METALSTECH LIMITED — Capital/Financing Update 2017

Feb 23, 2017

ASX Release 24 February 2017

MetalsTech Commences Trading Following Successful IPO

MetalsTech (MTC or the Company) is pleased to announce that it will commence trading on the Australian Securities Exchange (ASX) at 1pm AEDT under the stock code MTC.ASX. The commencement of trading follows the successful completion of the Initial Public Offer (Offer) which was heavily subscribed and supported by investors from which the Company accepted approximately $4.3 million in scaled applications.

Highlights

• Pure-play lithium exploration company with high grade hard rock lithium projects

• 100% owned projects located in Quebec, Canada known for its high grade lithium discoveries and supportive Government

• Exploration at Cancet and Adina Projects have confirmed high grade lithium mineralisation in outcropping spodumene bearing pegmatite

• Terre des Montagnes Project is contiguous with and along strike to the Nemaska Lithium (TSX.NMX) Whabouchi Deposit which hosts 43.8Mt @ 1.46% Li2O (NI 43-101)

• Strategic Partnership Agreement with Lithium Australia (LIT.ASX) gives the Company the right to exclusively use and apply LIT’s proprietary lithium extraction technologies within Quebec

• Projects boast excellent infrastructure with access to some of the lowest cost and cleanest power globally

• $4.3 million in scaled applications accepted under heavily supported IPO

• Highly vested management team with track record in delivering world class discoveries

EverBlu Capital acted as Lead Manager to the Offer. MTC has 76,073,000 fully paid ordinary shares on issue for a market capitalisation of approximately $15.2 million, with a free float of only 33%.

The Company’s immediate plans are to advance exploration at its 100% owned Cancet Project where up to 3.79% Li2O in surface outcrops has been reported, with drilling to commence soon after listing.

Commenting on the successful listing, Executive Chairman Mr Russell Moran stated:

“ The public listing of MetalsTech is a transformative milestone for the Company and empowers us to aggressively pursue our vision to ultimately become a low cost North American producer of lithium and lithium chemicals.

In addition to our lead manager EverBlu Capital and the many hands who worked tirelessly on the listing, I would particularly like to thank Executive Director Mr D ’A nna for both his tremendous efforts in managing the IPO process and his assistance in assembling the portfolio of assets.

These are truly interesting times as the world dramatically shifts its thinking on the way we use and store energy. The Board and our shareholders are zealots for the “lithium revolution” and having recognised the opportunity early and having secured a commanding position of prospective lithium projects on the doorstep of the North American market, the MetalsTech journey is set to be an exciting one. ”

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Registered Office Suite 1, 100 Hay Street Subiaco WA 6008 T +61 408 408 878 T +61 415 493 993 E info@metalstech.net

Board of Directors Projects Executive Chairman - Russell Moran Cancet 100% owned Executive Director - Gino D’Anna Adina 100% owned Non-Executive Director - Shane Uren Terre Des Montagnes 100% owned Non-Executive Director - Michael Velletta Wells-Lacouciere 100% owned Kapiwak 100% owned Sirmac-Clapier 100% owned

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For further information, contact:

Russell Moran Gino D’Anna Rachel Hammett Executive Chairman Executive Director Investor Relations M +61 415 493 993 M +61 400 408 878 M +61 466 281 369 russell@metalstech.net gino@metalstech.net rachel@nwrcommunications.com.au

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 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 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.

MetalsTech Limited – Competent Person Statement

Cancet Lithium Project

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Jody Dahrouge, PGeo, is a Competent Person who is a Professional Geologist registered with the Association of Professional Engineers and Geoscientists of Alberta, in Canada. Mr. Jody Dahrouge, PGeo, is the principal and founder 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. Jody Dahrouge 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. Jody Dahrouge consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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MetalsTech Limited ACN 612 100 464 - Suite 1, 100 Hay St, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net

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Appendix A: Cancet Lithium Project - Lithium Analytical Results

Sample	Description	Li2O (%) (calculated)	Easting	Northing
121051	Metavolcanic. Black,fine crystals, amphibole, chlorite, biotite,hard	0.01	506606	5928178
121052	Metavolcanic. Black,fine crystals, amphibole, chlorite, biotite,hard	0.01	506429	5928111
121053	Pegmatite. White, qtz, plag,muscovite, spodumene (up to15 cm)	1.85	506187	5927955
121054	Pegmatite. White, qtz, plag, muscovite, spodumene (average 20 cm, up to 60 cm)	1.94	506152	5927943
121055	Pegmatite. White, qtz, plag, muscovite, spodumene (average 20 cm, up to 60 cm)	3.79	506112	5927887
121056	Metavolcanic. Black,fine crystals, amphibole, chlorite, biotite	0.01	505903	5928074
121057	Metavolcanic. Black,fine crystals, amphibole, chlorite, biotite	0.01	505969	5927842
121058	Pegmatite. White, qtz, plag,muscovite, spodumene (coarse crystals)	1.71	506097	5927888
121059	Metavolcanic. Black, fine crystals, chlorite, amphibole, biotite, chalcopyrite, magnetic,weatheredrusty orange	0.00	505834	5927794
121060	Metavolcanic. Black, amphibole, chlorite, biotite, possible garnet, some silicification,weatheredrusty brown	0.01	505708	5927866

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MetalsTech Limited ACN 612 100 464 - Suite 1, 100 Hay St, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net

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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	Continuous channel sampling of trenching ensures the samples
		sample representivity and the appropriate	are representative. Entire 2-3 kg sample is submitted for sample
		calibration of any measurement tools or systems	preparation.
		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 metallurgical	Logging is quantitative, based on visual field estimates.
		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-		If core, whether cut or sawn and whether	Sample preparation follows industry best practice standards and
sampling		quarter, half or all core taken.	is conducted by internationally recognised laboratories, either
techniques		If non-core, whether riffled, tube sampled, rotary	SGS Laboratories in Lakefield, Ontario or Activation Laboratories
and sample		split, etc and whether sampled wet or dry.	Ltd in Val d’Or, Quebec.
preparation		For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Oven drying, jaw crushing and pulverising so that 85% passes 75 microns.
		Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Blanks have been submitted every 50 samples to ensure there is no cross contamination from sample preparation.
	 	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	Measures taken include (a) systematic sampling across whole pegmatite zone; (b) comparison of actual assays for blanks with theoretical values. Sample size (2-3 kg) accepted as general industry standard.
		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		whether the technique is considered partial or	laboratories. In addition, the sample preparation laboratory in
		total.	Quebec and Ontario is regularly visited to ensure high standards
		Forgeophysical tools,spectrometers,handheld	are beingmaintained.

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MetalsTech Limited ACN 612 100 464 - Suite 1, 100 Hay St, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
laboratory		XRF instruments, etc, the parameters used in
tests		determining the analysis including instrument	Samples are submitted for multi-element analysis by Activation
		make and model, reading times, calibrations	Laboratories and SGS Laboratories. Where results exceeded
		factors applied and their derivation, etc.	upper detection limits for Li and/or Ta, 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.
			Barren granitic material is submitted every 50 samples as a
			control.
			Comparison of results indicates good levels of accuracy and
			precision. No external laboratory checks have been used.
Verification		The verification of significant intersections by	None undertaken.
of sampling		either independent or alternative company
and 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 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.	Trenches are surveyed using hand held compass and
		Specification of the grid system used.	clinometer.
		Quality and adequacy of topographic control.	The grid system used is UTM. However, for reporting purposes and to maintain confidentiality, local coordinates are used for
			reporting.
			Nominal RL’s based on topographic datasets are used initially,
			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 procedure(s) and classifications applied.	Not applicable.
		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 the	pegmatite units.
relation to		extent to which this is known, considering the
geological		deposit type.	None observed.
structure		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 security.	Geological team supervises all sampling and subsequent
security			storage in the field. The same geological team delivers the
			samples to Activation Laboratories or SGS Laboratories 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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MetalsTech Limited ACN 612 100 464 - Suite 1, 100 Hay St, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net

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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 has the right to acquire 100% of the Cancet
tenement and		ownership including agreements or material issues	lithium project pursuant to a binding acquisition
land tenure		with third parties such as joint ventures,	agreement.
status		partnerships, overriding royalties, native title
		interests, historical sites, wilderness or national park
		and environmental settings.	There are no other material issues affecting the
		The security of the tenure held at the time of	tenements.
		reporting along with any known impediments to	Upon the completion of the obligations pursuant to the
		obtaining a licence to operate in the area.	legal agreements, MetalsTech will own 100% of the lithium
			projects and ownership of the individual CDC claims will
			be transferred to MetalsTech.
			All tenements are in good standing and have been legally
			validated by a Quebec lawyer specialising in the field.
Exploration		Acknowledgment and appraisal of exploration by	No modern exploration has been conducted.
done by other		other parties.	Government mapping records multiple lithium bearing
parties			pegmatites within the project areas but no other data is
			available.
Geology		Deposit type, geological setting and style of	Cancet
		mineralisation.	The historically sampled outcrop, as well as three
			additional proximal outcrops of white pegmatite, was
			located and chip sampled. All four outcrops, spaced over
			120 m, displayed large green spodumene crystals
			averaging 15-20 cm in size, with some crystals as large as
			60 cm. These values are significantly higher than the
			historic results, likely due to inaccurate historic sampling
			techniques. As an example, when the exact location of the
			historic sample was identified, it initially appeared that the
			sampled outcrop lacked any obvious spodumene crystals.
			As the pegmatite was difficult to sample with a hammer
			and chisel, it is likely that the historic sampler just took one
			piece of outcrop that was easiest to break off, resulting in a
			negatively biased sample.
Drill hole		A summary of all information material to the	See tables and / or appendices attached to this report.
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
		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		reported.
lengths		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’).

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MetalsTech Limited ACN 612 100 464 - Suite 1, 100 Hay St, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
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 Appendix A
reporting		Results is not practicable, representative reporting of	attached to the body 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		geological observations; geophysical survey results;
data		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 Li and Ta
		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	pegmatites.
		interpretations and future drilling areas, provided this	Drilling.
		information is not commerciallysensitive.

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MetalsTech Limited ACN 612 100 464 - Suite 1, 100 Hay St, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net