As previously announced, Myanmar Metals Limited had intended to publish the results of a definitive study into the Bawdwin project upon finalisation of the terms of the updated Bawdwin Production Sharing Agreement ("PSA") and issuance of an Myanmar Investment Commission permit. Following the declaration of a state of emergency in Myanmar on 1 February 2021, the timing of the finalisation of the PSA is now uncertain. Accordingly, in this announcement MYL provides a summary of key geological and metallurgical conclusions that have been developed as part of the feasibility study works. As part of this summary an updated Mineral Resource Estimate has been calculated. The mineral resource estimate is not substantially different from the previous Mineral Resource Estimate published on 8 August 2019. The updated Indicated and Inferred Mineral Resource estimate is 100.8 Mt at 4.0% Pb, 3.1 Oz/t (97 g/t) Ag, 1.9% Zn and 0.2% Cu. The 2019 pre-feasibility study relied on metallurgical testwork completed using mainly sulphide ore samples. While 88% of Bawdwin's Mineral Resources are classified as sulphide, during the first few years of the mining operation partially oxidised (transitional) ore will be mined. The most recent testwork has focused heavily on transitional ores, with the aim being to generate a robust set of flotation conditions and understand the key drivers to achieving the best performance. The testwork has successfully proved that lead and zinc concentrates of marketable grades can also be produced from transitional ore. The Company will provide further updates relating to other technical conclusions once finalised. Financial estimates which rely on the PSA fiscal terms cannot be determined at this time as the PSA negotiations are incomplete. The Company cannot complete its definitive study at this time and does not declare an Ore Reserve as defined under JORC-2012. The Bawdwin deposit is located within the Bawdwin Volcanic Centre which is defined by the Bawdwin Volcanic Formation and associated acid porphyry intrusions. The Bawdwin Volcanic Formation comprises coarse volcaniclastic tuffs, sediments and debris flows that interfinger with sediments of the Pangyun Formation. The volcano-sedimentary sequence is intruded by co-magmatic rhyolite or rhyodacite porphyry bodies. The volcanics and porphyry define a discrete volcanic /intrusive complex that covers an area of about 10 km². The Bawdwin area is affected by significant faulting, notably the northwest-trending Bawdwin Fault zone that controls the deposit. This fault is located between two major east-northeast fault trends associated with sinistral flexure of the stratigraphy. Alteration and Mineralisation The Bawdwin deposit historically consisted of three high grade lodes, the Shan, China, and Meingtha lodes, that were exploited by underground mining. The lodes were described as steeply west-dipping to sub-vertical, with a general plunge to the north. The China Lode is the largest, averaging 15 m thick, 400 m long, and at least 350 m deep. The Meingtha and Shan lodes are up to 6 m thick and 380-550 m long. In the pit, multiple structurally-controlled massive sulphide zones are developed sub-parallel to the main northwest-trending lodes and in oblique east southeast- and northeast- and north-trending zones, from centimetre to metre scale. High grade mineralisation in the "lodes" encompasses massive to semi-massive sulphide replacement as well as breccia - and stockwork-hosted mineralisation, characterised by argentiferous galena, sphalerite, and pyrite together with smaller amounts of chalcopyrite, gersdorffite, tetrahedrite-tennantite, and bournonite. Pyrite is widespread usually as a relatively minor component. Copper mineralisation occurs locally with lead and zinc, but more often postdates lead and zinc mineralization as tetrahedrite as well as chalcopyrite, associated with nickel and cobalt as gersdorffite. Chalcopyrite also occurs in late siderite breccias and veins which is the latest stage of mineralisation seen at Bawdwin.