MetalsTech Limited: Excellent Gold Mineralisation Intersected in First Drill Hole of Phase II Drill Programm ** 19m @ 5.08 g/t Au and 12.9 g/t Ag **

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Highlights

-          UGA-17 intersected a thick, continuous mineralized zone of 45m @ 2.65 g/t Au and 10.4 g/t Ag from 52m (0.26g/t Au cut-off, downhole thickness) including higher grade zones:

• 35m @ 3.31 g/t Au and 12.3 g/t Ag from 60m (1g/t Au cut-off);

-          including 19m @ 5.08 g/t Au & 12.9 g/t Ag from 67m (2g/t Au cut-off);

-          ‘100 grams-metres’ plus assay result in UGA-17 offers strong confidence to the mineralised zone interpretation at the southern margin of the existing Sturec Mineral Resource

-          Core samples from UGA-18, which intersected significant visible gold at 81.35m downhole has been received by the lab and assay results are expected within days

Commenting on these assay results, MetalsTech Chairman, Russell Moran stated:

“Its great to see we have hit nice thick mineralisation with excellent gold grade right out of the gate on this program. The next hole looks fantastic based on the visible gold seen in cut core and we look forward to reporting on that in a couple of days when assays come in.”

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to provide stakeholders with an update on its Phase II diamond drilling program at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec).  To date the Company has completed two diamond drill holes from Drill Chamber 2 within the Andrej Adit. This drill program has been designed to increase confidence in the mineralisation zone along the southern extensions to the high-grade plunging mineralisation zone on the margin and outside the existing Sturec Mineral Resource.

The drill hole collar details for drill holes from Phase II drill programme are set out in Table 1 below.

Table 1: Drill Collar details

UGA-17

UGA–17 was completed to a depth of 109.35m and was positioned as an infill drill hole at a high-angle to UGA-14 enabling it to drill across the known mineralisation zone intersected in UGA-14, which intersected a thick mineralized zone of 108m @ 2.22 g/t Au and 7.6 g/t Ag from 26m (0.3g/t Au cut-off, downhole thickness) including higher grade zones (refer to MTC announcement dated 1 June 2021 titled “Metalstech Hits Record Intercept At Sturec Gold Mine”):

-          63m @ 3.53 g/t Au and 9.6 g/t Ag from 71m (0.5g/t Au cut-off);

-          including 43m @ 4.88 g/t Au and 11.8 g/t Ag from 90m (0.5g/t Au cut-off);

-          including 26m @ 7.39g/t Au and 14.5 g/t Ag from 91m (1g/t Au cut-off); and

-          including 10m @ 16.98g/t Au and 26.4 g/t Ag from 95m (2g/t Au cut-off).

Assay results from UGA-17 are interpreted to show a continuous mineralised zone from 52m to 97m using a 0.25g/t Au cut-off. A summary of the significant intersections from UGA-17 are shown in Table 2 below.

Table 2: Significant intersections in UGA-17

UGA-18

UGA–18 was completed to a depth of 104.65m. UGA-18 was positioned as an infill drill hole above and at a high-angle to UGA-14 enabling it to drill across the known mineralisation zone intersected in UGA-14; as well as approximately 17m and 40m to the south and updip from where UGA-17 intersected the hangingwall and footwall of the interpreted mineralisation zone respectively.

During detailed geological logging and sampling, visible gold at 81.35m was identified within a quartz filled vein/stockwork/breccia zone, variably rich in fine to very fine grained sulphides (mainly pyrite/marcasite) and hosted within variably argillic altered andesite host rock from approximately 45m to 82.7m down hole (*not true thickness) in the drill core from hole UGA-18 (refer to MTC announcement dated 23 Sept 2021).

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.

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Quinton Hills Ph.D., M.Sc., B.Sc. Dr Hills is the technical advisor of MetalsTech Limited and is a member of the Australasian Institute of Mining and Metallurgy (No. 991225). Dr Hills has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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’. Dr Hills consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in the report to which this statement is attached that relates to Mineral Resources for the Sturec Gold Deposit is based on information compiled by Mr Chris Grove, who is a Member of The Australasian Institute of Mining and Metallurgy (No. 310106).  Mr Grove is a full-time employee of Measured Group Pty Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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 Grove consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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 38.5Mt @ 1.23 g/t Au and 8.8 g/t Ag (1.30g/t AuEq[i]), containing 1.522Moz of gold and 10.93Moz of silver (1.611Moz of gold equivalent) using a 0.26g/t Au cut-off within an optimised open pit shell; as well as 148kt @ 3.55 g/t Au and 12.6 g/t Ag (3.64g/t AuEq1), containing 17koz of gold and 60koz of silver (18koz of gold equivalent) outside the optimised open pit shell on an underground mining basis; reported in accordance with JORC (2012).

Mineral Resource Estimate – Sturec Gold Project

[i] 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 (source: Bank of America): $1,785 USD/oz and $27 USD/oz 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.