Metals X : Appointment of Chief Executive Officer

ASX RELEASE

3 March 2020

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

Metals X Limited (Metals X or the Company) is pleased to advise the appointment of Mr Michael Spreadborough as Interim Chief Executive Officer.

The appointment of Mr Spreadborough, who was previously Chief Operating Officer, follows the Company's announcement on 3 December 2019 that Managing Director Mr Damien Marantelli had resigned as a director but would remain as CEO for a transition period. Mr Marantelli's employment with the Company finished on 1 March 2020.

Mr Spreadborough's key focus will remain on the strategic review that Metals X has previously announced.

Mr Spreadborough is a mining engineer with extensive experience in the development and operation of mineral resources projects spanning a range of commodities including copper, gold, uranium, lead, zinc and iron ore.

Over the past 20 years Mr Spreadborough has held senior executive roles with a number of mining companies including Chief Executive Officer of Nusantara Resources Ltd, Chief Operating Officer of Sandfire Resources NL and Inova Resources Ltd (formerly Ivanhoe Australia), and Non-Executive Director of CleanTeQ Holdings Ltd.

Mr Spreadbough holds a Bachelor of Mining Engineering from the University of Queensland and an MBA from Deakin University, as well as a WA First Class Mine Manager's Certificate of Competency.

A summary of the material terms of Mr Spreadborough's executive services agreement is set out in Annexure A.

	ENDS
ENQUIRIES	MEDIA ENQUIRIES
Patrick O'Connor	Michael Weir / Cameron Gilenko
Chairman	Citadel-MAGNUS
E: Patrick.O'[e-mail]	M: [phone] / [phone]
P: [phone]

THIS ANNOUNCEMENT HAS BEEN AUTHORISED BY THE BOARD OF DIRECTORS OF METALS X LIMITED

FURTHER ENQUIRIES

Patrick O'Connor

Patrick.O'[e-mail]

CORPORATE DIRECTORY

Level 5, 197 St Georges Terrace Perth WA 6000 Australia

PO Box 7248

Cloisters Square PO WA 6850

[phone] [e-mail] www.metalsx.com.au

ASX Code: MLX

Annexure A: Summary of material terms of executive services agreement

Commencement Date as Interim CEO	3 March 2020
Term	To 31 August 2020 unless otherwise agreed
Remuneration	$2,500 plus GST per business day worked (All-in
	cost, short term incentive and long term incentive not
	applicable)
Termination	Either party may terminate by giving 4 weeks notice
	or in the event of default or insolvency of the other
	party

END

ASX RELEASE (ASX: MLX)	2