MetalsTech Completes Placement to Accelerate Exploration

MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce it has successfully completed a share placement to sophisticated and institutional investors to accelerate exploration and development at the Company’s 100%-owned Bay Lake High Grade Cobalt Project and its 100%-owned Cancet Lithium Project.

Highlights:

Placement

  • $1 million share issue supported strongly by new sophisticated and institutional investors
  • Placement designed to broaden the pool of supportive investors and secure like-minded shareholders that believe in the strategy for the Company’s high grade cobalt and lithium assets in Canada
  • Funds will help accelerate exploration and development activities at Bay Lake, where in-vein sampling has returned assays of >15% Co and surface “dump” pile sampling has returned assays of >2% Co (refer to ASX announcement dated 16 May 2017, titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)

Bay Lake (Cobalt) – Value Catalysts

  • Results from the recent exploration program expected late July 2017
  • Airborne surveys to commence late July 2017
  • Phase I drilling planned for late August 2017
  • The Company is also evaluating additional cobalt opportunities around Bay Lake and in close proximity to the Town of Cobalt, Ontario (Canada)

Cancet (Lithium) – Value Catalysts

  • Field exploration to commence in late July 2017 with a focus on continuing to extend the mineralised pegmatite strike, and channel sampling and mapping of complementary mineralised structures
  • Phase II drilling to follow completion of the field program with a focus on building tonnage of the high grade deposit which starts at surface
  • Initial results from representative drill core metallurgical and mineralogy testing expected shortly followed by final results in August 2017
  • The completion of representative product profiling will support offtake and strategic partner discussions

Commenting on the completion of the Placement, Executive Director Mr Gino D’Anna stated:

“The placement has allowed us to attract a new pool of supportive sophisticated and institutional investors, which will complement our tight share register and existing investor network. The funds raised will allow us to accelerate exploration and development at our high grade cobalt and lithium projects. “We have a strong pipeline of value catalysts and look forward to delivering on our strategy.”

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Additional High-Grade Lithium Intersected at Cancet, with 3.23% Li2O over 11.46 metres

Cobalt and lithium explorer MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce the remaining drill results from the winter program recently completed at the Company’s 100%-owned Cancet Lithium Project (the “Project” or “Property”), located in the James Bay Region of Quebec, Canada.

Highlights include:

  • MTC17-021 – 21.46 m @ 2.24% Li2O and 310 ppm Ta2O5 from 5 m depth, including:
    11.46 m @ 3.23% Li2O (15.00 m to 26.46 m); or
    ▪ 3.01 m @ 4.82% Li2O (16.99 m to 20.00 m); and
    ▪ a sample high of 6.61% Li2O at 18 m depth
  • MTC17-022 – 17.00 m @ 2.06% Li2O and 327 ppm Ta2O5 from 6 m depth, including:
    8.15 m @ 3.44% Li2O and 558 ppm Ta2O5 (6.00 to 14.15 m); or
    ▪ 4.00 m @ 4.72% Li2O (9.02 m to 13.02 m); and
    ▪ a sample high of 5.55% Li2O at 10 m depth
  • MTC17-013 – 15.88 m @ 1.82% Li2O and 171 ppm Ta2O5 from 18.12 m depth, including:
    ▪ 5.00 m @ 2.88% Li2O and 126 ppm Ta2O5 (25.00 m to 30.00 m); and
    ▪ a sample high of 4.61% Li2O at 25 m depth
  • MTC17-020 – 6.25 m @ 3.58% Li2O and 332 ppm Ta2O5
  • MTC17-025 – 11.02 m @ 2.93% Li2O and 317 ppm Ta2O5
  • MTC17-014 – 10.00 m @ 2.67% Li2O and 333 ppm Ta2O5 from 21 m depth, including a sample high of 5.92% Li2O at 27 m depth
  • MTC17-040 – 5.00 m @ 2.56% Li2O and 92 ppm Ta2O5

The mineralised pegmatite body is open in all directions with a total defined strike length of the host pegmatite body of ~1.2 km. In addition to the encouraging lithium grades intersected near surface, significant tantalum mineralisation continued to be intersected. Drill hole MTC17-010 returned 444 ppm Ta2O5 over 34 m including a peak sample assay of 970 ppm Ta2O5. The zonation of the lithium and tantalum within the mineralised body at Cancet is not yet well-understood, with geological modelling ongoing to further define the relationship.

A LIDAR and orthophoto survey has recently been completed over the Property with processing and final deliverables expected in early July. The survey will provide high-accuracy topographic control to assist with geologic and resource modelling, as well as support regional prospecting work and the Phase II drill program planned for next quarter.

Commenting on recent results, Executive Chairman Mr Russell Moran stated:

“These assays support our thesis that Cancet has the potential to host a high-grade lithium deposit very close to surface. We are eagerly awaiting the results from the metallurgy and mineralogy testing on select drill core which we hope will indicate a simple and low-cost conventional processing opportunity, and support ongoing offtake and strategic partner discussions. Cancet is located only a few kilometres from low-cost hydro-power and an existing regional all-weather road, thus, if sufficient resources are defined, we will be well positioned with a highly attractive asset to further develop”

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MTC Commences Exploration at High Grade Bay Lake Cobalt Project

Cobalt and Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce it has mobilised geological field crew to it’s 100% owned Bay Lake High Grade Cobalt Project located in Ontario, Canada.

Highlights:

  • Geological field crew mobilised to Bay Lake to undertake mapping and sampling of exploration shafts within the project area as well as historical exploration trenches and pits
  • Maiden exploration field program will define the potential high grade cobalt mineralisation within the project and form the foundation for drill target identification
  • Bay Lake is located 10km SSW of the Historic Cobalt Mining Camp of Cobalt Township and has historically assayed up to 15.36% Co in cobalt-rich veins (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”)
  • The Company has significantly expanded the Bay Lake project through tenement acquisitions, including strategic mineral claims that are similarly host to exploration shafts and pits, including the Price Prospect where historic sampling of surface “dump” material historically assayed 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag (refer to ASX announcement dated 16 May 2017 and titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)
  • Field exploration will be complemented with an Airborne Magnetic (Quadrimag / EM) and VLFEM survey as part of the Phase II exploration campaign as a pre-cursor to drilling to better define the structural geology of the project
  • Laboratory assays for the Cancet Lithium Project are currently being finalised through ActLabs with strong results expected

Commenting on the commencement of exploration at Bay Lake, Executive Director Mr Gino D’Anna stated:

“The Cobalt Mining Camp region is geologically rich and was once the pre-eminent source of high grade silver and cobalt production in Canada. Bay Lake boasts a large number of historical surface and underground mine workings with assays from mine shaft sampling exceeding 15% cobalt and sampling of surface dumps exceeding 2% cobalt. This initial phase of exploration will sample surface stock piles that lie adjacent to historical exploration shafts, pits and trenches as well as assisting our geological team to define drill targets within the high grade silver and cobalt mineralisation.”

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Appendix 3B

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Outstanding Metallurgical Testwork Results at Cancet

Excellent Results from Metallurgical Testing at Cancet

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has received outstanding results following its recently completed initial mineralogy profiling program on the Company’s 100%-owned Cancet Lithium Project in Quebec, Canada.

Highlights:

  • Initial metallurgical test work on 5kg outcrop sample confirms high grade spodumene in the pegmatite ore body at Cancet
  • Concentrate grade of 6.24% Li2O produced from 10mm crush indicating simple low cost DMS gravity separation will recover 77% of the lithium in 13% of the mass: o Dense Media Separation (DMS) removed 80% of the mass feed at 2.7SG indicating very high recovery at a coarse crush size
    • Simple processing could mean significantly lower CAPEX and OPEX against peers as well as shorter commissioning time
    • Coarse grain premium concentrate
  • Initial mineralogy / metallurgical profiling suggests product suite will meet and exceed grade requirements for battery market
  • Metallurgical test work compares favourably against advanced projects in Western Australia including Tawana Resources – Bald Hill project
  • Representative metallurgical testing on composite split drill core commencing shortly – will underpin early offtake and strategic partner discussions

Commenting on recent results, Executive Director Mr Gino D’Anna stated:

“Preliminary metallurgical profiling from outcrop samples confirms Cancet is a primary spodumene rich lithium pegmatite. Initial test results demonstrate delivery of a battery grade spodumene concentrate through simple DMS processing, which suggests potential for a very low CAPEX and OPEX operation compared to peers. Although testing was based on surface outcrops which is a precursor to the representative drill core metallurgy testing currently underway, the results are nonetheless outstanding. Cancet is a shallow high grade deposit adjacent to low cost power and established highway infrastructure, and if the metallurgy continues to outperform and we continue to extend strike, it will be a strategic deposit.

We are accelerating metallurgical testing on drill core to increase confidence and representation, which will underpin early offtake and strategic partner discussions. Importantly, recent test work was carried out on outcrop samples that are now considered to be a significant underestimate of the projects MetalsTech Limited ACN 612 100 464 – Unit 1, 44 Denis Street, Subiaco WA 6008 T +61 408 408 878 | +61 415 493 993 www.metalstech.net

representative grade following Phase I drilling and although these results are excellent, we are confident they are ultimately conservative.”

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