MRG METALS LIMITED — Capital/Financing Update 2017

Jan 26, 2017

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27 JANUARY 2017 ASX ANNOUNCEMENT

MRG RECEIVES A$0.55M FROM R&D REFUND

MRG Metals Limited (“ MRG ” or the “ Company ”, ASX:MRQ) is pleased to announce that it has received a cash payment of A$551,679 pursuant to the Australian Federal Government’s Research and Development (“R&D”) Tax Incentive.

The Company included a claim for R&D of A$1, 225,954 in its 2015/2016 income tax return. This resulted in a refundable tax offset of A$551,679.

MRG appreciates the Australian Government’s continued support for the R&D Tax Incentive, which provides valuable financial assistance to companies like ours that undertake innovative and technically challenging research.

This research assisted MRG to identify a large, high potential hydrothermal alteration system at Yardilla, which has received first pass drill testing.

Yours faithfully,

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Shane Turner Director/Secretary MRG Metals Limited

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ 12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353

Phone: +61 3 5330 5800 / Fax: +61 3 5333 1667 www.mrgmetals.com.au / info@mrgmetals.com.au