Metals X : Renison Resource Update

ASX RELEASE

30 JANUARY 2020

RENISON RESOURCE UPDATE

Metals X Limited (Metals X or the Company) is pleased to provide an updated Mineral Resource estimate for the Renison Tin Operations (Renison) in Tasmania. Renison is 50% owned by Metals X through the Bluestone Mines Tasmania Joint Venture (BMTJV).

HIGHLIGHTS (100% basis)

• 8% increase in contained tin (Sn) (net of depletion) in the Mineral Resource at the Renison Bell underground mine delineated from an additional 416 diamond drill holes for 41,079 metres.
• Total Renison Bell Measured, Indicated and Inferred Resource of 18.54Mt at 1.54% Sn for 285,100 tonnes of contained tin.

Area 5 and Bell 50 Mineral Resource (subset of Renison Bell)

• Drilling has further defined the position of the cross-cutting Doliminator Fault that delineates the boundary between Area 5 and the new Bell 50 area and, as a result, the Area 5 - Bell 50 boundary has been modified from that used in the 2019 Mineral Resource estimate (31 March 2019)1.
• Area 5 Measured, Indicated and Inferred Resource is reported as 4.32Mt at 2.10% Sn for 90,700 tonnes of contained tin using the revised Area 5 - Bell 50 boundary.
• Maiden Bell 50 Measured, Indicated and Inferred Mineral Resource of 1.17Mt at 2.05% Sn for 24,000 tonnes of contained tin.
• The updated Mineral Resource has delivered a significant 34% increase in contained tin from 85,200 to 114,700 tonnes and a significant 10% increase in grade from 1.91% Sn to 2.09% Sn for the Area 5 - Bell 50 area.
• The Area 5 Mining Optimisation Study and Life of Mine Plan are expected in the June 2020 quarter.

Executive Chairman, Mr Patrick O'Connor, commented:

"Renison Tin Operations is Australia's largest primary tin producer and a globally significant supplier, and it is pleasing we are able to substantially more than replace mined tonnes.

The significant increase of 8% in total Mineral Resources includes a substantial increase of 10% in grade and a 34% increase in contained tin in the Area 5 and Bell 50 areas. This updated resource will be used in the completion of the Area 5 Mining Optimisation Study and incorporated into the new Life of Mine Plan expected in the June 2020 quarter.

Our aim is to convert the significant exploration success into a substantial long-life mining operation at Renison with a focus on costs and sustainable cash flow. We will focus on optimising the Renison operations through increasing resources, increasing reserves and increasing cash margins to provide a return to shareholders through capital growth and dividends."

1 Refer ASX Announcement 24 May 2019, 2019 Renison Resource Update.

	THIS ANNOUNCEMENT HAS BEEN AUTHORISED BY THE BOARD OF DIRECTORS OF METALS X LIMITED
ASX Code: MLX	Level 5, 197 St Georges Terrace	T: [phone]
	Perth WA 6000	[e-mail]
	Australia	www.metalsx.com.au

RENISON RESOURCE UPDATE

RESOURCE DEFINITION DRILLING PROGRAMS

Since the 2019 Mineral Resource estimate (31 March 2019)2, BMTJV has completed substantial additional drilling utilising up to three underground diamond drilling rigs. A total of 416 new holes for 41,079m of drilling have been completed with a focus on infill and resource definition programs at Area 5, Bell 50, Leatherwood and Huon North areas (Figure 1).

Drilling within Area 5 has further delineated and extended the previously reported high grade zone hosted predominantly within the No. 2 Dolomite, both within the footwall and hangingwall of the Federal-Bassett Fault (CBF). Importantly, significant mineralisation has also been defined within the fault itself and the hangingwall No. 1 Dolomite, along with the Red Rock Member of the Mine Sequence. The program further defined the position of the cross-cutting Doliminator Fault which has offset the host Mine Sequence to the west by approximately 50m. As a result, the boundary of the Area 5 and Bell 50 areas has been modified. The updated Area 5 Measured, Indicated and Inferred Mineral Resource currently stands at 4.32Mt at 2.10% Sn for 90,700 tonnes of contained tin using the revised boundary.

Further drilling into the Bell 50 area defined significant tin mineralisation down-plunge from Area 5. This has generated a maiden Measured, Indicated and Inferred Mineral Resource of 1.17Mt at 2.05% Sn for 24,000 tonnes of contained tin. While Bell 50 is plunging towards the Pine Hill Granite, the deepest drill holes to date continue to intersect Renison Mine Sequence and further drilling down-plunge is warranted.

Resource drilling programs completed into the Leatherwood Trend have further delineated significant additional tin mineralisation hosted within the Federal Bassett Fault and the No. 2 Dolomite. The upgraded Measured, Indicated and Inferred Mineral Resource of 2.38Mt at 1.51% Sn for 36,000 tonnes of contained tin remains open up-plunge. The Leatherwood Trend continues to build into an important new mining area.

FIGURE 1: RENISON BELL LONG SECTION LOOKING WEST SHOWING MINING AREAS AND RESOURCE DRILLING

COMPLETED SINCE 31 MARCH 2019

2 Refer ASX Announcement 24 May 2019, 2019 Renison Resource Update.

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FIGURE 2: RENISON BELL RESOURCE LONG SECTION SHOWING ONLY THE AVAILABLE NO. 2 DOLOMITE

AND ASSOCIATED TIN MINERALISATION GRADE ABOVE 1% SN

MINERAL RESOURCE STATEMENT

This updated Mineral Resource estimate for the Renison Bell deposit is as at 10 December 2019 (Table 1). The previous Mineral Resource estimate was dated 31 March 2019. Mineral Resource estimates for the Rentails Project and Mt Bischoff remain unchanged.

TABLE 1: RENISON TIN OPERATIONS MINERAL RESOURCE ESTIMATE AT 10 DECEMBER 2019

(Note: MLX equity share is 50% of the Mineral Resource estimate shown.)

											Tin								Copper
						Mineral		'000			Grade			Tin			'000			Grade			Copper
		Deposit				Resource
						tonnes2			% Sn			tonnes2			tonnes			% Cu			tonnes2
						Category1
						Measured	1,750		1.66		29,200		1,750		0.29		5,000
		Renison Bell3			Indicated	14,270		1.53		218,200		14,270		0.19		26,600
				Inferred	2,510		1.50		37,700		2,510		0.21		5,200
						Total		18,540			1.54			285,100			18,540			0.20			36,700
						Measured	-		-		-		-		-		-
		Mt Bischoff4,5			Indicated	970		0.59		5,700		-		-		-
				Inferred	700		0.47		3,300		-		-		-
						Total		1,670			0.54			9,000			-			-			-
						Measured	23,890		0.44		104,400		23,890		0.22		52,700
		Rentails			Indicated	-		-		-		-		-		-
		Project6,7			Inferred	-		-		-		-		-		-
						Total		23,890			0.44			104,400			23,890			0.22			52,700
					Measured	25,640		0.52		133,500		25,640		0.23		57,700
		TOTAL			Indicated	15,240		1.47		223,900		14,270		0.19		26,600
				Inferred	3,210		1.28		41,000		2,510		0.21		5,200

Total

44,090

0.90

398,500

42,420

0.21

89,400

1. Mineral Resources are reported inclusive of Mineral Resources modified to produce the Ore Reserve.
2. Tonnes are reported as kilotonnes ('000t) and rounded to the nearest 10,000; Sn and Cu tonnes are rounded to the nearest 100 tonnes; rounding may result in some slight apparent discrepancies in totals.
3. Cut-offgrade of 0.7% Sn.
4. Cut-offGrade of 0.5% Sn.
5. The Mt Bischoff Mineral Resource is at 20 November 2008.
6. Cut-offGrade of 0.0% Sn.
7. The Rentails Project Mineral Resource is at 31 May 2018.

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KEY ASSUMPTIONS AND JORC 2012 REQUIREMENTS

Mineral Resources are reported inclusive of Ore Reserves. Mining production data is as at 10 December 2019 and all exploration information has been included. Mineral Resources have been depleted for mining to 10 December 2019.

The Mineral Resources have been classified in accordance with the guidelines set out in the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, published by the Joint Ore Reserves Committee (JORC), of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia, December 2012 (the 'JORC Code' or 'JORC 2012').

The full Mineral Resource estimate for the Renison Tin Operations are tabulated in Table 1.

Material Information for the individual deposits, including a summary of Material Information pursuant to ASX Listing Rules 5.8 and 5.9 and the Assessment and Reporting Criteria in accordance with JORC 2012 requirements, is included in the body of this report and in Appendix A to this announcement.

MINERAL RESOURCE GOVERNANCE STATEMENT

In accordance with ASX Listing Rule 5.21.5, governance of the Company's Mineral Resources development and management activities is a key responsibility of the Executive Management of the Company.

Senior geological and mining engineering staff of the Company oversee reviews and technical evaluations of the estimates and evaluates these with reference to actual physical, cost and performance measures. The evaluation process also draws upon internal skill sets in operational and project management, ore processing and commercial/financial areas of the business.

The Executive General Manager - Geology (in consultation with senior staff) is responsible for monitoring the planning, prioritisation and progress of exploratory and resource definition drilling programs across the Company and the estimation and reporting of resources. These definition activities are conducted within a framework of quality assurance and quality control protocols covering aspects including drill hole siting, sample collection, sample preparation and analysis as well as sample and data security.

A four-level compliance process guides the control and assurance activities:

• Provision of internal policies, standards, procedures and guidelines;
• Mineral Resource reporting based on well-founded geological and mining assumptions and compliance with external standards such as the Australasian Joint Ore Reserves Committee (JORC) Codes;
• Internal review of process conformance and compliance; and
• Internal assessment of compliance and data veracity.

The Executive Management aims to promote the maximum conversion of identified mineralisation into JORC 2012 compliant Mineral Resources and Ore Reserves.

The Company reports its Mineral Resources, as a minimum, on an annual basis, in accordance with ASX Listing Rule 5.21 and clause 14 of Appendix 5A (the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, or the "JORC Code" 2012 Edition).

Competent Persons named by the Company are members of the Australasian Institute of Mining and Metallurgy (AusIMM) and/or the Australian Institute of Geoscientists (AIG), and qualify as Competent Persons as defined in the JORC Code 2012.

MINERAL RESOURCE ESTIMATE

Table 1 shows the updated Mineral Resource estimate for the Renison Tin Operations at 10 December 2019.

SUMMARY OF MATERIAL INFORMATION

Appendix A to this report contains all information material to understanding the estimates of Mineral Resources. In accordance with Listing Rule 5.8.1, the following summary of material information in this regard is provided below:

Geology and geological interpretation: Renison is one of the world's largest operating underground tin mines and Australia's largest primary tin producer. Renison is the largest of three major Skarn, carbonate replacement, pyrrhotite-cassiterite deposits within western Tasmania. The Renison Mine area is situated in the Dundas Trough, a province underlain by a thick sequence of Neoproterozoic-Cambrian siliciclastic and

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RENISON RESOURCE UPDATE

volcaniclastic rocks. At Renison there are three shallow-dipping dolomite horizons which host replacement mineralisation. The major structure associated with tin mineralisation at Renison, the Federal Basset Fault, was formed during the forceful emplacement of the Pine Hill Granite during the Devonian and is also an important source of tin mineralisation.

Drilling techniques, sampling and sub-samplingtechniques: The bulk of the data used in resource calculations at Renison has been gathered from diamond core using NQ2, LTK60 and LTK48 sizes. This core is geologically logged and generally subsequently halved for sampling. Drill hole samples may be whole-cored to streamline the core handling process if required. Each development face / round is horizontally chip sampled with the sampling intervals being domained by geological constraints. Sludge drilling is performed with an underground production drill rig (nominal 64mm diameter hole). It is an open hole drilling method using water as the flushing medium.

Criteria for classification: Resources are classified in line with JORC guidelines utilising a combination of various estimation derived parameters, the input data and geological / mining knowledge. This approach considers all relevant factors and reflects the Competent Person's view of the deposit. At Renison, material classified as Measured must have development (with face samples) within 20m. Indicated Mineral Resource must have sufficient grade and geological continuity with drill hole intersections generally between 40m and 20m apart. Inferred Mineral Resource is material that is defined by drill holes greater than 40m apart. Geological continuity may be present but the grade estimate is lower in confidence.

Sample analysis method: Samples are dried at 90°C, then crushed to <3mm, samples are then riffle split to obtain a sub sample of approximately 100g which is then pulverized to 90% passing 75um. 2g of the pulp sample is then weighed with 12g of reagents including a binding agent, the weighed sample is then pulverized again for one minute. The sample is then compressed into a pressed powder tablet for introduction to the XRF. Sn, As and Cu have a detection limit 0.01%, Fe and S detection limits are 0.1%. Each XRF batch of twenty consists of one blank, one internal standard, one duplicate and a replicate. Anomalous assay results are re- assayed to ensure quality control.

Estimation methodology: All modelling and estimation work undertaken by BMTJV is carried out via LeapfrogTM and Surpac VisionTM software by creating three-dimensional orebody wireframes using sectional techniques. Drill hole intersections within the three-dimensional wireframes are composited and statistical analysis is conducted to determine appropriate search parameters within individual domains. An empty block model is created, and grade estimation is undertaken using Ordinary Kriging estimation methods. The resource is then depleted using mining voids and subsequently classified in line with JORC guidelines as above.

Cut-offgrades: The resource reporting cut-off grade is 0.7% Sn at Renison.

Mining and metallurgical methods and parameters: The Renison mine predominantly applies up-hole benching and open stoping mining methods with (in some cases), post fill and cemented rock fill to fill voids. The weighted average mining dilution is 14% at zero grade. Minimum widths for underground development are 4.5m and for stoping minimum widths are 2.2m. Mining recoveries are generally between 75 and 100% with the weighted average recovery for the reserve model being 89%. No inferred resources are included within either the reserve or the mining plan.

The Renison mine produces a tin concentrate of grade varying between 50- 60% Sn with internal process designed to reduce penalty metals such as iron, sulphur, tungsten and copper. The complex metallurgical process includes ore-sortingpre-concentration,multi-stage gravity concentration, flotation, regrinding and leaching. The metallurgical recovery is estimated based on regression analysis of grade recovery curves from the actual processing of ores in the plant. Metallurgical recoveries on the various ore and grades were considered as part of the cut-off grade analysis.

ANNUAL COMPARISON OF MINERAL RESOURCES

Tables 2 and 3 compare the 31 March 2019 Mineral Resource estimate with the updated Mineral Resource estimate as at 10 December 2019 for the Renison Operations. The Mineral Resource estimate for Mount Bischoff is unchanged from 2017 and the Rentails Project Mineral Resource estimate is unchanged from 2018.

The difference between the 10 December 2019 Renison Bell Mineral Resource estimate and 31 March 2019 Renison Bell estimate include the following modifications:

• All drilling data, development face and sludge data obtained between 31 March 2019 and 10 December 2019 has been included in the model; and
• Updates to all wireframe models based on this data.

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TABLE 2: RENISON MINERAL RESOURCE ESTIMATE - DEPLETION & RESOURCE ADJUSTMENTS FROM PRIOR YEAR

(Note: MLX equity share is 50% of the Mineral Resource estimates shown below.)

							Tin								Copper
	Project			'000			Grade			Metal			'000			Grade			Metal
			tonnes			% Sn			kt Sn			tonnes			% Cu			kt Cu
	31 March 2019
	Renison Bell	17,547		1.50		263		17,547		0.20		35
	Mt Bischoff	1,667		0.54		9		-		-		-
	Rentails	23,886		0.44		104		23,886		0.22		53
	Total	43,100		0.87		376		41,447		0.21		87
	Mining Depletion
	Renison Bell	(597)		1.20		(7.2)		(597)		0.27		(1.6)
	Mt Bischoff	-		-		-		-		-		-
	Rentails	-		-		-		-		-		-
	Total	(597)		1.20		(7.2)		(597)		0.27		(1.6)
	Net Adjustments1
	Renison Bell	1588		1.84		29.2		1588		0.23		3.6
	Mt Bischoff	-		-		-		-		-		-
	Rentails	-		-		-		-		-		-
	Total	1588		1.84		29.2		1588		0.23		3.6
	10 December 2019
	Renison Bell	18,538		1.54		285		18,538		0.20		37
	Mt Bischoff	1,667		0.54		9		-		-		-
	Rentails	23,886		0.44		104		23,886		0.22		53
	Total	44,091		0.90		398		42,424		0.21		89

1. A change in the material sterilisation method since 31 March 2019 has resulted in a net reduction of Total Resources of 790kt at 1.48%Sn and 0.21%Cu for 11.7kt of Sn metal and 1.6kt of Cu metal.

TABLE 3. RENISON BELL MINERAL RESOURCE ESTIMATE - COMPARISON WITH PREVIOUS

(Note: MLX equity share is 50% of the Mineral Resource estimate shown below.)

									Tin									Copper
	Mineral Resource			Mineral		'000			Grade			Tin			'000				Grade			Copper
			Resource
	reporting date				tonnes2			% Sn			tonnes2			tonnes				% Cu			tonnes2
			Category1
				Measured	1,550	1.62	25,100	1,550		0.35	5,500
	31 March 20193		Indicated	13,520	1.51	203,700	13,520			0.19	25,000
		Inferred	2,470	1.38	34,200	2,470			0.17	4,300
				Total		17,550			1.50			263,000			17,550				0.20			34,800
				Measured	1,750	1.66	29,200	1,750			0.29	5,000
	10 December 20194,5		Indicated	14,270	1.53	218,200	14,270			0.19	26,600
		Inferred	2,510	1.50	37,700	2,510		0.21	5,200
				Total		18,540			1.54			285,100			18,540				0.20			36,700

1. Mineral Resources are reported inclusive of Mineral Resources modified to produce the Ore Reserve.
2. Tonnes are reported as kilotonnes ('000t) and rounded to the nearest 10,000; Sn and Cu tonnes are rounded to the nearest 100 tonnes; rounding may result in some slight apparent discrepancies in totals.
3. As reported by Metals X in its Annual Update of Mineral Resources and Ore Reserves at 31 March 2019, as announced on ASX on 24 May 2019. Cut-off grade of 0.7% Sn.
4. Mineral Resources are calculated at 10 December 2019 by Metals X, adjusted for depletion to 10 December 2019, using a cut-off grade of 0.7% Sn.
5. A change in the material sterilisation method since 31 March 2019 has resulted in a net reduction of Total Resources of 790kt at 1.48%Sn and 0.21%Cu for 11.7kt of Sn metal and 1.6kt of Cu metal.

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COMPETENT PERSON'S STATEMENT

The information in this report that relates to Mineral Resources has been compiled by Bluestone Mines Tasmania Joint Venture Pty Ltd technical employees under the supervision of Mr Colin Carter B.Sc. (Hons), M.Sc. (Econ. Geol), AusIMM. Mr Carter is a full-time employee of the Bluestone Mines Tasmania Joint Venture Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Carter consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

ENQUIRIES

Patrick O'Connor

Executive Chairman

1. patrick.o'[e-mail]

MEDIA ENQUIRIES

Michael Weir / Cameron Gilenko

Citadel-MAGNUS

M: [phone]

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APPENDIX A

JORC CODE, 2012 EDITION

JORC TABLE 1: THE INFORMATION IN THIS TABLE REFERS TO THE FOLLOWING PROJECTS AT THE RENISON TIN OPERATIONS: RENISON BELL, RENTAILS AND MOUNT BISCHOFF

SECTION 1: SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections)

	Criteria		JORC Code Explanation		Commentary
	Sampling		• Nature and quality of sampling (e.g. cut channels, random		Diamond Drilling
		chips, or specific specialised industry standard		• The bulk of the data used in resource calculations at Renison has been gathered from
	techniques
		measurement tools appropriate to the minerals under		diamond core. Three sizes have been used historically NQ2 (45.1mm nominal core diameter),
			investigation, such as down hole gamma sondes, or		LTK60 (45.2mm nominal core diameter) and LTK48 (36.1mm nominal core diameter), with
			handheld XRF instruments, etc.). These examples should		NQ2 currently in use. This core is geologically logged and subsequently halved for sampling.
			not be taken as limiting the broad meaning of sampling.		Grade control holes may be whole-cored to streamline the core handling process if required.
			• Include reference to measures taken to ensure sample		• NQ and HQ core sizes have been recorded as being used at Mount Bischoff. This core is
			representivity and the appropriate calibration of any		geologically logged and subsequently halved for sampling.
			measurement tools or systems used.		• There is no diamond drilling for the Rentails Project.
			• Aspects of the determination of mineralisation that are		Face Sampling
			Material to the Public Report.
				• Each development face / round is horizontally chip sampled at Renison. The sampling
			• In cases where 'industry standard' work has been done
				intervals are domained by geological constraints (e.g. rock type, veining and alteration /
			this would be relatively simple (e.g. 'reverse circulation
				sulphidation etc.). Samples are taken in a range from 0.3m up to 1.2m in waste. All exposures
			drilling was used to obtain 1 m samples from which 3 kg
				within the orebody are sampled. A similar process would have been followed for historical
			was pulverised to produce a 30 g charge for fire assay').
				Mount Bischoff face sampling.
			In other cases more explanation may be required, such as
				• There is no face sampling for the Rentails Project.
			where there is coarse gold that has inherent sampling
	Drilling		problems. Unusual commodities or mineralisation types		Sludge Drilling
		(e.g. submarine nodules) may warrant disclosure of
			• Sludge drilling at Renison is performed with an underground production drill rig. It is an open
	techniques		detailed information.
			hole drilling method using water as the flushing medium, with a 64mm (nominal) hole
			• Drill type (e.g. core, reverse circulation, open-hole
				diameter. Sample intervals are ostensibly the length of the drill steel. Holes are drilled at
			hammer, rotary air blast, auger, Bangka, sonic, etc.) and
				sufficient angles to allow flushing of the hole with water following each interval to prevent
			details (e.g. core diameter, triple or standard tube, depth
				contamination.
	Drill sample		of diamond tails, face-sampling bit or other type, whether
			• There is no sludge drilling for the Mount Bischoff Project.
		core is oriented and if so, by what method, etc.).
	recovery			• There is no sludge drilling for the Rentails Project.
		• Method of recording and assessing core and chip sample
			recoveries and results assessed.

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Criteria	JORC Code Explanation	Commentary
	• Measures taken to maximise sample recovery and ensure	RC Drilling
	representative nature of the samples.
	• Whether a relationship exists between sample recovery	• RC drilling has been utilised at Mount Bischoff.
	and grade and whether sample bias may have occurred	• Drill cuttings are extracted from the RC return via cyclone. The underflow from each interval is
	due to preferential loss/gain of fine/coarse material.	transferred via bucket to a four tiered riffle splitter, delivering approximately three kilograms of
		the recovered material into calico bags for analysis. The residual material is retained on the
		ground near the hole. Composite samples are obtained from the residue material for initial
		analysis, with the split samples remaining with the individual residual piles until required for re-
		split analysis or eventual disposal.
		• There is no RC drilling for the Renison Project.
		• There is no RC drilling for the Rentails Project.
		Percussion Drilling
		• This drilling method was used for the Rentails project and uses a rotary tubular drilling cutter
		which was driven percussively into the tailings. The head of the cutting tube consisted of a
		50mm diameter hard tipped cutting head inside which were fitted 4 spring steel fingers which
		allowed the core sample to enter and then prevented it from falling out as the drill tube was
		withdrawn from the drill hole.
		• There is no percussion drilling for the Renison Project.
		• There is no percussion drilling for the Mount Bischoff Project.
		• All geology input is logged and validated by the relevant area geologists, incorporated into this
		is assessment of sample recovery. No defined relationship exists between sample recovery
		and grade. Nor has sample bias due to preferential loss or gain of fine or coarse material
		been noted.
Logging	• Whether core and chip samples have been geologically	• Diamond core is logged geologically and geotechnically.
and geotechnically logged to a level of detail to support	• RC chips are logged geologically.
	appropriate Mineral Resource estimation, mining studies	• Development faces are mapped geologically.
	and metallurgical studies.
	• Logging is qualitative in nature.
	• Whether logging is qualitative or quantitative in nature.
	• All holes are logged completely, all faces are mapped completely.
	Core (or costean, channel, etc.) photography.
	• The total length and percentage of the relevant
	intersections logged.

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Criteria	JORC Code Explanation	Commentary
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or	• Drill core is halved for sampling. Grade control holes may be whole-cored to streamline the
all core taken.	core handling process if required.
techniques
• If non-core, whether riffled, tube sampled, rotary split, etc.	• Samples are dried at 90°C, then crushed to <3mm. Samples are then riffle split to obtain a
and sample
preparation	and whether sampled wet or dry.	sub-sample of approximately 100g which is then pulverized to 90% passing 75um. 2g of the
	• For all sample types, the nature, quality and	pulp sample is then weighed with 12g of reagents including a binding agent, the weighed
	appropriateness of the sample preparation technique.	sample is then pulverised again for one minute. The sample is then compressed into a
	• Quality control procedures adopted for all sub-sampling	pressed powder tablet for introduction to the XRF. This preparation has been proven to be
	appropriate for the style of mineralisation being considered.
	stages to maximise representivity of samples.
	• QA/QC is ensured during the sub-sampling stages process via the use of the systems of an
	• Measures taken to ensure that the sampling is
	independent NATA / ISO accredited laboratory contractor.
	representative of the in situ material collected, including
	• The sample size is considered appropriate for the grain size of the material being sampled.
	for instance results for field duplicate/second-half
	sampling.	• The un-sampled half of diamond core is retained for check sampling if required.
	• Whether sample sizes are appropriate to the grain size of	• For RC chips regular field duplicates are collected and analysed for significant variance to
	the material being sampled.	primary results.
Quality of	• The nature, quality and appropriateness of the assaying	• Assaying is undertaken via the pressed powder XRF technique. Sn, As and Cu have a
and laboratory procedures used and whether the	detection limit 0.01%, Fe and S detection limits are 0.1%. These assay methodologies are
assay data
technique is considered partial or total.	appropriate for the resource in question.
and laboratory
• For geophysical tools, spectrometers, handheld XRF	• All assay data has built in quality control checks. Each XRF batch of twenty consists of one
tests
	instruments, etc., the parameters used in determining the	blank, one internal standard, one duplicate and a replicate, anomalies are re-assayed to
	analysis including instrument make and model, reading	ensure quality control.
	times, calibrations factors applied and their derivation, etc.	• Specific gravity / density values for individual areas are routinely sampled during all diamond
	• Nature of quality control procedures adopted (e.g.	drilling where material is competent enough to do so.
	standards, blanks, duplicates, external laboratory checks)
	and whether acceptable levels of accuracy (i.e. lack of
	bias) and precision have been established.
Verification of	• The verification of significant intersections by either	• Anomalous intervals as well as random intervals are routinely checked assayed as part of the
independent or alternative company personnel.	internal QA/QC process.
sampling and
• The use of twinned holes.	• Virtual twinned holes have been drilled in several instances across all sites with no significant
assaying
	• Documentation of primary data, data entry procedures,	issues highlighted. Drillhole data is also routinely confirmed by development assay data in the
	data verification, data storage (physical and electronic)	operating environment.
	protocols.	• Primary data is loaded into the drillhole database system and then archived for reference.
	• Discuss any adjustment to assay data.	• All data used in the calculation of resources and reserves are compiled in databases
		(underground and open pit) which are overseen and validated by senior geologists.
		• No primary assays data is modified in any way.

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Criteria	JORC Code Explanation	Commentary
Location of	• Accuracy and quality of surveys used to locate drill holes	• All data is spatially oriented by survey controls via direct pickups by the survey department.
(collar and down-hole surveys), trenches, mine workings	Drillholes are all surveyed downhole, currently with a GyroSmart tool in the underground
data points
and other locations used in Mineral Resource estimation.	environment at Renison, and a multishot camera for the typically short surface diamond holes.
	• Specification of the grid system used.	• All drilling and resource estimation is undertaken in local mine grid at the various sites.
	• Quality and adequacy of topographic control.	• Topographic control is generated from remote sensing methods in general, with ground based
		surveys undertaken where additional detail is required. This methodology is adequate for the
		resource in question.
Data spacing	• Data spacing for reporting of Exploration Results.	• Drilling in the underground environment at Renison is nominally carried-out on 40m x 40m
• Whether the data spacing and distribution is sufficient to	spacing in the south of the mine and 25m, x 25m spacing in the north of the mine prior to
and
distribution	establish the degree of geological and grade continuity	mining occurring. A lengthy history of mining has shown that this data spacing is appropriate
	appropriate for the Mineral Resource and Ore Reserve	for the Mineral Resource estimation process and to allow for classification of the resource as it
	estimation procedure(s) and classifications applied.	stands.
	• Whether sample compositing has been applied.	• Drilling at Mount Bischoff is variably spaced. A lengthy history of mining has shown that this
		data spacing is appropriate for the Mineral resource estimation process and to allow for
		classification of the resource as it stands.
		• Drilling at Rentails is usually carried out on a 100m centres. This is appropriate for the Mineral
		resource estimation process and to allow for classification of the resource as it stands.
		• Compositing is carried out based upon the modal sample length of each individual domain.
Orientation of	• Whether the orientation of sampling achieves unbiased	• Drilling intersections are nominally designed to be normal to the orebody as far as
sampling of possible structures and the extent to which	underground infrastructure constraints / topography allows.
data in
this is known, considering the deposit type.	• Development sampling is nominally undertaken normal to the various orebodies.
relation to
geological	• If the relationship between the drilling orientation and the	• It is not considered that drilling orientation has introduced an appreciable sampling bias.
structure	orientation of key mineralised structures is considered to
	have introduced a sampling bias, this should be assessed
	and reported if material.
Sample	• The measures taken to ensure sample security.	• At Renison, Mount Bischoff and Rentails samples are delivered directly to the on-site
	laboratory by the geotechnical crew where they are taken into custody by the independent
security
	laboratory contractor.
Audits or	• The results of any audits or reviews of sampling	• Site generated resources and reserves and the parent geological data is routinely reviewed by
techniques and data.	the Metals X Corporate technical team.
reviews

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RENISON RESOURCE UPDATE

SECTION 2: REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section.)

	Criteria	JORC Code Explanation	Commentary
	Mineral	• Type, reference name/number, location and ownership	• All Tasmania resources are hosted within 12M1995 and 12M2006. Both tenements are
	including agreements or material issues with third parties	standard Tasmanian mining leases.
	tenement and
	such as joint ventures, partnerships, overriding royalties,	• No native title interests are recorded against the Tasmanian tenements.
	land tenure
	status	native title interests, historical sites, wilderness or national	• Tasmanian tenements are held by the Bluestone Mines Tasmania Joint Venture of which
	park and environmental settings.
		Metals X has 50% ownership.
		• The security of the tenure held at the time of reporting along
		• No royalties above legislated state royalties apply for the Tasmanian tenements.
		with any known impediments to obtaining a licence to
		• Bluestone Mines Tasmania Joint Venture operates in accordance with all environmental
		operate in the area.
			conditions set down as conditions for grant of the mining leases.
			• There are no known issues regarding security of tenure.
	Exploration	• Acknowledgment and appraisal of exploration by other	• The Renison and Mount Bischoff areas have an exploration and production history in
	parties.	excess of 100 years.
	done by other
		• Bluestone Mines Tasmania Joint Venture work has generally confirmed the veracity of
	parties
			historic exploration data.
	Geology	• Deposit type, geological setting and style of mineralisation.	• Renison is one of the world's largest operating underground tin mines and Australia's
		largest primary tin producer. Renison is the largest of three major Skarn, carbonate
			replacement, pyrrhotite-cassiterite deposits within western Tasmania. The Renison Mine
			area is situated in the Dundas Trough, a province underlain by a thick sequence of
			Neoproterozoic-Cambrian siliciclastic and volcaniclastic rocks. At Renison there are three
			shallow-dipping dolomite horizons which host replacement mineralisation.
			• Mount Bischoff is the second of three major Skarn, carbonate replacement, pyrrhotite-
			cassiterite deposits within western Tasmania. The Mount Bischoff Mine area is situated
			within the Dundas Trough, a province underlain by a thick sequence of Neoproterozoic-
			Cambrian siliciclastic and volcaniclastic rocks. At Mount Bischoff folded and faulted shallow-
			dipping dolomite horizons host replacement mineralisation with fluid interpreted to be
			sourced from the forceful emplacement of a granite ridge and associated porphyry
			intrusions associated with the Devonian Meredith Granite, which resulted in the complex
			brittle / ductile deformation of the host rocks. Lithologies outside the current mining area are
			almost exclusively metamorphosed siltstones. Major porphyry dykes and faults such as the
			Giblin and Queen provided the major focus for ascending hydrothermal fluids from a buried
			ridge of the Meredith Granite. Mineralisation has resulted in tin-rich sulphide replacement in
			the dolomite lodes, greisen and sulphide lodes in the porphyry and fault / vein lodes in the
			major faults. All lodes contain tin as cassiterite within sulphide mineralisation with some
			coarse cassiterite as veins throughout the lodes.
			• The Rentails Mineral Resource is contained within three Tailing Storage Facilities (TSF's)
			that have been built up from the processing of tin ore at the Renison Bell mine over the
			period 1968 to 2013.
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Criteria	JORC Code Explanation	Commentary
Drill hole	• A summary of all information material to the understanding	• No exploration results are reported as part of this release, results relating to the deposits
of the exploration results including a tabulation of the	have been previously released.
Information
following information for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level - elevation above sea
	level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis
	that the information is not Material and this exclusion does
	not detract from the understanding of the report, the
	Competent Person should clearly explain why this is the
	case.
Data	• In reporting Exploration Results, weighting averaging	• No exploration results are reported as part of this release, results relating to the deposits
techniques, maximum and/or minimum grade truncations	have been previously released.
aggregation
(e.g. cutting of high grades) and cut-off grades are usually
methods
Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of
	high grade results and longer lengths of low grade results,
	the procedure used for such aggregation should be stated
	and some typical examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting of metal equivalent
	values should be clearly stated.
Relationship	• These relationships are particularly important in the	• No exploration results are reported as part of this release, results relating to the deposits
reporting of Exploration Results.	have been previously released.
between
• If the geometry of the mineralisation with respect to the drill
mineralisation
widths and	hole angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are
lengths	reported, there should be a clear statement to this effect
	(e.g. 'down hole length, true width not known').
Diagrams	• Appropriate maps and sections (with scales) and tabulations	• No exploration results are reported as part of this release, results relating to the deposits
of intercepts should be included for any significant discovery	have been previously released.
	being reported These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	sectional views.

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Criteria	JORC Code Explanation	Commentary
Balanced	• Where comprehensive reporting of all Exploration Results is	• No exploration results are reported as part of this release, results relating to the deposits
not practicable, representative reporting of both low and	have been previously released.
reporting
high grades and/or widths should be practiced to avoid
	misleading reporting of Exploration Results.
Other	• Other exploration data, if meaningful and material, should	• No relevant information to be presented.
be reported including (but not limited to): geological
substantive
observations; geophysical survey results; geochemical
exploration
survey results; bulk samples - size and method of
data
treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (e.g. tests for	• Exploration assessment and normal mine extensional drilling continues to take place at
lateral extensions or depth extensions or large-scale step-	Renison.
	out drilling).	• Exploration assessment continues to progress at Mount Bischoff.
	• Diagrams clearly highlighting the areas of possible	• Project assessment continues to progress at Rentails.
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

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RENISON RESOURCE UPDATE

SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code Explanation	Commentary
Database	• Measures taken to ensure that data has not been	• Drillhole data is stored in a Maxwell's DataShed system based on the Sequel Server platform
corrupted by, for example, transcription or keying errors,	which is currently considered "industry standard".
integrity
between its initial collection and its use for Mineral	• As new data is acquired it passes through a validation approval system designed to pick-up
	Resource estimation purposes.	any significant errors before the information is loaded into the master database. The
	• Data validation procedures used.	information is uploaded by a series of Sequel routines and is performed as required. The
		database contains diamond drilling (including geotechnical and specific gravity data), face
		chip and sludge drilling data and some associated metadata. By its nature this database is
		large in size, and therefore exports from the main database are undertaken (with or without
		the application of spatial and various other filters) to create a database of workable size,
		preserve a snapshot of the database at the time of orebody modelling and interpretation and
		preserve the integrity of the master database.
Site visits	• Comment on any site visits undertaken by the Competent	• Mr. Colin Carter is employed as Renison Tin Operations' Geology Manager and is located on
Person and the outcome of those visits.	site on a full time basis.
	• If no site visits have been undertaken indicate why this is
	the case.
Geological	• Confidence in (or conversely, the uncertainty of) the	• Mining has occurred since 1800's providing significant confidence in the currently geological
geological interpretation of the mineral deposit.	interpretation across all projects.
interpretation
• Nature of the data used and of any assumptions made.	• No alternative interpretations are currently considered viable.
	• The effect, if any, of alternative interpretations on Mineral	• Geological interpretation of the deposit was carried out using a systematic approach to ensure
	Resource estimation.	that the resultant estimated Mineral Resource figure was both sufficiently constrained, and
	• The use of geology in guiding and controlling Mineral	representative of the expected sub-surface conditions. In all aspects of resource estimation
	Resource estimation.	the factual and interpreted geology was used to guide the development of the interpretation.
	• The factors affecting continuity both of grade and	• The architecture of the Renison horst / graben system is the dominant control on geological
	geology.	and grade continuity.
		• Similarly at Mount Bischoff the extent of intrusive felsic dykes in proximity to carbonate
		horizons control the continuity of grade within the system.
		• The depositional history of Rentails is well documented.
Dimensions	• The extent and variability of the Mineral Resource	• Renison has currently been mined over a strike length of >1,950m, a lateral extent of >1,250m
expressed as length (along strike or otherwise), plan	and a depth of over 1,100m.
	width, and depth below surface to the upper and lower	• Mount Bischoff mineralisation has currently been defined over a strike length of >600m, a
	limits of the Mineral Resource.	lateral extent of >250m and a depth of >250m.
		• Rentails is deposited in three adjacent TSFs which have and aggregate length of
		approximately 1.8km and a width at the widest point of circa 1km. Maximum depth is in
		excess of 20m.

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RENISON RESOURCE UPDATE

Criteria	JORC Code Explanation	Commentary
Estimation and	• The nature and appropriateness of the estimation	• All modelling and estimation work undertaken by BMTJV is carried out in three dimensions via
modelling	technique(s) applied and key assumptions, including	Surpac Vision.
techniques	treatment of extreme grade values, domaining,	• After validating the drillhole data to be used in the estimation, interpretation of the orebody is
	interpolation parameters and maximum distance of	undertaken in sectional and / or plan view to create the outline strings which form the basis of
	extrapolation from data points. If a computer assisted	the three dimensional orebody wireframe. Wireframing is then carried out using a combination
	estimation method was chosen include a description of	of automated stitching algorithms and manual triangulation to create an accurate three
	computer software and parameters used.	dimensional representation of the sub-surface mineralised body.
	• The availability of check estimates, previous estimates	• Drillhole intersections within the mineralised body are defined, these intersections are then
	and/or mine production records and whether the Mineral	used to flag the appropriate sections of the drillhole database tables for compositing purposes.
	Resource estimate takes appropriate account of such	Drillholes are subsequently composited to allow for grade estimation. In all aspects of
	data.	resource estimation the factual and interpreted geology was used to guide the development of
	• The assumptions made regarding recovery of by-	the interpretation.
	products.	• Once the sample data has been composited, a statistical analysis is undertaken to assist with
	• Estimation of deleterious elements or other non-grade	determining estimation search parameters, top-cuts etc. Variographic analysis of individual
	variables of economic significance (e.g. sulphur for acid	domains is undertaken to assist with determining appropriate search parameters, which are
	mine drainage characterisation).	then incorporated with observed geological and geometrical features to determine the most
	• In the case of block model interpolation, the block size in	appropriate search parameters.
	relation to the average sample spacing and the search	• An empty block model is then created for the area of interest. This model contains attributes
	employed.	set at background values for the various elements of interest as well as density, and various
	• Any assumptions behind modelling of selective mining	estimation parameters that are subsequently used to assist in resource categorisation. The
	units.	block sizes used in the model will vary depending on orebody geometry, minimum mining
	• Any assumptions about correlation between variables.	units, estimation parameters and levels of informing data available.
	• Grade estimation is then undertaken, with ordinary kriging estimation method is considered as
	• Description of how the geological interpretation was used
	standard, although in some circumstances where sample populations are small, or domains
	to control the resource estimates.
	are unable to be accurately defined, inverse distance weighting estimation techniques will be
	• Discussion of basis for using or not using grade cutting or
	used. Both by-product and deleterious elements are estimated at the time of primary grade
	capping.	estimation. It is assumed that by-products correlate well with tin. There are no assumptions
	• The process of validation, the checking process used, the	made about the recovery of by-products.
	comparison of model data to drill hole data, and use of	• The resource is then depleted for mining voids and subsequently classified in line with JORC
	reconciliation data if available.	guidelines utilising a combination of various estimation derived parameters and geological /
		mining knowledge.
		• This approach has proven to be applicable to Metals X's tin assets.
		• Estimation results are routinely validated against primary input data, previous estimates and
		mining output.
		• Good reconciliation between mine claimed figures and milled figures is routinely achieved.
Moisture	• Whether the tonnages are estimated on a dry basis or	• Tonnage estimates are dry tonnes.
with natural moisture, and the method of determination of
	the moisture content.

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Criteria	JORC Code Explanation	Commentary
Cut-off	• The basis of the adopted cut-off grade(s) or quality	• The resource reporting cut-off grade is 0.7% Sn at Renison.
parameters applied.	• The resource reporting cut-off grade is 0.5% Sn at Mount Bischoff.
parameters
		• There is no lower reporting cut-off grade for Rentails.
Mining factors	• Assumptions made regarding possible mining methods,	• Not considered for Mineral Resource. Applied during the Ore Reserve generation process.
minimum mining dimensions and internal (or, if
or
applicable, external) mining dilution. It is always
assumptions
necessary as part of the process of determining
	reasonable prospects for eventual economic extraction to
	consider potential mining methods, but the assumptions
	made regarding mining methods and parameters when
	estimating Mineral Resources may not always be
	rigorous. Where this is the case, this should be reported
	with an explanation of the basis of the mining
	assumptions made.
Metallurgical	• The basis for assumptions or predictions regarding	• Not considered for Mineral Resource. Applied during the Ore Reserve generation process.
metallurgical amenability. It is always necessary as part
factors or
of the process of determining reasonable prospects for
assumptions
eventual economic extraction to consider potential
	metallurgical methods, but the assumptions regarding
	metallurgical treatment processes and parameters made
	when reporting Mineral Resources may not always be
	rigorous. Where this is the case, this should be reported
	with an explanation of the basis of the metallurgical
	assumptions made.
Environmental	• Assumptions made regarding possible waste and process	• Both Bluestone Mines Tasmania Joint Venture operates in accordance with all environmental
residue disposal options. It is always necessary as part of	conditions set down as conditions for grant of the respective mining leases.
factors or
the process of determining reasonable prospects for
assumptions
eventual economic extraction to consider the potential
	environmental impacts of the mining and processing
	operation. While at this stage the determination of
	potential environmental impacts, particularly for a
	greenfields project, may not always be well advanced, the
	status of early consideration of these potential
	environmental impacts should be reported. Where these
	aspects have not been considered this should be
	reported with an explanation of the environmental
	assumptions made.

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Criteria	JORC Code Explanation	Commentary
Bulk density	• Whether assumed or determined. If assumed, the basis	• Bulk density of the mineralisation at Renison and Mount Bischoff is variable. Bulk density
for the assumptions. If determined, the method used,	sampling is undertaken via assessments of drill core (BMTJV practice is to undertake bulk
	whether wet or dry, the frequency of the measurements,	density determinations on a representative selection of drill core sent for assay), and are
	the nature, size and representativeness of the samples.	reviewed constantly (BMTJV practice is to collect check SG samples as a regular part of the
	• The bulk density for bulk material must have been	mining cycle). Where no drill core or other direct measurements are available, SG factors
	measured by methods that adequately account for void	have been assumed based on similarities to other zones of mineralisation.
	spaces (vugs, porosity, etc.), moisture and differences	• Given the volume of the TSF's are known, and the tonnage of tailings material deposited into
	between rock and alteration zones within the deposit.	the dams was recorded, the insitu bulk density of the Rentails resource has been back-
	• Discuss assumptions for bulk density estimates used in	calculated.
	the evaluation process of the different materials.
Classification	• The basis for the classification of the Mineral Resources	• Resources are classified in line with JORC guidelines utilising a combination of various
into varying confidence categories.	estimation derived parameters, the input data and geological / mining knowledge.
	• Whether appropriate account has been taken of all	• This approach considers all relevant factors and reflects the Competent Person's view of the
	relevant factors (i.e. relative confidence in tonnage/grade	deposit.
	estimations, reliability of input data, confidence in
	continuity of geology and metal values, quality, quantity
	and distribution of the data).
	• Whether the result appropriately reflects the Competent
	Person's view of the deposit.
Audits or	• The results of any audits or reviews of Mineral Resource	• Resource estimates are peer reviewed by the site technical team as well as Metals X's
estimates.	Corporate technical team.
reviews
Discussion of	• Where appropriate a statement of the relative accuracy	• All currently reported resources estimates are considered robust, and representative on both a
and confidence level in the Mineral Resource estimate	global and local scale.
relative
using an approach or procedure deemed appropriate by	• A continuing history of mining with good reconciliation of mine claimed to mill recovered
accuracy/
confidence	the Competent Person. For example, the application of	provides confidence in the accuracy of the estimate for Renison and Mount Bischoff.
	statistical or geostatistical procedures to quantify the	• A detailed set of production records provides confidence in the accuracy of the estimate for
	relative accuracy of the resource within stated confidence
	Rentails.
	limits, or, if such an approach is not deemed appropriate,
	a qualitative discussion of the factors that could affect the
	relative accuracy and confidence of the estimate.
	• The statement should specify whether it relates to global
	or local estimates, and, if local, state the relevant
	tonnages, which should be relevant to technical and
	economic evaluation. Documentation should include
	assumptions made and the procedures used.
	• These statements of relative accuracy and confidence of
	the estimate should be compared with production data,
	where available.

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