MRG Metals : HMS - Nhacutse & Poiombo Updated MRE

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At 4% THM cut-off
Nhacutse	Indicated	386 Mt @ 4.9% THM
Inferred	149 Mt @ 4.8%THM (Table 2)
Poiombo	Indicated	138 Mt @ 5.0% THM
Inferred	187 Mt @ 4.7%THM (Table 2)
Combined Nhacutse and Poiombo	Indicated and Inferred	860 Mt @ 4.9% THM (Table 1)
At 5% THM cut-off
Nhacutse	Indicated	142 Mt @ 5.8% THM
Inferred	31 Mt @ 6.8%THM (Table 5)
Poiombo	Indicated	44 Mt @ 6.3% THM
Inferred	40 Mt @ 5.8%THM (Table 5)
Combined Nhacutse and Poiombo	Indicated and Inferred	257 Mt @ 6.0% THM (Table 4)

ASX ANNOUNCEMENT

8 April 2022

UPDATED MRE FOR NHACUTSE AND POIOMBO INCLUDES EXCELLENT HIGH GRADE COMBINED INDICATED AND INFERRED RESOURCE OF

257 MT @ 6.0% THM

Key Highlights

• • Updated JORC Mineral Resource estimates for Nhacutse and Poiombo deposits based on new, comprehensive mineralogical study (refer ASX Announcement 1 April 2022).

• • Nhacutse and Poiombo deposits both demonstrate exceptional homogeneity and also very good continuity of higher grade zones of mineralisation.

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353

Phone: [phone] / Fax: [phone]

www.mrgmetals.com.au /[e-mail]

For personal use only

• • This updated Mineral Resource estimation also delivered a combined JORC Exploration Target of between 50 Mt and 500 Mt @ between 4.2% and 5.4% THM for a total range of contained THM of between 3 Mt and 20 Mt at Nhacutse and Poiombo (Refer Table 3).

• • Combined with the significantly better new mineralogy data from Nhacutse and Poiombo (Figures 8 and 9), this updated Mineral Resource result demonstrates exploration success for MRG through the discovery of at-surface, higher in-situ value per tonne deposits than its maiden Mineral Resource estimate and both of the Koko Massava deposit Mineral Resource estimates (Refer ASX Announcements 22 April 2020 and 16 December 2021).

• • The new mineralogy data, specifically the VHM% (Ilmenite + Altered Ilmenite + Rutile + Zircon), is substantially better at Nhacutse (46% VHM) and Poiombo (43% VHM), consistent in both global and high grade Mineral Resource, than that reported for Koko Massava (40 % VHM for global and 41% VHM for high grade Mineral Resource - refer ASX Announcement 16 December 2021), (Table 1).

• • The Nhacutse and Poiombo deposits sit adjacent, approximately 4 km apart, and a similar distance between the Nhacutse and Koko Massava deposit to the northwest (Figure 2). All three deposits are in very close economic radius and approximately 40 km from the proposed port at Chongoene (refer ASX Announcement 4 February 2021).

MRG Metals Limited ("MRG" or "the Company") (ASX Code: MRQ) is pleased to announce the results of updated Joint Ore Reserve Committee (JORC) Mineral Resource estimates for its Nhacutse and Poiombo deposits (refer Tables 1, 2, 3; 4 and 5; Figures 2 and 3) within the Corridor South 6620 L licence (Figure 1).

As per the maiden global and updated Koko Massava Mineral Resource estimates (refer ASX Announcements 22 April 2020 and 16 December 2021) and the maiden JORC Mineral Resource estimates for the Nhacutse and Poiombo deposits (refer ASX Announcement 2 February 2022), the updated Mineral Resource estimates were undertaken by IHC Mining in Perth, Australia. The updated JORC Mineral Resource estimates for the Nhacutse and Poiombo deposits are based on a recently completed comprehensive mineralogical study (refer ASX Announcement 2 February 2022) which returned significantly better results than the historical mineralogy data utilised in the maiden Nhacutse and Poiombo estimate.

MRG Metals Chairman, Mr Andrew Van Der Zwan said: "These updated Mineral Resource estimates for the Nhacutse and Poiombo deposits, based on new mineralogy, further confirm the potential of our Corridor Sands Projects in Mozambique. The significantly better new mineralogy data we have accumulated to deliver these outstanding results increases our confidence in the Nhacutse and Poiombo deposits as we move to the next step of our exploration program at Corridor Sands.

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ

Phone: [phone] / Fax: [phone]

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353

www.mrgmetals.com.au /[e-mail]

For personal use only

"The new comprehensive study has delivered a combined Indicated and Inferred Mineral Resource of 860 Mt @ 4.9% THM at the two sister deposits, which notably include high-grade zones of 257 Mt @

6.0% THM, a highly encouraging return for the Company. The updated Mineral Resource estimates are importantly a significant improvement on the maiden estimates which were delivered using historical data. Looking ahead, the results at Nhacutse and Poiombo will have a significant impact on the Scoping Study with a likely impact on mine pit optimization, plant location and most significantly early mine life cashflow. To further investigate the impact, MRG has decided to run further

Metallurgical analysis on the HMS concentrate at Nhacuste and Poiombo to ensure the likely uplift in Ilmenite concentrate value is reflected if we get to Feasibility study later in the year. This work will likely take place in Q3 this year once shipment of a further 6-7 tonnes of material can be sourced and transported to Brisbane."

Figure 1: Map of the location of the Corridor South (6621L) project in relation to other MRG licences.

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ

Phone: [phone] / Fax: [phone]

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353

www.mrgmetals.com.au /[e-mail]

For personal use only

Figure 2: Map of the location of the Nhacutse and Poiombo Mineral Resource estimate areas within Corridor

South (6621L) vs the Koko Massava MRE area within Corridor Central (6620 L).

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353

Phone: [phone] / Fax: [phone]

www.mrgmetals.com.au /[e-mail]

For personal use only

Updated Nhacutse and Poiombo Mineral Resource Estimate

The maiden JORC Mineral Resource estimates for the Nhacutse and Poiombo deposits (refer ASX Announcement 2 February 2022) were based on historical mineralogical studies. A new and comprehensive mineralogical study comprised of 27 brand new mineral assemblage composites and based on interpreted lithologies (refer ASX Announcement 1 April 2022) was recently completed. These 27 new mineral assemblage composites have been incorporated into the updated JORC Mineral Resource estimates for the Nhacutse and Poiombo deposits. No new additional drilling or drill sample analyses were incorporated into the updated Mineral Resource estimates and all other assumptions remained unchanged (refer JORC Table 1).

Receipt of the results from the new comprehensive mineralogical studies has facilitated the preparation of an updated Mineral Resource estimate at a 4% THM cut-off grade (COG) for the Nhacutse and Poiombo deposits (Tables 1 and 2; Figure 3):

Table 1: Summary of the Global JORC Mineral Resource estimates for the combined Nhacutse and Poiombo deposit areas (THM>4%).

Global Mineral Resource Estimation

4% COG

• (1) Mineral resources reported at a cut-off grade of 4% THM

• (2) Mineral assemblage is reported as a percentage of in situ THM content.

Table 2: Summary of the JORC Mineral Resource estimates for the individual Nhacutse and Poiombo deposit areas (THM>4%).

Nhacutse Mineral Resource Estimation 4% COG

Summary of Mineral Resources(1)Deposit

Mineral Resource Category

Material

(Mt)

In Situ THM (Mt)BD (gcm3)

THM (%)SLIMES

(%)OS (%)ILM (%)RUT (%)ZIR (%)TIMAG CHRM MOTH ANDA NMOTH

(%) (%) (%) (%) (%)

Nhacutse

Indicated Inferred

386 149

19 7

1.74 1.74

4.9 4.8

22 16

1 1

44 45

1 1

1 1

27 25

3 3

2 2

9 3

10 3

Grand Total Notes:

535

26

1.74

4.9

21

1

44

1

1

27

3

2

9

3

• (1) Mineral resources reported at a cut-off grade of 4% THM

• (2) Mineral assemblage is reported as a percentage of in situ THM content.

MRG Metals Limited ABN: 83 148 938 532 / ASX Code: MRQ

Phone: [phone] / Fax: [phone]

12 Anderson Street West, Ballarat VIC 3350 / PO Box 237 Ballarat VIC 3353

www.mrgmetals.com.au /[e-mail]