Metals X Limited ('Metals X' or the 'Company') presents its activities report for the quarter ended 31 March 2020.

COVID-19 RESPONSE

Metals X implemented substantial measures to ensure the safety of employees, contractors, suppliers and the community in response to the COVID-19 pandemic.

To date there have been no cases of COVID-19 within the Metals X or Bluestone Mines Tasmania JV (Renison) workforce, with the Company remaining vigilant.

To date there has been no disruption to operations, critical supplies or product logistics and shipping at Renison. Business continuity and resilience plans are in place for any disruptions, which include prudent financial measures.

TIN DIVISION

Production of 1,740t tin-in-concentrate, 5% higher than the previous quarter due to higher mined grade.

EBITDA of $3.0M and net cash outflow of $1.5M (MLX 50% share). Cash outflow reflects a continued investment in the metallurgy improvement program, mobile equipment rebuilds, and the Area 5 Mining Optimisation Study.

Production guidance for FY19/20 is 7,100 - 7,300t of tin-in-concentrate at an all-in sustaining cost of $18,600 - $19,100/t Sn.

Updated Renison Mineral Resource of 18.54Mt at 1.54% Sn for 285,100t of contained tin representing a 22,100t (8%) increase in contained tin.

Completion of the Area 5 Mining Optimisation Study and updated Life of Mine Plan on track for the June 2020 quarter with increased production from the high-grade Area 5 in the second half of CY2020.

Metallurgical Improvement Program starting to deliver increasing mill throughput rates and recoveries including the new on-stream analysis system, which remains on track for commissioning in the June 2020 quarter.

COPPER DIVISION

Strategic Review of Copper Division ongoing and is expected to be completed during the June 2020 quarter.

Canaccord and Hartleys appointed during the quarter as Joint Advisors, to explore options including joint ventures and the partial or complete divestment of some or all of the copper assets.

NICKEL DIVISION

Infill drilling at Wingellina delivered outstanding results for two further delineated high grade nickel-cobalt areas1.

CORPORATE

Closing cash and working capital of $26.3M including $20.8M cash ($32.3M and $40.5M respectively at the end of the previous quarter).

Loan facility (Citibank) balance as at 31 March 2020 of $33M.

COVID-19 RESPONSE

Metals X is committed to providing a safe and healthy workplace for staff, contractors, site visitors and their families, as well as operating in a manner to assist in the maintenance of health of the communities in which we operate. In response to the coronavirus COVID-19 pandemic, the Company implemented substantial measures across its sites and corporate office to protect the safety and wellbeing of all employees, contractors, suppliers and the community.

There have been no cases of COVID-19 within the Metals X or Bluestone Mines Tasmania JV (Renison), workforce to date with the Company remaining vigilant and adapting to the situation as health directives continually adjust to the changing conditions. There has been no disruption to date to operations, critical supplies or product logistics at Renison, nor to tin concentrate shipments. The Company has contingency plans focused on business continuity and resilience plans in place for any potential disruption to operations, including prudent financial measures.

Specific changes in activities and procedures implemented at sites include: Formation of a MLX Crisis and Business Continuity Management Team; Weekly reporting of COVID-19 response and impact to the MLX Board and other stakeholders; Elimination of non-essential interstate staff travel; Implementing working from home wherever practical; Change of rosters at Nifty and Wingellina to minimise travel with direct intra-state charter flights where possible; At Wingellina, separation of all project personnel and activities from contact with the local community; Segregation of staff in accommodation, dining and meeting places to ensure physical distancing; Daily temperature screening prior to entry at site or boarding of site aircraft charters; Personal declarations for all personnel entering site; Daily site meetings conducted specifically for the management of the COVID-19 plans; Modifications to site infrastructure to allow improved cleaning regimes; Enhanced cleaning regimes at offices and villages; Suspension of surface exploration activities and Development of business continuity and resilience plans including holding increased inventories of consumables.

Contact:

Tel: +61 8 9220 5700

Email: reception@metalsx.com.au

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