Metal Bank : Triumph Update – New Targets Identified

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ASX ANNOUNCEMENT 12 July 2016

ASX: MBK Triumph Update - New Targets Identified

• Orientation bedrock sampling (aircore) has defined new gold targets under shallow cover

• These encouraging results confirm the undercover prospectivity of the Triumph project highlighted by the recent high grade gold drill results intersected under 4m of cover at the Bald Hill prospect

• Updated geological model based on new data provides strong indicators for bulk tonnage gold potential

• Drilling to date creates a solid platform for the rapid delineation of high grade gold resources near surface

• Additional drilling is scheduled for Bald Hill in the near term

Metal Bank Limited (ASX: MBK) (MBK or the Company) is pleased to provide the following update on the Triumph project, eastern Australia following an aircore bedrock drilling programme combined with a project-wide review.

A total of 107 aircore drill holes (715m) were completed on wide spaced traverses to enable sampling of the concealed basement beneath

In conjunction with the bedrock drilling results, a revision of the geological model for the Triumph gold camp now provides strong indication for a bulk tonnage gold target. Large intrusion related gold systems in eastern Australia (and around the world) are commonly zoned in both hydrothermal alteration and multi-element geochemistry patterns. Improved understanding of the zoning patterns within the >15km2 Triumph gold camp has directly contributed to the recent near surface high grade gold drilling success at both Bald Hill and New Constitution prospects and underpins the Company's confidence in the other high priority targets in the project pipeline yet to be tested.

Additional drilling on near surface high grade mineralisation at Bald Hill is planned for August subject to rig availability.

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

Inés Scotland, Chair of MBK said:

"This is the first time we have focused our drilling on concealed targets at Triumph and it has confirmed that excellent gold prospectivity exists beneath the shallow cover. Our aim now is to prove up near-surface high grade gold resources particularly at Bald Hill. We are also excited by the prospect that the high grade mineralisation intersected to date may represent gold leakage from a significant bulk tonnage gold system.

Intrusion related gold systems like Triumph are well represented in Eastern Australia and have formed the basis for significant gold production in the region."

Figure 1: Location of Triumph project.

Triumph high grade gold targets are presented in Figure 2 and are displayed as a schematic cross section in Figure 3.

Figure 2: Triumph gold camp and priority targets.

Figure 3: Schematic section showing the Triumph project geological model.