Metalicity Limited (ASX: MCT) ('MCT' or 'Company') is pleased to announce assays results for the Leipold Prospect at the Kookynie Gold Project1 in the Eastern Goldfields, Western Australia, approximately 60 kilometres south southwest of Leonora.

Cautionary Statement

Relating to the Cosmopolitan Production Data The Production details for the Cosmopolitan Mine are referenced from publicly available data sources. The source and date of the production data for the Cosmopolitan Gold Mine has been reported in the Geological Survey of Western Australia records showing the development of the Cosmopolitan Gold Mine in 1905. DMIRS digital records include open file Annual Reports and data pertaining to the exploration and development efforts of previous operators. Two documents with WAMEX reference numbers A069774 and A067918 are of particular interest. The previous operator in the early 2000's, Point Exploration Ltd, digitised these historical maps, including the channel sampling. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported production data may be reduced when reported under the JORC Code 2012 Nothing has come to the attention of the operator that causes it to question the accuracy or reliability of the historical production data; An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company's development plan

Commenting on the drilling results, Metalicity Managing Director, Jason Livingstone said: 'The results received to date confirm the down dip extensions to the mineralisation observed at Leipold, which is highly encouraging. The confirmation of down dip extensions of very high-grade lodes intercepted by LPRC0107 where an interval of 2 metres at 59.9 g/t Au from 147 metres that also included a spectacular result of 118.4 g/t Au.' 'In January 2021, we commissioned an external mineral resource consultant to start the process of reestimating current pre-2012 mineral resources at Leipold, McTavish and Champion.

This provided an external review to our drilling, and detail opportunities to potentially expand an estimation at each of the prospects; Leipold, McTavish and Champion. Therefore, our aim is to complete the required drilling and produce this estimate. Hence, the results returned so far illustrate a highly mineralised and continuous system that bodes well for the estimation process and reporting of the tonnes and grade in due course.' 'Assay turnaround still hampers our work, and I do sincerely apologise for this fact. However, we are drilling at highly prospective areas and look forward to continuing the good news flow. I do however encourage people to email me if they do have questions and I will do my best to answer questions expeditiously and within disclosure rules.'

Competent Person Statement

Information in this report that relates to Exploration results and targets is based on, and fairly reflects, information compiled by Mr. Jason Livingstone, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Livingstone is an employee of Metalicity Limited. Mr. Livingstone has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Livingstone consents to the inclusion of the data in the form and context in which it appears.

Forward Looking Statements

This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward-looking statements: (a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

Contact:

Jason Livingstone

Tel: +61 8 6500 0202

Email: jlivingstone@metalicity.com.au

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