2 February 2022

MetalNRG plc

("MetalNRG" or the "Company")

ISSUE OF CONVERTIBLE LOAN NOTES

MetalNRG (LON:MNRG), the natural resources and energy investment company, today announces that it has agreed to issue up to £200,000 of Convertible Loan Notes ("CLN") to Global Investment Strategy UK Limited ("GIS").

The CLN carry the following conditions; the CLN are fixed rate, unsecured loan notes carrying a simple, non-compounding interest rate of 10% per annum (accruing on a daily basis).

The CLN are repayable, if not previously converted, on the applicable maturity date. The maturity date will be, either:

(a) the date falling 6 months after the date of execution of the CLN instrument or

(b) the date of the first material equity fund raising by the Company following the date of execution of the CLN instrument.

Holders of the CLN may convert the principal and interest into new ordinary shares in the capital of MetalNRG ("New Shares") at a price equal to a 20% discount to the average price at which New Shares are issued by MetalNRG.

The CLN instrument contains customary events of default and should an event of default occur, the conversion price will be equal to the nominal value of MetalNRG ordinary shares.

Conversion of the CLN is subject to the Company maintaining sufficient headroom within the Company's share authorities or, if required, the Company filing a secondary prospectus which will enable the admission to listing and trading of the further New Shares to be issued on conversion.

A copy of the CLN Instrument will be posted on the Company's web site.

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