MRG METALS LIMITED — Capital/Financing Update 2021

Sep 16, 2021

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ASX ANNOUNCEMENT

17 September 2021

CORRIDOR SANDS PROJECT TO MOVE TO EVALUATION PHASE

Key Highlights

• MRG to progress the Corridor Sands Project from exploration phase towards mine development phase;

• IHC Robbins and IHC Mining have been contracted to carry out work program;

• Approval and commissioning has now commenced for the following Scope of Works, including significant milestones as follows:

Activity	Activity	Activity	Activity	Scheduled forCompletion	Scheduled forCompletion
Updated Mineral Resource Estimate (MRE) at Koko Massava utilising recentinfill drilling and expansion drilling results				Late October
	fill drilling and expansion drilling	results
P		f
	t optimisation / mine planning st	dies or Koko Massava		Late November
M	aiden MRE (Nhacutsce and Poiom	bo)		Late November
Rsc
	e-run pit optimisation / mine pl	anning for all 3 MRE’s to achie	ve best	Early December
	enario
	•Upon acceptable outcomes osignificant milestones as foll	f the above work, MRG has agrows:	eed the next stages to include

• Upon acceptable outcomes of the above work, MRG has agreed the next stages to include significant milestones as follows:

Activity

Scheduled toCommence

Preliminary Economic Assessment (PEA) comprising a Scoping Study andFinancial Modelling, including Pre Feasibility Stage Metallurgical Testwork▪7 tonnes of targeted Sands are already in transit to IHC Mining inanticipation of this contract work proceeding▪This work will also allow us to see the potential value of the full rangeof Valuable Heavy Mineral (VHM) products▪Scale of testing will enable sample concentrate to be available forpotential off-takers.

Mid January

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 53330 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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MRG Metals Chairman, Mr Andrew Van Der Zwan said: “After significant consultant review, we are pleased to advise that we have partnered with IHC Robbins and IHC Mining as we move from exploration focus at our Corridor Sands Project to potential development. We will continue to explore on our existing and potential expanding portfolio in Mozambique, but it is now our primary aim to position the Company as a potential HMS producer.

“To do this we need to make the leap from growing and high grading the resource base to proving the economic viability of our expansion plans in Mozambique. We are excited to have IHC Robbins and IHC Mining on board given their involvement and knowledge of a number of HMS projects Worldwide. Add to that the potential accommodating Infrastructure programs in Mozambique, including Port/Rail and Power, means it is an optimal time for MRG to take this significant step towards the development stage. We look forward to keeping our Shareholders and the Market up to date as we strive forwards towards development and ultimately, production.”

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 53330 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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Figure 1: MRG Projects in Mozambique, aircore drilling taking place within Corridor Central (6620L) and Corridor South (6621L) projects

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 53330 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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Competent Persons’ Statement

The information in this report, as it relates to Mozambique Exploration Results is based on information compiled and/or reviewed by Mr JN Badenhorst, who is a member of the South African Council for Natural Scientific Professions (SACNASP) and the Geological Society of South Africa (GSSA). Mr Badenhorst is a contracted consultant of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Badenhorst consents to the inclusion in this report of the matters based on the information in the form and context in which they appear.

Authorised by the Board of MRG Metals Ltd.

For more Information please contact:

MRG Metals

Investor Relations

Andrew Van Der Zwan Victoria Humphries Chairman NWR Communications M: +61 (0) 400 982 987 M: +61 (0) 431 151 676 E: andrew@mrgmetals.com.au E: victoria@nwrcommunications.com.au

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ Phone: +61 3 5330 5800 / Fax: +61 3 53330 5890

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