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

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28th July 2022

QUARTERLY REPORT

For the period ending 30 June 2022

Metal Hawk Limited (ASX: MHK, "Metal Hawk" or "The Company") is pleased to report on its quarterly activities for the period ending 30 June 2022. During the quarter the Company's main focus was nickel sulphide and gold exploration at the Berehaven Project east of Kalgoorlie.

HIGHLIGHTS

EXPLORATION ACTIVITIES

BEREHAVEN PROJECT

• Assays received from diamond drilling completed during the quarter at the Commodore prospect. Highlights included:
• • 5.9m @ 6.7g/t Au from 244.4m (BVD001 extension)
  • 2.5m @ 7.4g/t Au from 255.4m (BVD007)
  • 2.6m @ 2.8% Ni from 212.5m (BVD007)
  • 1.4m @ 4.1g/t Au from 223.1m (BVNCD002)
• New zone of disseminated nickel sulphide mineralisation identified at the Torana prospect (1.5km north of Commodore) demonstrates the nickel prospectivity of the extensive Commodore ultramafic system. Results returned from Torana RC drilling include:
• • 30m @ 0.37% Ni from 125m, including 10m @ 0.55% Ni from 130m (BVNC020)
  • 40m @ 0.42% Ni from 100m, including 12m @ 0.51%Ni from 101m (BVNC030)
• New EM conductors identified from ground electromagnetic moving loop (MLEM) surveys to be drill tested during the September quarter.
• Assays received for aircore (AC) drilling completed in Q1-Q2 2022 (holes BVA087 to BVA239). Several zones of strongly anomalous nickel identified will be followed up in the September quarter.

KANOWNA EAST PROJECT

• Preparations for diamond drilling which subsequently commenced in July 2022 (under management of IGO Limited).

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CORPORATE

• IGO Limited passed Stage-1 milestone of earn-in agreement, having spent $3.0m for a 51% interest in joint venture projects Kanowna East, Emu Lake and Fraser South.
• IGO elected to proceed to Stage-2 of the JV, with requirement to spend an additional $4.0m over two years to earn a further 24%.
• End of quarter cash position of $2.1 million.

Figure 1. Metal Hawk Goldfields Projects

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SEPTEMBER QUARTER 2022 - PLANNED ACTIVITY

Nickel Exploration

• RC drilling to test regional geophysical and geochemical targets across the broader Berehaven project.
• Follow-upRC drilling at Torana and Commodore South followed by DHEM surveys.
• Recommencement of diamond drilling at Kanowna East (under management of IGO).
• Heritage clearance survey for reconnaissance AC drilling at Fraser South.

Gold Exploration

• Planning of follow-up RC / diamond drilling targeting the high-grade Commodore gold zone.
• Heritage surveys to be conducted at the Viking Gold Project (under management of Falcon Metals Limited) to allow for the commencement of RC drilling.

COMPANY PROJECTS - WESTERN AUSTRALIA

BEREHAVEN PROJECT

The Berehaven 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 and high-grade gold in RC and diamond drilling at the Commodore prospect in late 2021.

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Figure 2. Berehaven Project

COMMODORE

A total of nine diamond drillholes were completed in the June quarter, which included diamond tails on three previously drilled nickel (RC) holes. The program was designed to follow-up the high-grade gold zone discovered in the footwall of the Commodore nickel sulphide system (see ASX Announcement 14 February 2022).

Highlights from diamond drilling included:

• 5.9m @ 6.7g/t Au from 244.4m (BVD001 extension)
• 2.5m @ 7.4g/t Au from 255.4m (BVD007)
• 2.6m @ 2.8% Ni from 212.5m (BVD007)
• 1.4m @ 4.1g/t Au from 223.1m (BVNCD002)
• 0.7m @ 1.8% Ni from 206.4m (BVD005)
• 0.6m @ 3.7g/t Au from 229.0m (BVNCD004)

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The diamond drilling carried out to date has shown good continuity of the gold zone at Commodore, with the majority of drillholes intersecting significant mineralisation (Table 1 below). Additionally, drilling has provided further geological detail of the nature of nickel sulphide mineralisation encountered.

		Table 1. Commodore Diamond Drilling - significant results
Hole ID	East	North	Azi	Dip	Type	Depth	Interval	Interval	Ni (%)	Au (g/t)
(m)	from	to	(m)

BVD001	376543	6584475	090		-55	Diamond	308.6	203.78	207.2	3.42	2.32	-
			And				244.4	250.34	5.94	-	6.69
			Including				247.91	248.41	0.5	-	22.25
BVD002	376477	6584484		090		-65	Diamond	300.8	247.52	248.85	1.33	2.57	NSI
BVD003	376503	6584401		090		-65	Diamond	300			NSI
BVD004	376390	6584480		065		-60	Diamond	360	343	344.26	1.26	-	3.62
BVD005	376537	6584469		090		-62	Diamond	301.7	195	196	1		1.04
			And				206.38	207.04	0.66	1.75
BVD006	376522	6584519		090		-65	Diamond	273.8			NSI
BVD007	376538	6584438		090		-65	Diamond	279.9	212.65	215.22	2.57	2.79	-
				And				255.4	257.87	2.47	-	7.39
		Including				257.5	257.87	0.37	-	38.5
BVD008	376540	6584440		090		-50	Diamond	291.8	265.4	265.75	0.35	-	2.85
BVD009	376427	6584424		080		-65	Diamond	399.9	346.5	347.15	0.65	-	1.1
BVNCD002	376607	6584455		070		-60	RC/Diamond	240.6	144	145	1	5.89	-
			And				223.1	224.47	1.37	-	4.08
BVNCD004	376612	6584446		090		-60	RC/Diamond	261.7	144	145	1	1.49	-
			And				228.96	229.6	0.64	-	3.74
BVNCD005	376579	6584515	090		-60	RC/Diamond	280	211.07	211.6	0.53	-	1.59

Notes to Table:

• NSI = no significant result
• New results for June 2022 quarter highlighted bold
• 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 occur

Three RC holes were also drilled to the east of Commodore (BVNC013, 014 and 015) targeting the projected up-dip extension of the west-dipping gold zone. Due to the flatter than expected dip of mineralisation, these RC holes did not drill deep enough to adequately test the target zone. Further drilling will be planned for the September quarter.

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