Metals X Limited — Capital/Financing Update 2021

Mar 31, 2021

1 APRIL 2021

MT GORDON COPPER PAYMENT UPDATE

Further to the announcement made on 24 December 2020, Metals X Limited ( Metals X or the Company ) announces that it has agreed to a further extension of time for payment of the A$10 million Conditional Copper Price Payment ( Copper Payment ) pursuant to the Mt Gordon Sale Agreement ( SPA ) for the now-named Capricorn Copper Mine, entering into a further binding agreement with Capricorn Copper Holdings Pty Ltd ( CCH ) and its parent entity, EMR Capital Investment (No. 6B) Pte Ltd ( ECI ). Consistent with the terms announced on 24 December 2020, the parties previously agreed to formal, fully termed transaction documents with respect to the payment of the Copper Payment on 28 February 2021 ( Formal Documents ).

The Formal Documents included the assignment of the rights and benefit of the Copper Payment from its former subsidiary, Paterson Copper Pty Ltd, to Metals X.

A summary of the varied key terms as agreed on 31 March 2021 are set out below:

Revised PaymentTerms	Payment of the Copper Payment is still to be made in two instalments:(a)the first tranche of A$5,000,000 (Tranche 1 Payment) is further deferredfrom its previous payment date of 31 March 2021, and is now to be paidon or before 30 June 2021 (Revised Tranche 1 Payment Date); and(b)the second tranche of A$5,000,000 is still to be paid on or before24 June 2022.The parties have agreed that if CCH completes its currently proposed fundingarrangements prior to 30 June 2021, CCH will pay both the first and secondtranches (and the Extension Fee referred to below, and interest due) uponcompletion of those arrangements.
Extension Fee	At the Revised Tranche 1 Payment Date, CCH will pay to Metals X an extensionfee of A$250,000 (Extension Fee). Payment of the Extension Fee is required tobe made regardless of whether the Tranche 1 Payment is paid to the Companyprior to the Revised Tranche 1 Payment Date.
Revised Security	ECI to provide an additional specific security over a further 10% of the shares itholds in CCH, bringing the total specific security of the shares it holds in CCH to20%, exercisable in the event of a default by CCH.
Interest	Interest will continue to accrue on the outstanding balance of the Copper Paymentat 12% per annum from 25 December 2020 until final payment of the CopperPayment and accrued interest.

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

ENQUIRIES

Mr Brett Smith Executive Director E: brett.smitm@metalsx.com.au

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----- Start of picture text ----- CORPORATE DIRECTORYLevel 5, 197 St Georges TerracePerth WA 6000 AustraliaASX Code: MLX----- End of picture text -----

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----- Start of picture text ----- T +61 8 9220 5700E reception@metalsx.com.auABN 25 110 150 055----- End of picture text -----

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www.metalsx.com.au