Max Maczurad September 2011 Level 3 Hyatt Centre 123 Adelaide Terrace East Perth WA 6004 Tel: WINGELLINA NICKEL AND COBALT PROJECT Presentation for the Outback Highway Committee AGM

General Disclaimer This presentation has been prepared by Metals X Limited (“Metals X” or the “Company”). It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities in the Company. This presentation contains forecasts and forward looking statements. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied. Metals X has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, Metals X makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. This overview of Metals X does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. J.O.R.C Compliance Statement The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is based upon information compiled by Mr Scott Huffadine B.Sc. (Hons), MAusIMM. Mr Huffadine is a full-time employee of the company. Mr Huffadine has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. All consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Disclaimers 2

Introduction and Purpose Aims of Presentation: 1.To give an overview of our company, and its activities in the Central Musgraves area; 2.To provide an indicative timeline for the commencement of construction of the mine; 3.To review transportation options and potential use of the Outback Highway.

Company Background Metals X Limited multi commodity diversified Australian explorer, developer and producer and Australia’s only publicly listed tin producer, and one of only a handful in the world. Australia’s Largest Tin Producer: MLX is Australia’s largest tin producer with production from its Tasmanian Tin operations (50% MLX) targeting 8,000 tonnes per annum and scope to grow to around 13,000 tonnes per annum from Rentails Expansion Project. Strategic/Growth holdings: MLX has several strategic holdings in Australian resource companies including Westgold Resources Ltd (26%), Independence Group (3.7%), Mongolian Resource Corporation (17%) and Aziana Ltd (25%) giving MLX significant exposure to copper, nickel, gold, lead, zinc & bauxite. An emerging Nickel major: MLX is actively developing the huge, 100% owned Wingellina Nickel Project. Containing 1.8 million tonnes of nickel it will produce 40,000 tonnes of nickel and 3,000 tonnes of cobalt per annum for a minimum of 40 years.

Wingellina Location 5

Wingellina Project – World Class, Long Life Globally Significant Resource  Nickel-Cobalt limonite deposit located in the Central Musgrave Block  183 million 0.98% Ni ore resource at 0.5% cut-off  165 million tonne mining reserve  78 million Ni ore resource at 1.0% cut-off  92% in Measured and Indicated under JORC.

Proposed Project Layout

Wingellina – Feasibility Results  Minimum 39yr project life on total Identified Mineral Resource:  Nickel Inventory: 1.8 Million tonnes, 1.65Mt recoverable  Cobalt Inventory: 0.12 Million tonnes, 0.107Mt recoverable  Plant processing capacity: 4.3M tonnes p.a.  Designed on diminishing grade basis: initial 20yrs on high grades (+1.1% Ni), first possible prod 2014  Annual planned production:  40,000 tpa Nickel in concentrate  3,000 tpa Cobalt in concentrate

Wingellina – Feasibility Results  Capital Costs: $2.3 Billion  Cash operating costs: US$3.34/lb ($150/t sulphur) after cobalt credits  NPV (8%): $3.4 Billion  Projected State Royalties: $950 Million (Average $25 Million per annum)  Projected Income Tax Payments: $6 Billion (Average $150 Million per annum)  Employment Requirements: Approximately 450 permanent jobs, 1500 in construction plus indirect employment.

Capital Cost Break Down Site Infrastructure - $1.7B Road - $297 Million Tailings $17 Million Mining - $44 Million Water - $88 Million Owners Costs - $78 Million Outback Highway can potentially reduce overall capital requirement of project by 14%

Project Timeline  Finalisation of Timing – Timing for construction depends on completion of project financing. Work is advanced with one project partner (Jinchuan) in place with 20% project ownership.  Final studies and detailed design – Expected to take 12 to 18 months to complete, and targeting late 2012/early 2013  Construction – Ground disturbing activities to commence during Approximately 27 months for construction.  Production – To commence immediately after construction with a 3 – 4 year ramp up to full capacity.

Haulage Options  Feasibility Study – Assumed new road from mine to Yulara, and then use of Lassiter Highway – lowest capital option, with a total haul of approximately 450KM to Impanda Siding  South Australia – Metals X is exploring road options through the APY Lands. Possible support from SA Government, provides assistance to APY Lands People – Major Stakeholders in the project. Close to same distance as feasibility option, potential benefits in down-stream services such as road and rail to Chandler Siding.  Outback Highway – We are aware of the project but need to better understand benefits and disadvantages.

Road/Rail Haulage Requirements Inbound freight (excluding local limestone) – approximately 500,000 tpa; Outbound freight – approximately 180,000 tpa; Approximately 15 triples per day.

Considerations for selecting road route and port  Economics – Capital and operating costs, and overall effect on NPV will be a consideration. Outback Highway could reduce upfront capital which is A VERY IMPORTANT POSITIVE! Outback Highway may increase operating costs (longer road haulage route) – HOW CAN WE ADDRESS THIS?  Support from States – Road route is one part of the puzzle – total cost (Capital, Operating, and NPV) from mine gate to final destination is important. Road haulage represents 20% of total annual operating costs. Assessing which state will provide the best overall solution – considering rail costs, port costs, shipping costs. Approvals requirements and facilitation will be an important factor in the final decision regarding transport corridors. Company is not closed to transporting through WA. WA will get most of the government revenue from the project, and with appropriate infrastructure support could attract transport business from the project – needs to help with a solution to maximise NPV.

Requirements from Outback Highway  Final Road Route and ability to modify – Is the route for the highway fixed? An artery closer to the proposed mine would assist;  Proposed funding – How does the Outback Highway see Metals X contributing to the road – Upfront Capital, Ongoing Maintenance etc. Metals X can not assist with funding until a final investment decision is made. Upfront capital directly impacts NPV of the option – need to provide a definitive benefit.  Timing – Does the construction of the Outback Highway fit with the Wingellina Timeline? PROVIDED THE ROAD PROVIDES A TANGIBLE BENEFIT TO THE WINGELLINA PROJECT, METALS X IS OPEN TO PROVIDING SUPPORT TO THE COMMITTEE IN SUBMISSIONS TO GOVERNMENT AND OTHER STAKEHOLDERS

Level 3 Hyatt Centre 123 Adelaide Terrace East Perth WA 6004 Tel: “Developing the Central Musgraves”