Discovery, development and acquisition

21st February2018

(ASX:MCT)

RIUExplorersConferencePresentation

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Metalicityisdevelopingandexploringaworldclasspipelinezincprojects

Primaryassets:

1. HighgradeNapierRangeZincProject:earlycashflowopportunity

2. ProspectiveEmanuelRangeZincProject:elephanthuntingopportunity

3. LargescaleAdmiralBayZincProject:globalJVopportunity

SectorleadingzincpartnersinChinaMinmetals (offtakeandfinancing)andChinaNFC(development,EPCandfinancing)

Secondaryassets:

— prospectivecobalt,lithiumandgraphitetenure

Highimpactdrillingandfeasibilityworkprogramsplannedfor2018

ExperiencedBoardandManagementteamwithsignificantshareholding

Building a high quality zinc portfolio

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Zinc: supply shortage driving prices

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

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Zinc: macros drivers in good shapeF

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Napier Range zinc project highlights

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Strengthenedzincprojectpipeline- acquisitionofhighgradeNapierRangeZincProjectandEmanuelRangeZincProjectlocatedintheLennardShelf,KimberleyRegion,WA

NapierRange:

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

— ETRof1-4Mtat10-15%ZnEq1 acrossseveralprospects

— High-grade,near-surfaceandpotentiallylowcapitalproject

— Resourcedrillingandfeasibilityplannedfor2018

MVT-styledeposits:typicallydemonstrateconventionalprocessflowsheetsandhighmetalrecoveries.

1 Notethatthepotentialquantitiesandgradesareconceptualinnature,thattherehasbeeninsufficientexplorationtoestimate MineralResourcesandthatitisuncertainwhetherfurtherexplorationwillresultintheestimationofMineralResources.

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Napier Range – early cash flow opportunity

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High-grade,near-surfaceandpotentiallylowcapitalzincproject

PossiblestarterminetopartfinancedevelopmentofAdmiralBay

PreliminaryeconomicreviewindicatesNapierRangetobeastand-aloneproject

SignificanthighgradeexplorationupsidewithETRover5kmstrikeextent

MultiplesynergisticopportunitieswithAdmiralBay,includinginfrastructure,mineralprocessingequipment,humanresources,financingandofftake

NapierRangeDeposit(750Kt@13.5%ZnEq

ExplorationTarget1-4Mt@10-15%ZnEq

HistoriccorestoredattheNapierRangeProject. GossanousdolomiteoutcroppingatNapierRange

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Emanuel Range Zinc Project highlights

7Source:Metalicity

Pillara East

• PoorlytestedareaoftransferfaultboundedbasementhighstrendingNEfromthePillaraMineincludingPD33424mat2.5%Zn&PD1045mat3%Zn

• 30kmoflargelyuntestedprospectivemajorfaultswith2m@2.54%Zn+PbinLMPD03atLittleMtPierre

• Comprehensivetargetgenerationstudycompletedwithtargetsreadytodrill

KapokNorth

• Anadvancedstage,veryshallow(<60mdeep),and~3.5kmlongtargetdefinedbygossans,geochemistryandIPgeophysicsatGindi GossanforCadjebut stylestratiformmassivesulphides

• Anuntested>5kmlongdolomitefrontidentifiedinrecentASTERgeophysicswithcoincidentZn&Pb anomalism

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100%Metalicityownershipincludingcurrently100%offtake1.

LocatedintheCanningBasinofWesternAustralia,approximately140kmsouthofBroome.

Closeproximitytoexcellentpower,water,roadandportinfrastructuresolutions.

UpdatedInferredMineralResourceEstimate(MRE)of170Mtat7.5%ZnEq2

— In-situcontainedmetalof7.0Mtzinc,4.6Mtleadand137Mozsilver

— DelineatedongrantedMLsandEL

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

ScopingStudycompletedbySRKConsulting(July2016)withthefollowingkeyoutcomes:

— Projectdevelopmentdeterminedtobetechnicallyfeasible

— BasecaseOpenStoping miningmethod

— Flatlyingdepositgeometryandrockpropertiespotentiallyfavourableforlongwallmining

— Conventionalflotationprocessingwithexpectedhighmetallurgicalrecoveries

PFSStage-1StudycompletedwithSRKConsulting(September2017)withthefollowingkeyoutcomes:

— HighlycapitalefficientDirectShippingOre(DSO)starterconceptincorporatedintothedevelopmentplan,utilisingoresortingtechnologytoupgradeROMoreto>25%Zn.

— Miningstudiesevaluatedpotentialminingmethodsandtheirgeotechnicalandhydrogeologicalimpacts,withpositiveresultsfromwithinthehighgradezone.

Admiral Bay zinc project highlights

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

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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)and14mat17.7%ZnEq(including14mat16.4%Pb).

ThreeZn-richintersections>10% ZnEqallliewithinthiszone.

MultipleZn-richzones>10% ZnEqdefinedastargetsforfuturework.

Drillingisplannedandbudgetedtoconvert12MtofhighgradezonetoIndicatedcategory.

High-gradeIndicatedresourcetargetedtodeliverpaybackontotalpre-productioncapital.

DSO productpotentialfromatotalof3MtofresourceutilisingoresortingtechnologytoupgradeROMoreto>25%Zn.

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Sector leading zinc partners

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

ChinaMinmetals1 isoneoftheworld’sleadingzincsmeltingcompanies.

— MOUsignedforfuturezincandleadoff-takeandprojectfinancing.

— TheMOUcontemplatesthesupplyofaninitial10%offutureofftakefromAdmiralBayinexchangeformetallurgicaltestwork whichestablishesapathwayforinvestinginMetalicityand/orAdmiralBay.

— Minmetals havecompletedmetallurgicaltestwork onapproximately50kgofexistingcore.

— Minmetals arepreparingareportforMetalicitytoconfirmaninternationalsaleableproduct.

ChinaNFC(“NFC”) isagloballeaderinzincprojectengineering,constructionanddevelopment.

— MOUsignedforthedevelopment,engineeringandfinancingofAdmiralBay.

— ChinaNFCarepreparingareportoutliningtheirproposedEPCMandfinancing.

— ChinaNFCareactivelyinvolvedinsomeoftheworldslargestzincdevelopmentprojects,includingMehediabad,Talla Hamza,Citronen andthe“CityofZinc”(NorthernChina).

— Particularskillinengineeringlargescaleundergroundresourceprojects.

§ Alternatediscussionswithotherglobalbasemetalcompaniesandfinanciersunderway

TheresourcesbullatMinmetals Tower,Beijing,China.

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Battery minerals projects

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TheKyarra CobaltProject- Yerrida Basin

A7km2 prioritytargetareahasbeenidentified- significantsurfacesamplesupto6,400ppmcobalt.

MineralisationmodelanalogoustotheCentralAfricanCopperbelt– prospectiveforcopper-cobaltandnickel-cobaltdeposits.

Recent1,800mRCprogramfrom8holestoatargetdepthof150mcompleted

Drillholesencounteredaconsistentnear-surfacebasemetalenrichmentzone,interpretedtobearegolithenrichmentzone.

8mto12mthick,shallowsouth-dippingzoneofanomalousbasemetal(400–500ppmCuand50–60ppmCo)intersectedinalldrillholes.Valuesrepresentaround4xtheCubackgroundandabout2xtheCobackground.

ThePilbaraLithiumProject

ThePilbaraishosttosomeofthelargesthardrocklithiumdepositsglobally(Pilgangoora andWodgina).

Ourtenementspredominantly:

— Containlithiumbearingpegmatites

— Locatedwithinapegmatitetargetcorridor

— AdjoinexistingworldclassLithiumdeposits

Phase1Drillinghasintersectingverysignificantwidthsoflithiumbearingpegmatites

PendingareviewbyCSAGlobal,Phase2Drillingplannedtovectorinonhighergradezonesofspodumene,petalite,eucryptitebearingpegmatites.

Worldclassinfrastructure&experiencedlocalworkforce/contractingpartnersbasedinPortHedland.

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Company summary

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Exploringanddevelopingaworld-classpipelineofzincprojectsinagenuinelytighteningzincmarket.

LennardShelfprojects

— high-grade,near-surface,near-termdevelopmentandpotentiallylowcapital

SectorleadingpartnersChinaMinmetals andChinaNFC- significantlongterminvestmenttocapturecurrentandfuturehighzincprices,andcreatesustainableshareholdervalue.

Secondarycobaltandlithiumworkprogramsgatheringmomentumwithpotentialspinout.

Multipleshort-termcatalystsforfirsthalfof2018:

— LennardShelfacquisitionfollowedbyaggressiveresourcedrillprograminMarch2018

— AdmiralBayJointVenturediscussionscontinuingthroughoutAsia,Europe&NorthAmerica

— FurtherCobaltexplorationdrillingattheKyarra cobaltdiscoveryin2018

— FurtherLithiumexplorationdrillingatPilgangoora North&Wodgina Southprojectsin2018

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Founders ~15%

ManagementandAssociates ~12%

CITINominees 9%

Appendix1: Corporate snapshot

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Issuedsharecapital(MCT) 563.4mil

Options 150.0 mil

Shareprice(January152018) A4c

Marketcapitalisation(diluted) ~A$28.0mil

Cash(20February2018) ~A$3.5mil

Debt(20February2018) A$0mil

Averagedailytradedvolume 0.70mil

Analystcoverage

Capitalstructure Metalicityshareprice

Majorshareholders

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Appendix 2: Board capability

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CHAIRMANAndrew Daley

• MiningEngineerandInvestmentBanker

• 40yearsexperienceintheresourceandinvestmentbankingindustry

• FoundingDirectorofPanAust,Oxiana andInvestorResourcesLimited(“IRL”)

MANAGING DIRECTORMatthew Gauci

• MBAandMiningExecutive

• 20yearsexperienceintheresourceindustry

• FoundingDirectorofMetalicityLimited

NON-EXECUTIVE DIRECTORMathew Longworth

• GeologistandMiningExecutive

• 30yearsexperienceintheresourcesindustry

• FormerlyManagingDirectorofHeronResourcesLimited

FINANCE DIRECTORJustin Barton

• CFOandCompanyDirector

• 20yearsexperienceintheresourcessector

• FormerlywithErnst&YoungandduallistedPaladinEnergyLimited

COMPANY SECRETARYNeil Hackett

• CompanySecretaryandDirector

• 25yearsexperienceintheresourcesindustry

• FormerlycompanysecretarywithduallistedSundanceResourcesLimited.

BoardandManagement

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DisclaimerandForwardLookingStatements

Thispresentationisnotaprospectusnoranofferofsecuritiesforsubscriptionorsaleinanyjurisdictionnorasecuritiesrecommendation.Theinformationinthispresentationisanoverviewanddoesnotcontainallinformationnecessaryforinvestment decisions.Inmakinginvestmentdecisions,investorsshouldrelyontheirownexaminationofMetalicityLimitedandconsultwiththeirownlegal,tax,businessand/orfinancialadvisersinconnectionwithanyacquisitionofsecurities.TheinformationcontainedinthispresentationhasbeenpreparedingoodfaithbyMetalicityLimited.However,norepresentationorwarranty,expressorimplied,ismadeastothecompletenessoradequacyofanystatements,estimates,opinionsorotherinformationcontainedinthispresentation.Tothemaximumextentpermittedbylaw,MetalicityLimited,itsdirectors,officers,employeesandagentsdisclaimliabilityforanylossordamagewhichmaybesufferedbyanypersonthroughtheuseof,orrelianceon,anythingcontainedinoromittedfromthispresentation.CertaininformationinthispresentationreferstotheintentionsofMetalicityLimited,butthesearenotintendedtobeforecasts,forwardlookingstatements,orstatementsaboutfuturemattersforthepurposesoftheCorporationsAct(Cth,Australia)oranyother applicablelaw.Theoccurrenceofeventsinthefuturearesubjecttorisks,uncertaintiesandotherfactorsthatmaycauseMetalicityLimited’sactualresults,performanceorachievementstodifferfromthosereferredtointhispresentationtooccurascontemplated.Thepresentationcontainsonlyasynopsisofmoredetailedinformationtobepublishedinrelationtothemattersdescribedinthisdocumentandaccordinglyno reliancemaybeplacedforanypurposewhatsoeveronthesufficiencyorcompletenessofsuchinformationandtodosocouldpotentiallyexposeyoutoasignificantriskoflosingallofthepropertyinvestedbyyouorincurringbyyouofadditionalliability.Recipientsofthispresentation shouldconducttheirowninvestigation,evaluationandanalysisofthebusiness,dataandpropertydescribedinthisdocument.Inparticular,anyestimatesorprojectionsoropinions containedhereinnecessarilyinvolvesignificantelementsofsubjectivejudgment,analysisandassumptionsandyoushouldsatisfyyourselfinrelationtosuchmatters.

CompetentPersonStatement- AdmiralBayHighGradeZoneMineralResourceEstimate

TheinformationinthisreportthatrelatestoGeologyandExplorationResultsisbased,andfairlyreflects,informationcompiledbyMrSerik Ursbisinov,whoisaMemberoftheAustralianInstituteofGeoscientists.MrUrsbisinovisemployedbyCSAGlobalPtyLtd,independentresourceindustryconsultants.MrUrsbisinovhassufficientexperiencewhichisrelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe ‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.MrUrsbisinovconsentstotheinclusioninthereportofthemattersbasedonhisinformationintheformandcontextinwhichitappears.

CompetentPersonStatement– ExplorationResultsandExplorationTargetRangeforNapierRange

InformationinthisreportthatrelatestoExplorationresultsandExplorationTargetRange(ETR)ontheLennardShelfprojectshasbeenreviewedbyDr. SimonDorling,whoisamemberoftheAustralianInstituteofGeoscientists.Dr. DorlingisaconsultanttoMetalicity Ltd,andhassufficientexperiencerelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedbythe2012EditionoftheAustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves.Dr. Dorlingconsentstotheinclusionofthedataintheformandcontextinwhichitappears.

CompetentPersonStatement– NapierRangeMineralResourceEstimate

InformationinthisreportthatrelatestotheNapierRangeInferredResourceEstimatehasbeencompiledbyPatrickAdams,FAusIMM,MAIG.MrAdamsisaDirectorofCubeConsulting,andconsultanttoMeridianMineralsPtyLtdwhocommissionedtheresourcereportin2016,andhassufficientexperiencerelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedbythe2012EditionoftheAustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves.MrAdamsconsentstotheinclusionofthedataintheformandcontextinwhichitappears.

CompetentPersonStatement– Kyarra CobaltExplorationProject

InformationinthisreportthatrelatestoExplorationresultsandExplorationTargetRange(ETR)ontheLennardShelfprojectshasbeenreviewedbyDr. SimonDorling,whoisamemberoftheAustralianInstituteofGeoscientists.Dr. DorlingisaconsultanttoMetalicity Ltd,andhassufficientexperiencerelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedbythe2012EditionoftheAustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves.Dr. Dorlingconsentstotheinclusionofthedataintheformandcontextinwhichitappears.

CompetentPersonStatement– PilbaraLithiumExplorationProject

TheAustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves(the‘JORCCode’)setsoutminimumstandards,recommendationsandguidelinesforPublicReportinginAustralasiaofExplorationResults,MineralResourcesand OreReserves.TheInformationcontainedinthisannouncementhasbeenpresentedinaccordancewiththeJORCCode.InformationinthisreportrelatingtoExplorationresultsisbasedoninformationcompiledbyRalphPorter,aconsultanttotheCompany,whohassufficientexperiencerelevanttothetypeofactivitiesunderconsiderationtoqualifyasaCompetentPersonasdefinedbythe2012EditionoftheAustralasianCodeforreportingofExplorationResults,MineralResourcesandOreReserves.MrPorterisamemberoftheAustralianInstituteofGeoscientists,andconsentstotheinclusionoftheinformationinthisannouncementintheformandcontextinwhichitappears.

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Important noticesF

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Metalicity Limited – poised for growth

SUNRISEATADMIRALBAY

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