Discovery, development and acquisition

AUGUST2017

SPPPresentation

Founders ~15%

ManagementandAssociates ~12%

ShanghaiMetals 9.4%

Corporate snapshot

2

Issuedsharecapital(MCT) 454.0mil

Options 78.6 mil

Shareprice(June2017) A4.5c

Marketcapitalisation(diluted) A$23.9mil

Cash(30Mar2016) ~A$3.5mil*

Debt(30Dec2016) A$0mil

Averagedailytradedvolume 0.90mil

Analystcoverage

Capitalstructure Metalicityshareprice

Majorshareholders

*includes$1.8mcash+$1.7moptionsinthemoney(excludesrecent$1.5mequityplacement)

Management Capability

3

CHAIRMANAndrew Daley

• MiningEngineerandInvestmentBanker

• 40yearsexperienceintheresourceandinvestmentbankingindustry

• FoundingDirectorofPanAust,Oxiana andInvestorResourcesLimited(“IRL”)

MANAGING DIRECTORMatthew Gauci

• MBAandMiningExecutive

• 20yearsexperienceintheresourceindustry

• FoundingDirectorofMetalicity

NON-EXECUTIVE DIRECTORMathew Longworth

• GeologistandMiningExecutive

• 30yearsexperienceintheresourcesindustry

• FormerlyManagingDirectorofHeronResources

NON-EXECUTIVE DIRECTORChris Bain

• GeologistandFundManager

• 40yearsexperienceintheresourceindustry

• FormerlyGeologistwithMIMHoldingsandFoundingDirectorofIRL

COMPANY SECRETARYNeil Hackett

• CompanySecretaryandDirector

• 25yearsexperienceintheresourcesindustry

• Formerlycompanysecretaryanddirectorwithvarioussmall-midcaps

CHIEF FINANCIAL OFFICERJustin Barton

• CFOandCompanyDirector

• 20yearsexperienceintheresourcessector

• FormerlywithErnst&YoungandRioTinto

BoardandManagement

Zinc: supply shortage driving prices

4

Source:MacquarieResearch,March2016(WoodMac,CRU,LME,ILZSG)Source:MacquarieResearch,March2016(WoodMac,CRU,LME,ILZSG)

5

Zinc: macros drivers in good shape

Discovery,developmentandacquisitionareourenablers.

AllassetsareinthepremierminingjurisdictionofWesternAustralia.

Primarydevelopmentassetsaretheworld-classAdmiralBayZincProject,andtherecentOptiontoacquiretheLennardShelfZincProject(NapierRangeandEmanuelRange).

Secondaryasset(s)arehighlyprospective,drillreadycobalttenureatKyarra.

Allprojectacquisitionsundertakenatlowcosttoshareholders.

Capitalraisingwillsupportarangeofpotentiallyhighimpactworkprogramsinthesecondhalfof2017and2018.

ExperiencedBoardandManagementteamsignificantshareholding.

We are driven by return on capital

6

100%Metalicity ownershipincludingcurrently100%offtake1.

LocatedintheCanningBasinofWesternAustralia,approximately140kmsouthofBroome.

Closeproximitytoexcellentpower,water,roadandportinfrastructuresolutions.

UpdatedInferredMineralResourceEstimate(MRE)of170Mtat7.5%ZnEq2

— In-situcontainedmetalof7.0Mtzinc,4.6Mtleadand137Mozsilver

— DelineatedongrantedMLsandEL

Highgradezoneof20Mtat10%ZnEq (including4.9Mtat12.5%ZnEq).

Targetingamulti-decadeoperationofworldclasszinc-leadscaleandoperatingcost.

ScopingStudycompletedbySRKConsulting(July2016)withthefollowingkeyoutcomes:

— Projectdevelopmentdeterminedtobetechnicallyfeasible

— Basecaseopenstoping miningmethod

— Flatlyingdepositgeometryandrockpropertiespotentiallyfavourableforlongwallmining

— Conventionalflotationprocessingwithexpectedhighmetallurgicalrecoveries

Admiral Bay zinc project highlights

7

1 SubjecttoMOUsignedwithChinaMinmetals NonferrousMetalsCo.Ltdfor10%ofAdmiralBayzincandleadconcentrate.SeeMetalicityASXreleaseon17/07/2017.2 SeeMetalicityASXreleaseon4/07/2016;ZnEq =Zn+0.97Pb+0.03Ag(Table1:ZincEquivalenceParameters).

Containedmetal=7Mtzinc,4.6Mtlead,137Mozsilver

3.0%ZnEq cut-offgrade

ExplorationTargetRange2

— Explorationtargetestimatebasedon3%Zn+Pb cut-offgrade— 160-210Mtat4.5-4.6%Zn,2.2-2.1%Pband25g/tAg— Containedmetal=7.2-9.6MtZn,3.5-4.3MtPb,128-169MozAg— 18kmtargetedstrikeextent

HighGradezoneof10Mtat10%ZnEq3

A globally significant zinc resource

8

Classification Tonnes(Mt) Zn(%) Pb(%) Ag(g/t) Zneq (%)1

Inferred 170.0 4.1 2.7 25 7.5

1 SeeMetalicityASXreleaseon4/07/2016;Zneq =Zn+0.97Pb+0.03Ag(Table1:ZincEquivalenceParameters)2 Notethatthepotentialquantitiesandgradesareconceptualinnature,thattherehasbeeninsufficientexplorationtoestimate

MineralResourcesandthatitisuncertainwhetherfurtherexplorationwillresultintheestimationofMineralResources.3 SeeMetalicityASXreleaseon10/2/2015

MajorzincdevelopmentprojectsgloballyAdmiralBayResourceEstimate

Source:Variouscompanyreportsandreleases

0.0%

5.0%

10.0%

15.0%

20.0%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Admira

lBay-ETR

Selwyn(C

anada)

Meh

diabad(Iran)

Gamsberg(Sou

thAfrica)

Admira

lBay(A

ustralia)

Ozernoe

(Russia

)

DugaldRiver(A

ustralia)

Teen

a(Australia)

Citron

en(G

reen

land

)

TalaHam

za(A

lgeria)

Dairi(Ind

onesia)

HackettR

iver(C

anada)

Akie(C

anada)

Bisha(Eritrea)

Olympias(G

reece)

Asmara(Eritrea)

Halfm

ileLake(Canada)

Resourcegrade(Zn+Pb(%))

Resourcecont.metal(Zn+Pbonly(mt))

Cont.Zn+Pb(mt)

Zn+Pbgrade(%)

Admira

lBay(H

ighGrade)

A well defined high grade zinc-lead zone

9Source:Metalicity

Higher-gradezoneof20Mtat10% ZnEq,including4.9Mtat12.5%ZnEq.

Higher-gradezonewithinexistingInferredResourceof170Mtat7.5%ZnEq.

Bestintersectionsinclude20mat14.5%ZnEq (including6mat24.3%ZnEq)and;14mat17.7%ZnEq (including14mat16.4%Pb).

ThreeZn-richintersections>10% ZnEq allliewithinthiszone.

MultipleZn-richzones>10% ZnEq definedastargetsforfuturework.

Drillingisplannedandbudgetedtoconvert12Mtofhighgradezonetoindicatedcategory.

Highgradeindicatedresourceexpectedtorepresentpaybackontotalpre-productioncapital.

DSO productpotentialfromatotalof3Mtofresource.

Pre-feasibility study underway

10

Mineral ResourceUpgrade

Mining OptionalityStudies

Metallurgical,geotechnical,hydrogeological,geothermal studies

Financial modelling

Drillinghighgradezone

MineralResourceUpgrade

Pre-Feasibilitylevelconfidencestudy,includingallkeydisciplines.

Furtherdrillingwithinthehigh-gradezone

MineralResourceUpgrade

DFSlevelconfidencestudyincludingallrelevantdisciplines.

Metallurgicaltestingtoupgradeconfidence

Geotechnicalmodelling

Hydrogeologicalmodelling

OreSortingstudy

Source:Metalicity

AdmiralBayPFStobecompletedinatwo-stagedapproach.

Pre-feasibilityStudyStage1(tobecompletedwithSRKConsulting)aimsto:

• Addressgeotechnicalandhydrogeologicalcriteriatoinformminingmethod

• CompleteOreSortingtestworkaimedtotestoresuitabilityforupgradingoretoagradeof»40%ZnEq forapotentialDSOproduct.

• Completekeymetallurgicaltestworkprogramsandprocessflowsheetdesign

• Designtwostagedapproachtominingwith“startermine”DSOoperation

• ConvertMOUwithChinaNonferrousandChinaMinmetals tobindingJointVentureAgreement

PFSStage2willinvolvedirectionaldrillingtoupgradeMineralResourcetoIndicatedstatusandcompletePFSlevelconfidencestudiesacrossalldisciplines.

Twostageminingstrategybeingevaluatedincorporatingstage1lowcapital,4yearDSOstartermine,thatwouldprovidefundingtorampuptostage2fullscaleconcentratemodelfor21years+.

Lennard Shelf zinc project highlights

11

Optiontoacquire100%oftheLennardshelfzincprojectwhichincludesthehighgradenearsurfaceNapierRangeZincProjectandEmmanuelRangeZincProject.

NapierRange:

— JORC2012InferredMineralResourceEstimate(MRE)of750ktat13.6%ZnEq(5.8%Zn,7.2%Pb and54g/tAg).

— ETRof1-4Mtat10-15%ZnEq1 acrossanumberofseparateprospects

— Highgrade,nearsurfaceandpotentiallylowcapitalproject

EmmanuelRange:

— IncloseproximitytothePillar,Kapok,Cadjebut zincdeposits

— Strikeof~30kmofuntestedprospectivezonewithmajorfaults

1 Notethatthepotentialquantitiesandgradesareconceptualinnature,thattherehasbeeninsufficientexplorationtoestimate MineralResourcesandthatitisuncertainwhetherfurtherexplorationwillresultintheestimationofMineralResources.

Lennard Shelf zinc project highlights

12

Highgradenearsurfaceandpotentiallylowcapitalzincproject.

PreliminaryreviewsuggestthatWagonPassisastandaloneeconomicallyfeasibleproject.

SignificanthighgradeexplorationupsidewithETR

Furtherexplorationupsidewithsurfacesamplesof20%+Znoutcropping

MultiplesynergisticopportunitieswithAdmiralBay,includinginfrastructure,mineralprocessingequipment,humanresources,financingandofftake.

PossiblestarterminetopartfinancedevelopmentofAdmiralBay

WagonPassdepositblockmodel

WagonPassDeposit(750Kt@13.5%ZnEq

ExplorationTarget1-4Mt@10-15%ZnEq

13

Global zinc project development

DugaldRiver

Gamsberg

Ozernoye

Selwyn

IzokCorridor

Kipushi

Mehdiabad

0%

1%

2%

3%

6%

13%

25%

50%

100% -100 0 100 200 300 400 500 600

ZincGrade

(%)

ZincProduction(ktpa)

AdmiralBay(Concentrate)

Source:MiningSurvey2015– FraserInstituteNote:Bubblesizeequalscapital(US$m);Y-AxisisalogarithmicscaletoaccountforKipushi’s highgradeSource:PublicCompanyReports

AdmiralBay(DSO)

NapierRange(??)

AdmiralBayAustralia(WA)

87 1

SelwynCanada

79 12

Dugald RiverAustralia(Qld)

78 16

Izok CorridorCanada

74 23

OzernoyeRussianFederation

66 47

KipushiDRC

59 60

GamsbergSouthAfrica

58 66

MehdiabadIran

SanctionedbyEU,UNandUSA

Project Area/CountryRiskScore

LocationRiskRank(from109)

14

Sector leading zinc partners

1.Minmetals isoneofChina’sleadingzincsmeltingcompany’s withannualconsumptioncapacityof1MtpazincconcentrateandiscurrentlycompletingamergerwithChinaMetallurgicalCorporation(MCC).ThecombinedrevenuesofMinmetals andMCCarereportedtoamounttoapproximatelytwicethatoftheworld’slargestpubliclytradedminingcompany,BHP.1Chinaistheworld’slargestconsumerandprocessorofzincconcentratesintorefinedzinc.Moreinformationcanbefoundat:http://china.org.cn/business/2016-06/03/content_38595154.htm

ChinaMinmetals1 isoneofChina’s,andtheworld’s,leadingzincsmeltingcompanies withannualconsumptioncapacityof1Mtpazincconcentrate.

MOUsignedwithsubsidiaryChinaMinmetals NonferrousMetalsCo.Ltd (“CMN”)forportionoffuturezincandleadoff-takefromAdmiralBay.

TheMOUcontemplatesthesupplyofaninitial10%offutureofftakefromananticipatedproductionof174Ktzincand115KtleadperannumfromAdmiralBayinexchangeformetallurgicalandbeneficiationtestwork whichestablishesapathwayforinvestinginMetalicityand/orAdmiralBay.

CMNwillundertakemetallurgicalandbeneficiationtestwork onapproximately50kgofexistingcorecurrentlyheldbythecompanyinarefrigeratedcontainer.CMNwillprepareareportforMetalicityaspartofthecurrentPFSfortheDSOandConcentrateModel,aswellasforfuturefinancingandoff-take.

ChinaNonferrousMetalIndustry’sForeignEngineeringandConstructionCo.Ltd (“NFC”) isagloballeaderinzincprojectengineering,procurement,constructionanddevelopment.

MOUsignedwithsubsidiaryCNFCEquipmentCo.LTD(“CNFC”)forthedevelopment,constructionandfinancingofAdmiralBay.

Cobalt drilling current quarter

15

Highprioritydrilltarget

TheKyarra CobaltProjectlocatedintheemergingYerrida Basin,WA.

Extensivecobaltanomaliesidentifiedovera25kmstrike.

A4km2 prioritytargetareahasbeenidentifiedwheresignificantsurfacesamplesupto6,400ppmcobaltanddrillintersectionsincluding2mat612ppmcobalthavebeenachieved.

Largelandholdingof645km2 oftenementscoveringasignificantportionoftheYerrida Basin.

MineralisationmodelanalogoustotheZambianCopperBelt– prospectiveforcopper-cobaltandnickel-cobaltdeposits.

Maiden2,000– 3,000mdrillingprogramplannedforSeptemberQuarter.

Lithium drilling current quarter

16

Lynas FindNorthadjoinsPilbaraMinerals’andAlturaMining’sPilgangooraprojectstothesouth.

Extensivelithiumbearingpegmatiteshavebeenmappedoverastrikeextentofapproximately10kmatLynas FindNorth.

Pegmatitesmappedwithin1kmofLynas Finddeposit.

Drillingplannedacrossa10kmx2kmtargetarea.

Excellentnearbyprocessinginfrastructureandaccess.

Subjecttoresults,programpotentiallytobeextendedtotheStannumlithiumdiscoverytothesouthwest.

Highprioritydrilltarget

Investment highlights

17

Zincstrategyrapidlybuildinggenuineleverageintighteningzincmarket.

Optiontoacquirethehighgrade,nearsurfaceandpotentiallylowcapitalLennardShelfprojectprovidesnear-termdevelopmentprojectasworkcontinuesonAdmiralBay.

Secondarycobaltandlithiumworkprogramsgatheringmomentumwithpotentialtoaddsignificantnear-termvalue.

Multipleshort-termcatalystsforsecondhalfof2017:

• AdmiralBayJointVenturediscussionscontinuingthroughoutAsia

• LennardShelfduediligenceprogramandpotentialacquisition

• CobaltdrillingatKyarra inSeptemberQuarter2017

• LithiumdrillingatPilgangoora NorthinSeptemberQuarter2017