Metal x copper, page-10

Mineral Resource & Ore Reserve Estimates

Mineral Resource Estimate

The Mineral Resource estimates for Nifty Copper Operations are in compliance with the JORC Code (2012 Edition). The Nifty Oxide and Heap Leach Mineral Resource estimates as of 31 March 2017 and were published on 31 May 2017. The Nifty Sulphide Mineral Resource as of 31 December 2019 and was published on 10 March 2020. The Maroochydore Copper Prospect Mineral Resource estimate as of 31 March 2016 and was published by Aditya Birla Minerals on 16 May 2016. There have been no material changes to these Mineral Resource estimates since the dates of these publications.

NIFTY COPPER OPERATIONS MINERAL RESOURCE ESTIMATE

1. Mineral Resources are reported inclusive of Mineral Resources modified to produce an Ore Reserve;
2. Tonnes are reported as million tonnes (Mt) and rounded to the nearest 10,000; Cu tonnes are rounded to the nearest 100 tonnes; rounding may result in some slight apparent discrepancies in totals.
3. Cut-off grade of 0.75% Cu.
4. Nifty Oxide Mineral Resource as of 31 March 2016 and reported using a cut-off grade of 0.40% Cu (as reported by Aditya Birla Minerals’ (ASX:ABY) ASX announcement on the 16 May 2016 and available on the ASX website).
5. Nifty Heap Leach Resource as of 31 March 2015 and reported using a cut-off grade of 0.50% Cu (as reported by Aditya Birla Minerals’ (ASX:ABY) ASX announcement on the 16 May 2016 and available on the ASX website)

MAROOCHYDORE COPPER PROSPECT MINERAL RESOURCE ESTIMATE

1. Tonnes are reported as million tonnes (Mt) and rounded to nearest 10,000;
2. Cu tonnes are rounded to nearest 1,000 tonnes; Co tonnes are rounded to the nearest 100 tonnes;
3. Cut-off Grade of 0.5% Cu;
4. Cut-off Grade of 1.1% Cu;
5. Rounding may result in some slight apparent discrepancies in totals.

Competent Person’s Statements

The information in this report that relates to Mineral Resources has been compiled by Metals X Limited technical employees under the supervision of Mr Kane Hutchinson BSc., who is a member of the Australasian Institute of Geoscientists. Mr Hutchinson is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hutchinson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.