Metals X Limited · ASX:MLX
Metals X — Shareholder Meeting (May 2026)
27 slides from Metals X's shareholder meeting presentation, May 19, 2026
Slide 1: Australia's Premier Tin Producer
AUSTRALIA’S PREMIER TIN PRODUCER AGM PRESENTATION 19 MAY 2026 metalsx.com.au ASX|MLX
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Metals X Limited (“Metals X”, “MLX” or the “Company”) and authorised for release by its Board. GENERAL DISCLAIMER PAST PERFORMANCE This presentation should be read in conjunction with the Annual Report at 31 December 2025 Past performance information
Slide 3: Board
Board Peter Gunzburg Brett Smith Grahame White Patrick O’Connor Independent Independent Independent Executive Director Non-Executive Chairman Non-Executive Director Non-Executive Director Mr Gunzburg has over 40 years’ experience Mr Smith has participated in the development of a number Mr White is a
Slide 4: CY2025 Company Highlights
CY2025 Company Highlights1 Delivered another strong financial year, with revenue up 30% to $285.0 31 December 2025: million (CY2024: $219 million), net profit after tax of $104.6 million (CY2024: $102.3 million), and operating cash flow of $128.3 million (CY2024: $143.6 million). Closing cash increa
Slide 5: Financial Summary
Financial Summary As at 31 December Share Price Performance $1,200 $1.20 $1,000 $1.00 $800 $0.80 40% $600 $0.60 $400 $0.40 Tin Customers $200 $0.20 $0 - 60% 30-Jun-20 30-Jun-21 30-Jun-22 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 12-months 12-months 12-months 6-months 12-months 12-months 12-months Mala
Slide 6: Financial Summary Investments
Financial Summary Investments As at 31 December 2025 Percentage Number of Company Instrument Total Cost $ Unit Value $ Valuation $ Valuation Method6 Ownership Instruments 5 CYM N/A Con.Notes - 4 9,000,000 $45,200,000 Fair value CYM N/A Options - 4,060,000 $0.30 $1,202,000 Fair value 1SN 29.95% Share
Slide 7: Investments – May 2026
Investments – 19 May 2026 50% 2.93% 3.11% 7.43% 0.70% 29.95% 15.91% 100% 16.44% 41% RENISON and RENTAILS Page 7
Slide 8: Company Tax Position
Company Tax Position At 31 December 2025, the Group had unrecognised transferred revenue tax losses of $460.75M11, available for utilisation at a restricted utilisation rate with no expiry (31 December 2024: $482.25M). Metals X utilised the maximum portion of its transferred revenue tax losses avail
Slide 9: Capital Management
Capital Management Maintain a conservative, debt-free balance sheet with substantial cash to preserve flexibility for growth opportunities and risk management. Prioritise financing of the Rentails Project as the principal near-term call on cash, ensuring MLX can meet its share of development capital
Slide 10: Renison – A World Class Tin Operation
Renison – A World Class Tin Operation • Only ASX listed tin producer. • A significant tin operation in a favourable jurisdiction. • Renison Bell Proved and Probable Reserve 7.505Mt at 1.37% Sn for 102,700 tonnes of contained tin.12 • Mine life remains at approximately 10 years, at an annual producti
Slide 11: Renison Tin Mine
Renison Tin Mine The Renison tin mine was discovered by George Renison Bell in 1890, initially producing alluvial cassiterite. Hard rock mining commenced in 1936, with continuous operation at the current plant site since 1965. Bluestone Mines acquired Renison Renison in 2004, restarting operations i
Slide 12: Renison Safety
Renison Safety Total Recordable Injury Frequency Rate Implemented a site-wide safety reset at Renison, including updated Life Saving Rules 25 and a detailed action plan, with progress 21.3 regularly communicated to the workforce. 20 Commenced installation of dash cameras across all mobile equipment
Slide 13: Renison Tin Operation
Renison Tin Operation Production and Financial Summary (100%) Unit 2025 2024 Var. % Ore mined t ore 751,645 801,193 (6.2) Grade of ore mined % Sn 1.74 1.91 (8.9) Ore milled (after sorter upgrade) t ore 668,422 665,334 0.5 Grade of ore processed % Sn 2.01 2.12 (5.2) Mill recovery % 79.87 77.93 2.5 RE
Slide 14: Capital Projects
Capital Projects Ventilation Upgrade Mine Dewatering Surface Projects • The Leatherwoods ventilation system is currently • The new mine dewatering system is well advanced, • The new Mill Pond Tank 2 was successfully operating in a temporary configuration following the with all pumps installed and fo
Slide 15: Rentails
Rentails The Rentails Project is located adjacent to the Murchison Highway south of Lake Pieman and The Rentails Project is a tailings retreatment initiative at the covers a substantial footprint within the existing consolidated mining lease at Renison. During Renison tin mine in Tasmania, aiming to
Slide 16: Near Mine Exploration
Near Mine Exploration Key activities during CY2025 included: • Near mine exploration continued to target resource growth around existing Renison infrastructure, using integrated surface drilling, underground drilling and geophysical surveying across multiple target areas. • At the Ringrose and Acaci
Slide 17: Mineral Resources (Renison Tin Operation)
Mineral Resources (Renison Tin Operation) As at 31 March 2025 14 Reported on 100% basis – Metals X has a 50% participating interest through its Contained Metal stake in the Bluestone Mines Tasmania Joint Venture. Tonnes Tin Copper Tin Copper Project (Mt) (%Sn) (%Cu) (kt) (kt) 31-Mar-24 Renison Bell
Slide 18: Ore Reserves (Renison Tin Operation)
Ore Reserves (Renison Tin Operation) Ore Reserves Estimates15 – Consolidated Summary & Annual Comparison The Ore Reserve estimates are a subset of the Mineral Resource estimates Reported on 100% basis – Metals X has a 50% participating interest through its stake in the Bluestone Mines Tasmania Joint
Slide 19: First Tin
First Tin TARONGA, NSW, AUSTRALIA • Deposit >50kt Sn Significant shareholders over 3% Reserves Tonnage Assay Contained Tin Classification (Mt) (% Sn) (Tonnes) OECD Number of Total share Stakeholders Shares % Proved 26 0.14 36,000 Major Tin Probable 13 0.12 16,000 TELLERHÄUSER & Consuming Metals X Lt
Slide 20: Stellar Resources
Stellar Resources The Key Upcoming Catalysts timing presented on this slide are based on Stellar’s own project projections and should be interpreted in conjunction with the forward-looking statements disclaimer set out on Slide 2. 16 Refer to ASX Announcements 4 September 2023: Heemskirk Tin Project
Slide 21: Elementos
METALS » LIMITED Elementos (ASX:ELT) is developing two strategic tin projects Andalucia, Spain SO RRSaARAA Tasmania, Australia The EU’s only advanced tin mining project and one of the few vertically integrated tin supply Historic tin mine under re-evaluation as a tin, chains in the world (mine-to-me
Slide 22: Oropesa Mineral Resource Estimate & Maiden Ore Reserve Tables
Elementos Oropesa Mineral Resource Estimate17 & Maiden Ore Reserve 18 Tables 17 Refer ELT ASX announcement 14 February 2023: “Oropesa Tin Project – 2023 Mineral Resource Update”, and 29 November 2023: “Maiden Zinc Mineral Resource at Oropesa Tin Project” 18 Refer ELT ASX announcement 04 April 2025 “
Slide 23: Cleveland Mineral Resource Estimates & Exploration Target
Elementos Cleveland Mineral Resource Estimates19 & Exploration Target20 19 Refer ELT ASX announcements 3 August 2015: “Cleveland Tailings Ore Reserve” and 26 September 2018: “Substantial Increase in Cleveland Open Pit Project Resources following Revised JORC Study” 20 Refer ELT ASX announcement 4 Fe
Slide 24: Cleveland Tin Project Exploration Target
Cleveland Tin Project Exploration Target Competent Persons Statement ‘¢ The information in this Presentation that relates to the Cleveland Exploration Target is based on, and fairly represents, information and supporting documentation compiled or reviewed by Mr Chris Creagh. Mr Creagh is a Member of
Slide 25: Competent Persons and Compliance Statements
Competent Persons and Compliance Statements COMPETENT PERSONS STATEMENT Metals X Competent Persons Statements The information in this announcement that relates to Mineral Resources has been compiled by Bluestone Mines Tasmania Joint Venture Pty Ltd technical employees under the supervision of Mr Col
Slide 26: Competent Persons and Compliance Statements
Competent Persons and Compliance Statements COMPETENT PERSONS STATEMENT Stellar Resources Competent Persons Statements23 The information in this announcement that relates to exploration results, exploration targets and mineral resources for the Heemskirk Tin Project has been compiled by Mr Ross Corb
Slide 27: Contact
CONTACT ENQUIRIES Mr Brett Smith | Executive Director brett.smith@metalsx.com.au Phone: +61 8 9220 5700 Unit 202, Echelon, 77 South Perth Esplanade, South Perth WA 6151 Australia metalsx.com.au ASX|MLX