Corporate Overview

Metals X Limited is an emerging diversified resource group with a considerable portfolio of growth assets. Metals X has a pipeline of assets at all stages of development from exploration through to production with exposure to tin, nickel, gold, copper, zinc, phosphate, uranium, lead and tungsten.

Metals X is Australia’s largest tin producer producing approximately 2.5% of the global supply of tin from its Mt Bischoff and Renison mines and processing plant in Tasmania.

Metals X also owns 100% of the huge world class Wingellina Nickel project which hosts a global resource of over 180Mt at 1% Nickel which includes 167Mt as measured and indicated. The first phase feasibility study completed in mid 2008 showed a robust project for the construction of a nickel and cobalt operation to produce 40,000tpa of nickel and 3,500tpa of cobalt with an initial mine life of 40 years at an operating cost of less than US$3.50 per pound of Nickel after cobalt credits.

Metals X holds a number of strategic investments from exploration through to production. Westgold Resources Limited (“Westgold”) (25.02% interest) which holds resources of over 3 million ounces of gold within its Rover project near Tennant Creek in the Northern Territory and Murchison goldfield in Western Australia. Westgold aspires to become Australia’s next 200,000 ounce per annum gold producer.

Independence Group NL (“Independence”) (3.23% interest) is a diversified producer with Nickel, Zinc, Copper and gold operations within Western Australia and is also exploring for gold and other base metals throughout Australia.

Mongolian Resource Corporation Limited (“MRC”) (16.97% interest) is an Australian listed Mongolian resource company that is involved in the mining and exploration of gold, base metals, iron ore and coal in Australia and Mongolia. MRC’s two main gold assets are the high grade Kargana (Blue eyes) gold project (85%) and the Sujigtie gold project (90%) that are located in the North Kentai gold belt of Mongolia. The Kentai belt is host to several historical mines and deposits including the Boroo and Gatsuurt gold mines, Bumbat, Erren, Khargant and Sujigetei gold deposits.

Aziana Limited (“Aziana”) (25% interest) is a gold and bauxite explorer in Madagascar. Aziana has been an active explorer in Madagascar since 2006 and has established a significant land position highly prospective for gold and bauxite. The gold assets are analogous to the Tropicana in Australia and Morro do Ouro (Paracatu) in Brazil, both of which host multi-million ounce gold discoveries. The bauxite holdings cover a significant mineralised area and the company’s is working towards definition of a significant resource.
Metals X has recently commenced the processes of recapitalising its balance sheet and has set its sights on achieving additional growth through the financing and development of its existing projects and through the acquisitions of additional assets and strategic investments.