bay Lake Cobalt Project (Count = 64)

	ME-ICP61	ME-ICP61	ME-ICP61	ME-ICP61	ME-ICP61	Co-OG62	PGM-MS23	PGM-MS23	PGM-MS23	Au-AA25
SAMPLE	Ag	Co	Cu	Ni	Zn	Co	Au	Pt	Pd	Au
	ppm	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm	ppm
122726	<0.5	55	155	89	106		0.005	<0.0005	<0.001
122727	<0.5	49	164	41	169		0.002	<0.0005	0.001
122728	<0.5	55	72	36	87		0.002	<0.0005	<0.001
122729	<0.5	3	4	11	8		<0.001	<0.0005	<0.001
122730	<0.5	48	143	69	99		0.002	<0.0005	<0.001
122731	<0.5	49	43	29	62		0.001	0.0007	0.001
122732	<0.5	43	19	42	95		0.001	0.0012	0.001
122733	2.4	1520	289	76	105		>1.00	0.0012	0.001	3.45
122734	44.5	38	53	15	77		0.01	<0.0005	0.001
122735	<0.5	40	75	10	84		0.013	<0.0005	<0.001
122736	<0.5	166	13	18	31		0.042	<0.0005	<0.001
122737	<0.5	290	16	23	33		0.063	<0.0005	<0.001
122738	<0.5	768	174	50	49		0.136	<0.0005	<0.001
122739	<0.5	819	65	39	36		0.067	<0.0005	<0.001
122740	<0.5	56	452	55	91		0.002	<0.0005	<0.001
122741	0.6	84	528	56	67		0.005	<0.0005	<0.001
122742	<0.5	24	10	19	81		0.001	0.0007	0.001
122743	1.8	1335	1535	127	45		0.012	0.0006	0.001
122744	1.9	1200	4110	123	73		0.018	0.0006	0.001
122745	0.9	3410	19	200	29		0.017	<0.0005	<0.001
122746	<0.5	1480	37	115	9		0.008	<0.0005	0.001
122747	<0.5	179	67	98	67		0.004	<0.0005	<0.001
122748	0.6	79	22	42	46		0.001	<0.0005	<0.001
122749	1.2	39	127	69	59		0.003	<0.0005	0.001
122750	1.8	29	3350	75	114		0.029	0.0012	0.002
122751	2.2	35	1090	74	76		0.002	<0.0005	0.002
122752	0.6	6050	16	175	25		0.004	0.0124	0.013
122753	<0.5	425	426	101	18		0.005	0.001	0.001
122754	<0.5	94	759	114	38		<0.001	0.0103	0.009
122755	16.4	3030	37	2250	8		0.99	0.0009	0.001
122756	1.7	840	41	194	39		0.018	0.0072	0.007
122757	<0.5	98	199	105	76		0.019	0.0086	0.008
122758	<0.5	32	20	11	78		0.011	<0.0005	0.001
122759	<0.5	48	145	89	92		0.002	0.0087	0.008
122760	<0.5	24	82	14	46		<0.001	<0.0005	<0.001
122761	<0.5	44	135	21	133		<0.001	<0.0005	<0.001
122762	<0.5	49	146	105	105		0.003	0.0096	0.009
122763	<0.5	35	1990	14	47		0.02	<0.0005	0.001
122764	1.1	2850	68	434	62		0.071	<0.0005	<0.001
122765	<0.5	106	8920	25	2		0.094	<0.0005	<0.001
122766	<0.5	3990	380	290	36		0.019	<0.0005	<0.001
122767	<0.5	1165	75	114	36		0.194	<0.0005	<0.001
122768	<0.5	68	180	67	102		<0.001	<0.0005	<0.001
122769	<0.5	66	162	70	106		0.002	<0.0005	<0.001
122770	<0.5	49	142	68	105		<0.001	<0.0005	<0.001
122771	<0.5	22	6	17	64		0.001	0.0005	<0.001
122772	<0.5	53	112	64	103		<0.001	<0.0005	<0.001
122773	<0.5	46	137	86	87		0.003	0.0091	0.012
122774	<0.5	22	4	76	20		0.012	0.0024	0.003
122775	<0.5	25	489	68	55		0.001	0.0021	0.002
122776	<0.5	41	294	110	80		0.002	0.0143	0.014
122777	<0.5	69	937	22	58		0.001	0.0006	0.001
122778	<0.5	5920	19	687	23		0.037	0.0005	0.001
122779	<0.5	1045	7	74	120		0.004	<0.0005	<0.001
122780	0.5	724	10	73	84		0.014	<0.0005	<0.001
122781	7.7	>10000	41	796	81	1.165	0.024	<0.0005	<0.001
122782	<0.5	124	337	65	91		0.005	<0.0005	0.001
122783	<0.5	45	995	18	11		<0.001	0.0007	0.001
122784	<0.5	31	37	27	745		0.001	0.0008	0.001
122785	<0.5	49	151	93	68		0.005	0.0109	0.004
122863	<0.5	48	133	101	121		0.004	0.005	0.002
122864	<0.5	51	157	94	102		0.003	0.0007	<0.001
122897	<0.5	49	154	76	99		<0.001	<0.0005	<0.001
122898	<0.5	25	73	21	64		<0.001	0.0007	0.001

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Appendix B: Soil Sample Assay Results at Bay Lake Cobalt Project (Count = 109)

	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43
SAMPLE	Au	Ag	Co	Cu	Li	Ni	P	Pb	Rb	Re	S	Zn
	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm
122786	0.002	0.03	3.2	8.1	8.4	11.2	300	3.6	3	<0.001	0.03	13
122787	0.001	0.03	4.3	15.8	9.4	10.5	190	43.8	4.1	0.002	0.01	12
122788	0.001	0.1	2.3	7.5	6.6	7.5	140	16.3	3.3	<0.001	0.01	20
122789	0.003	0.1	3.1	8.9	9.3	11.6	340	6.1	3.9	<0.001	0.02	27
122790	0.001	0.06	0.5	2.2	1.1	1.9	70	4.6	3	<0.001	<0.01	4
122791	0.003	0.19	2.4	7	9.2	7.3	260	20.9	4	0.001	0.01	27
122792	0.002	0.03	0.3	3	0.3	0.9	110	7.1	1	<0.001	<0.01	5
122793	0.002	0.31	6.6	10.2	12.4	17.5	380	61.5	3.3	<0.001	0.03	32
122794	0.001	0.25	4.1	9.3	12.4	11.7	750	9	3.9	<0.001	0.03	30
122795	0.001	0.18	9.1	13.6	16.6	27	1660	8	6.6	<0.001	0.03	60
122796	0.027	0.03	6	14.9	11.5	18	170	7.5	4.6	<0.001	0.02	18
122797	0.003	0.04	10.4	31.3	16.4	27.5	290	7.5	6.9	<0.001	0.01	36
122798	0.004	0.03	7.8	27.5	13.3	25.9	150	6.2	4.1	<0.001	0.01	25
122799	0.001	0.05	0.5	5	0.7	3	150	7.5	1.8	<0.001	0.01	10
122800	0.002	0.03	0.6	5.4	1.8	3.1	270	7.4	2.6	<0.001	0.01	9
122801	0.002	0.06	3.6	22.6	16.4	14.3	680	9.8	3.5	0.001	0.05	28
122802	0.001	0.04	5.9	15.2	16.6	19.7	230	6.2	4.7	<0.001	0.02	35
122803	0.004	0.04	5.9	22.6	20	19.9	410	6.6	4.8	<0.001	0.07	34
122804	0.002	0.03	4.6	17.1	19.1	15	570	9.2	5.1	<0.001	0.07	27
122805	0.001	0.01	4.9	6.6	15.6	16.7	80	7.1	5	0.001	0.02	22
122806	0.002	0.05	5	20.3	14.4	16.6	640	12.4	5.5	0.001	0.04	37
122807	0.001	0.08	4.4	15.3	10.6	12.4	450	11.3	5.5	<0.001	0.02	37
122808	0.001	0.11	9.2	24.8	18.8	27.9	490	7.2	8.3	<0.001	0.02	34
122809	<0.001	0.08	10	15	17.6	31.2	570	4.4	5.1	<0.001	0.01	37
122810	0.003	0.22	4.5	17.1	16	12.5	530	53	4.2	0.001	0.04	34
122811	0.001	1.37	2.2	10.3	10.1	5.1	190	62.1	4.5	<0.001	0.01	14
122812	0.002	0.29	4.3	10.2	15.4	13	230	25.6	6.2	<0.001	0.01	21
122813	0.009	0.09	5.3	14.3	17.2	16.7	370	7.7	6.3	0.001	0.04	35
122814	0.002	0.12	8.2	21.9	17.7	26.2	850	8.1	5.5	<0.001	0.04	42
122815	0.001	0.19	1.5	22.9	2.9	4.9	2060	21.8	2.8	<0.001	0.01	49
122816	0.289	0.25	7.4	15.4	13.9	16.2	400	23.7	6	<0.001	0.06	38
122817	0.003	0.14	4.4	18.2	14.4	14	1600	18.6	5.7	0.001	0.03	41
122818	0.002	0.1	9.1	27.6	15.9	23.8	1310	28.3	4.8	<0.001	0.02	32
122819	0.001	0.12	2.4	13.9	9	8.5	450	11.1	3.7	<0.001	0.02	25
122820	0.002	0.34	10.1	13.6	18.2	25.6	680	14.5	6.4	<0.001	0.04	28
122821	0.007	0.08	7.9	14.8	17.9	25.4	530	7.1	5.7	<0.001	0.03	35
122822	0.001	0.11	5.1	7	12	10.6	440	5.4	5.5	<0.001	0.01	37
122823	0.008	0.09	13.3	17.8	9.5	15.7	350	11.2	3.2	<0.001	0.01	24
122824	0.002	0.11	11.8	34.8	15.9	29.6	420	13.4	5.1	<0.001	0.01	36
122825	0.003	0.16	19	40.4	22.4	46.7	330	8.6	10.9	<0.001	0.02	54
122826	0.002	0.14	12.9	18	20.4	28.8	930	10.3	8.2	<0.001	0.02	54
122827	0.002	0.07	4.7	16.2	14.6	15.2	1180	10.4	5.1	<0.001	0.05	26
122828	0.245	0.12	6.8	10.1	12.9	16	400	6.2	5.2	<0.001	0.01	36
122829	0.003	0.04	15.2	50	27.2	45.4	600	10	7.4	<0.001	0.03	47
122830	0.003	0.26	4.7	11.2	12.7	13.3	190	14.6	7.7	<0.001	0.01	25
122831	0.002	0.45	61	529	10.7	25.6	450	2500	5.8	0.001	0.01	19
122832	0.001	0.03	3.5	7.5	8.4	12.5	330	9.4	3.7	<0.001	0.01	14

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Appendix B: Soil Sample Assay Results at Bay Lake Cobalt Project (Count = 109) (cont.)

	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43	AuME-TL43
SAMPLE	Au	Ag	Co	Cu	Li	Ni	P	Pb	Rb	Re	S	Zn
	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	%	ppm
122833	0.002	0.14	8.7	12.4	17.2	31.2	460	10.7	5.8	<0.001	0.04	25
122834	0.002	0.1	2.9	26.7	8.2	9.3	210	5.2	6.1	<0.001	0.01	15
122835	0.006	0.29	6.6	29.5	14.8	21.4	360	10.2	5.1	<0.001	0.02	28
122836	0.003	0.09	8	24.2	11.3	16.7	230	16.6	6	<0.001	0.01	28
122837	0.001	0.1	7.4	16.9	12.6	14.6	750	13.3	3.8	<0.001	0.05	58
122838	0.002	0.12	6.7	14.1	9.2	15.2	390	7.8	3.5	<0.001	0.02	34
122839	0.002	0.14	11.8	24.3	13.7	26.5	580	8	3.9	<0.001	0.02	33
122840	0.001	0.14	8.8	14.3	12.8	25.2	980	5	4.9	<0.001	0.01	41
122841	0.002	0.01	8.4	19.6	16.1	25.7	150	7.2	4.9	<0.001	0.01	24
122842	0.003	0.02	3.8	12.3	9.5	13.7	160	6.4	4.9	<0.001	0.02	18
122843	0.002	0.03	7.4	23.7	16.5	25.3	380	9	5.8	<0.001	0.08	30
122844	0.002	0.03	10.4	24.7	17.6	30.3	750	8.1	5.6	<0.001	0.08	30
122845	0.001	0.03	5.8	16.5	13.3	18	710	8.8	4.2	<0.001	0.07	28
122846	0.003	0.04	9.8	21	14.6	24.3	400	7.6	4.9	<0.001	0.06	23
122847	0.007	0.03	6.5	25.7	13.5	21.3	420	6.3	5.2	<0.001	0.04	23
122848	0.002	0.06	10.1	33.7	15.8	31.8	490	6.6	4.8	<0.001	0.02	29
122849	0.003	0.02	14.4	32.7	21.6	38.8	460	6.5	6.3	<0.001	0.07	28
122850	0.004	0.04	7	17	17.4	20.4	180	6.5	6.3	<0.001	0.01	24
122851	0.002	0.04	14.6	34.3	22.7	40.5	600	7.6	7.4	<0.001	0.04	43
122852	0.002	0.01	3	7.5	6.9	8.5	120	7	3.7	<0.001	0.01	11
122853	0.001	0.16	7	11.3	9.9	20.1	440	5.6	4	<0.001	0.02	30
122854	0.002	0.09	8.3	34.1	11.6	22.8	290	7.6	3.1	<0.001	0.02	24
122855	0.002	0.06	4.5	6.4	9.1	14.8	310	5.6	3	<0.001	0.04	21
122856	0.001	0.19	1.8	11.1	6.4	6.2	830	26.8	3.1	<0.001	0.02	27
122857	0.003	0.11	8.6	34	12.1	21.7	950	44.5	6.4	<0.001	0.03	65
122858	0.001	0.17	10	70	25.3	43.5	160	7	7.9	<0.001	0.02	39
122859	0.002	0.17	9.9	14.2	28.5	31	410	7.2	7.1	<0.001	0.04	28
122860	0.005	0.1	7.9	39.2	19.9	29	180	8.5	6.3	<0.001	0.02	22
122861	0.001	0.07	6.8	15.7	15	18.3	230	4.7	3.6	<0.001	0.01	11
122862	0.002	0.27	5.7	32.9	16.3	13.1	1000	14	6.2	<0.001	0.07	32
122865	0.004	0.03	12.2	36.4	18.5	40.6	290	5.6	3	0.001	0.01	19
122866	0.003	0.08	4.7	19.2	14.4	16.5	360	9.6	5	0.001	0.02	23
122867	0.003	0.09	27.2	47.7	20.9	35.9	440	13.8	4.6	<0.001	0.03	38
122868	0.001	0.08	9.6	11.4	18.8	23.5	580	6.9	5.3	<0.001	0.03	40
122869	0.001	0.14	8.1	9.5	17.3	24.2	1130	7.5	6	<0.001	0.02	55
122870	0.001	0.09	11.3	26.2	18.1	38.2	960	5.1	5.4	<0.001	0.02	34
122871	0.001	0.07	6.7	21.5	14.3	25.4	590	6	6.2	<0.001	0.01	30
122872	0.006	0.13	12.1	46.3	21.1	36	270	16.9	6.3	0.002	0.02	26
122873	0.004	0.08	13.5	18.9	17.1	27.5	180	9.5	6.7	<0.001	0.02	28
122874	0.003	0.04	10.5	18.4	20.1	31.4	240	7.1	5.6	<0.001	0.01	25
122875	0.001	0.15	7.2	10.2	16.9	21.5	630	6.5	6.5	<0.001	0.02	35
122876	0.002	0.19	6.1	8.3	12.9	17.7	670	6.6	5.1	<0.001	0.02	45
122877	0.002	0.08	4.2	13.5	9.1	12.2	580	7.1	3.6	<0.001	0.02	27
122878	0.002	0.07	7.5	10.4	13.2	23.2	260	9.6	5.5	<0.001	0.02	24
122879	0.004	0.06	2.4	5.4	6.2	8.7	160	7.8	3.2	<0.001	0.01	10
122880	0.001	0.04	4.2	5.7	8.8	13.8	250	4.2	3.4	<0.001	0.01	11
122881	0.001	0.08	3.3	17.9	8.2	14.2	290	4.3	3.7	0.001	0.03	14
122882	<0.001	0.03	2.7	5.2	7.4	11.7	160	5	4.1	<0.001	0.01	11
122883	0.001	0.08	3.7	5.9	8.1	12.4	240	4.4	3.3	0.001	0.02	10
122884	0.001	0.12	4.3	11.4	13.6	11	960	9.1	6.3	<0.001	0.02	38
122885	0.001	0.14	3.9	10.5	9.2	11.3	460	6.2	5.8	0.001	0.02	33
122886	0.001	0.16	10.5	17.1	15.9	25.3	620	8.6	8.1	<0.001	0.02	49
122887	0.001	0.23	12.3	45.6	18.2	31.3	310	13.1	9.9	<0.001	0.01	42
122888	0.002	0.1	8.9	15.5	16.4	27.8	220	7.2	5.9	<0.001	0.02	28
122889	0.004	0.14	2.6	10.2	9.5	8.2	520	8.6	7.5	<0.001	0.02	26
122890	0.082	0.04	5.1	21.7	13.5	19	230	7.8	6.2	<0.001	0.01	26
122891	0.003	0.04	1.1	5.3	3.9	4	150	6.4	3.5	<0.001	<0.01	12
122892	0.003	0.06	4.5	13.8	20.7	18.3	380	11.8	4.8	<0.001	0.04	32
122893	0.002	0.02	11.4	36	20.8	34.4	390	8.1	8	0.001	0.06	34
122894	0.003	0.02	8.9	25.1	22.4	30.3	300	9.9	6.9	<0.001	0.03	26
122895	0.001	0.04	7.4	12	22.6	24	360	7.5	6.4	<0.001	0.04	33
122896	0.001	0.03	10.9	21.8	25.3	29.7	370	6.6	7.9	<0.001	0.07	32

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JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels,	No drilling completed to date.
techniques		random chips, or specific specialised industry
		standard measurement tools appropriate to the	Rock samples comprise multiple chips considered to be
		minerals under investigation, such as down hole	representative of the horizon or outcrop being sampled.
		gamma sondes, or handheld XRF instruments,
		etc). These examples should not be taken as	Samples submitted for assay typically weigh 2-3 kg.
		limiting the broad meaning of sampling.
	•	Include reference to measures taken to ensure
		sample representivity and the appropriate
		calibration of any measurement tools or systems
		used.
	•	Aspects of the determination of mineralisation
		that are Material to the Public Report.
	•	In cases where ‘industry standard’ work has
		been done this would be relatively simple (eg
		‘reverse circulation drilling was used to obtain 1
		m samples from which 3 kg was pulverised to
		produce a 30 g charge for fire assay’). In other
		cases more explanation may be required, such
		as where there is coarse gold that has inherent
		sampling problems. Unusual commodities or
		mineralisation types (eg submarine nodules)
		maywarrant disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation, open-hole	No drilling completed.
techniques		hammer, rotary air blast, auger, Bangka, sonic,
		etc) and details (eg core diameter, triple or
		standard tube, depth of diamond tails, face-
		sampling bit or other type, whether core is
		oriented and if so, bywhat method, etc).
Drill sample	•	Method of recording and assessing core and	Not applicable.
recovery		chip sample recoveries and results assessed.
	•	Measures taken to maximise sample recovery
		and ensure representative nature of the
		samples.
	•	Whether a relationship exists between sample
		recovery and grade and whether sample bias
		may have occurred due to preferential loss/gain
		of fine/coarse material.
Logging	•	Whether core and chip samples have been	All trenches sampled are logged continuously from start to finish
		geologically and geotechnically logged to a level	with key geological observations recorded.
		of detail to support appropriate Mineral
		Resource estimation, mining studies and	Logging is quantitative, based on visual field estimates.
		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 whether	Sample preparation follows industry best practice standards and
techniques		quarter, half or all core taken.	is conducted by internationally recognised laboratories, at ALS
and sample	•	If non-core, whether riffled, tube sampled, rotary	Minerals in Sudbury, Ontario and Vancouver, British Columbia.
preparation		split, etc and whether sampled wet or dry.
	•	For all sample types, the nature, quality and	Oven drying, jaw crushing and pulverising so that 85% passes
		appropriateness of the sample preparation	75 microns.
		technique.
			Blanks have been submitted every 50 samples to ensure there is

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
	•	Quality control procedures adopted for all sub-	no cross contamination from sample preparation.
		sampling stages to maximise representivity of
		samples.
	•	Measures taken to ensure that the sampling is	Sample size (2-3 kg) accepted as general industry standard.
		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 material beingsampled.
Quality of	•	The nature, quality and appropriateness of the	Assay and laboratory procedures have been selected following a
assay data		assaying and laboratory procedures used and	review of techniques provided by internationally certified
and laboratory		whether the technique is considered partial or	laboratories. In addition, the sample preparation laboratory in
tests		total.	Ontario and British Columbia is regularly visited to ensure high
	•	For geophysical tools, spectrometers, handheld	standards are being maintained.
		XRF instruments, etc, the parameters used in
		determining the analysis including instrument	Samples are submitted for multi-element analysis by ALS
		make and model, reading times, calibrations	Minerals. Where results exceeded upper detection limits for Co,
		factors applied and their derivation, etc.	samples are re-assayed.
	•	Nature of quality control procedures adopted (eg
		standards, blanks, duplicates, external	The final techniques used are total.
		laboratory checks) and whether acceptable
		levels of accuracy (ie lack of bias) and precision	None used.
		have been established.
			Comparison of results indicates good levels of accuracy and
			precision. No external laboratory checks have been used.
Verification of	•	The verification of significant intersections by	None undertaken.
sampling and		either independent or alternative company
assaying		personnel.	Not applicable.
	• • •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	All field data is manually collected, entered into excel spreadsheets, validated and loaded into an Access database. Electronic data is stored in Ontario as well as at the site office of MetalsTech in Quebec. Data is exported from Access for processing by a number of different software packages.
			All electronic data is routinely backed up.
			No hard copy data is retained.
			None required.
Location of	•	Accuracy and quality of surveys used to locate	All trench start points and geochemical samples are located
data points		drill holes (collar and down-hole surveys),	using a hand held GPS.
		trenches, mine workings and other locations
		used in Mineral Resource estimation.	The grid system used is UTM.
	•	Specification of the grid system used.	Nominal RL’s based on topographic datasets are used initially,
	•	Quality and adequacy of topographic control.	however, these will be updated if DGPS coordinates are
			collected.
Data spacing	•	Data spacing for reporting of Exploration	Only reconnaissance trenching and sampling completed –
and		Results.	spacing variable and based on outcrop location and degree of
distribution	•	Whether the data spacing and distribution is	exposure.
		sufficient to establish the degree of geological
		and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation	Not applicable.
		procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.	None undertaken.
Orientation of	•	Whether the orientation of sampling achieves	Sampling completed at right angles to interpreted trend of
data in		unbiased sampling of possible structures and	outcrop mineralised units.
relation to		the extent to which this is known, considering
		the deposit type.	None observed.
	•	If the relationship between the drillingorientation

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
geological		and the orientation of key mineralised structures
structure		is considered to have introduced a sampling
		bias, this should be assessed and reported if
		material.
Sample	•	The measures taken to ensure sample security.	Geological team supervises all sampling and subsequent
security			storage in the field. The same geological team delivers the
			samples to ALS Minerals in Sudbury, Toronto and Vancouver,
			British Columbia and receives an official receipt of delivery.
Audits or	•	The results of any audits or reviews of sampling	None completed.
reviews		techniques and data.

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Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Mineral	•	Type, reference name/number, location and	MetalsTech owns 100% of the Bay Lake Cobalt Project.
tenement and		ownership including agreements or material issues
land tenure		with third parties such as joint ventures,	There are no other material issues affecting the
status		partnerships, overriding royalties, native title	tenements. Certain surface rights exist on parts of the Bay
		interests, historical sites, wilderness or national park	Lake project, but these do not compete with the
		and environmental settings.	subsurface or mineral rights over the project, which have
	•	The security of the tenure held at the time of	been acquired by MetalsTech.
		reporting along with any known impediments to	MetalsTech owns 100% of the Bay Lake Cobalt Project
		obtaining a licence to operate in the area.	and ownership of the individual claims will be transferred
			to MetalsTech.
			All tenements have been legally validated by an
			independent lawyer to provide an opinion as to the good
			standing nature of the claims. The independent lawyer
			selected is a specialist in the field.
Exploration	•	Acknowledgment and appraisal of exploration by	No modern exploration has been conducted.
done by other		other parties.	Historical exploration and government mapping records
parties			multiple cobalt mineralised zones within the project areas
			but no other data is available.
Geology	•	Deposit type, geological setting and style of	The Bay Lake project is composed of principal ore veins,
		mineralisation.	cross-veins, masses of mineralised Keewatin interflow
			rocks, and disseminated minerals in the Gowganda
			Formation, Coleman Member. Only the principal ore veins
			contain silver ore and they occur primarily in the Coleman
			Member.
			The veins also contain cobalt indicator minerals such as
			arsenides and native silver (principal metal veins). The
			arsenides, including nickel, cobalt, and iron varieties,
			occur as massive lenses and disseminated grains in the
			carbonate veins. Some massive lenses extend across the
			entire widths of the veins, others present as irregular
			bodies in the centres of the veins, and still others occur at
			the edges of the veins.
			The distribution of cobalt indicator minerals from top to
			bottom of the veins are rich in the following elements (i)
			nickel, (ii) cobalt and (iii) iron. The veins can be classified
			as Ni-As, Ni-Co-As, Co-Fe-As and Fe-As.
			Silver grades exhibit a very different zonation implying that
			previous production has excluded multiple areas of cobalt
			mineralisation.
Drill hole	•	A summary of all information material to the	No drilling exists.
Information		understanding of the exploration results including a
		tabulation of the following information for all Material
		drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the
		basis that the information is not Material and this
		exclusion does not detract from the understanding of
		the report, the Competent Person should clearly

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		explain whythis is the case.
Data	•	In reporting Exploration Results, weighting averaging	Intercepts are calculated on a per sample basis according
aggregation		techniques, maximum and/or minimum grade	to the results from the laboratory with no bottom cut-off
methods		truncations (eg cutting of high grades) and cut-off	grade and no top cut-off grades.
		grades are usually Material and should be stated.	Short intervals of high grade that have a material impact
	•	Where aggregate intercepts incorporate short	on overall intersection are highlighted separately.
		lengths of high grade results and longer lengths of
		low grade results, the procedure used for such	None reported.
		aggregation should be stated and some typical
		examples of such aggregations should be shown in
		detail.
	•	The assumptions used for any reporting of metal
		equivalent values should be clearlystated.
Relationship	•	These relationships are particularly important in the	The relationship between true widths and the width of
between		reporting of Exploration Results.	mineralised zones intersected in trenching has not yet
mineralisation	•	If the geometry of the mineralisation with respect to	been determined due to lack of structural data (i.e. dip).
widths and		the drill hole angle is known, its nature should be
intercept lengths		reported.
	•	If it is not known and only the down hole lengths are
		reported, there should be a clear statement to this
		effect(eg‘down hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and	None included.
		tabulations of intercepts should be included for any
		significant discovery being reported These should
		include, but not be limited to a plan view of drill hole
		collar locations and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration	Results for all sampling completed are listed in the body of
reporting		Results is not practicable, representative reporting of	this report.
		both low and high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and material,	All meaningful and material data is reported.
substantive		should be reported including (but not limited to):
exploration data		geological 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
		contaminatingsubstances.
Further work	•	The nature and scale of planned further work (eg	Detailed geochemistry and geology to determine trends of
		tests for lateral extensions or depth extensions or	known mineralised zones and to delineate other Co-Ag
		large-scale step-out drilling).	anomalies.
	•	Diagrams clearly highlighting the areas of possible	Further trenching to determine structural orientation of
		extensions, including the main geological	mineralised zones.
		interpretations and future drilling areas, provided this	Further field mapping.
		information is not commercially sensitive.	Conduct an IP survey.
			Drilling.

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MetalsTech Limited ACN 612 100 464 - Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 400 408 878 | +61 415 493 993 www.metalstech.net