METALSTECH LIMITED — Management Reports 2020

Jun 28, 2020

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Mark Calderwood Joins MetalsTech as Technical Advisor

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Background: Sturec Gold Mine

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Table 1: Mineral Resource Estimate – Sturec Gold Project

Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate	Sturec Mineral Resource Estimate
Resource Estimate above 0.40 g/t Au cut-off and within an optimised open pit shell
Resource Category	Tonnes (kt)	Density **(t/m3) **	Au (g/t)	Ag (g/t)	AuEq1 (g/t)	Au (koz)	Ag (koz)	AuEq1 (koz)
Measured	3,000	2.17	1.69	13.5	1.79	161	1291	171
Indicated	11,200	2.24	1.79	14.9	1.90	643	5373	685
Measured + Indicated	14,200	2.23	1.77	14.6	1.87	804	6664	856
Inferred	7,000	2.33	0.97	5.6	1.01	222	1280	230
TOTAL	21,200	2.26	1.50	11.6	1.59	1026	7944	1086
	Resource Estimate above 2.85 g/t Au cut-off: outside optimised open pit shell
Resource Category	Tonnes (kt)	Density **(t/m3) **	Au (g/t)	Ag (g/t)	AuEq1 (g/t)	Au (koz)	Ag (koz)	AuEq1 (koz)
Measured	-	-	-	-	-	-	-	-
Indicated	114	2.28	3.39	25.6	3.57	12	94	13
Measured + Indicated	114	2.28	3.39	25.6	3.57	12	94	13
Inferred	274	2.34	3.47	19.9	3.61	31	176	32
TOTAL	388	2.34	3.45	21.6	3.60	43	270	45

1 AuEq g/t = ((Au g/t gradeMet. Rec.Au price/g) + (Ag g/t gradeMet. Rec.Ag price/g)) / (Met. Rec.*Au price/g) Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively. Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively. It is the Company’s opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.

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