MT DAVIES JOINT VENTURE Metals X through its wholly owned subsidiary Austral Nickel Pty  Ltd (“Austral”) entered into a farm-in agreement with Rio Tinto  Exploration Pty Ltd (“Rio Tinto”) in July 2009 to earn an initial 51%  interest in the South Australian exploration license E3932 (Mt  Davies). This tenement is encapsulated within Metals X’s 100%  owned tenement E3555, which is adjacent to the Wingellina deposit  and hosts part of the Claude Hills deposit. Austral can increase  its interest to 70% ownership by sole funding exploration and  development expenditure to the completion of a pre-feasibility study.  Rio Tinto can elect to contribute following the earn-in phase to retain  a 49% interest and can elect to earn-back up to 70% ownership within  60 business days after the delivery by Austral of the pre-feasibility  study, through the sole funding of a feasibility study. To date only a  small percentage of the mineralisation system has been tested and  there are numerous other limonite occurrences known to exist within  the Mt Davies license. In addition there is also significant potential  for the discovery of nickel and copper sulphides within the area. The CMP is located in a relatively remote part of Australia, where  mutual respect, assistance, and understanding are key factors in  successfully achieving our goals. Our Western Australian leases lie  within Aboriginal Reserve 17614, an area that is subject to a 99 year  lease to the Ngaanyatjarra Land Council. Our South Australian lease  lies on a freehold aboriginal land granted to the Anangu Pitjantjatjara  Yankunytjatjara (“APY”). Metals X has maintained a full time presence at the project since  2005 and has been welcomed into the region by members of the  various communities, as evidenced by the completion of the mining  agreement for Wingellina. The Community support that the Company  has attained on the Aboriginal lands has been born out of the open  and mutually beneficial relationship that has been developed since  2005.  Metals X has directly employed many local people in all on ground  exploration and feasibility activities undertaken in the area, and  sees the training of local people as a critical factor in the future  development of the Wingellina operation. Metals X has made its exploration camp available to accommodate  service personnel working in the local communities, and continues  to support local community development initiatives. COMMUNITY INVOLVEMENT 10  OPERATIONAL REVIEW