Lykos Metals Limited announced the appointment of Anna Sloboda to the Lykos Metals Board as an Independent Non-Executive Director with immediate effect. The Company also announced its Chairman Stephen Allen will retire from the Board with Ms. Sloboda being appointed as his replacement. Mr. Allen's decision to retire from the Board arises from a combination of considerable commitments required from his full-time role as the Managing Director of RFC Ambrian Limited and a belief that Ms. Sloboda's Eastern European first-hand knowledge, experience in the resource industry and language skills make her better suited to the role in the current circumstances.

Mr. Allen will remain a shareholder in the Company with his present holding being 12,075,002 Lykos Metals shares which represents 10.6% of the Company's total issued shares. Ms. Sloboda is a mining executive and entrepreneur with over 20 years of experience in developing emerging and established resources companies. Born in Belarus, she speaks fluent Russian and German, and brings a unique understanding of the dynamics in Eastern Europe and Balkans.

Ms. Sloboda is a current Non-Executive Director of Elixir Energy Ltd, an oil and gas developer with its focus on development of the portfolio of the gas assets in Queensland, Australia and in Mongolia. Ms. Sloboda brings to the Board capabilities solid commercial acumen, having being involved in international negotiations of offtake agreements, joint ventures, projects acquisitions and stakeholders' engagement. Previously, she held key leadership positions in successful private mineral exploration ventures, Trans-Tasman Resources Ltd. and Red Citadel Resources Pty Ltd, as well as senior financial roles in various blue chip organizations including Deloitte in Germany, Lehman Brothers JV in Luxembourg, Clough Ltd. and Curtin University of Technology in Western Australia.

Ms. Sloboda currently serves as an Advisory Committee Member, Maritime Archaeology, at the Western Australian Maritime Museum. She holds an MBA degree from Melbourne Business School and Master Degree of Economics of Belarussian State University. Ms. Sloboda is a Graduate member of Australian Institute of Company Directors.

Concurrent with the board changes, the corporate administration for Lykos Metals will change to being under contract with Mining Corporate Pty Ltd, who specialise in corporate compliance and governance services in the resource sector. This will include: the changing of the Company Secretary from Ms. Candice Van Der Plas to Mr. Craig McNab. Mr. McNab is a highly credentialed CFO and company secretary with over 14 years' experience in the resource industry and accounting profession in Australia, NZ and the UK.

Mr. McNab initially qualified as an auditor at PricewaterhouseCoopers and his experience includes senior finance positions held at the De Beers Group and various corporate roles at Anglo American plc in London. He provides services to a number of ASX-listed companies, specialising in corporate compliance, governance and financial accounting. Mr. McNab is an Australian resident and will be the person responsible for communications with the ASX in relation to listing rule matters under Listing Rule 12.6.