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Metals X Limited Capital/Financing Update 2021

Jul 12, 2021

10401_rns_2021-07-12_219adf64-bce9-4886-ad19-be2ef4e3c50b.pdf

Capital/Financing Update

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13 JULY 2021

PART REPAYMENT OF LOAN FACILITY

On 28 July 2020, Metals X Limited ( Metals X or the Company ) advised it had entered into an unsecured loan facility agreement ( Facility Agreement ) with Asia Cheer Trading Limited ( ACT ), a fellow subsidiary of the Company’s substantial shareholder, APAC Resources Strategic Holdings Limited, for a facility of up to A$26,000,000. On 15 December 2020, the Company announced it had varied the Facility Agreement to extend the Termination Date to 31 July 2021, or such later date as may be agreed in writing and increase the facility by A$5,000,000.

Pursuant to the terms of the Facility Agreement, the net proceeds from the sale of the Company’s Copper Assets or any capital raising undertaken by the Company during the loan term must be paid to ACT in permanent reduction of the Principal Amount, as defined in the Facility Agreement. On 8 July 2021, the Company announced it had received payment of A$11 million as settlement of the Conditional Copper Price Payment pursuant to the Mt Gordon Sale Agreement, and subsequent binding variation agreement, with Capricorn Copper Holdings Pty Ltd (CCH) and its parent entity, EMR Capital Investment (No. 6B) Pte Ltd.

The Company advises it has repaid A$7,750,000, comprising 50% of the outstanding Principal Amount of A$15,500,000, to ACT.

The remaining Principal Amount is expected to be repaid on or before the Termination Date unless extended beyond 31 July 2021.

This announcement has been authorised by the board of directors of Metals X Limited

ENQUIRIES

Mr Brett Smith Executive Director E: [email protected]

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