MRG METALS LIMITED — Capital/Financing Update 2017

Dec 18, 2017

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ASX ANNOUNCEMENT

19 December 2017

MRG METALS LIMITED NON-RENOUNCEABLE ENTITLEMENT OFFER

MRG Metals Limited ( Company ) today launched a non-renounceable pro-rata entitlement issue of 1 fully paid ordinary share ( Share ) for every 2 Shares held by eligible Shareholders as at the record date, with 1 attaching option for every new Share issued, to raise approximately $1,001,949 ( Entitlement Offer ). Each option issued pursuant to the Entitlement Offer will be exercisable at the exercise price of $0.01 and will expire on 20 December 2020.

Assuming no existing options on issue in the Company are exercised, up to approximately 200,389,880 New Shares and 200,389,880 New Options will be offered under the Entitlement Offer. All new Shares will rank equally with existing Shares on the date of issue.

The Entitlement Offer will be available to all registered Shareholders who hold shares on the Record Date, being 27 December 2017 at 7pm AEDT with a registered address in Australia or New Zealand.

The proceeds of the Entitlement Offer will be used to fund the costs of the Entitlement Offer, progress the exploration program of the Company's projects, for the Company's working capital requirements and to pursue new opportunities.

The Rights Issue is being undertaken pursuant to section 708AA(2)(f) of the Corporations Act 2001 (Cth). An Appendix 3B in relation to the Entitlement Offer and a notice under section 708AA(2)(f) of the Corporations Act 2001 (Cth) have been lodged with ASX Limited ( ASX ).

Key indicative dates*

Announcement of Offer	13 December 2017
Lodgement of cleansing notice, Offer Document and Appendix 3B with ASX	19 December 2017
Notice sent to shareholders	21 December 2017
Ex Date	22 December 2017
Record Date for determining entitlements	7pm AEDT on 27
	December 2017
Offer Document despatched to eligible shareholders and Company	29 December 2017
announces despatch has been completed
Rights Issue Offer opens for receipt of applications	29 December 2017
	5pm AEDT on 18
Closing Date	January 2018
Securities quoted on a deferred settlement basis	19 January 2018
ASX notified of under subscriptions	23 January 2018

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 5330 5890

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353 www.mrgmetals.com.au / info@mrgmetals.com.au

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Issue date Despatch date of Holding statements Trading commences for New Shares on a normal basis

25 January 2018 25 January 2018 25 January 2018

*The above timetable is indicative only and subject to change. Subject to the ASX Listing Rules, the directors of the Company reserve the right to vary these dates, including the Closing Date, without notice. The directors may extend the period of the Entitlement Offer or bring forward the Closing Date at their discretion.

Offer Document

Further details about the Entitlement Offer, including how Shareholders may apply for their entitlement, will be set out in the Offer Document to be sent to eligible Shareholders on 29 December 2017.

Further information

For further information please refer to the Offer Document, which will be lodged with ASX and available on the Company's website (http://www.mrgmetals.com.au/) or contact the Company

MRG Metals Limited C/ RSM Australia 12 Anderson Street West Ballarat VIC 3350

Telephone: (03) 5330 5800 Mobile: (0) 404 033 450 Facsimile: (03) 5330 5890

Yours faithfully,

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SHANE TURNER Director/Secretary

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 5330 5890

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353 www.mrgmetals.com.au / info@mrgmetals.com.au