Quarterly Activities Report

• Renison achieved near record total tin production of 3,319 tonnes
• C1 cash production costs reduced by 28% to A$16,598/t Sn
• Imputed EBITDA increased to A$112.5 million, more than double the prior quarter

Metals X Ltd reported its quarterly activities for the period ended 31 December 2025. Highlights include Renison achieving near record total tin production of 3,319 tonnes, just 10 tonnes below the all-time quarterly record. Metals X's 50% share of production was 1,660 tonnes. Renison also shipped 3,375 tonnes of tin-in-concentrate for the quarter. December 2025 tin production of 1,318 tonnes was the highest monthly production on record, supported by higher mined grades, improved plant stability, and stronger metallurgical performance. Mill recovery improved to 82.34% for the December quarter. C1 cash production costs reduced to A$16,598/t Sn, a 28% improvement driven by higher production and improved operating efficiencies. Imputed EBITDA for Q4 CY2025 increased to A$112.5 million, more than double the prior quarter, with EBITDA margins rising to approximately 58% on an imputed basis. The company also provided updates on its Rentails project, underground and surface drilling programs, and capital expenditure.

Renison achieved tin-in-concentrate production of 3,319 tonnes for the quarter, a 46.08% increase from the prior quarter. C1 cash production costs reduced to A$16,598/t Sn, a 28% improvement. Imputed EBITDA increased to A$112.5 million, more than double the prior quarter.