TIN DIVISION Metals X is Australia’s largest tin producer through its 50% ownership of the Bluestone Mines Tasmania Joint  Venture (“BMTJV”). The key asset of BMTJV is the Renison Tin Project, which consists of the world class Renison  Tin Mine, a 680,000tpa tin concentrator and the proposed Renison Expansion Project (Rentails) which involves  the construction of a tailings re-treatment concentrator and tin fuming plant.  RENISON TIN PROJECT  The Renison Tin Project is located approximately 15km NE of Zeehan in the mineral-rich west coast region of  Tasmania. The Mt Bischoff open pit mine is located approximately 80km north of the Renison Tin Project. The annual net operating profit after income tax for the Renison Tin Project was $21,506,342 compared to  $5,054,230 for the previous year.  Metals X’s share of revenue from tin concentrate sales from the Renison Tin Project for the financial year was  $69,015,638 (2010: $95,686,783). The revenue in the current year is lower than the previous year due to the sale  of 50% of the Tin Project in the previous year. Metals X Entity’s interest for the Renison Tin Project is summarised below: Mining 2011 2010 Renison Underground Ore Hoisted (tonnes) 236,038 333,441 Grade (%Sn) 1. 61 1.70 Mt Bischoff Open Pit Ore Mined (tonnes) 3,345 186,639 Grade (%Sn) 0.99 1.31 Tin Concentration Tonnes Processed (tonnes) 236,038 535,239 Grade (%Sn) 1.56 1.56 Recovery (%) 66 67 Concentrate Grade (%Sn) 56 55 Copper Metal Produced (tonnes) 94 - Tin Metal Produced (tonnes) 2,701 5,340 Tin Metal Sales (tonnes) 2,788 5,129 * Note that in the 2010 year, Metals X held 100% of the project for 9 months, and 50% of the project for 3 months. The Company has held  50% of the project for the entirety of 2011. The current operating costs average of approximately A$15,700 per tonne allow for a solid operating margin.  In the period since the mine was brought back to production in 2008, mining has been constrained to the  South Renison area whilst mine de-watering and rehabilitation of the flooded North Renison decline and other  associated ore zones were re-established. At year end de-watering and refurbishment of the Northern zone had  advance to a point that allowed access to the upper levels of the Zeehan ore body and subsequent to year end  has now advanced to deepest point in the North Renison Decline. Rehabilitation has now commenced on the cross  cuts and draw points of the Zeehan, Bruny, and Huon ore bodies with production expected to commence towards  the end of calendar year 2011. 11  OPERATIONAL REVIEW