Metal Bank : Appendix 3B

Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

Name of entity

Metal Bank Limited

ABN

51 127 297 170

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

Ordinary shares

1 +Class of +securities issued or to be issued

Up to 179,286,996 ordinary shares comprising 116,666,666 shares issued under a Placement to Sophisticated Investors (Placement Shares) and up to 62,620,330 ordinary shares to be issued under a 1 for 10 Rights Issue (Rights Issue Shares)

1. Number of +securities issued or to be issued (if known) or maximum number which may be issued

   Fully paid ordinary shares

2. Principal terms of the

   +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if

   +convertible securities, the conversion price and dates for conversion)

   Yes

3. Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

   If the additional securities do not rank equally, please state:

   • the date from which they do

   • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

   • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

     3 cents per ordinary share

4. Issue price or consideration

   To fund exploration on the Triumph Project and working capital

5. Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

Yes

6a Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

12 November 2015

6b The date the security holder resolution under rule 7.1A was passed

73,121,178 Placement Shares

6c Number of +securities issued without security holder approval under rule 7.1

43,545,488 Placement Shares

6d Number of +securities issued with security holder approval under rule 7.1A

6e Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

Up to 62,620,330 Rights Issue Shares

6f Number of securities issued under an exception in rule 7.2

Price determined 16.9.16 at 3 cents

15 day VWAP 3.7 cents Source IRESS

6g If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.

N/A

6h If securities were issued under rule 7.1A for non‐cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

Capacity under rule 7.1 - Nil Capacity under rule 7.1A - 7,120,408

6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

Placement Shares 30 September 2016

Rights Issue Shares 21 October 2016

7 +Issue dates

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A.

Cross referece: item 33 of Appendix 3B.

Number	+Class
Up to 688,823,626 if Rights Issue fully subscribed	Ordinary shares

8 Number and +class of all

+securities quoted on ASX (including the securities in section 2 if applicable)

Number	+Class
15,000,000	Unlisted options exercisable at 3 cents per share before 30 November 2018

1. Number and +class of all

   +securities not quoted on ASX (including the securities in section 2 if applicable)

   N/A

2. Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

   Part 2 - Bonus issue or pro rata issue

   N0

3. Is security holder approval required?

   Non‐renounceable

4. Is the issue renounceable or non‐ renounceable?

   One for ten

5. Ratio in which the +securities will be offered

Ordinary

14 +Class of +securities to which the offer relates

30 September 2016

15 +Record date to determine entitlements

N/A

1. Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

   Rounded Up

2. Policy for deciding entitlements in relation to fractions

3. Names of countries in which the entity has +security holders who will not be sent new issue documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.