Ann: New High Grade Discovery at Penny West, page-6

Spectrum Metals Limited (“SPX” or “the Company”) is pleased to announce the discovery of a new high-grade zone of gold mineralisation at the 100% owned Penny West gold project in WA. The new discovery is currently open in all directions and is located approximately 150m north of the historic high-grade Penny West open pit, previously mined in 1991/1992 for 85,000 ounces1 (121,000 tonnes at 21.8g/t Au).Key Points

• The discovery hole (SPWRC002) was designed to follow up an isolated intersection of 1m @ 6.47g/t from 92m in 4PWRC01101, located north of the historic pit.

• SPWRC002 has intersected a high-grade zone from 128m down hole8 metres @ 23.3g/t gold & 6.9g/t silverwithin an overall intersection of 14 metres @ 14.4g/t gold & 4.11 g/t silverfrom 124m down hole, approximately 40m down dip of the previous hole.

• The intersection is currently open in all directions.

• Crucially, the high-grade portion of the intersection has the same characteristics as the mineralisation seen in the Penny West lode mined within the open pit to the south, inferring that is it part of the same mineralising event.

• SPX will immediately expand the current drill program to follow up this discovery.