MetalsGrove Mining Limited announced that it has completed its maiden 4,200m Reverse Circulation (æRCÆ) drilling programme at the Upper Coondina Lithium Project, located 80 km south of Marble Bar. This maiden drilling programme was designed to test the priority lithium targets at the recently discovered Chola Prospect in the south-east of the main Upper Coondina Project area. The Company can report that drilling has successfully intersected the main target zone at Chola with first assays expected to be reported in first quarter 2023.

MGA is also pleased to confirm the completion of a DGPR survey at Upper Coondina. DGPR is proven technique for identifying additional pegmatites and establishing a more detailed understanding of subsurface mineralisation. Deep Ground Penetrating Radar (DGPR) survey: Ultramag Geophysics was engaged by the Company to undertake a DGPR survey to identify pegmatites and investigate subsurface potential for the known, mapped and sampled at the Upper Coondina lithium project.

Excellent signal quality from depths of 30m to 100m was recorded and a total of 28.5 km of line-data at 50m to 150m spacing was completed. The DGPR survey has identified 23 new potential pegmatite structures conjugate with existing known mineralised pegmatites within the Chola Prospect. During the first phase drilling programme, MGA tested approximately 50% of the DGPR anomaly, and the untested anomaly will be drilled during the next phase of drilling programme.

DGPR is a geophysical technique similar to seismic that emits very short pulses of electromagnetic (EM) radiation into the ground via a transmitter, measuring the reflected energy in a receiver to produce profiles of subsurface resistivity. The DGPR survey was planned to test the extensions at depth of existing surface- mapped, known lithium-rich pegmatites; and potential to identify additional blind pegmatites. The new interpreted pegmatites, shown in green in, appear to be much wider than the mapped and sampled pegmatites at Chola.

They are also interpreted to start below the surface and extend slightly deeper; orientation is correlated with the known surface outcrop pegmatite. Next steps: RC Drill samples have been sent to the laboratory for analysis; Continue detailed field mapping in the areas north of Chola, Happy Go Lucky and Shaw River Prospects to further enhance the geological Modelling; Continue DGPR survey in the areas north of Chola, Happy Go Lucky and Shaw River Prospects to identify potential extensions of the undercover Pegmatites; Planning for follow-up programmes once assay results have been received and interpreted; Commence planning for heritage surveys prior to drill programmes; Planning underway for surface field mapping and sampling. Upper Coondina Project Background: The Upper Coondina Project is located approximately halfway between the major mining regional service centres of Port Hedland and Newman - approximately 200 km northwest and 180 km south-southeast of the project, respectively.

The Project comprises a single granted Exploration Licence. The tenement covers an area of approximately 6,363 ha and the maximum distance across the project is about 11 km east-west and 8 km north-south. Nearby lithium mines include Wodgina Pilbara Minerals and recent lithium developer Global Lithium.

Historical Exploration Summary: The Greater Shaw Tin Field has attracted exploration interest since the discovery of tin in 1890. However, most of the exploration and subsequent mining of tin and tantalum has been on the small scale. The Shaw Tin Field, has historically produced more than 6,500 t of tin concentrate.

In 1968, Marble Bar Nickel carried out a rock chip sampling programme covering tenement E45/3699 of the current Hillside CRG (A1714). A 1972 stream sediment sampling programme by Anglo American Services Limited targeting Ni-Cu mineralisation identified a copper anomaly in ultramafic and pillow basalts and another in altered gabbro. Both were subsequently found to be insignificant.

In early 1968, the field was largely abandoned after the shallow deposits were soon exhausted. Towards the end of 1968, a local resident discovered further cassiterite mineralisation in cemented alluvium within a largely concealed tertiary drainage channel. In 1983, CSR Limited explored for economic secondary concentrations of tin and tantalum in the area.

Their exploration programme included follow-up on radiometric anomalies, stream sediment sampling and geological mapping. No discrete localities of anomalous tin could be identified. CSR Limited identified simple pegmatite veins as the sources of the tin.

No dedicated Li-focused exploration has been carried out within the project area. However, given historical surface geochemical sampling has returned anomalous values up to 253 ppm LiO2, MetalsGrove considers that this untested magnetic anomaly warrants follow-up exploration to determine its source. The exploration results that are referred to above were included in MetalsGrove's IPO prospectus dated 13 May 2022 (Prospectus).

MetalsGrove is not aware of any new information in respect of these results, and confirms that full details with respect to these results are included in the Prospectus.