Metal Bank : Completion of Placement Raising $3.5M

ASX ANNOUNCEMENT 30 September 2016

ASX: MBK

COMPLETION OF PLACEMENT RAISING $3.5 MILLION

Metal Bank Limited (ASX: MBK) (Metal Bank) is pleased to announce that it has completed the first part of its capital raising being a Placement of 116,666,667 shares at 3 cents per share to sophisticated and institutional investors to raise $3.5 million (before costs).

The Equity Raising was lead managed by Taylor Collison (Lead Manager). In addition, the raising was supported by affiliates of the Sprott Group of Companies.

Funds raised will be used to:

• Accelerate exploration on the Triumph gold project in SE Queensland where two recent high grade gold‐silver discoveries have been made through shallow drilling.

• Fund ongoing exploration on the Eidsvold gold project in SE Queensland and Business Development looking at other advanced gold opportunities.

• Provide general working capital.

The Entitlement Offer

As previously announced on 19 September 2016, the Placement will be followed by a pro‐rata non‐renounceable one for ten rights issue of fully paid ordinary shares (New Shares) in Metal Bank to existing eligible shareholders (Entitlement Offer). The offer document and application form will be mailed to shareholders on 4 October 2016, in accordance with the timetable below.

The offer price for the Entitlement Offer is $0.03 per New Share (Offer Price). Under the Entitlement Offer, eligible shareholders will be able to subscribe for one New Share for every ten existing fully paid ordinary shares held at 7.00 pm (Melbourne time) on Friday 30 September 2016 (Record Date) at the Offer Price.

Entitlements are non‐renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up. Shareholders who are not eligible to receive entitlements will not receive any value in respect of the entitlements they would have received had they been eligible.

In addition to being able to apply for new shares under the Entitlement Offer, eligible shareholders will also have the ability to apply for additional new shares in excess of their entitlement that are not subscribed for by other eligible shareholders under the Entitlement Offer at the Offer Price.

Metal Bank Limited ABN: 51 127 297 170

Telephone: [phone]| Facsimile: [phone]| Email: [e-mail]

Suite 2508, Level 25, 31 Market St, SYDNEY NSW 2000 | GPO Box 128 Queen Victoria Building NSW 1230 Australia

www.metalbank.com.au

Entitlement Offer ‐ Key Dates

Event	Date
Record Date for eligibility to participate in the Entitlement Offer	7.00 pm (Melbourne time) 30 September 2016
Despatch of Entitlement Offer Booklet and Entitlement and Acceptance Form to eligible shareholders	4 October 2016
Entitlement Offer opens	4 October 2016
Last date to extend the Closing Date for the Entitlement Offer	11 October 2016
Entitlement Offer closes	7pm (Melbourne time) 14 October 2016
New Shares quoted on deferred settlement basis	17 October 2016
Shortfall (if any) announced to ASX	19 October 2016
Settlement of New Shares under the Entitlement Offer	20 October 2016
Issue of New Shares under the Entitlement Offer and despatch of Holding Statements	21 October 2016
New Shares under Entitlement Offer commence trading on a normal settlement basis	24 October 2016

All dates are indicative only and subject to change. All times and dates refer to times and dates in Melbourne, Australia. Subject to the requirements of the Corporations Act 2001 (Cth), the ASX Listing Rules and any other applicable laws, Metal Bank reserves the right, with the consent of the Lead Manager, to withdraw or vary the timetable without notice.

About Metal Bank

Metal Bank Limited is an ASX‐listed minerals exploration company (ASX: MBK).

Metal Bank's core focus is creating value through a combination of exploration success and quality project acquisition. The company's key projects are the Triumph and Eidsvold gold projects situated in the northern New England Fold Belt of central Queensland, which also hosts the Cracow (3Moz Au), Mt Rawdon (2Moz Au), Mt Morgan (8Moz Au, 0.4Mt Cu) and Gympie (5Moz Au) gold deposits.

The company has an experienced Board and management team that brings regional knowledge, expertise in early stage exploration and development, relevant experience in the mid cap ASX‐listed resource sector and a focus on sound corporate governance.

Board of Directors and Management

Inés Scotland (Non‐Executive Chairman)

Tony Schreck (Managing Director)

Guy Robertson (Executive Director)

Sue‐Ann Higgins (Company Secretary)

Trevor Wright (Exploration Manager)

Registered Office

Metal Bank Limited Suite 2508, Level 25

31 Market Street

Sydney NSW 2000 AUSTRALIA

Phone: [phone]

Facsimile: [phone] www.metalbank.com.au Share Registry

Advanced Share Registry Services 110 Stirling Highway

Nedlands WA 6009 AUSTRALIA

Phone: (+61) (8) 9389 8033

Facsimile: (+61) (8) 9262 3723 www.advancedshare.com.au

Please direct all shareholding enquiries to the share registry.

For further information contact: Sue‐Ann Higgins

Company Secretary

Email: [e-mail]

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.