Metalicity Limited announced that the highly prospective exploration permit application, EPM 28653, comprising an area of approximately 36km2 immediately adjacent to the Company's Mt Surprise Project (EPM 28052) in North Queensland, has been granted. The Project is located approximately 40km west of the town of Mt Surprise and will leverage off the infrastructure and exploration potential of the neighbouring Metalicity exploration permit. The new exploration permit, EPM 28653, is sparsely explored and considered to be highly prospective in nature due to its location directly along strike from the Company's recently identified copper trend at the Mt Surprise Project.

Initial field activities will focus on the strike length between recent field activities, which have identified high grade rock chip samples of up to 11.65% Cu, 66.39 g/t Ag1 and 650ppm Co2, and historical copper recordings3 from the Geological Survey of Queensland along strike. EPM 28653 is situated on two intrusive granitic units of very similar age to those present in the adjoining tenure of EPM 28052 which hosts confirmed mineralised structures identified in previous field reconnaissance programs 4,5. Vein-hosted, copper mineralisation was initially identified from three historical workings in October 2022 with an additional vein and historic working identified to the west giving a potential width of vein hosted structures up to 500m4. The new tenure consists of 11 sub blocks totaling approximately 36 square kilometres and is considered to be sparsely explored.

Exploration results from recent field reconnaissance programs at the Company's Mt Surprise Project combined with geophysical survey data, historical exploration reports and identified mineral occurrences within the GSQ Open Data Portal System, including a copper occurrence within the new exploration permit EPM 28653, has help defined a large area of exploration interest. Results from the November soil sampling program will assist in further defining the copper mineralisation and potentially expand upon it. This effective and trusted exploration approach enables Metalicity to prioritise and rapidly and efficiently test exploration targets within key prospective areas.