Slide 1: Sydney Resources Roundup May 2007
METALS X L| MIT n U Sydney Resources Roundup May 2007 liversified growth in-met oe i sae
Slide 2: General Disclaimer
re General Disclaimer This presentation may contain forward looking statements that are subject to risk factors associated with resource businesses. It is believed that the expectations reflected in these statements and opinions are reasonable but may be affected by a variety of variables and change
Slide 3: Corporate Overview
Corporate Overview Peter Newton (Chair) Peter Cook (MD) Mark Okeby Warren Hallam Mike Jefferies Don Head Fiona V Maanen (Sec) diversifie U U re | 1180E “3306 \n : dick Eutan GPLiggcs I ehy en 2005
Slide 4: A strong Portfolio of Projects
A strong Portfolio of Projects = Wesigold Investment Collingwood Tin Freject hom Niokel Royalty Assets Renison Tin Project eos Wit Bischoff Tin Project Rentals Tin Project a ee Wingellina fi Project ; Central Musqrave Project — Gillan Tin Projent diversified gio ae U
Slide 5: Company Structure
Company Structure ; _ Metals X Limited _ TIN (Sn) p al Hwaye PTY : oyalties Collingwood project Renison Mine & concentrator Gentails project Bischoff Mine
Slide 6: Diversified growth
diversifi ed grow oOoxo40a0aom+ oOo 2X UV
Slide 7: Metal prices
Metaiprices.com : aipnees. com i ; an iversified growth in-metdis 2)
Slide 8: Tin Division — key Projects
sae Tin Division Tin Division — 3 key Projects Collingwocd Tin Project Operating 3500 tpa Sn Renison Tin Project Re-start planned 8500 tpa Sn Rentails Project Feasibility Study 6000 tpa Sn Target Production 18000 tpa Sn d iversified tow! hi U
Slide 9: Mineral Resources (June 2006)
Mineral Resources (June 2006) 1.28 Mt @ 1.27% Sn containing 16,348 t Sn Metal Mining R rv ne 2 954 Kt @ 1.17% Sn containing 11,161 t Sn Metal diversified oto. La Bluestone Australia Lid PROJECT LOCATIONS mou rte RECTAL:
Slide 10: Tin Division - Collingwood
Tin Division - Collingwood Operating Costs Circa A$10,000 /t Sn EBITDA Circa A$15-20m p.a. Challenge’s Extend mine life Increase production iversified rowth 2) a i)
Slide 11: Tin Division — Renison Project
Tin Division — Renison Project Mineral Resources (June 2006) 6.61 Mt @ 1.68% Sn containing 111,300 t Sn Metal Mining R rv ne 2 2.1 Mt @ 1.72% Sn containing 36,174 t Sn Metal diversified oto. 2) Map ans Sap towr Major sine RENISON TIN So Renison Tiss Operation LOCATION MAP
Slide 12: Tin Division — Renison Project
Tin Division — Renison Project Planned Re-start in late 2007 following approval for mining at Mt. Bischoff Expected production rate 8,500 tonnes Sn per annum. Expected opcosts of A$9,000/t Sn Capex Requirements A$20-25m ..diversifie ey
Slide 13: Tin Division — Rentails Project
Tin Division — Rentails Project Mineral Resources (June 2006) 18.2 Mt @ 0.42% Sn containing 76,643 t Sn Metal e All technical milestone’s achieved and confirmed. ¢ Pilot testing of full process route to commence. ¢ Detailed Feasibility first quarter of 2008. diversified crowth | U
Slide 14: Tin Division — Rentails Project
Tin Division — Rentails Project Expected Production 5,000 ~ 6,000 tpa Sn Project Life 9 years Capex A$60 million Opcosts Circa A$5,000/t ProdCost Circa A$6,500/t ..diversifie ae U
Slide 15: Tin Division - Growth
Tin Division - Growt 60,000 World’s Largest Tin Producers 50,000 40,000 30,006 20,000 — ~ | i | | Gejui Zi-Li = o S pan a OP a aren ° ow < © 2 =o ecg 2D 20 E€ Le c = & biciPiccd w= gO wO — No 3 = = Som wr PO ro > se — he Seog VN YUN armod _ oO = = = a ont Q Oo diversified growth in-mef U
Slide 16: Growth
jrowth.
Slide 17: Diversified growth
diversified grow
Slide 18: My Ly iy A - sy
§ _ My | My Ly iy A - sy 7 ey ny | ey Ly Yj 2 7 |. ; . We ‘ _ iy LD yy La aay a Re L Us, LL Hye Us 7 Ve ; Ste n y Ne 1h ern i . cr. i aR — J | LOT Ly Vieryeumstt ’ Lo Ly Lo y a i _. iy 7. Hs 7 yy wo VG _ Ly, i Gg, i Cie | Lo yy — Ly yy | ) Lo y . Ly ) i _ | 7 i oo C. > a oe a 7 7 a La hy, Lia y _ oo
Slide 19: Musgrave Block
Musgrave Block orev i, || Matic volcanics, Granite | Sebisl, granite (greenschist) Giles Malic (nirusions; Sonat guess, granite Complies | anorthosite (amphibolite Ve . laragnelss (amiphibolile- Guartzite grantite) fen “ ee Felsic & matic granwiite
Slide 20: Central Musgrave's Project
Central Musgrave’s Project
Slide 21: Nickel Oxide Deposits
Nickel Oxide Deposits Wingellina . TERRITORY WESTERN AUSTRALIA Mafic Ultramafic Nickel Oxide Deposit Metals Exploration
Slide 22: Project history from 1953 nickel discovery to 2006
« 1953 Nickel first discovered at Mt Davies and Claude Hills e 1956 Nickel discovered at Wingellina by INCO © 1971 INCO’s application to excise from Aboriginal reserve failed ® 1971-2000 Dormant e 2000 Acclaim exploration acquired project e 2001 Access agreement reached with traditional owners e 200
Slide 23: Nickel Oxide Deposits
Nickel Oxide Deposits WESTERN AUSTRALIA Mafic WZ ultramafic HM Nickel Oxide Deposit CE] Metals Exploration diversified oto. 2)
Slide 24: Wingellina Ni/Co Deposit
| Wingellina Ni/Co Deposit _4g2000mE r sorimiaengob OOOME : ee iy 777 — GA) Ultramafic 7A Basement Gneiss a Wingeilina Mineralised Zone a= Metals Exploration Lid E69/535 WINGELLINA PROSPECT GEOLOGICAL SETTING Wingellina @ Community
Slide 25: Oxide Mineralisation
Oxide Mineralisation > 0.5%Ni Weathered Clays < 0,5%Ni Ultramafic Gabbro of 29% oe Metals Exploration Lid CENTRAL MUSGRAVE PROJECT WINGELLINA PROSPECT Section 12 680 mN
Slide 26: Oxide Mineralisation Section 9 205mN
LL NAN Lc NN rom 7 L 5Sm@1.2O%NI Oxide Mineralisation > 0.5%Ni Weathered Clays <0.5%Ni Ultramatic Gabbro Metals Exploration Ltd CENTRAL MUSGRAVE PROJECT | WINGELLINA PROSPECT Section 9 205mN
Slide 27: Oxide Mineralisation Section 6 220mN
800rnAL, }-s50maL pr sddmaAl 650mRL- Se a a Oxide Mineralisation > 0.5%Ni Weathered Clays < 0.5% Ni Ultramafic Uy Metals Exploration Ltd CENTRAL MUSGRAVE PROJECT WINGELLINA PROSPECT Section 6 220mN
Slide 28: Diversified growth
diversified grow
Slide 29: Wingellina Nickel Oxide Resource
Wingellina Nickel Oxide Resource 0.5% Cut-off 213.2 Mt @ 0.95% Ni, 0.074% Co Contains 2.03 Mt of nickel metal 0.7% Cut-off 173.2 Mt @ 1.04% Ni, 0.079% Co Contains 1.80 Mt of nickel metal 1.0% Cut-off 86.3 Mt @ 1.23% Ni, 0.088% Co Contains 1.06 Mt of nickel metal sae iversified «
Slide 30: Scoping Study Outcomes
Scoping Study Outcomes e Optimum 4Mtpa HPAL Plant - 46 year mine life e 40,000 tpa Nickel metal hydroxide (2,500t cobalt) e Capital cost estimate A$1.7Bn e Total Production cost US$4.00/Lb (incl. Co Credits) © NPVgut) Of A$5.3 Bn and IRR of 34.1% sae iversified «
Slide 31: CMP - Potential
CMP - Potential * Large potential to add more Nickel Limonite deposits - Ultimate Scope for 500 million tonnes * Large layered intrusive complex — high potential for Nickel Sulphides (Voisey Bay or Jinchuan style) and Platenoids - Hint of Ni & Cu Sulphides rock chipped from mafics (?feeder zones?) i
Slide 32: Target Zones
BEADELL ZONE| CLAUDE HILLS / i 21m @ 1.04% Ni, 58m @ 1.46% Ni ei a i ‘Wingellin Communiy “~ 480 Ben —————— Mafic Ultramatic Basement Gneiss Nickel Oxide Occurence Metals Exploration Tenements Sulphide Target Zone aeermene Potential Feeder Zane | —— Structure Metals Exploration Ltd CENTRAL MUSGRAVE P
Slide 33: Strategic Alliance with Jinchuan Group
Strategic Alliance with Jinchuan Group? ¢ Jinchuan invested $32.7m into MLX (via placemment) e Jinchuan is Metals X’s largest shareholder 13%. ¢ Jinchuan first right to take mixed metal hydroxide products on mutually agreeable terms. e Jinchuan — Vice President to Join Metals X Board. Gives MLX the
Slide 34: Nickel royalty assets
Mt. Keith ~ 0.375% sales Kingston JV ~ 0.375% of sales Kambalda ~ 1.35% of sales (East Loc’n 48 Area) A$3.5m last quarter aera DELLE iversified rowth 2)
Slide 35: Summary
Summary e Strong cash flows - tin production & royalties e Significant growth strategy in tin e World Class Nickel Limonite Deposit - Wingellina e Well funded and strategic alliance with Jinchuan bring financial capacity and technical capability to move Wingellina into production e Diversified portf
Slide 36: Thankyou!!
Thankyou!! & Gong Xi Fa Cai ..diversifie ky