Berehaven Exploration Update

For personal use only

12th November 2021

BEREHAVEN EXPLORATION UPDATE

• Assays received from the first diamond drillhole at Commodore
• BVD001 intersected 3.4m @ 2.32% Ni from 203.8m
• DHEM to commence shortly
• RC results continue to extend zone of near-surface mineralisation
• Regional aircore drilling underway

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Metal Hawk Limited (ASX: MHK, "Metal Hawk" or the "Company") is pleased to provide an exploration update for the Berehaven Nickel Project, 20km south-east of Kalgoorlie in the West Australian goldfields.

Assay results have been received from the first diamond drillhole at the new Commodore nickel sulphide prospect, with BVD001 intersecting 3.4m @ 2.32% Ni from 203.8m to 207.2m. This intersection is located approximately 50m down-dip from the discovery RC hole

BVNC002 which intersected 1m @ 5.89% Ni from 144m.

Metal Hawk Managing Director Will Belbin commented: "The assay results from our very first diamond hole at Commodore demonstrate the continuity and high nickel tenor present in the system. We look forward to the results from the next phase of downhole EM at Commodore and regional exploration of the broader Berehaven project, with aircore drilling now underway, as we continue to explore and develop our understanding of this exciting and potentially extensive new nickel sulphide belt."

A total of four diamond holes have been drilled at Commodore for 1,210m. These drillholes will be surveyed with downhole electromagnetics (DHEM) to define follow-up drill targets. This DHEM survey is also expected to improve definition of the modelled conductor CMA_01, identified by earlier electromagnetic surveys, prior to drill testing of this deeper target.

BVD002 was drilled a further 70m down-dip from BVD001 and intersected a zone of matrix- to- heavily disseminated mineralisation from 247.5m to 248.5m.

BVD003 was drilled approximately 70m south of BVD002 and did not intersect ultramafic rocks. This hole confirmed the presence of a significant east-west structure at depth (shown in Figure 2) and suggests that the continuation of the fertile Commodore ultramafic unit to the south may be offset by up to 200m. Further drilling will be carried out to test this feature.

BVD004 was drilled to the north of BVD002 and intersected a zone of carbonate-altered ultramafic rocks with trace sulphides present.

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OPEN

Figure 1. Commodore cross-section

Results have also been received for RC holes BVNC006 and BVNC007 (shown in Figure 2).

BVNC007 is located approximately 80m south of the Commodore discovery hole and intersected a 3m zone of disseminated nickel sulphide mineralisation grading 1.26% Ni from 165m. This result will be followed up very shortly with additional RC drilling.

BVNC006, located at the north end of Commodore, intersected a 13m thick zone of high MgO ultramafic rocks from 151m to 164m with no mineralisation observed.

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use only	Assays are pending for drillholes BVNC004 and BVNC005 which are located 40m south and
north of BVNC001 respectively. As reported recently, BVNC004 intersected 13m of highly
weathered and ferruginous ultramafic rocks from 132m to 144m with heavily disseminated
sulphides intersected from 144m to 145mm. BVNC005 intersected a zone of ultramafic rocks
from 138m to 157m with stringer and disseminated nickel sulphide mineralisation from 155m
to 157m.
personal	BVD002
Heavily	disseminated to	matrix
sulphides from 147.5m to 148.5m		BVD001
				3.4m @ 2.3% Ni from 203.8m
				BVNC002
				1m @ 5.9% Ni
			?	from 144m
	?		?	BVNC007
	?	3m @ 1.3% Ni
	from 164m
For	Figure 2. Commodore Plan view over magnetics - showing Metal Hawk RC and diamond drilling with
	significant results (new results shown in red). Assays pending marked blue, diamond collars red, RC
		collars black, historical RAB/AC drillholes grey.

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Looking Forward

Following completion of the DHEM, follow-up drilling will be carried out.

RC drilling is due to recommence shortly with a number of holes designed to test the position of the fertile Commodore ultramafic unit south of BVNC007.

Aircore drilling is underway as the Company continues to explore the NNW striking ultramafic rocks north and south of Commodore.

Programme of Works (PoW) applications have been submitted for additional regional drilling within the Company's tenements.

Figure 3. Berehaven Nickel Project

This announcement has been authorised for release by Mr Will Belbin, Managing Director, on behalf of the Board of Metal Hawk Limited.

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For personal use only

For further information regarding Metal Hawk Limited please visit our website at www.metalhawk.com.auor contact:

Will Belbin	Media & Investor Relations
Managing Director	Luke Forrestal
Metal Hawk Limited	GRA Partners
[phone]	[phone]
[e-mail]	[e-mail]

Table 1. Significant mineralised intersections in drillholes BVD001 and BVNC007

Hole ID	Type	Depth (m)	Interval			Grade
from	to	(m)	Ni(%)	Cu(%)		Pt(ppb)	Pd(ppb)
BVD001	DD	203.78	207.2	3.42	2.32	0.24		150	301
BVNC007	RC	164	167	3	1.26	0.09		54	138

Table 2. Drill hole collar details

Hole ID	Type	status	Depth (m)	East	North	Dip	Azimuth
BVD001	DD	Completed	250	376540	6584476	-55	090
BVD002	DD	Completed - assays pending	301	376476	6584482	-65	090
BVD003	DD	Completed - NSR	300	376503	6584401	-65	090
BVD004	DD	Completed - NSR	360	376390	6584480	-65	065
BVNC001	RC	Completed - NSR	161	376599	6584555	-60	090
BVNC002	RC	Completed	162	376607	6584455	-60	070
BVNC003	RC	Completed - NSR	162	376567	6584621	-60	090
BVNC004	RC	Completed - assays pending	192	376612	6584446	-60	090
BVNC005	RC	Completed - assays pending	174	376580	6584520	-60	090
BVNC006	RC	Completed - NSR	180	376510	6584620	-60	090
BVNC007	RC	Completed	180	376613	6584401	-60	090

Notes to Table 1:

• New holes reported shown bold
• NSR = no significant result
• Grid coordinates GDA94: zone51, collar positions determined by handheld GPS.
• All holes nominal RL 350 +/-1m AHD.
• Hole azimuths planned at between 065 to 090 degrees, but slight downhole deviation may result in hole paths slightly different to those intended.
• For results of previously completed MHK drillholes see MHK ASX announcements dated 28 September 2021 and 17 October 2021

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