Metals X Limited provided its update of the Ore Reserve 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): Total Renison Bell Proved and Probable Reserve increased to 8.8 Mt at 1.46% Sn for 128,900 tonnes of contained tin (taking into account depletion over the past 12 months): Reduction in Cut Off Grade from 0.70% Sn to 0.65% Sn following Life of Mine economic analysis; 13% increase in total Reserve Ore tonnes at Renison underground over the last 12 months; 4% increase in Reserve tin grade at Renison underground over the past 12 months; and 17% increase in Reserve contained tin at Renison underground over the past 12 months.

The 2022 Renison Bell Mineral Resource estimate update for the Renison underground tin mine, on which this Ore Reserve update is based, was announced to ASX on 14 June 2022, and highlighted: Total Measured, Indicated and Inferred Resource at Renison Bell is now 19.8 Mt at 1.61% Sn for 319,600 tonnes of contained tin. Defined tin in Total Resources has increased by 6% (18.1 Kt Sn Metal) and average tin grades have decreased by 2% (0.04% Sn) when compared to 31 March 2021, including a mining depletion of 12.4 Kt Sn Metal over the previous 12-month period. 4% increase (9.2 Kt Sn Metal) in Measured and Indicated Resources at Renison Bell from 262 Kt of contained tin to 272 Kt of contained tin.