Ann: 2022 Renison Ore Reserve Update, page-4

PRECIS
FIRST PAGE of 23 26 SEPTEMBER 2022

2022 RENISON ORE RESERVE UPDATE
Metals X Limited (Metals X or the Company) is pleased to provide its update of the Ore Reserve estimate for the
Renison Tin Operations (Renison) in Tasmania. Renison is 50%-owned by Metals X through the Bluestone Mines
Tasmania Joint Venture (BMTJV).
HIGHLIGHTS (100% basis)
Total Renison Bell Proved and Probable Reserve increased to 8.8 Mt at 1.46% Sn for 128,900 tonnes of contained
tin (taking into account depletion over the past 12 months):
o Reduction in Cut Off Grade from 0.70% Sn to 0.65% Sn following Life of Mine economic analysis;
o 13% increase in total Reserve Ore tonnes at Renison underground over the last 12 months;
o 4% increase in Reserve tin grade at Renison underground over the past 12 months; and
o 17% increase in Reserve contained tin at Renison underground over the past 12 months.

The 2022 Renison Bell Mineral Resource estimate update for the Renison underground tin mine, on which this Ore
Reserve update is based, was announced to ASX on 14 June 2022, and highlighted:
• Total Measured, Indicated and Inferred Resource at Renison Bell is now 19.8 Mt at 1.61% Sn for 319,600 tonnes
of contained tin.
• Defined tin in Total Resources has increased by 6% (18.1 Kt Sn Metal) and average tin grades have decreased
by 2% (0.04% Sn) when compared to 31 March 2021, including a mining depletion of 12.4 Kt Sn Metal over the
previous 12-month period.
• 4% increase (9.2 Kt Sn Metal) in Measured and Indicated Resources at Renison Bell from 262 Kt of contained
tin to 272 Kt of contained tin.
Executive Director Mr Brett Smith, commented:
“Renison continues to outperform our expectations. It is pleasing to see an increase in our Reserves, which is a
credit to the Resource Development and Planning team and bodes well to the site’s Mission and Values to be a
sustainable, efficient, capable, disciplined and respected Tin producer.” Cont... total 23 pages

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