MRG METALS LIMITED — Capital/Financing Update 2017

Mar 27, 2017

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----- Start of picture text ----- 28 MARCH 2017 ASX ANNOUNCEMENT----- End of picture text -----

Drilling to commence at Yardilla – Ommaney Tomorrow

• RC Drilling commencing tomorrow, Wednesday 29 March.

• Drilling program is anticipated to take 2-3 weeks on an un-interrupted basis.

• Assay results expected 2-3 weeks after completion of drilling.

• Refer previous ASX announcements 1 February, 16 February and 15 March.

The program will comprise up to 7 holes designed to test:

1. The down-dip extent of the 30m wide, intense sericite-biotite (+ pyrite) alteration zone in YRDH-003A. Analysis of this alteration zone using Sasak’s AGLADS classification indicated it is likely to be Proximal To Ore and a second intersection of the same zone will allow MRG to vector towards a deposit with much greater confidence.

2. The along strike extent of the same alteration zone, 500m to the NE and the SW of the intersection in YRDH-003A. Confirming the lateral extent of this alteration system is important in predicting the size of the potential deposit as well as understanding geochemical zonation across the prospect and vectoring towards the core of the system.

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----- Start of picture text ----- RC hole testing target from2016 drilling programRC fences designed to testNE and SW strike extentof alteration systemRC-DDH hole designed to test down-dipof intersection in YRDH-003AOmmaney RC Program 2017Multi-element anomalism0m 500m 1km 2km----- End of picture text -----

Figure 1. Map of the Ommaney prospect at Yardilla integrating structural interpretation of the geology with shaded interpolation of the results of Sasak Techonologies re-interpretation of surface multi-element anomalism. This analyis of surface multi-element geochemistry guided the initial targeting of hole YRDH003A, it has now been updated to include results of 2016 drilling. Planned RC Drillhole collars (blue) and the projected drillhole traces (300° azimuth) are shown with Diamond Drillholes from the 2016 program (including YRDH-003A) shown in red.

Andrew Van Der Zwan Chairman

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