ASX ANNOUNCEMENT 17 November 2021

ASX: MBK

Release of Target Market Determination

On 26 October 2021, Metal Bank Limited (ASX:MBK) ('Metal Bank', 'MBK' or the 'Company') announced a pro- rata renounceable offer (Entitlement Offer) of 2 New Shares in the Company for every 3 Shares held by the Eligible Shareholders on the Record Date (5.00pm AEDT on 29 October 2021), at the Offer Price of $0.008 per New Share together with 1 New Option for every 2 New Shares subscribed for, to raise up to approximately $6.34 million (before costs), and on 1 November announced that the Prospectus and accompanying Entitlement and Acceptance Forms were despatched to Eligible Shareholders on 1 November 2021 for the Entitlement Offer (ASX Announcements).

Metal Bank advises that a Target Market Determination document in relation to the New Options forming part of the Entitlement Offer is now available on the Company's website at: http://www.metalbank.com.au/target-market-determination/

If you have any queries regarding the Entitlement Offer or the New Options, please contact your stockbroker, accountant, other independent professional adviser or the Company's registry, Automic Registry Services on 1300 288 664 (callers within Australia) or +61 2 9698 5414 (callers outside Australia) at any time between 9.00am to 5.00pm (AEDT) Monday to Friday, up to the Closing Date of the Entitlement Offer.

Yours faithfully

Sue-Ann Higgins

Executive Director and Company Secretary

Metal Bank Limited ABN 51 127 297 170

Suite 506, Level 5, 50 Clarence St, Sydney NSW 2000

Mail: PO Box Q128, Queen Victoria Building, NSW 1230 Australia

T: +61 2 9078 7669 F: +61 2 9078 7661 E: info@metalbank.com.auW: www.metalbank.com.au

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Disclaimer

Metal Bank Limited published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 03:49:06 UTC.