MRG METALS LIMITED — Capital/Financing Update 2021

Feb 7, 2021

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ASX ANNOUNCEMENT

8 February 2021

MARAO AUGER DRILLING PROGRAM COMMENCING TODAY

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Key Highlights

• Drilling to commence at the recently granted Marao (6842L) Exploration Licence in Mozambique (refer ASX announcement 3 December 2020);

• Local government and community meetings held for the Gaza provincial area of Marao licence with approval for on-the-ground exploration received;

• Initial drilling will comprise 370 reconnaissance auger holes drilled on a grid of 500m by 1,000m spacing to be followed with infill auger program;

• Meetings with local leadership and community concluded, with camp construction underway at identified campsite; and

• Additional local drill team employed and currently trained on drilling and sampling technique to augment MRG’s existing exploration team, to expedite the program.

MRG Metals Limited (“ MRG ” or “ the Company ”) (ASX Code: MRQ) is pleased to announce that all provincial government and local community meetings have been successfully concluded in the Gaza municipal area of the Marao (6824) License (Figures 1,2 and 3). Exploration activities comprising initial reconnaissance auger drilling on an approximate 500m by 1,000m grid will commence on Monday, 8 February 2021 (Figure 4).

Local community meetings resulted in permission for use of an area for a camp site (Figure 4). Camp building commenced on Wednesday, 2 February 2021.

Local drilling crews have been employed and are currently being trained in auger drilling and sampling procedures.

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:

“We are delighted to be kicking off our 2021 Marao program, having received a positive outcome from the Government and local community meetings recently concluded to proceed with our planned exploration at the Marao Project. Working closely with the local communities is one of MRG’s key objectives and we are delighted with the continuing warm responses we receive from the communities in the areas we are carrying out our exploration programs. Importantly, at Marao, we are working with local drill crews who will assist with our upcoming programs and we are currently providing training to these crews in both auger drilling and sampling procedures.”

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Figure 1: Map of the location of the Marao (6842L) Exploration Licence in relation to other MRG Licences.

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 2: Provincial government representatives and community leaders meeting with MRG representatives in the Marao Exploration Licence(6842L)

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Figure 3: Local leaders undertaking a field inspection with MRG in Marao (6842L).

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 4: Map showing planned first phase hand held auger drillhole positions on the Marao (6842L) as well as the MRG Camp Area.

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.

-ENDS-

Authorised by the Board of MRG Metals Ltd.

For more Information please contact:

MRG Metals Andrew Van Der Zwan Chairman M: +61 (0) 400 982 987 E: andrew@mrgmetals.com.au

Investor Relations Victoria Humphries NWR Communications M: +61 (0) 431 151 676 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