Slide 1: Corporate Update
PROUDLY POSITIONED AS AN AUSTRALIAN MINER ASX:MLX Corporate Update March 2018
Slide 2: Disclaimer
DISCLAIMER General Disclaimer This presentation has been prepared by Metals X Limited (“Metals X” or the “Company”) for the purpose of providing an overview of the Company. The presentation is based upon information available to the Company at the date of this presentation. The Company makes no repr
Slide 3: Profile
PROFILE An ASX 300 listed Australian diversified base metals company ► Market capitalisation of ~$510 million; Enterprise Value ~$420 million ► Global top 10 primary tin producer (AISC margins of ~$9,000/t) Renison Tin Operations in Tasmania (MLX 50% owner) Expansion (ore sorting) under construc
Slide 4: Corporate Overview
CORPORATE OVERVIEW Capital Structure (ASX: MLX) Board & Management Shares on issue 611M Non-Executive Chairman Peter Newton Share price $0.83 Managing Director Warren Hallam Market capitalisation $510M Executive Director Steve Robinson Major indices MSCI Small cap, ASX 300 Non-Exec Director Simon He
Slide 5: Nifty Copper Operations
NIFTY COPPER OPERATIONS A well established copper producer with outstanding near-mine and regional upside 5
Slide 6: Nifty Overview
NIFTY OVERVIEW Significant copper producer (~ 20,000tpa Cu growing to 40,000tpa Cu) ► Acquired late 2016 by off-market takeover ► Established infrastructure - 2.5Mtpa concentrator, large underground mine, +3.5Mt underground conveyor and crusher, camp, sealed airstrip, buildings ► Nifty Mine: 682,000
Slide 7: Nifty Overview
NIFTY OVERVIEW The foundations are now strong ► Reserves increased from approximately 1 year (at acquisition) to 6 years, infill drilling and detailed design are well advanced and mine development is being accelerated ► Infill drilling has redefined the geological model, significantly improving conf
Slide 8: Nifty – Detailed Drilling Provides More Accurate Definition
NIFTY – DETAILED DRILLING PROVIDES MORE ACCURATE DEFINITION Drilling has significantly improved understanding and confidence in the resource, ensuring UG infrastructure and mining is now being applied in the right areas LEVEL 14 – Previous model LEVEL 23 – Previous model MCU – Middle Carbonate Unit
Slide 9: Nifty – Drilling and Design of Significant Extensions
NIFTY – DRILLING AND DESIGN OF SIGNIFICANT EXTENSIONS Plan view with historical mining & block model design on western end extension LCU Estimate 297,837 @ 2.15% = 6,407 Previous mining area MCU Estimate (600m) 20Mt @ 2.49%Cu 2,272,296 @1.45% = 32,937 LCU Estimate 723,251 @2.47% =17,886 MCU Estimate
Slide 10: Nifty – Infill of Near-Mine Extensions
NIFTY – INFILL OF NEAR-MINE EXTENSIONS Next step is to infill and define further extensions +400m to the east Previous mining area (600m) 20Mt @ 2.49%Cu 200m 500m Plan view – MI&I Resources showing proposed UG drilling extensions for 2018 10
Slide 11: Nifty – Stopes Fully Designed and in Development
NIFTY – STOPES FULLY DESIGNED AND IN DEVELOPMENT 60% of development in 2018 is outside of historical mining zone In design Historical Mining area New Mining zones 20Mt @ 2.49% historically mined 11
Slide 12: Nifty - Regional Exploration
NIFTY - REGIONAL EXPLORATION Large land holding with excellent exploration potential ► 3,220 km2 with defined copper, cobalt, lead/zinc targets & exploration upside ► Significant previous exploration – minimal spend past 20 years ► Current focus is on collating and combining all of the historical ge
Slide 13: Maroochydore Prospect
MAROOCHYDORE PROSPECT Substantial Mineral Resource containing 486,000t copper and 19,000t cobalt ► Located 85km SE of Nifty ► Magnetics, 3D IP and Gravity surveys completed, VTEM survey underway ► Large oxide resource already defined (0.5Mt Copper) with significant cobalt (19Kt Co) ► Sulphide resour
Slide 14: Renison Tin Operations
RENISON TIN OPERATIONS Australia’s only tin producer and one of only a few listed tin producers in the world Rentails Project Proposed (planned) Infrastructure Renison Mine & Infrastructure Renison Mine Infrastructure 14
Slide 15: Renison Tin Operations
RENISON TIN OPERATIONS +2 Kms A massive system with more to come…. Rentails Project Proposed (planned) Infrastructure • Over 230,000 tonnes of tin already extracted • Still open in all directions, already 2km wide x 2km across • One of the world’s largest and highest grade tin mines • Ore Reserve: 6
Slide 16: Renison Tin Mine (MLX 50%)
RENISON TIN MINE (MLX 50%) Long life mine expanding from 7,200tpa to 8 – 8,500tpa tin in concentrate AUD Tin Price 30000 ► Production: 7,200tpa Sn in concentrate at 29000 AISC of A$18,500/t Sn 28000 27000 Expanding with ore sorting to 8,000 - 26000 8,500tpa Sn ► 25000 Prevailing tin price: A$27,50
Slide 17: Renison Expansion with Ore Sorting
RENISON EXPANSION WITH ORE SORTING New crushing and ore sorting facility currently being constructed to increase tin production by 15 – 20% ► Construction underway with estimated completion May 2018 ► Underground ore production to increase to approximately 920,000tpa. Plant to be maintained at 720,0
Slide 18: Renison Tailings Retreatment Project (Rentails)
RENISON TAILINGS RETREATMENT PROJECT (“RENTAILS”) Feasibility returns robust economics – final approvals underway 21.6 Mt at 0.45%Sn 0.23%Cu ► Expansion of Renison by re-processing and recovery of tin and copper from historical tailings Ore Reserve: 22.3Mt at 0.44% Sn (99,000t Sn) ~ 11 Years ► Ann
Slide 19: Wingellina Nickel-Cobalt Project
WINGELLINA NICKEL-COBALT PROJECT Globally significant nickel-cobalt project in the Central Musgrave Region of WA 19
Slide 20: Wingellina Current Status
WINGELLINA CURRENT STATUS Development-ready with significant leverage to cobalt price ► Ore Reserve of 168Mt at 0.93% nickel and 0.07% cobalt ► Mineral Resource containing 2.0Mt nickel and 154kt cobalt ► Feasibility study (±25%) defined 40 year mine life at production rate of 40,000tpa Ni and 3,00
Slide 21: Wingellina - Significant High Grade Cobalt Zones
WINGELLINA - SIGNIFICANT HIGH GRADE COBALT ZONES Evaluation of high grade cobalt domains at Wingellina is ongoing ► High grade cobalt domains within the current nickel and cobalt resource containing 2Mt nickel and 154,000t cobalt include: 29.7Mt at 0.14% Co and 1.5% Ni (1.97% Nieq) for 42,000t Co
Slide 22: Wingellina - Metallurgy Optimisation Testwork Underway
WINGELLINA - METALLURGY OPTIMISATION TESTWORK UNDERWAY Production of nickel and cobalt sulphates based on past testwork and development of low capital cost start up options Loaded Resin 22 Eluted Resin
Slide 23: Synopsis
SYNOPSIS Metals X is a profitable mid-tier base metals producer with ongoing expansion projects and a significant pipeline of additional growth opportunities ► Three world class ore bodies – Nifty (Cu), Renison (Sn) and Wingellina (Ni, Co) ► Brownfields expansion underway in copper and tin Nifty –
Slide 24: Thanks !!
PROUDLY POSITIONED AS AN AUSTRALIAN MINER ASX:MLX THANKS !!
Slide 25: Appendix - Mineral Resources - Nifty
APPENDIX - MINERAL RESOURCES - NIFTY 25
Slide 26: Appendix - Mineral Resources - Maroochydore
APPENDIX - MINERAL RESOURCES - MAROOCHYDORE Nifty Copper Operations - Maroochydore Copper Prospect Mineral Resource Statement at 31 March 2016 Copper Cobalt Mineral Resource 1 Grade Copper Grade Cobalt Deposit Mt 2 2 Category % Cu tonnes ppm Co tonnes Measured - - - - - 3 Indicated 40.80 0.92% 375,0
Slide 27: Appendix - Mineral Resources - Renison
APPENDIX - MINERAL RESOURCES - RENISON 27
Slide 28: Appendix - Mineral Resources - Wingellina
APPENDIX - MINERAL RESOURCES - WINGELLINA Wingellina Nickel-Cobalt Project Mineral Resource Statement at 30 June 2016 Nickel Cobalt Fe2O3 Mineral ‘000 Grade Nickel Grade Cobalt Fe2O3 Fe2O3 Project Resource tonnes % Ni ‘000 t % Co ‘000 t % ‘000 t Category Measured 37,567 0.98% 368 0.07% 28.0 45.94% 1
Slide 29: Appendix – Ore Reserves – Nifty & Wingellina
APPENDIX – ORE RESERVES – NIFTY & WINGELLINA Wingellina Nickel-Cobalt Project Ore Reserve Statement at 30 June 2016 Nickel Cobalt Fe2O3 Ore Ore Grade Nickel Grade Cobalt Grade Fe2O3 Project Reserve ‘000 % Ni ‘000 t % Co ‘000 t % Fe2O3 ‘000 t Category tonnes Proved - - - - - - - Wingellina 1 Project
Slide 30: Appendix – Ore Reserves – Renison
APPENDIX – ORE RESERVES – RENISON 30
Slide 31: Appendix – Competent Persons Statements
APPENDIX – COMPETENT PERSONS STATEMENTS Competent Person Statement – Nifty Sulphide Mineral Resource The information in this announcement that relates to Mineral Resources for the Nifty Sulphide Mineral Resource has been extracted from Metals X’s announcement released on 12 October 2017 and is avail
Slide 32: Appendix – Competent Persons Statements
APPENDIX – COMPETENT PERSONS STATEMENTS Competent Person Statement – Nifty Sulphide Ore Reserve The information in this announcement relating to the Nifty Sulphide Ore Reserve has been extracted from Metals X’s announcement released on 31 May 2017 and is available to view at http://www.metalsx.com.a