Spectrum Metals : Changes to Board Composition

(ASX: SPX)

ASX ANNOUNCEMENT 19 March 2020

CHANGES TO BOARD COMPOSITION

Spectrum Metals Limited ("Spectrum" or the "Company") refers to previous announcements advising Shareholders of the takeover offer made by Ramelius Resources Limited (Ramelius) (the Offer).

Further to the announcement made by the company on 18 March 2020 noting that Ramelius had reached acceptances of 50.5% and declared the Offer free of all defeating conditions and wholly unconditional. The Board advises the following changes to its composition and confirms the appointment of Mr Kevin Lines, Mr Mark Zeptner and Mr Tim Manners as non-executive directors.

Kevin James Lines

Mr Lines is a geologist and has more than 35 years' of experience in mineral exploration and mining for gold, copper, lead, zinc and tin. He has held senior geological management positions with Newmont Australia Limited, Normandy Mining Limited and the CRA group of companies. He was the foundation Chief Geologist at Kalgoorlie Consolidated Gold Mines where he led the team that developed the ore- body models and geological systems for the Super-Pit Operations in Kalgoorlie. Mr Lines is the Chairman of Ramelius.

Mark William Zeptner

Mr Zeptner has more than 25 years' industry experience including senior operational and management positions with WMC and Gold Fields Limited at their major gold and nickel assets in Australia and offshore.

Mr Zeptner joined Ramelius Resources Limited on 1 March 2012 as the Chief Operating Officer and was appointed as Chief Executive Officer on 11 June 2014. Mr Zeptner was appointed as Managing Director of Ramelius effective from 1 July 2015.

Tim Manners

Mr Manners is a finance professional with over 25 years' experience in accounting, corporate finance and financial management functions in the resources industry. Mr Manners has been involved in exploration, developing and producing companies both in Australia and overseas.

Mr Manners has held the senior financial position in companies within the precious, base and bulk commodities sectors, including Gold Road Resources Ltd, Phoenix Gold Ltd, Bathurst Resources Ltd and Perilya Ltd. Mr Manners joined Ramelius in July 2017 and is a Fellow of the Institute of Chartered Accountants in Australia and New Zealand.

In addition to the Board changes Mr Richard Jones, the Company Secretary of Ramelius, has been appointed as joint Company Secretary.

Registered Office:Suite 2/827 Beaufort Street Mt Lawley WA 6052 | T: 08 6369 1195

ABN: 94 115 770 226 |info@spectrummetals.com.au |www.spectrummetals.com.au

The Board has accepted the resignations of Mr James Croser, Mr Nader El Sayed and Mr Les Davis and advises that these changes to its composition are consistent with the intent described by Ramelius in the Bidders Statement dated 25 February 2020.

Commenting on the changes to the Board Executive Chairman Mr Alex Hewlett said; "The board of Spectrum are pleased to appoint Messrs Lines, Zeptner and Manners as directors at what is a time of transition for the Company. He also noted the tremendous contribution each of the outgoing directors had made to the success of the Company to date and noted that the board had passed on its best wishes to James, Nader and Les."

For further information:

Shareholder Contact

Alex Hewlett

Chairman

Telephone: +61 8 6369 1195

Email:info@spectrummetals.com.au

This Announcement has been approved for release by Mr Alex Hewlett, Chairman of Spectrum Metals Limited