News Column

Metals X Limited (ASX:MLX) Annual Update of Mineral Resource and Ore Reserve Estimates

July 22, 2014

Perth, Australia, July 23, 2014 - (ABN Newswire) - The Directors of Metals X Limited (ASX:MLX) (OTCMKTS:MTXXY) ("Metals X") have pleasure in announcing the results of our latest Mineral Resource and Ore Reserve statements as at 30th June 2014. Metals X is a diversified miner with interests across several commodities and a large number of individual mineral deposits. In executive summary form, the Consolidated Total Mineral Resource Estimates for the Group are summarized by Project below: TOTAL MINERAL RESOURCE ESTIMATES Consolidated Summary as at 30 June 2014

------------------------------------------------------ Gold Division '000 tonnes Grade '000 oz Gold ------------------------------------------------------ CMGP 62,941 2.48g/t Au 5,020 Meekatharra* 67,500 1.7g/t Au 3,610 HGO 13,308 2.88g/t Au 1,231 SKO 50,378 1.9g/t Au 3,214 ----------------------------------------------------- Tin Division (50% Metals X) '000 tonnes Grade Tonnes Metal ----------------------------------------------------- Renison 11,111 1.58% Sn 175,000 Sn 10,011 0.34% Cu 34,000 Cu Mt Bischoff 1,667 0.54% Sn 9,000 Sn Rentails 21,192 0.45% Sn 95,000 Sn 0.21% Cu 45,000 Cu ----------------------------------------------------- Tennant Creek IOCG '000 tonnes Grade Tonnes Metal ------------------------------------------------------ Rover 1 6,814 1.73g/t Au 381,000 oz Au 1.20% Cu 112,000 Cu 0.14% Bi 9,000 Bi 0.06% Co 4,000 Co Explorer 108 11,868 3.24% Zn 384,000 Zn 2.00% Pb 237,000 Pb 11.14g/t Ag 4.2 MOz Ag ------------------------------------------------------- Nickel Division '000 tonnes Grade Tonnes Metal ------------------------------------------------------- Wingellina/ Claude Hills 216,500 0.98% Ni 2,067,000 Ni 0.07% Co 161,000 Co 47.3% Fe203 98,900,000 Fe203 -------------------------------------------------------

* Please see Note on Meekatharra Mineral Resource Estimates in link below. Similarly, the Consolidated Total Ore Reserve Estimates for the Group are summarized by Project below: TOTAL ORE RESERVE ESTIMATES Consolidated Summary as at 30 June 2014

----------------------------------------------------- Gold Division '000 tonnes Grade '000 oz Gold ----------------------------------------------------- CMGP 15,458 2.36g/t Au 1,174 HGO 4,538 3.67g/t Au 535 SKO# 960 0.76g/t Au 23 ------------------------------------------------------ Tin Division (50% Metals X) '000 tonnes Grade Tonnes Metal ------------------------------------------------------ Renison 5,911 1.37% Sn 81, 000 Sn 5,763 0.29% Cu 17,000 Cu Rentails 20,351 0.45% Sn 91,000 Sn 0.21% Cu 43,000 Cu ------------------------------------------------------ Nickel Division '000 tonnes Grade Tonnes Metal ------------------------------------------------------ Wingellina/ Claude Hills 167,500 0.98% Ni 1,645,000 Ni 0.08% Co 128,000 Co 47.3% Fe203 79,300,000 Fe203 -------------------------------------------------------

# The Ore Reserve estimate at SKO excludes HBJ as works on this estimate are incomplete. The following sections of this announcement provide the detail as required under JORC 2012 for the release of these estimates under JORC 2012 and its incorporation in the ASX listing rules. NOTE ON MEEKATHARRA MINERAL RESOURCE ESTIMATES The acquisition of Meekatharra was completed on 27th June 2014. Mineral Resources Estimates were released by the previous owner under JORC 2004. Metals X has not has sufficient time to complete a full review or estimate of these Mineral Resources Estimates, however, they are material and it would be misleading for Metals X not to provide some guidance on them as they form a significant part of the CMGP. Metals X has reviewed these in this context and has no reason to believe they will not be quotable under JORC 2012 in the fullness of time, but does conclude it is not in a position to quote them under JORC 2012 at this time. Hence, Metals X provides in Appendix 5 these estimates a previously announced by Reed Resources Limited. To view the full annual resources statement, please visit:

http://media.abnnewswire.net/media/en/docs/ASX-MLX-684781.pdf

About Metals X Limited: Metals X Limited (ASX:MLX) (OTCMKTS:MTXXY) is a diversified explorer and developer of minerals and metals. It owns a royalty portfolio generating revenue from sales of nickel at third party operations. The Company's activities span brownfield exploration and production from its development and mining projects. Metals X performs greenfields exploration in its own right and through investment in other exploration companies. During the fiscal year ended June 30, 2008, its principal activities exploration for and the mining, treatment and marketing of tin concentrate in Australia; exploration for nickel in Australia; exploration for phosphate in Australia; development of nickel projects; development and construction of tin mine projects; the ownership of nickel mining royalty rights, and exploration for precious and base metals through significant shareholdings in Westgold Resources Limited (Westgold) and Aragon Resources Limited (Aragon). On July 30, 2007, the Company acquired a 12.8% interest in Aragon. Contact:

Peter Cook Executive Director & CEO e: peter.cook@metalsx.com.auWarren Hallam Executive Director e: warren.hallam@metalsx.com.au


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Source: ABN Newswire


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