MINING RESERVE ESTIMATE – CONSOLIDATED AS AT 30 JUNE 2011 TIN DIVISION NICKEL DIVISION COMPETENT PERSONS STATEMENT 20  OPERATIONAL REVIEW The information in this report that relates to Exploration Results is compiled by Metals X technical employees  under the supervision of Mr Peter Cook (BSc (Applied Geology) (MSc (Min. Econ) MAusIMM). Mr Cook is not a  full-time employee of the company. Mr Cook is an advisor to Metals X and the Non-Executive Chairman of Metals  X. Mr Cook has sufficient experience which is relevant to the styles of mineralisation and types of deposit under  consideration and to the activities which they are undertaking to qualify as a Competent Person as defined in the  2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.  Mr Cook consents to the inclusion in this report of the matters based on his information in the form and context in  which it appears. *Reserves are a sub-set of the IMR estimate Mining Reserve Estimate as at 30 June 2011 Class  Tonnes (Kt) Ni Co Fe2O3 Proven - - - - Probable 167, 47 0 0.98 0.08 47. 3 4 Total 167,470 0.98 0.08 47.34 PROJECT TIN COPPER Cut-off % Tonnes (Kt) Grade (%Sn) Sn Metal (t) Tonnes (Kt) Grade (%Cu) Cu Metal (t) Proved Reserves Renison Bell 0.80% 378 1.67 6,313 376 0.13% 492 Mt Bischoff 0.50% Rentails 0.00% - - - Collingwood 0.70% - - - Sub-total 378 1.67 6,313 376 0.13% 492 Probable Reserves Renison Bell 0.80% 2,230 1.39 30,890 1,541 0.29 4,481 Mt Bischoff 0.50% Rentails 0.00% 18,664 0.44 82,553 18,664 0.21 39,409 Collingwood 0.70% - - - Sub-total 20,894 0.54 113,442 20,206 0.22 43,890 Total Mining Reserves Renison Bell 0.80% 2,608 1.43 37, 2 0 2 1,918 0.26 4,973 Mt Bischoff 0.50% Rentails 0.00% 18,664 0.44 82,553 18,664 0.21 39,409 Collingwood 0.70% - - - Total Reserves 21,272 0.56 119,755 20,582 0.22 44,383