Metals X Limited provided an update of the Mineral Resources for the Renison Tin Operation (Renison) in Tasmania. Renison is 50%-owned by Metals X through the Bluestone Mines Tasmania Joint Venture (BMTJV). Mineral Resources are reported inclusive of Ore Reserves.

Mining production data up to 31 March 2022 and all exploration information has been included. Mineral Resources have been depleted for mining up to 31 March 2022. The tin price assumption used to estimate Mineral Resources is USD 27,500/t Sn at an assumed exchange rate of USD/AUD 0.76 giving a price of AUD 36,000/t Sn.

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'). Senior geological and mining engineering staff of the BMTJV oversee reviews and technical evaluations of the estimates and evaluate 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 BMTJV Management Committee of which Metals X has three members 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 Mineral 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 by the BMTJV: 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 JORC Code. Internal review of process conformance and compliance. Internal assessment of compliance and data veracity.

The BMTJV Management Committee aims to promote the maximum conversion of identified mineralisation into Mineral Resources compliant with JORC 2012.