RENISON EXPANSION PROJECT (RENTAILS) The Renison Expansion Project's (“Rentails”) objective is to  reprocess and recover tin and copper from an estimated 18.95 Mt  of tailings output from the historical processing of tin ores at the  Renison Bell mine since 1965. The tailings have an average grade of  0.44% Tin and 0.20% Copper and represent one of the largest single  resources of tin available in Australia today.  Metals X completed a Definitive Feasibility Study into mining and re- processing of tailings for the recovery of tin and copper at Rentails  in 2009. Financial outcomes estimated an average total cash  cost of production of $11,875 per tonne of tin after copper credits,  assuming a copper price of A$6,250 (current copper price A$8,300).  Capital costs were estimated to be AUD$ 194 million +/- 15%. The  study outcomes demonstrate that it remains exposed to upside from  tin and copper prices . The proposed process route uses proven technology and has  developed a robust circuit for the recovery of both tin and copper.  In addition, the project would allow for the treatment of other tin  sulphide (stannite) ore bodies within the region, which are not  currently viable under conventional tin processing routes, as they  require tin fuming.  The Rentails flowsheet comprises the reclaiming of tailings  from the historical dams at a rate of 2Mt per annum, producing  approximately 5,300t of tin and 2,000t of copper in concentrate per  annum. The tailings ore is finely ground to increase the liberation  of the tin bearing minerals before removing the gangue sulphides  by flotation. The sulphide flotation tails which contain the fine tin  is then processed through classification, gravity recovery and tin  flotation circuits. Flotation produces a 10% tin concentrate that will  be smelted to produce a tin fume product assaying in excess of 68%  tin. A by-product from the fuming process will be a saleable copper  matte assaying 70% copper. Metals X is currently working with its BMTJV partners to validate  the feasibility study in preparation to committing to the project  development. “ONE OF THE LARGEST  SINGLE RESOURCES OF  TIN IN AUSTRALIA RENTAILS 14  OPERATIONAL REVIEW