Metalicity Limited announced that it has secured a third highly prospective exploration permit application, EPM 28653, consisting of approximately 35km2 immediately adjacent to its Mt Surprise Project (EPM 28052) in North Queensland. 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.

Metalicity has taken the opportunity to acquire available tenure following recent positive exploration results from field reconnaissance, sampling and observations at the Company's Mt Surprise Project. Once granted, the new exploration permit will significantly add to the area and prospectivity of the Company's exploration tenure in this exciting and under explored region of North Queensland. Metalicity recently applied to the Queensland Department of Resources for an area of available ground located south of the exploration permit that hosts its Mt Surprise Project and have now received approval for a proposed exploration work program.

The exploration permit, EPM 28653, is yet to be fully granted, similar to the Company's Georgetown Project tenure, but the Company is confident that this will occur in the first half of 2023. 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 1,2. 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 650m. Exploration results from recent field reconnaissance programs at the Company's Mt Surprise Project combined with identified mineral occurrences within the GSQ Open Data Portal System, including a copper occurrence within the new exploration permit EPM 28653, indicate that the potential prospective area for copper mineralisation has a trend length of up to 5km with mineralisation currently open at depth and along strike.

The potential width of the mineralisation target is 650 metres spanning the four identified historic copper excavations as a guide. Results from the November soil sampling program will assist in further defining the copper mineralisation and potentially expand upon it.