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QUARTERLY REPORT FOR THE QUARTER ENDING 30 JUNE 2021 METALS X LIMITED Metals X Limited ( Metals X or the Company ) presents its activities report for the quarter ended 30 June 2021 . SAFETY , COVID - 19 AND SUSTAINABILITY UPDATE Bluestone Mines Tasmania JV Renison Tin Operation ( Renison ) reported four Recordable Injuries during the quarter . The 12 - month rolling Total Recordable Injury Frequency Rate ( TRIFR ) for Renison increased to 18.7 at the end of the quarter ( 16.8 at the end of the previous quarter ) . This was a disappointing result . A continued emphasis will be on placed on quality safety interactions , and the identification , control , and management of hazards with particular attention on supervisors understanding and implementation of risk management . A number of engineering initiatives are underway at Renison to sustain environmental performance with a focus on managing discharge water including : 1 • Design and construction of a new water treatment plant . • • Installation of a new Sewage treatment Plant . Design and construction of an upgraded Fuel Bay Spill Management system including the installation of a hydrocarbon separator . During the quarter , an updated Tailings Storage Governance Framework was implemented at Renison that conforms to the 2020 ICMM Global Industry Standard on Tailings Management . There have been no cases of COVID - 19 within the Metals X or Renison workforce , nor any significant disruption to date to operations , or critical supplies . The lockdown imposed by the Malaysian government has impacted concentrate logistics and delayed payments from the Malaysia Smelting Corporation ( MSC ) . The Company's contingency plans for business continuity , resilience plans and prudent financial measures have mitigated any significant business disruption . CORPORATE HIGHLIGHTS As a result of the lockdown imposed by the Malaysian government on 1 June 2021 , the Malaysia Smelting Corporation ( MSC ) declared Force Majeure clause leading to suspension of all the contractual obligations under the smelting contracts including those with Metals X. During this time , the affected MSC shipments1 are subject to extended payment terms which has impacted the timing on receipt of payment . The increase in tin receivables from the MSC are expected to reduce upon reinstatement of contractual obligations once the Malaysian government - imposed lockdown is lifted in due course . The Thailand Smelting and Refining Co. Ltd ( Thiasarco ) have agreed to take additional shipments and an agreement was executed for the sale of tin concentrate to Yunnan Tin China ( YTC ) for June and July 2021 . After the Company's contribution to the costs of capital projects at Renison , Metals X net cash flows from operations and other group activities were $ 0.8 million for the quarter . Closing cash after repayment of 50 % of the APAC loan decreased by $ 16.4 million to $ 13.4 million . On 14 April 2021 , the Company repaid $ 15.5 million representing 50 % of the outstanding principal amount owing on its unsecured $ 31.0 million loan facility ( Loan Facility ) with Asia Cheer Trading Limited ( ACT ) . On 25 May 2021 , the Company announced it had executed a binding terms sheet with NICO Resources Limited for the sale and spin out of its Nickel asset portfolio , including the Wingellina Nickel - Cobalt Project in Western Australia and the Clause Hills Project located in South Australia . During the quarter , the Company received $ 6.5 million from the return of its Copper Division environmental bonds . On 8 July 2021 , the Company received payment of $ 11.0 million as settlement of the Conditional Copper Price Payment pursuant to the Mt Gordon Sale Agreement . Only shipments on the water were advanced and shipments to MSC have been indefinitely suspended . 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