INDEPENDENT AUDIT REPORT Opinion Report on the remuneration report  Opinion  Ernst & Young  D S Lewsen  Partner  Perth  29 September 2011  DL:VP:METALSX:009  118  INDEPENDENT AUDIT REPORT In our opinion:  We have audited the Remuneration Report included in of the directors' report for the year ended 30 June  2011. The directors of the company are responsible for the preparation and presentation of the  Remuneration Report in accordance with section 300A of the  Corporations Act 2001 . Our responsibility is  to express an opinion on the Remuneration Report, based on our audit conducted in accordance with  Australian Auditing Standards.  In our opinion, the Remuneration Report of Metals X Limited for the year ended 30 June 2011, complies  with section 300A of the  Corporations Act 2001 .  a. the financial report of Metals X Limited is in accordance with the  Corporations Act 2001 ,  including:  i giving a true and fair view of the consolidated entity's financial position as at 30 June 2011  and of its performance for the year ended on that date; and  b. the financial report also complies with  International Financial Reporting Standards  as disclosed in  Note 2 (b).  ii  complying with Australian Accounting Standards and the  Corporations Regulations 2001 ;  and 