MRG METALS LIMITED — Capital/Financing Update 2012

Apr 11, 2012

12 APRIL 2012 ASX ANNOUNCEMENT

MRG acquires attractive tenements prospective for gold along the Tropicana extension at Fraser Range near Norseman, WA.

• The Board of MRG is pleased to advise its successful application for prospective Gold tenements along the Tropicana gold deposit extension. Tropicana Gold has identified over 5 million oz resource.

• The project is consistent with MRG’s strategy to develop world class Gold assets.

• The tenements sit within MRG’s WA tenement focus.

• The project is in an area currently being evaluated by Thor Mining Ltd, Ausquest Ltd and Anglogold Ashanti Ltd.

Overview

The project lies in an area that has seen intense tectonic activity within the same province which hosts the Tropicana gold deposits. It has demonstrated gold potential, with gold anomalies already identified in the adjacent tenements owned by Thor Mining Ltd and Ausquest Ltd (refer Figures 1-4)

Location:

100km ESE of Norseman, WA

Tenements:

Exploration Licences:E63/152 and E63/1553 for a total of 100 blocks.

Geology:

Mostly within the gneissic Proterozoic Biranup Zone of the Albany-Fraser Orogen. There is a complex multiple deformed set of highly metamorphosed granitoids, diorites, and sediments. Remnants of Archean rocks are present. Major faults and thrusts are characteristic.

Prospectivity:

Company Information Directors

Albert Pietrzak Non Executive Chairman Andrew Van Der Zwan Managing Director Shane Turner Non Executive Director & Company Secretary

MRG aspires to become an investment of choice, focused on: The discovery of gold, base metals and other commodities which fit its growth strategy

ABN: 83 148 938 532 ASX Code: MRQ Level 1, 1-3 Bath Lane Ballarat, VIC 3350 PO Box 237 Ballarat, VIC 3353 Phone: +61 3 5330 5800 Phone: (Mel) +61 3 9642 8575 Fax: +61 3 5333 1667 Website: www.mrgmetals.com.au Email: info@mrgmetals.com.au

Quick Facts

as at April 11, 2012 Shares on Issue: 88 million Market Cap: A$22 million Options: 44 million Cash in Bank: approx. A$4.7 million Debt: Nil

Current Projects:

Kalgoorlie East (Gold, Nickel) Collie South (Coal, Bauxite) Xanadu (Gold) Braemore Battery (Gold, Copper) Fraser Range (Gold)

Royalty Interest Diorite (Gold) Bell Chambers (Gold, Copper) Mulgul (Gold, Copper)

The tenements lie within the part of the Proterozoic Albany Fraser Belt which hosts the recently discovered Tropicana gold deposit occurs. Tropicana’s gold resource exceeds 5 million oz and many other anomalies are being tested along this belt by Thor Mining Ltd, Sipa Resources Ltd and Anglogold Ashanti Ltd and Ausquest Ltd.

Thor Mining Ltd have a project with extensive gold-in-soil anomalies adjacent to the tenement block. They have confirmed that a new gold district occurs here. There is a very tight tenement holding over this district demonstrating the industry’s high

ASX ANNOUNCEMENT 12 APRIL 2012

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regard for its newly recognised prospectivity.

The Tenement partly lies in an area explored by BHP in 2000-2001 for Broken Hill Type base metal deposits. The Biranup Zone has the same age, degree of metamorphism and deformation style to that at Broken Hill and Cannington.

Andrew Van Der Zwan Managing Director

The information in this report, as it relates to Exploration Results for the Collie Project, is based on information compiled and/or reviewed by Mr Bruce Uren, who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Uren is a consultant to the Company and has the relevant experience with the mineralisation reported on to qualify as a Competent Person as defined in the 2004 Edition of the “ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves “. Mr Uren consents to the inclusion in the report of the matters based on the information in the form and context in which they appear.

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Figure 1 – Project Location and Soil Geochemistry

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Figure 2 – Area Geology

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Figure 3 Regional Tectonic and framework location plan

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Figure 4 Airbourne Magnetics

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