E2 Metals Limited announced that it has acquired a 100% interest in the advanced Pingüino silver gold project from Austral Gold Limited. E2 announced that it has signed a formal Share Sale Agreement with Austral Gold and its subsidiary, Austral Gold Canada Limited (formerly Argentex Mining Corporation) (AGCL), to acquire all of the outstanding shares in SCRN Properties Limited (SCRN), a private Canadian company that owns the mineral claims that make up the Pingüino silver and gold project (Pingüino Project). The Pingüino Project is strategically located 15km north of E2's Conserrat project in the Santa Cruz province of Argentina.

TRANSACTION HIGHL IGHTS: 100% acquisition of one of the large undeveloped silver and gold resource in Santa Cruz; Creation of an emerging pure play silver development company on the ASX; Consolidation of two adjacent silver gold districts to provide accelerated pathway to critical mass and further resource development; Commanding landholding in the world-class Cerro Vanguardia precious metals region; Total Indicated and Inferred Foreign estimate as of September 2014 of: 51Moz at 90gpt AgEq2 (32Moz Ag and 219koz Au) at 20gpt Ag cut off; 31Moz at 201gpt AgEq2 (21Moz Ag and 132koz Au) at 70gpt Ag cut off; 85% of Indicated and Inferred resource less than 130 vertical meters below the surface; Significant potential for resource expansion and new vein discoveries: 19 exploration targets untested by drilling; 6 mineralised veins defined by historical drilling that are not included in the Foreign estimate, or where mineralisation is open at depth or along strike; The transaction includes the underlying surface rights (El Piche farm) and camp infrastructure, improving site access and reducing operational costs; Conserrat MRE due in First Quarter 2023 after closing the transaction; The Company has funds of AUD 9.2 million as of the end of September 2022. PINGÜINO PROJECT: The Pingüino Project is made up of four mining titles comprising 9,986 Ha located in the central-south Deseado Massif geological province, 35km north-northwest of AngloGold Ashanti's Cerro Vanguardia mine. Silver and gold mineralisation was first discovered at Pingüino in the mid-1990s by Mincorp Exploraciones S.A. (Mincorp), a company owned by Anglo American and a local oil company.

Mincorp relinquished the properties and it was subsequently acquired by Argentex Mining Corporation (Argentex) via a deal with a local prospector Christopher Dyakowski. The project is host to the second large vein field in all of Santa Cruz (behind Cerro Vanguardia) with measured dimensions of 12 kilometers by 9 kilometers. Mineralised veins outcrop, are up to 13m wide and cover a combined strike of 115 kilometers.

Mineralisation is associated within quartz-rich, precious metal- bearing veins (related to middle Jurassic andesitic rocks) and sulphide-rich polymetallic veins (related to lower Jurassic diorites). From 2005 to 2013, Argentex completed multiple exploration and resource delineation campaigns completing 735 holes for 69,497m of combined Reverse Circulation (RC) and diamond drilling.