Metals X Limited — Share Issue/Capital Change 2012

Nov 29, 2012

ACN 110 150 055

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Sale of Unmarketable Parcels of Shares

30 November 2012 (Perth, WA)

The Board of Metals X Limited ( Metals X ) today announces that it has established a Share Sale Facility ( Facility ) for holders of unmarketable parcels of shares in Metals X.

As at 5.00pm EST on 29 November 2012 an unmarketable parcel of shares with a market value of less than $500 is any shareholding of 3,703 shares or less. Metals X has approximately 1,200 shareholders with an unmarketable parcel of shares.

Metals X is offering the Facility to assist holders of unmarketable parcels to sell shares without having to use a broker or pay brokerage costs. Metals X will pay for all costs of sale for shareholders who use the Facility. The Facility offers a convenient and cost effective way for shareholders to sell their shares, free of brokerage.

By facilitating the sale of unmarketable parcels, Metals X will reduce the costs associated with maintaining small shareholdings (i.e. printing and mailing costs of distributing Annual Reports and Notices of Meetings together with share registry costs).

Attached is a copy of the letter and retention form to be mailed to shareholders holding an unmarketable parcel of Metals X shares.

Warren Hallam Managing Director

END

Metals X Limited Level 3, 123 Adelaide Terrace, East Perth WA 6004 T +61 8 9220 5700 F +61 8 9220 5757 info@metalsx.com.au http://metalsx.com.au/

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30 November 2012

Dear Shareholder

Important Notice

Holders of unmarketable parcel of Shares - Sale Facility

I am writing to offer to all shareholders with a holding of Metals X Limited ( Metals X or the Company ) shares valued at less than $500 (called an unmarketable parcel) a share sale facility ( Facility ). As at close of business 29 November 2012, our records indicate that you are such a shareholder.

Metals X has approximately 1,200 shareholders with an unmarketable parcel of shares. Due to the higher brokerage costs that you face in selling this number of shares and the expense to the Company associated with maintaining small shareholdings (e.g. printing and mailing costs of distributing Annual Reports and Notices of Meeting together with share registry costs), Metals X would like to take this opportunity to encourage you to sell your existing holding. Ultimately, it is your choice and you may elect to maintain your shareholding.

The Facility is a convenient and cost effective way for you to sell your shares free of brokerage. The Facility is being conducted, for shareholders who, like you, hold shares with a market value of less than $500 as at close of business 29 November 2012.

Under the Facility, unless you elect to retain your shares, as soon as is practical after 19 February 2013 the Company will endeavour to arrange the sale at the prevailing market price and the proceeds from that sale will be remitted to you. All brokerage costs will be met by the Company if you sell your holding under the Facility.

If you wish to sell your shares, you need take no action.

If you wish to retain your shares you must complete and return the enclosed form.

Enclosed with this letter is a Notice of Retention of Shares which you MUST complete and return by no later than 25 January 2013 if you wish to retain your Metals X shares.

If you have any questions concerning the contents of this letter, please contact our office by telephone on +61 8 9220 5700 or facsimile +61 8 9220 5757.

Sincerely,

Fiona Van Maanen Company Secretary

Level 3, 123 Adelaide Terrace, East Perth WA 6004 ● GPO Box 2606 Perth WA 6001 Telephone: +61 8 9220 5700 ● Facsimile: +61 8 9220 5757 ● Email: reception@metalsx.com.au ● Web: www.metalsx.com.au

METALS X LIMITED

ABN 110 150 055

NOTICE OF RETENTION OF SHARES

«Holder_name» «Address_line_1» «Address_line_2» «Address_line_3» «Address_line_4» «Address_line_5»

Date: 30 November 2012

HIN/SRN: «Holder_type»«Holder_number» Unmarketable Holding: «Securities_1_»

The Directors

I/we wish to retain my/our shareholding in the Company and hereby advise the Company that the provisions of Rule 31 of the Constitution are not to apply to my/our shares.

Signatures(s)

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Individual/Security holder 1 Security holder 2 Security holder 3
Sole Director & Sole Company Director/Company Secretary Director
Secretary
Dated: ..... / ...... / .......
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Daytime Telephone Number

PLEASE RETURN THIS NOTICE TO THE COMPANY’S SHARE REGISTRY:

SECURITY TRANSFER REGISTRARS PTY LTD

Delivery: Post: 770 Canning Highway PO BOX 535 Facsimile: (08) 9315 2233 APPLECROSS WA 6153 APPLECROSS WA 6953 Telephone: (08) 9315 2333

Notes:

1. For full details, please read the Elimination Notice accompanying this notice.

2. If you wish to retain your shareholding in the Company, please sign this notice in the space provided and return it to the Company’s share registry by 5:00pm WST 25 January 2013.

3. Notice in respect of a corporation must be executed in accordance with the constitution of that corporation.

4. Notices signed under power of attorney or by the executor of an estate must be accompanied by a copy of that power or letters of administration, as the case may be, unless previously lodged for noting.

5. In the case of holdings held by two or more persons, all holders must sign.

6. Please provide your daytime telephone number so we can contact you if there are any problems with your Notice of Retention.

THIS NOTICE OF RETENTION MUST BE RECEIVED BY THE COMPANY’S SHARE REGISTRY BY NO LATER THAN 5.00PM WST ON 25 JANUARY 2013