Metals X Limited — Capital/Financing Update 2015

Aug 19, 2015

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20 August 2015

PACIFIC ENERGY SECURES 8MW POWER STATION CONTRACT WITH METALS X

Highlights

• Pacific Energy wins contract to restart its 8MW diesel fuelled Power Station at Metal X’s Bluebird Gold Project

• Contract term of 3 years commencing 1 October 2015

• Contracted capacity now 234MW

Power generation specialist Pacific Energy Limited (‘Pacific Energy’) is pleased to announce that its wholly-owned subsidiary, Kalgoorlie Power Systems (‘KPS’), has secured a new electricity supply contract with Metals X Ltd (ASX: MLX) and its wholly owned subsidiary, Big Bell Gold Operations Pty Ltd (collectively “Metals X”).

The contract involves the restart of a previously installed KPS 8MW diesel fuelled power station at Metals X’s Bluebird Gold Project, located 10km south of Meekatharra in Western Australia. KPS originally installed the power station in 2012 and operated it until February 2014, when the mine was put into care and maintenance by its former owner.

The new contract with Metals X runs for an initial term of 3 years, with options to extend.

Pacific Energy’s Managing Director, James Cullen said “We are particularly pleased with this new contract from Metals X as it involves the reactivation of an existing power station which has been idle for over one year. Our equipment is in good shape and this will enable start up for Metals X within a very short time frame”.

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About Pacific Energy

Pacific Energy is an ASX listed (ASX: PEA) power generation project developer and owner.

Headquartered in Perth, Western Australia, Pacific Energy is focused on the development, ownership and maintenance of mine site and renewable energy power stations.

Kalgoorlie Power Systems , a wholly owned subsidiary of Pacific Energy Limited, is a leading provider of power generation infrastructure to the mining and resources sector in Australia. The business operates a build, own, maintain execution model with 228MW of contracted capacity at 20 mine site locations across Australia.

Pacific Energy Hydro , a wholly owned subsidiary of Pacific Energy Limited, owns and operates 6MW of hydro power generation capacity located approximately 70 kilometres east of Melbourne, Victoria. The company’s hydro assets commenced operation in 1992 and comprise two separate power stations located at the Cardinia Reservoir and Blue Rock Dam.

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