Ann: Suspension of Operations at Nifty Copper Mine, page-32

AND here is what the report said:
SUSPENSION OF OPERATIONS AT NIFTY COPPER MINE
The Board of Metals X Limited (“Metals X” or the “Company”) advises that, after completing the operational
review of its Nifty Copper Operations (“Nifty”) that was announced on 15 November 2019, the Board has
decided to immediately suspend mining activities. Ore stocks will be processed during the course of the
coming week, with the mine, processing facilities and infrastructure then placed on care and maintenance.
The decision on Nifty will allow the Company to focus on its 50% joint venture stake in the world class,
longlife Renison Tin Operations in Tasmania, Australia’s largest tin producer.
The Nifty Reset Plan, announced in May 2019, has considerably improved the underlying fundamentals at
Nifty including increasing resource and reserve confidence, developing new mining areas and upgrading and
rebuilding surface and underground infrastructure. However, production has plateaued in recent weeks and
the operational review has identified that the Company is now unlikely to achieve its planned production at an
acceptable cost within the previously expected timeframe. On this basis, the Board, refreshed with three new
directors after the AGM on 24 October 2019, considers that continuing operations at Nifty at this time is not in
the best interests of shareholders.
During the period of operational hiatus, the Company intends to process available drilling data to upgrade the
resource base which will support planning for future mining operations. In addition, the Board is reviewing its
strategic options in relation to Nifty and will appoint external advisors. However, the Company’s immediate
focus is to manage the impact of the suspension decision on employees, contractors and stakeholders.
Metals X remains in a sound financial position with estimated cash at the end of November 2019 of
approximately $45 million excluding cash backed bonds of $11 million. The Company is currently carrying $35
million debt with Citibank and remains compliant with the associated covenants.
Implementing the decision to suspend operations at Nifty is expected to have the following approximate
cashflow implications.

Ok so at last share holders on HC got what they asked for.
Mal