Metals X Limited · ASX:MLX
Metals X — Investor Presentation (February 2013)
33 slides from Metals X's investor presentation, Feb 15, 2013
Slide 1: Tin Nickel Gold – A Diversified Miner
TIN NICKEL GOLD >85M CASH NO DEBT For personal use only A DIVERSIFIED MINER TIN DIVISION NICKEL DIVISION GOLD DIVISION “World Class - Renison” “World Class – Wingellina” CMGP – 4.96 Moz Operating Development Ready Rover 1 – 1.22 Moz eq. Strong cash flow 40 yr + Project Development Ready Other Tin Pr
Slide 2: Project Locations
TIN NICKEL GOLD PROJECT LOCATIONS For personal use only Metals X has operations in Australia and a portfolio of global investments. INVESTMENTS 4.96 M oz MLX 50% 2
Slide 3: Capital Structure
TIN NICKEL GOLD INVESTMENTS CAPITAL STRUCTURE For personal use only Major Shareholders Market ASX APAC Resources 24.1% Share Code MLX Jinchuan Group 10.7% Share Price (14/2/2013) $0.15 Shares on Issue 1,652M Board and Management 8.5% Market Capitalisation ~ $248M Blackrock Investments 4.4% Net Cash
Slide 4: Tin Division
For personal use only TIN DIVISION 4
Slide 5: Australia's Tin Resources
TIN DIVISION AUSTRALIA’S TIN RESOURCES For personal use only Metals X’s tin assets are 40% of Australia’s known tin resources. 1.60 Outback Renison 1.40 Collingwood 1.20 Stellar 1.00 Grade (%) 0.80 0.60 Cons Tin Torian Renison Expansion 0.40 Malachite YTC Venture TNT 0.20 Monto Paradigm Carpentaria
Slide 6: Tasmanian Tin Operations (50%)
TIN DIVISION TASMANIAN TIN OPERATIONS (50%) MLX For personal use only Renison Tin Mine • Production since 1968: 23Mt @ 1.4% Sn (320,000t contained) (225,000t recovered) • Current Reserves 4.0Mt @ 1.39% Sn (55Kt) • Current Resources 9.7Mt @ 1.57% Sn (151Kt) • Production 2011/12: 5,000t Sn @ ~A$16,500
Slide 7: The Renison Mine
TIN DIVISION – THE RENISON MINE Grand old mine – 45 years of production and still going strong!! For personal use only 2 km 150KT@ 1.5% Sn 280KT@ 1.1% Sn 1MT@ 1.6% Sn 250KT@ 2.0% Sn 1 240KT @ 2.3% Sn 800KT@ 1.6% Sn 2 3 950K@ 1.8% Sn Target Additions 3.7 Mt @ 1.6% Sn (approx 5yrs) 7
Slide 8: Significant Expansion Potential
TIN DIVISION - THE RENISON MINE SIGNIFICANT EXPANSION POTENTIAL For personal use only AREA 4 8
Slide 9: Renison Expansion Project (Rentails)
TIN DIVISION RENISON EXPANSION PROJECT (RENTAILS) For personal use only • The Renison Expansion Project (50% MLX). • Application of new technology and tin fuming to process historic tailings. • Measured & Indicated Resource: 20Mt @ 0.45%Sn, 0.21%Cu. • Ave 5,000tpa Sn and 2,000tpa Cu. • Est. Operatin
Slide 10: Renison & Rentails build to 12,500tpa Sn
TIN DIVISION Together Renison & Rentails builds to 12,500tpa Sn plus copper credits!! For personal use only Together Renison & Rentails provide a platform for long-term sustainable growth. Proposed Proposed Renison Expansion Infrastructure Project Renison Mine Renison Mine Infrastructure Infrastruct
Slide 11: Forecast weeks' supply and prices
TIN DIVISION For personal use only Forecast weeks’ supply and prices Weeks’ supply, price in US$/tonne 14.0 Forecast 40,000 Weeks' supply Prices 12.0 35,000 30,000 10.0 25,000 8.0 20,000 6.0 15,000 4.0 10,000 Renison Mine 2.0 Infrastructure 5,000 0.0 0 1990 1995 2000 2005 2010 2015 11 Base graph aft
Slide 12: Metals X – Perfectly Placed for a Tin Price Rally
TIN DIVISION METALS X – PERFECTLY PLACED FOR A TIN PRICE For personal use only RALLY Metals X is one of the very few if not the only publicly listed western-world producer of tin. Currently in production – no lead time. Margins are exponential at higher prices. Capital is sunk (> $300m head-start) T
Slide 13: Nickel Division
For personal use only NICKEL DIVISION 13
Slide 14: Central Musgrave Project
NICKEL DIVISION CENTRAL MUSGRAVE PROJECT For personal use only • A major land holding – oxide & sulphide nickel, copper and platenoids. • A mining agreement covering 18,000km2 (projects + infrastructure). • The world class Wingellina Nickel Project - one of the largest undeveloped nickeliferous ‘pur
Slide 15: Wingellina – A Limonite Not A Laterite
NICKEL NICEL DIVISION WINGELLINA – A LIMONITE NOT A LATERITE For personal use only Wingellina Limonite Typical Austr. Laterites Strip Ratio 1:1 (0.5:1 for 20 years) 3-5 :1 Waste:Ore Ore Thickness (avg.) 80 m 5-15 m Tonnes / km2 50-60 Mt 5-15 Mt Iron / MgO Ratio High Iron / Low MgO Low Iron / Mod-Hig
Slide 16: Wingellina Project – Phase Feasibility
NICKEL ICKEL DIVISION WINGELLINA PROJECT – PHASE 1 FEASIBILITY For personal use only Ore Reserves 167.5M tonnes @ 1% Ni, 0.08% Co Annual Metal Production 40,000 tonnes Ni, 3,000 tonnes Co Mine Life 40+ Years Metal Price Assumptions Ni US$20,000/t, Co US$45,000/t Exchange Rate Assumption AUD 0.85 Pro
Slide 17: Wingellina – Globally Significant
For personal use only Mt of Nickel contained 0 1 2 3 4 5 6 7 8 9 10 Koniambo La Sampala Pinares Weda Bay Sipilou Onca-Puma Nakety-Bogota NICKEL DIVISION San Felipe Gag Island Goro Exmibal Vermelho Wingellina WINGELLINA – GLOBALLY SIGNIFICANT Ravensthorpe Barro Alto Ambatovy Undeveloped Nickel Oxide
Slide 18: Central Musgrave Project – Current Status
NICKEL DIVISION CENTRAL MUSGRAVE PROJECT - CURRENT STATUS For personal use only Wingellina Prospect • Feasibility study (±25%) was completed in 2008. • In 2010 Metals X signed a ground breaking Mining Agreement with the native title holders, the first ever negotiated in the region. • Environmental a
Slide 19: Gold Division
GOLD DIVISION For personal use only Building Australia’s newest mid-size gold producer. 5.4 M oz Gold, 82,000t Cu (equiv) 19
Slide 20: Central Murchison Gold Project
GOLD DIVISION - CMGP CENTRAL MURCHISON GOLD PROJECT For personal use only Big Bell Total Mineral Resource - Mineral Resource 43.6Mt @ 2.47g/t Au 61.6Mt @ 2.52g/t 4.96Moz - Ore Reserves Initial Ore Reserve 9.8Mt @ 2.54g/t Au Big Bell 15.5Mt @ 2.36g/t 1.2Moz Cuddingwarra - Mineral Resource 6.25Mt @ 2.
Slide 21: Day Dawn Golf Field – Proven HG Producers
GOLD DIVISION - CMGP DAY DAWN GOLF FIELD – Proven HG Producers For personal use only Historic production of 1.6Moz at a recov. grade 17g/t. Large underground mine and an open pit cut-back. Combined Mineral Resource (JORC) estimate of 3.4Mt @ 6.1g/t Au containing 664Koz. Great Fingall undergr
Slide 22: Big Bell Line of Lode
GOLD DIVISION - CMGP BIG BELL LINE OF LODE – A big ore system!! For personal use only Historic production of 2.7Moz. Planned large underground mine and a series of open pit cut-backs. Current combined Total Identified Mineral Resource (JORC) estimate of 46.6Mt @ 2.47g/t Au containing 3.47Moz.
Slide 23: Detailed Feasibility Study – Outcomes
GOLD DIVISION - CMGP DETAILED FEASIBILITY STUDY - OUTCOMES For personal use only 15.46M tonnes @ 2.36g/t Au for Ore Reserves 1.17M oz Au Annual Gold Production 95,000 oz pa (inc. ramp up) Initial Mine Life 11 Years Annual Throughput 1.5 Mtpa CIL Production Cost (LOM) A$979/oz EBITDA (LOM) A$ 692 Mil
Slide 24: Rover Project
GOLD DIVISION – ROVER PROJECT For personal use only Rover Project Au-Cu 24
Slide 25: Prospective + Untouched Mirror Image of Tennant Creek
GOLD DIVISION – ROVER PROJECT Prospective + Untouched Mirror Image of Tennant Creek For personal use only ! ! ! ! ! ! ! 80 year history ! ! ! !! ! ! ! ! Thousands holes Tennant Creek ! ! 58.733 Standout Mt @mines 5.6% Pb + Zn ! Extensive smaller workings +5 Moz Gold field !! ! ! ! ! ! ! ! ! !! ! !!
Slide 26: Rover Gold Project – IOCG Anomalies
GOLD DIVISION - CMGP ROVER GOLD PROJECT – IOCG ANOMALIES For personal use only 8.733 Mt @ 5.6% Pb + Zn 8.733 Mt @ 5.6% Pb + Zn 10m @ 2.98% Cu & 0.12 g/t Au 8m @ 4.01% Cu & 0.26 g/t Au Rover 1 10m @ 2.98% Cu & 0.12 g/t Au 8m @ 4.01% Cu & 0.26 g/t Au 3 TARGETS DRILLED 3 DISCOVERIES 26
Slide 27: Rover Prospect – Targeting High Grade IOCG Mineralisation
GOLD DIVISION – ROVER 1 PROSPECT Targeting High Grade – IOCG Mineralisation For personal use only 474m 3.1% Cu, 0.32g/t Au 548m 475m 9.23g/t Au 9.0% Cu, 1.06g/t Au 549m 10.30g/t Au 476m 550m 9.28g/t Au 10.9% Cu, 1.28g/t Au 551m 6.46g/t Au 477m 21.47% Cu, 1.41g/t Au 552m 478m 26.5g/t Au 0.8% Cu, 0.12
Slide 28: Rover Prospect – Scoping Study Outcomes
GOLD DIVISION – ROVER 1 PROSPECT SCOPING STUDY OUTCOMES For personal use only 28
Slide 29: Other Projects
OTHER PROJECTS EXPLORER 108 Pb-Zn-Ag For personal use only VIRGIN Pb-Zn-Ag discovery Coarse grained argentiferous galena (Pb + Ag) and sphalerite (Zn) Good metallurgical properties - high flotation recoveries Ore system open in all directions Initial Resource at 2.5% cut-off 11.87 Million tonnes at:
Slide 30: Strategic Investments
INVESTMENTS STRATEGIC INVESTMENTS – M2M ~ $9M (31-12-2012) For personal use only It is not always possible to acquire assets outright and when opportunities are identified our strategy is to invest directly within the publicly listed or unlisted entity that owns the assets. We consider this provides
Slide 31: Metals X Limited – Scorecard
CASH TIN NICKEL GOLD INVESTMENTS NO DEBT METALS X LIMITED - SCORECARD For personal use only • A$85M Cash & A$9M Investments. • Market Capitalisation ~ A$240M, EV A$146M, Debt Free. • Renison EBITDA (50% MLX share) A$25-45Mpa, 7-8,000tpa of tin.* • Rentails Expansion Project (50% MLX) adds EBITDA of
Slide 32: Disclaimer
TIN NICKEL GOLD CASH INVESTMENTS NO DEBT DISCLAIMER For personal use only General Disclaimer This presentation has been prepared by Metals X Limited (“Metals X” or the “Company”). It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities i
Slide 33: Contacts
For personal use only METALS X LIMITED ASX: MLX CONTACTS PETER COOK WARREN HALLAM SCOTT HUFFADINE EXEC. DIRECTOR & CEO EXEC. DIRECTOR EXEC. DIRECTOR e: peter.cook@metalsx.com.au e: warren.hallam@metalsx.com.au scott.huffadine@metalsx.com.au p: +61 8 9220 5701 p: + 61 8 9220 5711 p: +61 8 9220 5705 3