Metals X Limited — AGM Information 2012

Nov 22, 2012

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WELCOME ! Metals X – Limited 2012 AGM �

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NICKEL

GOLD

TIN

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A DIVERSIFIED MINER

NICKEL DIVISION

TIN DIVISION

“World Class – Wingellina” Development Ready 40 yr + Project 40,000tpa Ni, 3,000tpa Co

“World Class - Renison” Operating Strong cash flow Other Tin Projects

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>$100M CASH & INVEST

NO DEBT

GOLD DIVISION

CMGP – 2.7 Moz Rover 1 – 1.2 Moz Development Ready Building 200koz+ producer

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TIN

The year past

NICKEL

GOLD

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• § Completed major investment in Renison tin mine opening up all extents of the mine for which the operational and exploration benefits are now being observed

• § Completed the merger with Westgold Resources - 3.9Moz in two project ready development assets

• § Further advanced the large, long-life low-cost Wingellina Nickel and Cobalt project and have commenced the process of engineering, financing and development - partnering with Samsung C&T

• § Completed share buyback (48.99 million shares)

• § Closed with $60M cash and working capital, no debt, and $40M of investments

TIN DIVISION

Tasmania Tin Assets

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• § Whole mine open for the first time in over a decade creating flexibility and optimising operational performance

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Proposed Renison Expansion
Project
Renison Mine
Infrastructure
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• § New mining fleet in place

• § On track for production of 7,500tpa at an operating cost of $13,000/t tin (a 50% increase in production rate over FY 2011/12 and 30% reduction in operating costs).

• § Exploration success extends resource to 14 years plant feed and reserves to 5+ years.

• § Process plant modifications have significantly improved process control and improved recoveries.

TIN DIVISION

Rension is a massive s stem still o en in all direction y p

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2 km
1
2
3
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Renison Bell
TIN DIVISION
Renison Exploration Lower Federal / CFB Zone
Showing Recent and Selected Better Results
EXPLORATION FEDERAL NORTH/DEEPS (1)
1665 HW Drill Drive U4620 7.5m @ 1.21% Sn &
7.72m @ 1.4% Sn
U4540 2.03m @ 1.72% Sn
U4547 1.96m @ 7.11% Sn
U4548 4.71m @ 4.24% Sn
U4546 4.43m @ 2.34% Sn
U4092 3.67m @ 1.56% Sn U4553 7.67m @ 1.73% Sn
U4545A 1.83m @ 9.08% Sn U4552 7.21m @ 1.33% Sn
U4154 6m @ 2.53% Sn 1500 RL
S0868 2.60m @ 9.80% Sn
U4139 6m @ 1.86% Sn
U4105 2.08m @ 2.34% Sn
U4124 6m @ 2.07% Sn U4560 2.43m at 9.61% Sn
U4519 13.91m at 2.57% Sn U4559B 5.49m at 9.7% Sn
U4585 5.18m @ 4.1% Sn
U4102 14m @ 2.83% Sn U4593 3.26m @ 3.03% Sn
U4150 4.02m @ 2.94% Sn U4177 1.7m @ 0.35% Sn U4594 6.67m @ 3.01% Sn U4535 3.02m @ 2% Sn &
4.99m @ 1.27% Sn
U4418 6.02m @ 1.89% Sn U4599 0.43m @ 4.16% Sn U4463 2.24m @ 5.91%Sn U4533 6.4m @ 2.8% Sn and 2.5m @ 5.8% Sn
U4426 8.74m @ 3.24% Sn U4601 3.68m @ 3.73% Sn U4604 2.24m @ 7.92% Sn
0.73m @ 5.37% Sn
U4430 2.19m @ 2.00% Sn U4600 3.24m @ 1.77% Sn
U4603 4.06m @ 3.73% Sn & U4537 7.86m @ 2.28% Sn
1250 RL
U4602 10.86m @ 2.28% Sn 0.41m @ 10.43% Sn
U4604B 2.77m @ 3.07% Sn &
U4609A 0.72m @ 4.49% Sn &
5.54m @ 1.32% Sn
2.01m @ 1.75% Sn &
1.46m @ 1.36% Sn
U4610 3.8m @ 2.3% Sn &
2.04m @ 4.74% Sn & U4272 4.18m @ 13.87% Sn
2.18m @ 3.96% Sn
U4273 4.78m @ 1.39% Sn
1
Dalcoath Member Ore Reserve Recent Drill Hole South North
BMT Drill Hole
Mined Out Area Re sou rce
Decline
6575
0
65500 N N 66000 N 66250 N
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TIN DIVISION

Rension is a massive s stem still o en in all direction y p

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2 km
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2
3
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TIN DIVISION
Renison Bell
Renison Exploration Area 4 Zone Zeehan
EXPLORATION AREA 4 (2) Showing Recent and Selected Better Results
U4229 3m @ 2.53% Sn
Area 4 and the Area 4 down-plunge hosts 1.72 Mt @ 2.1% Sn of Resource.
U4264 7.21m @ 6.52% Sn U4664 0.97m @ 8.34% Sn &
1.67m @ 1.57% Sn
U4251 13.97m @ 8.11% Sn U4244 8.27m @ 2.17% Sn
U4504 5.25m @ 7.31% Sn
U4252 14.4m @ 2.43% Sn & U4665 1.17m at 4.39% Sn
17.9m @ 3.90% Sn U4238 6.87m @ 5.78% Sn
U4232 3.18m @ 6.85% Sn
U4499 7.95m @ 2.75% Sn
U4529 14.44m @ 1.39% Sn
U4233 7.22m @ 3.09% Sn & 8.78m @ 6.10% Sn
U4501 4.78m @ 7.06% Sn S0814 9.0m @ 0.98% Sn
1250 RL
U4234 9.68m @ 1.61% Sn
U4247B 7.3m @ 2.89% Sn & 3.6m @ 1.89% Sn
U4272 4.18m at 13.87% Sn
U4514 10.5m @ 4.3% Sn
U4272 4.18m @ 13.87% Sn
U4518 9.53m @ 2.36% Sn
U4249 8.73m @ 2.41% Sn
U4538 6.74m at 1.33% Sn
U4256 6.88m @ 6.53% Sn & S1400A 6.5m at 1.58% Sn
7.94m @ 5.63% Sn
U4273 4.78m at 1.39% Sn
2
S1400A 2.6m at 7.4% Sn
S1400 1.2m at 10.9% Sn
Dalcoath Member Ore Reserve Recent Drill Hole South North
Area 4 Down Plunge BMT Drill Hole
Mined Out Area Resource
Decline
66500 N 66750 N
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TIN DIVISION

Rension is a massive s stem still o en in all direction y p

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2 km
1
2
3
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Renison Bell TIN DIVISION
Renison Exploration North Renison Deeps Zone
Showing Recent and Selected Better Results
U4443 MAJOR FOCUS HUON DEEP/NORTH 4.60m at 3.13% Sn U4453 3.13m at 2.76% Sn (3) S0343 6m at 0.61% Sn
U4449 2.16m at 3.29% Sn
U4633 1.15m @ 2.67% Sn
U4221 5.95m at 2.08% Sn
1500 RL
U4220 2.4m at 4.38% Sn
U4219 3.05m at 3.02% Sn
U4329 3.49m at 5.85% Sn & U4640A 1.97m @ 1.39% Sn &
23.75m at 2.15% Sn 2.67m @ 1.43% Sn &
13.41m @ 1.28% Sn &
U4222 2.79m at 4.58% Sn 13.41m @ 1.28% Sn
U4643 0.98m @ 1.2% Sn
U4222 2.13m at 3.35% & 13.1m at 1.14% Sn
U4645 1.02m @ 2.16% Sn & U4224 5.14m at 2.7% Sn
1.4m @ 0.94% Sn &
1.79m @ 1.34% Sn U4646 2.87m @ 1.07% Sn
U4665 1.17m at 4.39% Sn
U4529 14.44m @ 1.39% Sn U3712 No. 2 DOL (FW) 4.4m @ 2.4% Sn
U3710 7.0m @ 2.73% Sn
U4647 1.17m at 7.36% Sn &
6.47m at 1.98% Sn
S0814 9.0m @ 0.98% Sn
1250 RL
U3706 2.4m @ 11.49% Sn
S1400A 6.5m at 1.58% Sn S0700 1.2m @ 14.88% Sn
S1454 8.1m at 1.46% Sn
S1400A 2.6m at 7.4% Sn 3
S1400 1.2m at 10.9% Sn
Dalcoath Member Ore Reserve Recent Drill Hole South North
Area 4 Down Plunge BMT Drill Hole
Mined Out Area Resource
Decline
66750 N 67000 N 67250 N
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TIN DIVISION

SIGNIFICANT EXPANSION POTENTIAL

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AREA 4

TIN DIVISION

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~~Forecast weeks~~ ’ ~~supply and prices~~

Weeks’ supply, price in US$/tonne

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Forecast
14.0 40,000
Weeks' supply Prices
12.0 35,000
30,000
10.0
25,000
8.0
20,000
6.0
Renison 15,000
4.0
Mine 10,000
2.0
Infrastruct 5,000
0.0 0
ure
1990 1995 2000 2005 2010 2015
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after Peter Kettle – ITRI Sep 2012

GOLD DIVISION

Two Project Ready development assets

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Proposed new cash flow assets for Metals X

• Merger recently completed 3.9Moz in two project ready gold development assets

• Central Murchison Gold Project (CMGP) 2.7Mozs – DFS soon to be completed – proposed combined high grade underground mines and lower grade pits feeding central processing plant ramping up to 120,000ozpa. (under review)

• Rover 1 Gold Copper project 1.2Moz eq Approvals for exploration decline expected by year end. Project study proposes production of 60,000ozs eq at a cash operating cost of $580/oz

• Purchased 5.2% of ASX listed Reed Resources located north of the CMGP

GOLD DIVISION

CENTRAL MURCHISON GOLD PROJECT

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GOLD DIVISION

CENTRAL MURCHISON GOLD PROJECT

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• § Historic production of 1.6 Million ounces at a recov. grade 17 g/t.

• § Large underground mine and an open pit cut-back.

• Combined Mineral

• § Resource (JORC) estimate of 3.4 Mt @ 5.6 g/t Au containing 615Koz.

• § Great Fingall underground not mined since 1914.

GREAT FINGALL - GOLDEN CROWN Mining Centre Schematic

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Great Fingall Open Pit
Golden Crown Shaft
0mRL
Great Fingall
Historic Underground Production Historic Underground Production
Cut-Back Limits
Golden Crown (288koz at 13.8g/t) Mountain View 49koz at 55.4g/t
-250mRL 42,000oz Probable
Open Pit Reserve
Initial Probable
Reserves 224,000 oz
Remnant Resource
-500mRL Currently Under Evaluation
-750mRL
Historic Underground Production
Great Fingall (1.2Moz at 19.5g/t)
-1000mRL Mineralisation
Open
Proposed Decline Path
585500mE 586000mE 586500mE 587000mE 587500mE
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GOLD DIVISION

CMGP – BIG BELL LINE OF LODE

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• § Historic production of 2.7 Moz.

• § Planned large underground mine and a series of open pit cut-backs.

• § Current combined Total Identified Mineral Resource (JORC) estimate of 22.6 Mt @ 2.13g/t Au containing 1.554 Moz.

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GOLD DIVISION

ROVER 1 PROJECT

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GOLD DIVISION

Rover 1 Pro ect-Tar etin Hi h Grade j g g g

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3.1% Cu, 0.32g/t Au 9.23g/t Au 9.0% Cu, 1.06g/t Au 10.30g/t Au 10.9% Cu, 1.28g/t Au 9.28g/t Au 6.46g/t Au 26.5g/t Au 8.82g/t Au 56.60g/t Au 104.00g/t Au Bonanza Gold intercepts 15.75m @ 29.4g/t Au High Grade Copper 21m @ 6.9% Cu, 0.9g/t Au

GOLD DIVISION

ROVER GOLD PROJECT – IOCG ANOMALIES

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Explorer 108 8.733 Mt @ 5.6% Pb + Zn

Rover 1

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Explorer 142
10m @ 2.98% Cu & 0.12 g/t Au
8m @ 4.01% Cu & 0.26 g/t Au
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NICKEL DIVISON

Wingellina Nickel and Cobalt Project

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Focus on finalise development approvals and seeking partners for the financing

• Signed MOU with Samsung C&T to assist with financing, construction and delivery of the project

• DFS scope completed and study to commence early 2013 – Phase 1 previously completed proposing 40+ years at 40,000tpa Nickel and 3,000tpa Cobalt production at $3.34/lb Nickel after cobalt credits.

• Water exploration successful defined three water fields. Final modelling underway

• Spectrum airborne IM geophysics completed over SA tenements returned 14 significant Sulphide/PGE targets.

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NICKEL DIVISION

CENTRAL MUSGRAVE PROJECT

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• A major land holding – oxide & sulphide nickel, copper and platenoids.

• A mining agreement covering 18,000km[2] (projects + infrastructure).

• The world class Wingellina Nickel Project - one of the largest undeveloped nickeliferous ‘pure oxide’ limonite accumulations in the world.

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ICKEL NICKEL DIVISION

WINGELLINA PROJECT – PHASE 1 FEASIBILITY

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Ore Reserves 167.5M tonnes @ 1% Ni, 0.08% Co Annual Metal Production 40,000 tonnes Ni, 3,000 tonnes Co Mine Life 40+ Years Metal Price Assumptions Ni US$20,000/t, Co US$45,000/t Exchange Rate Assumption AUD 0.85 Production Cost US$3.34/lb (after Co credits) Est. Average Annual EBITDA US$483 Million NPV BT A$3.4 Billion (8%) Capital Cost Estimate A$2.5 Billion

NICKEL DIVISION

WINGELLINA – GLOBALLY SIGNIFICANT

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10 9 Under Construction/Commissioning 8 7 One of largest undeveloped nickel projects in world. 6 One of the last 100% owned by a junior. 5 4 3 2 1 0

One of largest undeveloped nickel projects in world. One of the last 100% owned by a junior.

Undeveloped Nickel Resources

TIN

CAPITAL STRUCTURE

NICKEL

GOLD

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Market	ASX	Major Shareholders
Share Code	MLX	APAC Resources	24.1%
Share Price	$0.13	Jinchuan Group	10.7%
Shares on Issue	1,652M
		Blackrock Investments	5.3%
Market Capitalisation	$215M
Net Cash (and WC)	$60M	Board & Management	5.0%
Market Investments	$40M	Sabatica Pty Ltd (GPG)	4.8%
Enterprise Value	$115M	Top 50 Shareholders	78%

-------------- Metals X – an emerging diversifed mining house. ----------------

TIN

The year ahead

NICKEL

GOLD

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• Renison Tin mine has re emerged as a large, long life, high grade, low cost tin mine with strong margins providing significant cash flows for the group

• On track to deliver 7,500tpa+ tin production at a cash cost of A$13,000 (current tin price approx A$20,000)

• Tin supply remains very tight and external forecasts are for much higher prices

• Gold business to deliver second cash flow stream with a strategy to emerge as Australia’s newest gold producer - 200,000 ozpa from two production centres with significant upside

• Wingellina continues to advance to production which will crystallise significant value for shareholders

• The company remains in a very strong financial position with $60M in cash and working capital and $40M of investments.

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Thankyou for your support

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TIN

DISCLAIMER

NICKEL

GOLD

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General Disclaimer

This presentation has been prepared by Metals X Limited (“Metals X” or the “Company”). It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities in the Company. This presentation contains forecasts and forward looking statements. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied. Metals X has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Metals X makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation.

This overview of Metals X does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects.

You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

JORC Compliance Statement

Competent Persons Statements – Rover 1

The information in this report that relates to exploration, mineral resources or ore reserves is based on information compiled by Mr Andrew Beckwith (B.AppSc.) who is a full time employee of Westgold Resources Limited, is a member of the AusIMM. Mr Beckwith has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as described by the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beckwith consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Gold Equivalence

The Gold Equivalence calculation represents total metal value for each metal assuming 100% recovery, summed and expressed in equivalent gold grade or ounces. The prices used in the calculation being US$1100/oz Au, US$7000/t Cu, US$21.0/lb Co, US$7.5/lb Bi and US$15.0/oz Ag and approximate metal prices as at 18 Feb 2010. The Gold Equivalent formula is: AuEq = Au + 0.014Ag + 4.675Bi + 13.091Co + 1.979Cu.

Exploration and Production Target Statements

The information in this report that relates to exploration targets refers to targets that are conceptual in nature, where there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Production targets and mine designs are currently conceptual in nature and relate to the Scoping Study completed in October 2010. Advanced feasibility studies are currently underway to advance the economic evaluations at Rover 1.

Competent Persons Statements – CMGP

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Jake Russell B.Sc. (Hons), who is a Member of the Australian Institute of Geoscientists. Mr Russell is a full-time employee of the company. Mr Russell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Russell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled under the direction of Mr. Paul Hucker B. Eng (Hons), who is a Member of the AusIMM. Mr Hucker is a full-time employee of the company. Mr Hucker has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hucker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this Resource report that relates to Exploration Results is compiled by Metals X technical employees under the supervision of Mr. Peter Cook BSc (Appl. Geol) MSc (Min. Econ.) M.AusIMM. Mr Cook is an advisor to, and the Non-Executive Chairman of Metals X. Mr Cook has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Cook consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Competent Persons Statement –Tin & Nickel Division

The information in this Resource report that relates to Exploration Results is compiled by Metals X technical employees under the supervision of Mr. Peter Cook BSc (Appl. Geol) MSc (Min. Econ.) M.AusIMM. Mr Cook is an advisor to, and the Non-Executive Chairman of Metals X. Mr Cook has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Cook consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this Mining Reserve estimate report is compiled by Metals X technical employees under the supervision of Mr Michael Poepjes BEng (Mining Engineering), MSc (Min. Econ) M.AusIMM. Mr Poepjes is a full-time employee of the company. Mr Poepjes has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Poepjes consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.