METALICITY BID FOR NEX METALS - ISSUE OF FIRST TRANCHE OF CONSIDERATION SHARES

Metalicity Limited (ASX: MCT) (Company or Metalicity) is pleased to confirm the issue of the first tranche of 282,847,335 Consideration Shares to Nex Metals Exploration Limited (ASX: NME) shareholders.

NME shareholders who have accepted any time after 3 December will receive MCT shares within one month after the date they accepted (or 21 days after the end of the Offer Period).

Metalicity's bid was declared Unconditional on 3 December 2021 and Metalicity has now received acceptances representing 28.9% of NME's issued shares, providing it with the largest single voting interest in NME. In addition, the Takeovers Panel has made two separate declarations of unacceptable circumstances in relation to conduct of NME during the bid process.

The Takeovers Panel has also ordered (amongst other things) NME to prepare a replacement Target's statement in a form that ASIC does not object to and which is to be accompanied by an independent expert's report providing an opinion for NME's shareholders on whether Metalicity's bid is fair and/or reasonable. NME shareholders can email acceptances to [e-mail] with the subject line 'NME Takeover by MCT'.

The new Closing Date of the Offer (unless extended) is 5:00pm (Perth time) on 12 January 2022.

Contact:

Justin Barton

Tel: [phone]

Email: [e-mail]

Forward Looking Statements

This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward-looking statements: (a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; (b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such risks include, without limitation, resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which the Company operates or supplies or sells product to, and governmental regulation and judicial outcomes and (c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward-looking statements. All forward-looking statements contained in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward-looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein. The Company disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.

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