REQUEST TO CALL SHAREHOLDERS MEETING OF METALS X LIMITED, page-80

There is likely a lot of activity at the office. Before any of the parties who showed interest in purchasing the whole of Nifty and exploration etc. they will need to internally meet and work out an offer strategy and price range. The open cut approach seems to have been proven up to be a goer, with the benefit of a $200 m plant ready to go. Very fast cashflow here, for a miner. The $33m debt is not a big one, compared to the scale of the overall operation, but it does present a short term cash flow problem for MLX as the profit goes into opening up the rich Area5. There is a range of options, ideally rearranging the P+I payment schedule, next one a capital raising, which would advantage the "HK" Chinese predators, but then they may have difficulty also as the weather and financial disasters in China accumulate, such as 85 tons of fake gold security, loss of HK loopholes in trade, shadow banks failing, mountainous bad loans, and capital export restrictions increasing. Then sale of Nifty open cut, plant, and IGO exploration agreement as a ready to go package. IGO and Sandfire are both sitting on hundreds of millions, as it WGX now, to name a few. Sandfire is nearly at the end of its mine life nearby, but everyone but the most shrewd will probably now play hard to get When a potential buyer is making a low offer on a car, being reminded there are more lookers coming in the afternoon, who are pretty keen, as would be the case here, I would expect, might start a bidding battle. That would be a good outcome. The escalating copper price would be among their considerations too.

To me, a smaller CR to pay down part of the debt and maintenance costs for a couple of years on Nifty, which seem to me inordinately high, till the additional large net cash flows in from Area5. We shall see. Banks are bastards and it would be good to see this one off.