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QUARTERLY REPORT FOR THE QUARTER ENDING 30 SEPTEMBER 2021 METALS X LIMITED Metals X Limited ( Metals X or the Company ) presents its activities report for the quarter ended 30 September 2021 . . ENVIRONMENTAL , SOCIAL AND GOVERNANCE Bluestone Mines Tasmania JV Renison Tin Operation ( Renison ) reported no Recordable Injuries during the quarter . The 12 - month rolling Total Recordable Injury Frequency Rate ( TRIFR ) for Renison decreased from 18.7 to 16.7 at the end of the quarter and reflects the continued emphasis placed on quality safety interactions , and the identification , control , and management of hazards with particular attention on supervisors understanding and implementation of risk management procedures . The Company had no reportable incidents at its Wingellina operations and maintains a TRIFR of zero . A number of engineering initiatives are underway at Renison to sustain environmental performance including updating the Rentails Feasibility Study to consider a number of alternative fuels , including the use of Hydrogen . The Company donated a vehicle to the widow of our indigenous liaison officer who passed away during the quarter . The JV is commencing an update of the rehabilitation plan for the Mt Bischoff operations . This includes an evaluation as to reopening the mine to recover the remaining ore in parallel to implementing a progressive rehabilitation of the area . Discussions have been held with the relevant government authorities as to the final scope of required rehabilitation . COVID - 19 There have been no cases of COVID - 19 within the Metals X or Renison workforce , nor any significant disruption to operations or critical supplies . In support of the nationwide vaccine rollout , the Company has offered financial support to all employees who wish to get fully vaccinated . On 3 August 2021 , the Company announced that it had received confirmation that the Malaysian Smelter Corporation ( MSC ) has recommenced operations following the Malaysian Government imposed lockdown.1 CORPORATE HIGHLIGHTS During the quarter , the Thailand Smelting and Refining Co. Ltd ( Thiasarco ) agreed to accept additional shipments and agreements for the sale of tin were executed with Yunnan Tin China ( YTC ) for August , September , and October 2021 . By quarter end , the MSC had materially paid for all outstanding shipments and as a result , the Company recommenced new shipments of tin concentrate on 30 September 2021 . On 8 July 2021 , the Company announced it had received payment of $ 11.0 million as settlement of the Conditional Copper Price Payment pursuant to the Mt Gordon Sale Agreement.² The loan facility with Asia Cheer Trading Limited ( ACT ) paid in full during the quarter . Closing cash for the quarter increased by $ 8.2 million to $ 21.6 million . The Company has continued to advance 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 . 1 Refer ASX Announcement : 3 August 2021 , Renison Tin Concentrate Update . 2 Refer ASX Announcement : 8 July 2021 , Mt Gordon Copper Payment . 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 in ABN 25 110 150 055 www.metalsx.com.au