• 8.6% decrease in total Reserve ore tonnes at Renison underground over the previous 12 months
• 8.5% decrease in Reserve contained tin at Renison underground over the previous 12 months
• Ringrose contributed 249Kt at 1.20% Sn for 3.0Kt of contained tin to the reportable reserves

Metals X Limited (Metals X or the Company) is pleased to provide an 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). The 2025 Renison Bell Mineral Resource estimate update highlighted a total Measured, Indicated and Inferred Renison Resource of 20.8Mt at 1.40% Sn for a total of 292kt of contained tin. Following recent drilling campaigns, material from Ringrose is now included into the Renison Mineral Resource inventory, contributing 888kt at 1.33% Sn for 11.8kt of contained tin. The updated Renison Bell Ore Reserve estimate as at 31 March 2025 is 7.5Mt at 1.37% Sn for 102,720 tonnes of contained tin, an 8.6% decrease in total Reserve ore tonnes and an 8.5% decrease in Reserve contained tin at Renison underground over the previous 12 months. The Renison ore system remains open at depth and along strike with planned and ongoing drilling programs providing excellent potential to continue to add to the resource inventory. Ringrose contributed 249Kt at 1.20% Sn for 3.0Kt of contained tin to the reportable reserves.

The 2025 Renison Bell Ore Reserve estimate is 7.5Mt at 1.37% Sn for 102,720 tonnes of contained tin. The Life of Mine (LOM) schedule shows a 10.9 year mine life which includes an additional 1.88 MT of inferred tonnes @ 1.18% Sn for 22,195 Sn tonnes.

The Renison ore system remains open at depth and along strike with planned and ongoing drilling programs providing excellent potential to continue to add to the resource inventory. Continued investment in near mine exploration has the potential to further increase the mine life, especially within the Ringrose area.