Warrego East Drilling Permitted as Takeover Action Underlines Prospectivity of Tennant Creek Mineral Field

Metals Australia Ltd (ASX: MLS) (“the Company”) is pleased to announce that its Mine Management Plan for the upcoming field exploration program at the Warrego East copper-gold project in the Tennant Creek Mineral Field has been authorised by the Northern Territory Government (Refer to Figure 1 and 2). Weather permitting, the field exploration program will be scheduled as soon as a land holder access agreement is finalised.

• The $82M takeover of Tennant Creek Mining Group Pty Ltd (TCMG) by London-listed Pan African Resources PLC (AIM: PAF) has reignited interest in the underexplored Tennant Creek Mineral Field (TCMF)¹
• The corporate activity comes as Metal Australia finalises plans for a substantial exploration program at its Warrego East copper-gold project² after the Northern Territory Government authorised the Company’s Mine Management Plan. Warrego East is adjacent to, and immediately east of, the high- grade Warrego mine and Mineral Resource held by TCMG and its Joint Venture partner, Emmerson Resources (ASX: ERM)³
• The program will test a series of priority gravity and magnetics defined ironstone hosted copper- gold targets within a corridor which links the Warrego mine with the Gecko and Orlando copper- gold deposits^4,5. The Warrego mine historically produced 4.95Mt @ 2.0% Cu and 8g/t Au⁶
• Weather permitting, the field exploration program will commence as soon as land holder access agreements are finalised.

“We welcome the clear show of confidence Pan African Resources has demonstrated in the Tennant Creek Mineral Field via its $82 million takeover of TCMG, which is Emmerson Resources’ JV partner in the tenements hosting the Warrego copper-gold mine and various mineral resources. This comes as Metals Australia finalises plans for a substantial field exploration program at its Warrego East copper-gold project, located immediately adjacent to and east of those JV tenements.

The takeover of TCMG by Pan African Resources demonstrates the potential now being seen by bigger overseas players in the Tennant Creek Mineral Field. With a market cap of more than $1 billion, South African- based Pan African Resources has recognised the potential of this underexplored region to host significant mineral resources where less than 10% of drilling has extended beyond 150m in depth and where almost all significant deposits to date have been discovered under shallow cover.

The Warrego mine was identified undercover as a magnetic anomaly during an airborne survey conducted in 1956. Similar magnetic anomalies occur within a corridor through our Warrego East lease, with the Gekko and Orlando deposits discovered further to the east, within the same corridor.

Warrego went on to produce consistently between the early 1970s up until 1989 – averaging around 2% copper and 8gpt of gold during its production life.

We are working diligently to finalise the remaining requirements for our upcoming exploration program at Warrego East.

The planned program is a further illustration of Metals Australia’s status as one of the most active exploration companies, with field exploration programs recently completed at three projects and two more in the pipeline as we seek to unlock the true value of our portfolio in known mining districts in Australia and Canada.”

Figure 1: Metals Australia’s Tenements, TCMG tenements (acquired by PAF), Warrego Production⁶ in the TCMF.

This comes as the prospectivity of the Tennant Creek Mineral Field is further underlined by the $82 million takeover of TCMG announced on 5 November. Metals Australia’s Warrego East project is adjacent to, and immediately east of, the tenements hosting the Warrego mine and mineral resources held by TCMG and its JV partner Emmerson Resources.

The Tennant Creek Mineral Field has produced 25Mt @ 6.9 g/t gold (Au) & 2.8% copper (Cu)⁴, with historical production coming from deposits in outcropping areas – or undercover - such as the Warrego mine. Metals Australia’s tenements are located on Cu-Au trends in areas of shallow soil cover which have not been tested with modern exploration (see Figure 2 below). The tenements include EL32725 (granted) and EL32837, EL32937 and EL32410 (all under application), which were acquired by the Company as part of its 80% acquisition of Payne Gully Gold⁷ in 2022.

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