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QUARTERLY REPORT FOR THE QUARTER ENDING 31 MARCH 2021 METALS X LIMITED Metals X Limited ( Metals X or the Company ) presents its activities report for the quarter ended 31 March 2021 . SAFETY AND COVID - 19 UPDATE Bluestone Mines Tasmania JV Renison Tin Operation ( Renison ) reported three Recordable Injuries during the quarter . The 12 - month rolling Total Recordable Injury Frequency Rate ( TRIFR ) for Renison decreased to 16.8 at the end of the quarter ( 21.3 at the end of the previous quarter ) . Whilst there is improvement , management will continue the focus on hazard identification and control with the Critical Risk Management Project underway and ongoing emphasis on safety interactions . There have been no cases of COVID - 19 within the Metals X or Renison workforce , nor any significant disruption to date to operations , critical supplies , product or concentrate logistics . The Company has contingency plans for business continuity and resilience plans in place for potential disruption to operations , including prudent financial measures . CORPORATE HIGHLIGHTS Successfully completed the sale of the Company's Copper Division to Cyprium Minerals Limited ( ASX : CYM ) for a total consideration of $ 60.0 million consisting of a $ 24.0 million cash payment and $ 36.0 million in aggregate in Convertible Notes and Options . Agreed to a further extension of time and variation of terms for the Mt Gordon $ 10.0 million Copper Payment . Quarterly closing cash of $ 29.8 million increased by $ 20.7 million and includes the receipt of the $ 24.0 million cash consideration from the sale of the Company's Copper Division . Group cash to be further bolstered upon return of the Company's $ 6.5 million Copper Division environmental bonds expected to be received during the June 2021 quarter . On 14 April 2021 , the Company repaid $ 15.5 million , comprising 50 % of the outstanding principal amount of the Company's unsecured $ 31.0 million loan facility with Asia Cheer Trading Limited ( ACT ) . RENISON TIN OPERATION ( MLX 50 % ) Production of 1,486 tonnes of tin - in - concentrate , 25 % below the previous quarter due to lower mined grade and short - term disruptions in the mine due to reduced backfill capacity , torn underground conveyor , electrical disruptions and poor ground conditions in a stope scheduled to be a primary ore source . Metallurgical Improvement Program has continued to deliver strong results with recovery above the metallurgical improvement plan targets for the grade processed . Mill recovery reduced to 75.6 % in line with the lower grade of ore processed . Area 5 mining advanced with completion of the upper ventilation shaft , commenced of raise boring of the first underground ventilation shaft , engineering progressing on the paste fill plant and surface electrical substation upgrade , together with continued detailed geotechnical and mine engineering . All - in - sustaining cost ( AISC ) of $ 26,722 / tonne of tin ( realised tin price , net of smelter charges , $ 31,384 / tonne ) . EBITDA of $ 15.0 million ( MLX 50 % share - $ 7.5 million ) and net cash flow of $ 0.65 million ( MLX 50 % share - $ 0.33 million ) . Subsequent to the quarter , production performance has improved with forecast tin production to exceed 2,000 tonnes of tin - in - concentrate for Q4 FY21 . Production guidance for FY21 adjusted to 7,800 - 8,200 tonnes of tin - in - concentrate at an AISC cost of $ 19,000 - $ 21,000 / tonne tin . Tin pricing remains strong and is expected to continue for the remainder of 2021 . Thermal Upgrade Project Scoping Study progressed to examine the introduction of tin fumer technology into the Renison processing flowsheet with completion expected in the third quarter of 2021 . CORPORATE DIRECTORY Level 5 , 197 St Georges Terrace Perth WA 6000 Australia ASX Code : MLX T +61 8 9220 5700 E reception@metalsx.com.au ABN 25 110 150 055 in www.metalsx.com.au