Metal Hawk : Quarterly Activities / Appendix 5B Cash Flow Report

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28th January 2022

QUARTERLY REPORT

For the period ending 31 December 2021

Metal Hawk Limited (ASX: MHK, "Metal Hawk" or "The Company") is pleased to report on its quarterly activities for the period ending 31 December 2021. During the quarter the Company's main focus was nickel sulphide exploration at the Berehaven nickel project east of Kalgoorlie. Gold exploration also progressed at the Company's Kanowna East and Emu Lake gold projects.

HIGHLIGHTS

EXPLORATION ACTIVITIES

BEREHAVEN PROJECT

• Diamond drilling at the Commodore prospect intersected matrix and disseminated sulphide mineralisation with 3.4m @ 2.32% Ni from 203.8m in BVD001.
• Further significant RC drill results from Commodore, including:
• • BVNC004: 1m @ 1.49% Ni from 144m.
  • BVNC007: 3m @ 1.26% Ni from 165m.
• Aircore (AC) drilling commenced at Berehaven - 86 AC holes drilled to date for 5,808m (assays pending).

KANOWNA EAST PROJECT

• Results returned from RC drilling at Little Lake and Western Tiger prospects.
• KERC012 returned 4m @ 17.8g/t Au from 75m including 1m @ 42.7g/t Au from 76m.

EMU LAKE PROJECT

• Majority of results returned from AC drilling program completed by Metal Hawk and Western Areas Limited (ASX:WSA, "Western Areas") in Q3 2021 (206 holes drilled for 12,216m).
• Encouraging nickel results within oxide zone.

VIKING PROJECT

• Chalice Mining's interest in the Viking Project was vended into gold focused spin-out Falcon Metals Limited (ASX:FAL, "Falcon Metals").
• Plans for RC drilling have commenced.

NORSEMAN EAST PROJECT

• Targeting and drillhole planning has commenced.

CORPORATE

• Share placement completed, raising $2.4 million (before costs).
• End of quarter cash position of $4.5 million.

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Figure 1. Metal Hawk Goldfields Tenements

MARCH QUARTER 2022 - PLANNED ACTIVITY

Nickel Exploration

• RC drilling at Commodore South
• AC drilling to continue at Berehaven with 6,000m planned
• Extensive ground EM surveys (moving loop and fixed loop) on broader Berehaven project area to commence
• Receipt of final assays from AC drilling at Emu Lake, interpretation and planning for follow-up nickel work (under management of WSA)
• Planning of extensive airborne electromagnetic surveys at Emu Lake (WSA)
• RC drilling continuing at Kanowna East, with diamond drilling also scheduled to commence in Q1 2022 (WSA)

Gold Exploration

• Receipt of assay results from 1m resampling of RC drilling at Kanowna East followed by interpretation and planning of further work
• Receipt of final assays from AC drilling at Emu Lake and follow-up work
• Expected commencement of exploration activities at the Viking Gold Project (under management of Falcon Metals)

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COMPANY PROJECTS - WESTERN AUSTRALIA

BEREHAVEN NICKEL PROJECT

The Berehaven Nickel Project is located 20km east of Kalgoorlie and consists of more than 90km2 of consolidated tenements. The project has been the focus of Metal Hawk's recent exploration following the discovery of massive nickel sulphides at the Commodore prospect in September 2021.

Figure 2. Berehaven Nickel Project

In the September 2021 quarter, RC hole BVNC002 intersected massive nickel sulphide mineralisation that assayed 1m @ 5.89% Ni from 144m at the interpreted basal contact of footwall felsic rocks, directly beneath 12m of intensely weathered gossanous ultramafic rocks.

Follow-up drilling and geophysics in the December quarter extended the mineralisation at Commodore down-dip but did not extend the zone of mineralisation at depth along strike, with an interpreted east-west structure offsetting the southern extension of the mineralised Commodore ultramafic unit.

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During the reporting period four (4) diamond holes were completed for 1210m and six (6) RC holes were completed for 1,126m.

Figure 3. Commodore Nickel Prospect cross-section 6,584,480m looking north

Diamond hole BVD001 intersected 3.4m @ 2.32% Ni from 203.8m, approximately 50m down- dip from the discovery RC hole BVNC002. Assay results are pending for BVD002 which was drilled a further 70m down-dip from BVD001 and intersected a zone of matrix-to-heavily disseminated mineralisation from 247.5m to 248.5m.

Although drilling on section 6,584,480mN confirmed the down-dip continuity of nickel sulphide mineralisation which remains open at depth (see cross-section, Figure 3), follow-up drilling to the north (BVD004) and south (BVD003) of this section did not intersect any significant mineralisation, with the latter hole indicating that the fertile ultramafic unit may be offset by faulting.

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RC drilling has extended the zone of near surface mineralisation at Commodore with the following significant results returned from BVNC004 (1m @ 1.49% Ni from 144m) and BVNC007 (3m @ 1.26% Ni from 165m). Results are shown in Table 1. and Figure 4.)

AC drilling completed at the Commodore South prospect, 500m south-west of Commodore, during the reporting period intersected highly weathered ultramafic rocks interpreted to be similar to those identified at Commodore. RC drilling started at Commodore South in January and will test whether the area hosts a continuation of the ultramafic unit as indications suggest.

Table 1. Commodore Diamond and RC Drilling Results
Hole ID	East	North	Azimuth	Dip	Type	Depth	Interval	Interval	Grade
(m)	from	to	(m)	Ni(%)
BVD001	376543	6584475	090	-55	Diamond	249.6	203.78	207.2	3.42	2.32
BVD002	376477	6584484	090	-65	Diamond	300.8		pending
BVD003	376503	6584401	090	-65	Diamond	300			NSR
BVD004	376390	6584480	065	-60	Diamond	360			NSR
BVNC001	376599	6584555	090	-60	RC	161			NSR
BVNC002	376607	6584455	070	-60	RC	162	144	145	1	5.89
BVNC003	376567	6584621	090	-60	RC	162			NSR
BVNC004	376612	6584446	090	-60	RC	192	144	145	1	1.49

BVNC005	376579	6584515	090	-60	RC	174			pending
BVNC006	376514	6584628	090	-60	RC	180				NSR
BVNC007	376613	6584401	090	-60	RC	180	164	167		3	1.26
BVNC008	376605	6584309	090	-60	RC	200			NSR
BVNC009	376447	6584104	090	-60	RC	200			NSR

Notes to Table:

• New holes reported shown in bold
• NSR = no significant result
• Grid coordinates GDA94: zone51, collar positions determined by handheld GPS.
• All holes nominal RL 350 +/-1m AHD.
• Hole azimuths planned at between 065 to 090 degrees, but slight downhole deviation may result in hole paths slightly different to those intended.

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