MetalsTech Updates Timeline for Drill Results, Regional Exploration Target & Scoping Study Delivery

Highlights

-          Recent field mapping program together with historic drill data verification and modelling to underpin an independent JORC Exploration Target for the Company’s 1.5Moz++ Sturec Gold Mine in Slovakia (in addition to the existing Mineral Resource) – Exploration Target expected during March

-          Diamond core drilling continues to progress well through the Slovakian winter, currently completing drill hole UGA-30 within drill chamber III; this drilling has targeted areas both within and outside the existing Mineral Resource boundary – assays for a significant batch of drill results pending

-          Construction of drill chamber IV is underway

-          Surface drilling permitting, including for regional target drilling is ongoing which once received will enable the Company to complement its ongoing underground drilling with a substantial surface drilling campaign

-          Scoping study progressing well based on the production of a gold and silver concentrate from predominantly underground mining methods at Sturec - expected in April

-          Gold price strengthening, trading at above US$1,980 with a number of analysts raising long term forecasts above US$2,000/oz

MetalsTech Limited (ASX: MTC) (MTC or the Company) is pleased to provide stakeholders with an update on its exploration activities at the Company’s 100%-owned Sturec Gold Mine, located in Slovakia (Sturec).

Phase II underground diamond drilling continues with the Company currently drilling UGA-30 from drill chamber III. The Company has planned a further four holes from this current program.

In addition, the Company is currently working with an independent consultant to model a JORC Exploration Target for the historic mineralisation identified outside the current Sturec Mineral Resource Estimate area, including Wolf, Katerina, Volle Henne and Vratislav where extensive historical drilling and production has occurred. The Company has also engaged Measured Group to complete a Scoping Study based on a high grade, low impact, bulk underground mining operation at Sturec focusing on the higher grade zones within the Mineral Resource Estimate. The Scoping Study is progressing well and is expected to be completed during April.

CURRENT UNDERGROUND DIAMOND DRILLING PROGRAM

Twelve drill holes were completed from drill chamber II. These drill holes were designed to verifiy the southern extent of the Sturec Mineral Resource Estimate as drilled from drill chamber I and test for extensions of mineralisation along strike further to the south (e.g. UGA-19, -20, -21, -22, -23, -24 and -25 in Figure 1).

The first hole from Drill Chamber II, UGA-17 intersected:

-          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)

refer to MTC announcement dated 30 Sept 2021.

While the second hole, UGA-18 intersected:

-          38m @ 17.72g/t Au and 17.6 g/t Ag from 44m (0.26g/t Au cut-off, no top cut, downhole thickness);

-          18m @ 36.96 g/t Au and 30.6 g/t Ag from 64m (0.5g/t Au cut-off, no top cut, downhole thickness);

• including 6m @ 109.82 g/t Au & 81.7 g/t Ag from 76m (1g/t Au cut-off, no top cut, downhole thickness)

refer to MTC announcement dated 7 Oct 2021.

Assays from the balance of the drill holes completed from drill chamber II will be announced once recieved. The Company has experienced significant delays with receipt of assay results due to the holiday season and the ongoing COVID situation in Slovakia and other parts of Europe. The ALS laboratory in Romania has since confirmed that the assay turn around times have improved significantly and the Company expects to be able to announce assay results shortly.

Underground diamond drilling from drill chamber III, part of the Phase III program, commenced on 23 February 2022, after a break over the mid-winter period. Drill hole UGA-29 was completed on 28 February 2022 and UGA-30 is currently being drilled. Drilling from drill chamber III is planned to increase the confidence of the central part of the Sturec Mineral Resource Estimate, as well as test for deeper extensions to the known mineralisation.

Underground diamond drilling from drill chamber IV, part of the Phase IV program, is planned to commence in June 2022. Drilling from drill chamber IV is planned to further extend the mineralisation along strike to the south.

REGIONAL MAPPING/EXPLORATION TARGET MODELLING

During February 2022 , the Company engaged an independent consultant to model the mineralisation identified outside the current Sturec Mineral Resource Estimate area identified through historic exploration, with the intention that an independent JORC Exploration Target be established.

This work is focussed on the Vratislav, Wolf and Katerina prospects, which returned significant mineralised drill intersections, such as KG-V-7 at the Vratislav Prospect along strike of Sturec, which intersected 28.1m @ 6.3g/t Au & 8g/t Ag from 79.4m and has never been followed up with modern exploration (refer to MTC announcement dated 20 Sept 2021). These historic results have since been followed up by surface mapping and rockchip sampling in order to validate the historical data set.

The Company is planning on drilling from surface during the current 2022 exploration season targeting extensions of the high-grade mineralisation encountered in the historic drilling at Vratilslav, Wolf, Volle Henne and Katerina.

SCOPING STUDY PROGRESS

As previously announced, the Company engaged Measured Group to complete Scoping Study based on a high grade, low impact, bulk underground mining operation at Sturec focusing on the higher grade zones within the Mineral Resource Estimate. The Scoping Study is advancing well with mine design, mine planning and scheduling completed.

The Scoping Study will build on historic analysis completed on the Sturec Project, including the previously completed PFS, however, will be the first study to investigate the economics of mining the Sturec Project from predominantly underground mining methods. The thickness of the mineralised zones and the consistency of the grades allows the use of large underground mechanised mining equipment which will provide significant upside to the production profile underground.

This Scoping Study will utilise a simple gravity separation and flotation processing strategy, which would significantly reduce CAPEX and allow Sturec to produce a gold concentrate for export out of Slovakia where it could be processed further using conventional processing for sulphide concentrates or sold.

Underground stopes have been designed for various cut-off criteria and are currently being optimised in order to produce an optimal mine plan and financial model. The Scoping Study is scheduled to be completed in April.

ENDS

For further information, contact:

Gino D’Anna

Director

M +61 400 408 878

[email protected]

Nathan Ryan

Investor Relations

M +61 420 582 887

[email protected]

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), 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

[1] 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.