Metals X Limited — Capital/Financing Update 2017

Jun 20, 2017

ASX RELEASE 21 JUNE 2017

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EARTHWORKS COMMENCE FOR RENISON ORE SORTER

Metals X Limited ( MLX ) is pleased to announce that the Bluestone Mines Tasmania Joint Venture (MLX 50%) has completed the design and entered into a detailed engineering and construction agreement with Scope Engineering Services Pty Ltd for the installation of a new crushing and ore sorting facility at the Renison Tin Mine ( Renison ) in Tasmania.

Construction will include a new purpose-built three stage crushing, screening and ore sorting plant at a capital cost of approximately $14 million. The payback for the project is estimated to be less than 12 months at current tin prices. Earthworks have commenced with practical completion scheduled for April 2018.

It is anticipated that ore sorting will increase tin production at Renison by 15-20%. Renison is targeted to produce 7,000 - 7,200 tonnes of tin in 2017.

Underground ore production will increase to approximately 920,000 tonnes per annum (tpa), while the processing plant will be maintained at approximately 720,000 tpa, with the rejection of an estimated 200,000 tpa of waste by the ore sorter. In preparation for the introduction of ore sorting, additional areas within the underground mine have already been developed and a significant stockpile of ore has been accumulated.

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ENQUIRIES

Warren Hallam Managing Director e: warren.hallam@metalsx.com.au

Stephen Robinson Executive Director e. stephen.robinson@metalsx.com.au

reception@metalsx.com.au www.metalsx.com.au

ASX Code: MLX

Level 3, 18–32 Parliament Place West Perth WA 6005 Australia