Metal Hawk : High Grade Gold and Nickel at Commodore

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30th May 2022

DIAMOND DRILLING RETURNS HIGH GRADE GOLD AND NICKEL AT COMMODORE

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HIGHLIGHTS:

• Initial assays received from diamond drilling at the Commodore Prospect, part of the Berehaven Project near Kalgoorlie, WA
• All five diamond holes returned significant gold intercepts
• Hole BVD007 intersected high-grade gold and nickel:

1. 2.5m @ 7.4 g/t Au from 255.4m

Including 0.37m @ 38.5g/t Au from 257.5m, and

• 1. 2.6m @ 2.8% Ni from 212.5m
• BVD001 gold intercept extended to 5.9m @ 6.7g/t Au from 244.4m
• Other results:
• 1. 1.4m @ 4.1g/t Au from 223.1m (BVNCD002)

• 1. 0.6m @ 3.7g/t Au from 229.0m (BVNCD004) o 0.5m @ 1.6g/t Au from 211.1m (BVNCD005)
• Some continuity now demonstrated in both the gold and nickel sulphide zones at Commodore
• Assays pending for four diamond holes through target gold zone
• 22 additional RC holes completed for 3,900m - all assays pending

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Metal Hawk Limited (ASX: MHK, "Metal Hawk" or the "Company") is pleased to report initial assay results from diamond drilling at the Commodore Prospect within its Berehaven Project, 20km south-east of Kalgoorlie in the West Australian goldfields. The diamond drilling program

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was designed to follow-up the high-grade gold zone discovered in the footwall of the Commodore nickel sulphide system (see ASX Announcement 14 February 2022).

Metal Hawk's Managing Director Will Belbin commented: "I am pleased to report new high- grade results of both gold and nickel sulphide as we continue to drill-testthis exciting mineral system at Commodore. We have successfully completed the first campaign of diamond drilling designed to evaluate the high-gradegold zone at Commodore and have recorded significant gold results in all diamond holes assayed so far. We look forward to the receipt of remaining assays over the next four to six weeks. Meanwhile, we are continuing our systematic nickel sulphide exploration at Berehaven with RC drilling in progress."

A total of nine diamond holes were drilled as part of the campaign, including diamond tails on three previously drilled nickel reverse circulation (RC) holes. To date assay results have been received for BVD001 (extension), BVD007 and diamond tail extensions BVNCD002, BVNCD004 and BVNCD005 (all of which did not previously test the footwall gold zone).

BVD007 was drilled on section 6,584,440mN (Figure 1), 40m south of BVD001, and intersected the following high-grade nickel and gold mineralisation:

• 2.57m @ 2.79% Ni from 212.65m
• 2.47m @ 7.39g/t Au from 255.4m Including 0.37m @ 38.5g/t Au from 257.5m

Located at the basal contact of the Commodore ultramafic unit, the nickel sulphide intersection in BVD007 is similar to that intersected in BVD001 (3.2m @ 2.4% Ni), comprised of heavily disseminated to matrix-style mineralisation, with predominantly transitional sulphides violarite-pyrite. The intercept is located approximately 25m south and 20m down- dip from the intersection in BVD001 (see Figure 3). Although BVD007 did not target the nickel sulphide zone, this result shows the high-tenor nickel sulphide present in the Commodore system has some continuity, in this case where the ultramafic unit is only a few metres thick.

The zone of high-grade gold mineralisation in BVD007 is located approximately 50m below the mineralised ultramafic contact, 25m south and 15m below the gold discovery intersection in BVD001. The gold zone of quartz-sulphide veining within an altered sulphidic shale horizon is located in the felsic footwall rocks east of the Commodore ultramafic.

BVNCD004 (also on section 6,584,440mN) intersected 0.64m @ 3.74g/t Au from 228.96m. This intercept is located about 75m up-dip (east) from the high-grade gold in BVD007. Assays are pending for BVD008 (located between BVD007 and BVNCD004).

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Figure 1. Commodore cross-section 6,584,440mN

BVD001, which when initially drilled ended in gold mineralisation, was extended with a 59m diamond tail and returned a further 0.7m @ 3.1g/t Au from 249.6m, bringing the complete intersection to 5.94m @ 6.69g/t Au from 244.4m to 250.3m.

BVNCD002, an extension of RC hole BVNC002 (which intersected 1m @ 5.9% Ni from 144m) intersected 1.4m @ 4.1g/t Au, approximately 50m up dip from BVD001. Assays are pending for diamond hole BVD005 which tested ~30m below the gold zone in BVD001.

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Figure 2. Commodore cross-section 6,584,480mN

In addition to the diamond drilling at Commodore, 22 RC holes have been completed for a total of 3,902m since April 2022. The majority of this drilling has been bedrock-testing the strike-extensive Commodore ultramafic target unit as part of Metal Hawk's systematic nickel sulphide exploration program at Berehaven. Three of the RC holes drilled were also designed to test the projected up-dip position of the Commodore gold mineralisation. Following interpretation of a flatter than expected dip of gold mineralisation (shown in Figures 1 and 2), it is likely that these RC holes were not drilled deep enough to test the gold zone. Additional drillholes will be planned following receipt of final assays.

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Figure 3. Commodore Long-Section

NEXT STEPS

Follow-up RC and diamond drilling will be planned for Commodore following receipt of all gold assays.

Nickel sulphide exploration is continuing with RC drilling bedrock-testing the strike extensive Commodore ultramafic horizon, targeting depths of between 120m and 220m down-hole. Significant intervals of ultramafic lithologies have been logged north and south of Commodore (assays pending). The Company is focused on systematically exploring along this fertile stratigraphy with campaigns of RC drilling, utilising recent aircore geochemistry and geophysics to vector in on new zones of nickel sulphide mineralisation.

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