Metal Bank Limited provided an update on exploration at its Livingstone gold project in Western Australia (75% MBK). 50 holes for 3,336m of Phase 2 drilling have been completed at Livingstone (assays awaited), including: 12 holes for 750m at Kingsley East; 27 holes for 1,926m at Livingstone North to validate historical drill results, target known mineralised structures, and test significant gold-in-soil anomalism; and 11 holes for 660m at Stanley and Stella prospects. Visual observations have been encouraging including widespread sericite, quartz and gold alteration.

Phase 2 drilling included 12 additional holes at Kingsley East to infill the Kingsley East extension area. As previously reported, the strike length of the gold mineralisation in the Kingsley system has been extended to more than 1800m following Phase 1 drilling results. The additional Phase 2 drilling will infill the Kingsley East extension area and an updated Kingsley Resource estimation is expected prior to the end of the year.

Structural mapping of the Livingstone drill targets and wider prospects, completed as part of the Phase 2 program, has demonstrated that known mineralisation is hosted in the footwall of newly recognised low angled thrust faults, with potential for the existence of blind mineralisation beneath the thrust structure. New Phase 1 assay results have also been received from 9 scout aircore holes drilled to the south of Kingsley East extension area, which suggest a second parallel zone of gold mineralisation 200m south of Kingsley East. Initial results include 16m@ 0.37g/t (5.92 gram-meters) and 28m @ 0.26g/t (7.28 gram-meters).

Together these results infer a 1.2km zone of gold anomalism that has very limited drilling to date. The results also highlight the potential of a splay, or repeat thrust, of the mineralised system at Kingsley, lending support to the new structural interpretation of the area. Phase 1 aircore drilling results Gold assays from Phase 1 scout aircore drilling south of the Kingsley East target have returned up to 7.28 gram-meters in broad zones of quartz-sericite-pyrite alteration.

Shallow mineralised intervals up to 28m downhole width exist near surface, but higher-grade zones are postulated within quartz- tourmaline breccias and a re-split sampling program is underway to better define these Au mineralised zones. Importantly, these results highlight the potential repeat or parallel splay of the Kingsley Au system1. The new zone is very poorly drill tested and an future drill target.

It should be noted that aircore drilling, as scout drilling, was sampled as 4m composites. KE22AC018 located 350m southeast of the Kingsley Resource, intercepted 8m @ 0.32g/t Au and 16m @ 0.24g/t Au. KE22AC021 and 022 are located approximately 1.2km Southeast of the Kingsley Au Resource 2 along a similar trend.

These holes intercepted 16m @ 0.37g/t Au (incl 4m @ 0.55g/t) and 28m @ 0.26g/t Au (incl 4m @ 0.63g/t Au) respectively. Together these results infer a 1.2km zone of gold anomalism that has very limited drilling to date. The results also highlight the potential for a splay, or repeat thrust, of the mineralised system at Kingsley lending support to the new structural interpretation of the area.

Assay results from drilling at Kingsley East are now being considered in conjunction with the new structural interpretation of the mineralised system to refine the next drilling phase. Re-split assay results will be included in a full review and update of the Kingsley Resource Estimation and Exploration Target before the end of the year. Structural review: MBK commissioned an expert structural geologist to review the project area as part of the Phase 2 program.

Structural mapping of the drill targets and wider prospects and analysis demonstrates that known mineralisation is situated in the damaged footwall of newly recognised low angled thrust faults, which were previously interpreted as linear shear zones. This interpretation allows for the occurrence of blind deposits located beneath the hangingwall thrust sheet, which act as fluid pathway for gold bearing fluids, and presents significant potential for discovery and resource growth at the Livingstone Project. The interaction of the thrust faults with the previously mapped folded rock sequence explains the location of known gold-bearing sites controlled by competent, brittle lithologies such as quartz veins, quartz pods, and psammite units, which are now interpreted to be located in the brecciated footwall of the newly identified thrust faults.

While assays from recent Phase 2 drilling are awaited, field mapping will be carried out to further understand the location of the thrust faults and their interaction with the folded metasediments, to identify new structural targets for testing. Sericite-pyrite alteration within psammite units and along breccia and vein margins coupled with stiff competent host rocks will be amenable to detection by induced polarisation (IP) exploration techniques and planning for an IP survey is in progress to assist with targeting. Livingstone Project: The Livingstone Project is an advanced gold exploration project with 80,000oz 3 of defined gold resources and multiple exploration targets.

Located 140km northwest of Meekatharra in Western Australia, it includes 395 km2 of granted exploration licences covering the entire western arm of the Proterozoic Bryah-Padbury Basin (host to the Fortnum, Horseshoe and Peak Hill gold deposits and >2Moz Au endowment). The Livingstone Project provides: a JORC 2004 Inferred Resource of 49,900oz Au 4 at the Homestead prospect with potential for expansion; the Kingsley deposit hosting JORC 2012 Inferred Resource of 30,500oz Au 5; the Kingsley Exploration Target of 290 - 400kt at 1.8 -2.0 g/t for 16,800 - 25,700oz Au5; the Livingstone North prospect with extensive Au-in soil anomaly, historical mining activities and historical high-grade drilling intersections; multiple advanced gold targets, inadequately tested to date including Hilltop, Stanley, Winja, Winja West, VHF multi element targets including Kirba (Ni) and Iron Ore (Fe); and over 10 regional greenfields targets identified by independent experts with 40km prospective strike length.