Director Fully Paid Ordinary Shares Options expiring on 30 November 2012  exercisable at $0.14 P G Cook 68,440,200 - W S Hallam 6,350,000 1,500,000 M L Jefferies 2,700,000 - D P Will - - S Zhang (1) 176,000,000 - Y Zhang (Alt Director) - - Total 253,490,200 1,500,000 (1) Mr Zhang is a director of Jinchuan Group Limited which holds 176,000,000 fully paid ordinary shares in the Company. Mrs Van Maanen is a CPA, holds a Bachelor of Business (Accounting) degree and a Graduate Diploma in Company  Secretarial Practice. She has many years of accounting and financial management experience in the mining and  resources industry and has been with the Company since incorporation. No dividends have been paid or declared by the Company during the financial period or up to the date of this report. Refer to note 10 for available franking credits. The principal activities during the year of entities within the Consolidated Entity were: There have been no significant changes in the nature of these activities during the year. The Consolidated Entity employed 87 employees at 30 June 2011 (2010: 81). A full review of the operations of the Consolidated Entity during the year ended 30 June 2011 is included on pages  3 to 20. OPERATING AND FINANCIAL REVIEW EMPLOYEES PRINCIPAL ACTIVITIES DIVIDENDS COMPANY SECRETARY INTERESTS IN THE SHARES OF THE COMPANY As at the date of this report, the interests of the Directors in the shares and options of Metals X Limited were: •  exploration for and the mining, processing, production and marketing of tin concentrate in Australia;  •  exploration for nickel in Australia; •  exploration for phosphate in Australia; •  development of nickel projects; and •  exploration and mining for precious and base metals through significant shareholdings in Westgold Resources  Limited, Independence Group NL, Mongolian Resource Corporation Limited and Aziana Exploration Corporation. 24  DIRECTORS’ REPORT Fiona Van Maanen  - Company Secretary