MRG METALS LIMITED - Capital/Financing Update 2021

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ASX ANNOUNCEMENT

06 April 2021

HIGH GRADE INFILL AIRCORE DRILLING SUCCESS AT NHACUTSE

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Key Highlights

A 17 hole Infill Aircore drilling program at Nhacutse has delivered consistently high grade visual Heavy Mineral Sands (HMS) results, delineating 2 very high grade mineralised zones.
The program warranted 3 more aircore holes than initially planned (refer ASX Announcement 17 February 2021) and a further 3 twin aircore holes for Quality Assurance and Quality Control (QA/QC) purposes, to support a Mineral Resource Estimate (MRE) to follow (Table 1, Figure 3).
Combined area of the 2 high grade zones increased to over 2.5 sq km, representing an excellent opportunity for MRG to supply +100 Mt of very high grade resource to the Corridor inventory, at THM grades higher than its existing JORC compliant Koko Massava Resource.
Mineralogical study from composites in 4 previous Aircore holes is nearing completion, with additional mineralogical samples to be collected from this most recent aircore drilling program to understand the % Valuable Heavy Mineral (VHM) in the Heavy Mineral Composite (HMC), representative of these high grade zones.
Significant VIS EST THM aircore highlights from the current program, with all holes demonstrating mineralisation from surface, include:
20CSAC665 0 – 39m 39m @ VIS EST 5.1% THM Including 0 – 24m 24m @ VIS EST 5.9% THM;
20CSAC673 0 – 46.5m 46.5m @ VIS EST 6.0% THM;
• 20CSAC675 0 – 39m 39m @ VIS EST 5.7% THM including 0 – 30m 30m @ VIS EST 6.1% THM; and
• 20CSHA676 0 – 45m 45m @ VIS EST 6.5% THM.
A smaller high grade zone north-east of the town of Nhacutse has now been confirmed as a viable target by the VIS EST THM results from aircore holes 20CSAC661 and 20CSAC662, warranting further infill/extension drilling in this area (Table 1, Figure 3).
30 hole aircore infill drilling program has commenced and progressing well at Koko Massava targeting the very high grade area within the current mineral resource estimated (MRE) (refer ASX Announcement 10 March 2021).
Hand auger drilling at MRG’s Marao (6842L) licence (refer ASX Announcement 18 March 2021) has temporarily been halted due to staff optimisation and will recommence soon.

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 / [email protected]

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MRG Metals Limited (“ MRG ” or “ the Company ”) ( ASX Code: MRQ ) is pleased to announce the visually estimated (VIS EST) results of its recently completed Infill Aircore drilling program at the Company’s Nhacutse High to Very High Grade mineralised areas within its Corridor South (6621L) exploration license (Figure 1).

The aircore program targeted 2 high to very high grade zones (Figures 2 and 3), where very high THM assay grades were returned from previous hand auger (refer ASX Announcement 3 July 2020) and Aircore drilling programs (refer ASX Announcements 3 July 2020 on Hand Auger drilling, 24 November 2020, 7 January 2021 and 27 January 2021).

Several aircore holes with VIS EST grades of >5.5 and up to 6.5% THM over significant intersections with grades from surface, as well as numerous very high individual VIS EST intersections of 10% THM or more (Figure 4), were identified (Table 1). With the high grade assay results from 13 previous Aircore holes within these 2 zones returning weighted average grades of 5.66 % THM over 32.0m from surface and the excellent VIS EST THM results from the current drilling program, MRG is confident this target area represents an excellent opportunity to present the Company’s second MRE and resource report, with current grades from aircore holes within the areas indicating a higher grade than from the Koko Massava MRE of 1.423 Mt @ 5.2% THM (refer ASX Announcement 22 April 2020).

MRG Metals Chairman, Mr Andrew Van Der Zwan said: “It is pleasing that our targeted program has confirmed our desired 100+MT high grade target from surface (with potential higher grade zones within) in addition to identifying other expansion opportunities which we will now follow up. The lab results will likely confirm this outcome in the following weeks and the pending assemblage analysis will help quantify the potential inground value of the early mine life resource.

With drilling at Koko Massava proceeding well, we remain confident that we will be able to add multiple 100+MT zones to the enormous resource already identified at Koko Massava. With commodity prices improving, we anticipate moving to an MRE at Nhacutse and Koko Massava should lab results confirm our expectations.”

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 / [email protected]

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Figure 1: Map of the location of the MRG projects, work took place in Corridor South (6621L).

Nhacutse Infill Drilling

Drilling during this aircore program focused on the main very high grade area north of the town of Nhacutse, and a high grade target north-east of Nhacutse. MRG completed 17 aircore holes (Figures 2 and 3), 3 more than initially planned (refer ASX Announcement 10 March 2021), for a total of 699m drilled. An additional 3 twin aircore holes for 87m were drilled for QAQC comparison during MRE work (Figures 2 and 3). A Total of 543 samples at 1.5m intervals were collected (inclusive of QAQC samples and samples from the Twin holes) and are currently being prepared for the analytical laboratory. The excellent VIS EST THM results have caused an increase in the size of the mineralisation outline from 2.4 sq km to >2.5 sq km.

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 / [email protected]

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Figure 2: Map of the Corridor Central (6620L) and Corridor South (6621L) Projects showing the locations of the various Prospects and the drilled aircore holes.

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 / [email protected]

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Very High Grade Zone North of Nhacutse

14 of the 17 aircore holes were drilled at the main very high grade zone north of the town of Nhacutse. Drilling was focused on testing the open north-eastern extension of this zone (21CSAC664, ‘665 and ‘677), the mineralisation outline of the zone (21CSAC666, ‘667, ‘668, ‘669, ‘670, ‘672, ‘674, ‘676) and filling in minor gaps within the main very high grade zone (21CSAC671, ‘673 and ‘675).

High grade VIS EST THM values were returned from the aircore holes drilled within the very high grade zone. Hole 21CSAC673 is especially encouraging, with VIS EST of 6.0% THM over 46.5m, with mineralisation from surface. Two individual 1.5m intervals of VIS EST 10% THM (Figure 4) each were intersected in the hole. Aircore hole 21CSAC675 also returned excellent VIS EST THM grades, with VIS EST 5.7% THM over 39.0m from surface to the end of the hole at 39.0m, a higher grade section of VIS EST 6.1% THM over 30.0m is found from surface to 30.0m, with individual VIS EST grades as high as 11.5% THM (Figure 5).

Very positive VIS EST THM results from the north-eastern extension was returned from especially 21CSAC665, with VIS EST grade of 5.1% THM over 39.0m for the entire hole from surface, with a higher grade intersection from surface to 24.0m of VIS EST 5.9% THM over 24m. An individual 1.5m interval of VIS EST 11% THM was also intersected. The very high grade zone has now been extended to the north-east, it is also still open in this direction (Figure 5).

The aircore drilling focusing on defining the outline of the very high grade zone also returned some excellent VIS EST results in holes expected to be lower grades, with especially 21CSAC667 returning VIS EST results of 6.5% THM over 45.0m from surface to the end of the hole, while an individual 1.5m interval of VIS EST 12% THM was also intersected. The very high grade zone is open in the area northwest of this hole, additional drilling will be conducted to define the outline in this area.

High Grade Target North-east of Nhacutse

This area was represented by 2 high grade THM aircore holes, 20CSAC547 and ‘548, with assay intervals from assay results of 5.92% THM over 33m from surface for the entire hole and 5.33% THM over 30m from surface for the entire hole. 3 Aircore holes, 21CSAC661, ‘662 and ‘663 were drilled to test this target area. Holes 21CSAC661 returned VIS EST results of 5.3% THM over 36.0m from surface, with individual VIS EST grades as high as 11.0% THM (Figure 4), and 21CSAC662 returned VIS EST results of 5.0% THM over 34.5m from surface. The drilling has confirmed this zone as a high grade target for further drilling.

Mineralogical Studies

Heavy Mineral Concentrate ( HMC ) samples are currently being investigated from 4 Aircore holes spread throughout the Nhacutse VHG zones to determine the percentage Valuable Heavy Mineral ( VHM ) (refer previous ASX Announcements 26 August and 31 August 2020). The results from this

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 / [email protected]

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study are imminent and will be combined with additional mineralogical work to support the commissioning of a MRE.

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Figure 3: Map of the Nhacutse Project within Corridor South (6621L) showing the VIS EST THM results of the drilled aircore holes within the 2 very high grade target areas, the position of the 3 twin QAQC drillholes, the expected / targeted outline of the very high grade mineralisation at Nhacutse north and the historic results from all previous auger and aircore drilling in the area.

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 / [email protected]

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Figure 4: Images of some of the high grade intersections, photos done at the drill rig of the pans used for geological logging and VIS EST of the THM. Reference sample bags with the drill intersection, as well as the BH and sample ID (2166122 shows the 21 as drill year, 661 as the BH ID and 22 as the sample number).

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 / [email protected]

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Figure 5: Longitudinal through the very high grade zone north of Nhacutse, showing historic aircore holes with assay data and the current aircore holes (21CSAC675, ‘667 and 665) as VIS EST THM data.

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 / [email protected]

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Table 1 : Summary collar and visual estimated THM% results for aircore drill data for Nhacutse drilling completed during March 2020.

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HIGH
DOWNHOLE
UTM UTM GRADED MIN % MAX %
EOH ELEV'N AVG % VIS INTERSECTION
HOLE ID EAST NORTH TARGET DRILL TYPE AVG % VIS EST VIS EST
(M) (M) EST THM FOR (M)
WGS84 WGS84 VIS EST THM THM
ENTIRE HOLE
THM
Nhacutse High Grade 4.7 0-42 1.0 11.0
21CSAC661 7247839 574264 42 83 AIRCORE
East
5.3 0-36 5.0 11.0
Nhacutse High Grade 4.7 0-39 1.5 7.5
21CSAC662 7247721 574044 39 82 AIRCORE
East
5.0 0-34.5 3.0 7.5
Nhacutse High Grade
21CSAC663 7247608 573812 39 84 AIRCORE 4.1 0-39 2.5 6.0
East
Nhacutse High Grade 3.4 0-39 0.2 6.5
21CSAC664 7249497 572707 39 85 AIRCORE
North 3.8 0-31.5 3.0 6.5
Nhacutse High Grade 5.1 0-39 2.5 11.0
21CSAC665 7249665 572524 39 72 AIRCORE
North 5.9 0-24 3.0 11.0
Nhacutse High Grade
21CSAC666 7249405 572174 42 69 AIRCORE 3.6 0-42 1.0 7.5
North
Nhacutse High Grade 4.6 0-42 2.0 7.0
21CSAC667 7248953 571844 42 73 AIRCORE
North
5.0 0-28.5 3.5 7.0
Nhacutse High Grade 4.0 0-39 0.5 6.5
21CSAC668 7249351 571828 39 118 AIRCORE
North
4.7 0-28.5 2.5 6.5
Nhacutse High Grade 4.1 0-39 1.5 6.5
21CSAC669 7249081 572088 39 70 AIRCORE
North
4.8 28.5 2.5 6.5
Nhacutse High Grade
21CSAC670 7248439 572565 42 79 AIRCORE 5.0 0-42 1.5 8.5
North
Nhacutse High Grade 4.7 0-42 2.5 8.5
21CSAC671 7248521 572237 42 76 AIRCORE
North
5.0 33.0 3.0 8.5
Nhacutse High Grade
21CSAC672 7248107 572177 45 71 AIRCORE 4.5 0-45 2.5 11.0
North
Nhacutse High Grade 5.9 0-48 2.5 10.0
21CSAC673 7248192 571814 48 80 AIRCORE
North
6.0 46.5 3.0 10.0
Nhacutse High Grade 3.8 0-39 0.2 5.0
21CSAC674 7247979 571964 39 72 AIRCORE
North
4.6 0-33 3.0 5.0
Nhacutse High Grade 5.7 0-39 2.5 11.5
21CSAC675 7248284 571079 39 76 AIRCORE
North
6.1 0-30 2.5 11.5
Nhacutse High Grade
21CSAC676 7248471 570908 45 76 AIRCORE 6.5 0-45 3.5 12.0
North
5.0 0-39 2.0 10.0
21CSAC677 7249832 572335 39 73 Nhacutse High Grade AIRCORE 5.2 0-37.5 2.0 10.0
North
5.6 0-18 4.0 7.0
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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 / [email protected]

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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 employee 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.

This release is authorized 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: [email protected] E: [email protected]

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 / [email protected]

Appendix 1 JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Aircore drilling was used to obtain samples at 1.5m intervals.
techniques	specific specialised industry standard measurement tools appropriate	•The larger 1.5m interval aircore drill samples were homogenized by
	to the minerals under investigation, such as down hole gamma	rotating the sample bag prior to being grab sampled for panning.
	sondes, or handheld XRF instruments, etc). These examples should	•A sample of sand, approximately 20g, was scooped from the sample
	not be taken as limiting the broad meaning of sampling.	bag of each sample interval for wet panning and visual estimation.
	• Include reference to measures taken to ensure sample representivity	•The same sample mass is used for every pan sample visual
	and the appropriate calibration of any measurement tools or systems	estimation.
	used.	•The consistent sized pan sample is to ensure visual calibration is
	• Aspects of the determination of mineralisation that are Material to the	maintained for consistency in percentage visual estimation of total
	Public Report.	heavy mineral (THM).
	• In cases where ‘industry standard’ work has been done this would be	•Images of pan concentrate samples with associated laboratory THM
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	results are used in the field as comparisons to further refine visual
	m samples from which 3 kg was pulverised to produce a 30 g charge	estimation of THM.
	for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling	•Geologists enter the laboratory THM results for each sample on field log sheets against the visual estimation of THM to refine and further
	problems. Unusual commodities or mineralisation types (eg	calibrate field visual estimation of THM.
	submarine nodules) may warrant disclosure of detailed information.	•Geotagged photographs are taken of each panned sample with the
		corresponding sample bag to enable easy reference at a later date.
		•A sample ledger is kept at the drill rig for recording sample intervals
		and sample mass, and photographs are taken of samples for each
		hole to cross-reference with logging.
		•The large 1.5m drill samples have an average of about 7kg, range 1-
		21kg, and are being split down in Mozambique to approximately 300-
		600g using a three tier riffle splitter for export to the Primary
		processing laboratory.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Reverse Circulation ‘Aircore’ drilling with inner tubes for sample return
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	was used.
	or standard tube, depth of diamond tails, face-sampling bit or other	•Aircore drilling is considered a standard industry technique for heavy
	type, whether core is oriented and if so, by what method, etc).	mineral sand (HMS) mineralization. Aircore drilling is a form of
		reverse circulationdrillingwhere the sampleis collected at theface

Criteria	JORC Code explanation	Commentary
		and returned inside the inner tube.
		•Aircore drill rods used were 3m long.
		•Drill rods used were 76mm in diameter and NQ diameter (80mm)
		Harlsan aircore drill bits were used.
		•All drill holes were drilled vertical.
		•The drilling onsite is governed by an Aircore Drilling Guideline to
		ensure consistency in application of the method between geologists.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Drill sample recovery is monitored by measuring and recording the
recovery	and results assessed.	total mass of each 1.5m sample at the drill rig with a standard spring
	• Measures taken to maximise sample recovery and ensure	balance.
	representative nature of the samples.	•While initially collaring the hole, limited sample recovery can occur in
	• Whether a relationship exists between sample recovery and grade	the initial 0.0m to 3.0m sample intervals owing to sample and air loss
	and whether sample bias may have occurred due to preferential	into the surrounding loose soil.
	loss/gain of fine/coarse material.	•The initial 0.0m to 3.0m sample intervals are drilled very slowly in
		order to achieve optimum sample recovery.
		•The entire 1.5m sample is collected at the drill rig in large numbered
		plastic bags for dispatch to the onsite initial split preparation facility.
		•At the end of each drill rod, the drill string is cleaned by blowing down
		with air to remove any clay and silt potentially built up in the sample
		pipes and cyclone.
		•The twin-tube aircore drilling technique is known to provide high
		quality samples from the face of the drill hole.
		•Wet and moist samples are placed into large plastic basins to dry
		prior to splitting.
Logging	• Whether core and chip samples have been geologically and	•The 1.5m aircore drill intervals are logged onto paper field log sheets
	geotechnically logged to a level of detail to support appropriate	at the drill site prior to transcribing into a Microsoft Excel spreadsheet
	Mineral Resource estimation, mining studies and metallurgical	at the field office. Field paper logs are scanned and archived digitally
	studies.	on a cloud storage site with the broader geological database.
	• Whether logging is qualitative or quantitative in nature. Core (or	•The aircore samples were logged for lithology, colour, grainsize,
	costean, channel, etc) photography.	rounding, sorting, estimated %THM, estimated %slimes and any
	• The total length and percentage of the relevant intersections logged.	relevant comments, such as slope and vegetation.
		•A representative portion of every sample interval is collected in a
		chip-tray and archived at the field base for any additional logging. A
		photograph is collected of the chip tray related to each hole and is
		digitally archived on a cloud storage site.
		•Geological logging is governed by an Aircore Drilling Guideline
		document with predefined log codes and guidance of what to include
		in data fields to ensure consistencybetween individuals loggingdata.

Criteria	JORC Code explanation	Commentary	Commentary
		•	Data is backed-up each day at the field office to a cloud storage site.
		•	Data from the Microsoft Excel spreadsheets is imported into a
			Microsoft Access database and the data is subjected to numerous
			validationqueries to ensure data quality.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•	The entire 1.5m aircore drill sample collected at the rig was
techniques	taken.		dispatched to a sample preparation facility to split with a three tier
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and		riffle splitter to reduce sample mass.
preparation	whether sampled wet or dry.	•	The water table depth was noted in all geological logs if intersected.
	• For all sample types, the nature, quality and appropriateness of the	•	Employees undertaking the primary sampling and splitting are closely
	sample preparation technique.		monitored by a geologist to ensure sampling quality is maintained.
	• Quality control procedures adopted for all sub-sampling stages to	•	Almost all of the samples are sand, silty sand, sandy silt, clayey sand
	maximise representivity of samples.		or sandy clay and this sample preparation method is considered
	• Measures taken to ensure that the sampling is representative of the in		appropriate.
	situ material collected, including for instance results for field	•	The sample sizes were deemed suitable to reliably capture THM,
	duplicate/second-half sampling.		slime, and oversize characteristics, based on industry experience of
	• Whether sample sizes are appropriate to the grain size of the material		the geologists involved and consultation with laboratory staff.
	being sampled.	•	Field duplicates of the samples are completed at a frequency of 1 per
			25 primary samples.
		•	Standard Reference Material (SRM) samples are inserted into the
			sample streamat afrequency of 1per50 samples.
Quality of	• The nature, quality and appropriateness of the assaying and	•	The wet panning of samples provides an estimate of the %THM
assay data	laboratory procedures used and whether the technique is considered		content within the sample which is sufficient for the purpose of
and	partial or total.		determining approximate concentrations of %THM.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•	The field derived visual panned THM estimates are compared to a
tests	the parameters used in determining the analysis including instrument		range of laboratory derived THM images of pan concentrates. This
	make and model, reading times, calibrations factors applied and their		allows the field geologists to calibrate the field panned visual
	derivation, etc.		estimated THM with known laboratory measured THM grades.
	• Nature of quality control procedures adopted (eg standards, blanks,	•
	duplicates, external laboratory checks) and whether acceptable levels
	_of accuracy (ie lack of bias) and precision have been established. _
Verification of	• The verification of significant intersections by either independent or	•	Selected visual estimated THM field data are checked by the Chief
sampling and	alternative company personnel.		Geologist.
assaying	• The use of twinned holes.	•	Significant visual estimated THM >5% are verified by the Chief
	• Documentation of primary data, data entry procedures, data		Geologist. This is done either in the field or via field photographs of
	verification, data storage (physical and electronic) protocols.		the pan sample.
	• Discuss any adjustment to assay data.	•	The Chief Geologist has made numerous visits to the field drill sites to
			train and embed process and procedure with field staff.
		•	Twin aircore drilling of three (3) holes will be used to compare results
			fromthe analytical laboratory betweendifferent drilling programs.

Criteria	JORC Code explanation	Commentary
		•The geologic field data is manually transcribed into a master
		Microsoft Excel spreadsheet which is appropriate for this stage in the
		exploration program.
		•The raw field data is checked in the Microsoft Excel format first to
		identify any obvious errors or outlier data. The data is then imported
		into a Microsoft Access database where it is subjected to various
		validation queries.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Downhole surveys for these aircore holes are not required due to the
data points	down-hole surveys), trenches, mine workings and other locations	relatively shallow nature.
	used in Mineral Resource estimation.	•A handheld 16 channel Garmin GPS is used to record the positions of
	• Specification of the grid system used.	the aircore holes in the field.
	• Quality and adequacy of topographic control.	•The handheld Garmin GPS has an accuracy of +/- 5m in the
		horizontal.
		•The datum used for coordinates is WGS84 zone 36S.
		•The accuracy of the drillhole locations is sufficient for this early stage
		exploration.
Data spacing	• Data spacing for reporting of Exploration Results.	•Hole spacing on completion of this drill program will bring the spacing
and	• Whether the data spacing and distribution is sufficient to establish the	in the main target areas to 250m - 500m.
distribution	degree of geological and grade continuity appropriate for the Mineral	•The spacing between aircore holes and between lines combined with
	Resource and Ore Reserve estimation procedure(s) and	that of the previously drilled auger holes is sufficient to provide a good
	classifications applied.	degree of confidence in geological models and grade continuity
	• Whether sample compositing has been applied.	between holes for aeolian style HMS deposits.
		•Each aircore drill sample is a single 1.5m sample of sand intersected
		down the hole.
		•No compositing has been applied to values of THM, slime and
		oversize.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•The aircore drilling was located at selected sites along the interpreted
data in	possible structures and the extent to which this is known, considering	strike of mineralization defined by reconnaissance auger drill data
relation to	the deposit type.	and geophysical data interpretation.
geological	• If the relationship between the drilling orientation and the orientation	•Drill holes were vertical and the nature of the mineralisation is
structure	of key mineralised structures is considered to have introduced a	relatively horizontal.
	sampling bias, this should be assessed and reported if material.	•The orientation of the drilling is considered appropriate for testing the
		lateral and vertical extent of mineralization without any bias.
Sample	• The measures taken to ensure sample security.	•Field photographs are taken of each sample bag with corresponding
security		sample number and panned sample in order to track numbers of
		samples per hole and per batch.
		•Aircore samplesremainedinthe custody ofCompanyrepresentatives

Criteria	JORC Code explanation	Commentary
		while they were transported from the field drill site to Chibuto field
		camp for splitting and other processing.
		•Aircore samples remain in the custody of Company representatives
		until they are transported to Maputo for final packaging and securing.
		•The Company uses a commercial shipping company, Deugro or DHL,
		to ship samples from Mozambique to Perth.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•Internal data and procedure reviews are undertaken.
reviews		•No external audits or reviews have been undertaken.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The exploration work was completed on the Corridor South tenement
tenement and	agreements or material issues with third parties such as joint	(6621L) which is 100% owned by the Company through its 100%
land tenure	ventures, partnerships, overriding royalties, native title interests,	ownership of its subsidiary, Sofala Mining & Exploration Limitada, in
status	historical sites, wilderness or national park and environmental	Mozambique.
	settings.	•All granted tenements have initial 5 year terms, renewable for 3
	• The security of the tenure held at the time of reporting along with any	years. An application for renewal of tenement 6621L was submitted in
	known impediments to obtaining a licence to operate in the area.	23 September 2019 and is under review.
		•Traditional landowners and village Chiefs within the areas of influence
		were consulted prior to the aircore drilling programme and were
		supportive of the programme.
		•Representatives from the Provincial Directorate of Mineral Resources
		and Directorate of Lands, Environment and Rural Development, and
		District Planning and Infrastructure Departments are also part of the
		consent and consultation process.
		•An Environment Management Plan was prepared by an independent
		consultant and submitted to the Gaza Provincial Directorate of Lands,
		Environment and Rural Development in accordance with Mining Law
		and Regulations. An Environmental License has been obtained by the
		Company.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Historic exploration work was completed by Corridor Sands Limitada,
done by other		a subsidiary of Southern Mining Corporation and subsequently
parties		Western Mining Corporation, in 1999. BHP-Billiton acquired Western
		Mining Corporation and undertook a Bankable Feasibility Study of the
		Corridor Deposit 1 about 15km north of the Company’s tenements.
		•The Company has obtained digital data in relation to this historic
		information.
		•The historic data comprises limited Aircore/Reverse Circulation
		drilling.
		•The historic results are not reportable under JORC 2012.
Geology	• Deposit type, geological setting and style of mineralisation.	•Two types of heavy mineral sand mineralisation styles are possible
		along coastal Mozambique:
		1. Thin but high grade strandlines which may be related to marine
		or fluvial influences, and
		2. Large but lowergrade deposits related to windblown sands.

Criteria	JORC Code explanation	Commentary
		•The coastline of Mozambique is well known for					massive dunal
		systems such as those developed near				Inhambane (Rio Tinto’s
		Mutamba deposit), near Xai Xai (Rio Tinto’s Chilubane deposit) and
		in Nampula Province (Kenmare’s Moma deposit). Buried strandlines
		are likely in areas where palaeoshorelines can be defined along
		coastal zones.
Drill hole	• A summary of all information material to the understanding of the	•Summary drill hole information is presented within Table 1 of the main
Information	exploration results including a tabulation of the following information	body of text of this announcement.
	for all Material drill holes:
	`o` easting and northing of the drill hole collar
	`o` elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	`o` dip and azimuth of the hole
	`o` down hole length and interception depth
	`o` hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	_explain why this is the case. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•No cut-offs were used in the downhole averaging of results.
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•The visual estimated THM% averaging				is grade-weighted.
methods	grades) and cut-off grades are usually Material and should be stated.	•An example of data averaging is shown below.
	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used	HOLE_ID	FROM	TO	PCT VIS THM	Average visTHM	Average visTHM
	for such aggregation should be stated and some typical examples of	19CCAC104	0.0	3.0	6.0
	such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	19CCAC104 19CCAC104 19CCAC104 19CCAC104 19CCAC104 19CCAC104 19CCAC104 19CCAC104	3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0	6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0	6.0 6.0 8.0 6.2 6.6 5.5 8.0 4.0	37.5m @ 4.9%	27m @ 6.3%
		19CCAC104	27.0	30.0	2.5
		19CCAC104	30.0	33.0	2.0
		19CCAC104	33.0	36.0	1.7
		19CCAC104	36.0	37.5	1.5

Relationship	• These relationships are particularly important in the reporting of	•The nature of the mineralisation is broadly horizontal, thus vertical
between	Exploration Results.	aircore holes are thought to represent close to true thicknesses of the
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	mineralisation.
widths and	angle is known, its nature should be reported.

Criteria	JORC Code explanation	Commentary
intercept	• If it is not known and only the down hole lengths are reported, there	•Downhole widths are reported.
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Figures are displayed in the main text.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•A summary of the visual estimated THM% data is presented in Table
reporting	practicable, representative reporting of both low and high grades	1 of the main part of the announcement, comprising downhole
	and/or widths should be practiced to avoid misleading reporting of	averages, together with maximum and minimum estimated THM
	Exploration Results.	values in each hole.
Other	• Other exploration data, if meaningful and material, should be reported	•No other material exploration information has been gathered by the
substantive	including (but not limited to): geological observations; geophysical	Company.
exploration	survey results; geochemical survey results; bulk samples – size and
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	_deleterious or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for lateral	•Further work will include heavy liquid separation analysis for
	extensions or depth extensions or large-scale step-out drilling).	quantitative THM% data.
	• Diagrams clearly highlighting the areas of possible extensions,	•Additional mineral assemblage and ilmenite mineral chemistry
	including the main geological interpretations and future drilling areas,	analyses will also be undertaken on suitable composite HM samples
	provided this information is not commercially sensitive.	to determine valuable heavy mineral components.
		•As the project advances, TiO2 and contaminant test work analyses
		will also be undertaken.

AI assistant

MRG METALS LIMITED Capital/Financing Update 2021

65374_rns_2021-04-05_a3daa331-b864-468b-b962-91b4c8bf2de1.pdf

ASX ANNOUNCEMENT

HIGH GRADE INFILL AIRCORE DRILLING SUCCESS AT NHACUTSE

Key Highlights

Nhacutse Infill Drilling

Very High Grade Zone North of Nhacutse

High Grade Target North-east of Nhacutse

Mineralogical Studies

Competent Persons’ Statement

For more Information please contact:

Appendix 1

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

AI assistant

MRG METALS LIMITED — Capital/Financing Update 2021

65374_rns_2021-04-05_a3daa331-b864-468b-b962-91b4c8bf2de1.pdf

ASX ANNOUNCEMENT

HIGH GRADE INFILL AIRCORE DRILLING SUCCESS AT NHACUTSE

Key Highlights

Nhacutse Infill Drilling

Very High Grade Zone North of Nhacutse

High Grade Target North-east of Nhacutse

Mineralogical Studies

Competent Persons’ Statement

For more Information please contact:

Appendix 1

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

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MRG METALS LIMITED Capital/Financing Update 2021