MetalsTech Limited: Continuous High Grade Mineralisation Intersected at Sturec Gold Mine

** 70m @ 3.43 g/t Au and 14.7 g/t Ag **

* Bonanza grades up to 77.7 g/t Au *

8 December 2020

Highlights

-          UGA-06 intersected a thick, continuous mineralized zone of 70m @ 3.43 g/t Au and 14.7 g/t Ag from 33m (0.3g/t Au cut-off, downhole thickness) including multiple high grade zones:

-          4m @ 6.62 g/t Au and 22.1 g/t Ag from 36m (2g/t Au cut-off);

-          8m @ 8.55 g/t Au and 22.5 g/t Ag from 56m (2g/t Au cut-off);

-          5m @ 4.81 g/t Au and 36.4 g/t Ag from 75m (2g/t Au cut-off);

-          4m @ 22.81 g/t Au and 37.4 g/t Ag from 98m (2g/t Au cut-off); and

-          1m @ 77.7 g/t Au and 120.0 g/t Ag from 98m

-          UGA-06 is positioned between UGA-04, which intersected 90m @ 3.88 g/t Au and 13.9 g/t Ag (as announced by MTC on the 16 November 2020) and the current Sturec Mineral Resource

-          The assay results of UGA-04, UGA-05 and now UGA-06 presents strong evidence that the high grade mineralisation continues from the current Sturec Mineral Resource >150m along strike to the south

-          UGA–07 has been completed to a depth of 130.00m and represents a down dip step out of approximately 30 metres from UGA-06 along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin

-          UGA-08 is currently underway

Commenting on the results for UGA-06, MetalsTech Chairman, Russell Moran stated:

“We have continued to hit thick continuous zones of high grade gold mineralisation as we continue to step out from the existing one million ounce resource at Sturec. We have demonstrated excellent growth potential along strike where the mineralisation continues to be open in all directions. The next set of holes has been designed to test the down dip extension which will provide us a better understanding of just how quickly this resource could scale up.”

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide stakeholders with an update on its diamond drilling program at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec).  To date the Company has completed seven diamond drill holes as part of the Company’s maiden underground drilling program from within the Andrej Adit. The current drilling program has been designed to test for southern extensions to the high-grade plunging mineralisation zone within the existing Sturec Mineral Resource.

Drilling Assay Results from UGA-06

Drilling of UGA-06 was completed to a depth of 116.50m. UGA-06 was positioned between UGA-04, which intersected 90m @ 3.88 g/t Au and 13.9 g/t Ag (as announced by MTC on the 16 November 2020) and the current Sturec Mineral Resource; to confirm the continuity of the interpreted mineralised zone between UGA-04 and the current Sturec Mineral Resource bounday.

In detail, UGA–06 is situated approximately 10 metres along strike to the north from UGA-04 and 20 metres down dip along the hangingwall of the interpreted mineralised zone; and approximately 50 metres along strike to the north from UGA-04 and 20 metres down dip along the footwall of the interpreted mineralised zone.

UGA-06 intersected 71.5m of quartz filled vein/stockwork/breccia structures, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within strongly argillic altered andesite host rock from approximately 33m to 104.5m down hole (*not true thickness).

Assay results from UGA-06 are interpreted to show a continuous mineralised zone from 33m to 103m using a 0.3g/t Au cut-off. A summary of the significant intersections from UGA-06 are shown in Table 2 below.

Table 2: Significant intersections in UGA – 06

Drilling Update: UGA-07

Drilling of UGA-07 was completed to a depth of 130.00m. UGA-07 was planned to intersect the interpreted mineralised zone down dip approximately 30 metres from UGA-06 (which intersected 70m @ 3.43 g/t Au and 14.7 g/t Ag from 33m) along the hangingwall of the interpreted mineralised zone and approximately 70m along the footwall margin.

UGA-08

Drilling of UGA-08 is currently underway. UGA-08 was planned to intersect the interpreted mineralised zone down dip approximately 30 metres from UGA-04 (which intersected 90m @ 3.88 g/t Au and 13.9 g/t Ag, as announced by MTC on the 16 November 2020) along the hangingwall of the interpreted mineralised zone and approximately 70 metres along the footwall margin.

ENDS

For further information, contact:

Russell Moran

Chairman

M +61 415 493 993

[email protected]

Nathan Ryan

Investor Relations

M +61 420 582 887

[email protected]

Gino D’Anna

Director

M +61 400 408 878

[email protected]

Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning MetalsTech. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of MetalsTech as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Background: Sturec Gold Mine

The Sturec Gold Mine is located in central Slovakia between the town of Kremnica and the village of Lučky, 17km west of central Slovakia's largest city, Banská Bystrica, and 150km northeast of the capital, Bratislava.

Sturec is a low sulphidation epithermal system and contains a total Mineral Resource of 21.2Mt @ 1.50 g/t Au and 11.6 g/t Ag (1.59g/t AuEq) using a 0.4g/t Au cut-off and within an optimised open pit, containing 1,026,000 ounces of gold and 7,944,000 ounces of silver (1,086,000 ounces of gold equivalent) in accordance with JORC (2012). An additional 388,000 tonnes at 3.45 g/t Au and 21.6 g/t Ag (3.60g/t AuEq) outside the optimised open pit contains an additional 43,000 ounces of gold and 270,000 ounces of silver (45,000 ounces of gold equivalent), reported in accordance with JORC (2012).

Mineral Resource Estimate – Sturec Gold Mine

 AuEq g/t = ((Au g/t grade*Met. Rec.*Au price/g) + (Ag g/t grade*Met. Rec.*Ag price/g)) / (Met. Rec.*Au price/g)

Long term Forecast Gold and Silver Price USD/oz (source: World Bank, JP Morgan): $1,500 and $20 respectively.

Gold And silver recovery from the 2014 Thiosulphate metallurgical test work: 90.5% and 48.9% respectively.

It is the Company’s opinion that both gold and silver have a reasonable potential to be recovered and sold from the Sturec ore using Thiosulphate Leaching/Electrowinning as per the recoveries indicated.