Interim report
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2026 Consolidated Financial Report For the Half-Year Ended 30 June 2026
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Page | 1 Contents Corporate Directory 2 Appendix 4D 3 Directors’ Report 4 Consolidated Statement of Comprehensive Income 14 Consolidated Statement of Financial Position 15 Consolidated Statement of Cash Flows 16 Consolidated Statement of Changes in Equity 17 Notes to the Consolidated Financial Statements 18 Directors’ Declaration 28 Auditor’s Independence Declaration 29 Independent Auditor’s Review Report 30
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Page | 2 Corporate Directory DIRECTORS Mr Peter Gunzburg (Independent Non-Executive Chairman) Mr Brett Smith (Executive Director) Mr Grahame White (Independent Non-Executive Director) Mr Patrick O’Connor (Independent Non-Executive Director) COMPANY SECRETARY Ms Natalie Teo KEY MANAGEMENT Mr Daniel Broughton (Chief Financial Officer) SHARE REGISTRY Computershare Investor Services Pty Ltd Level 17, 221 St Georges Terrace Perth WA 6000 GPO Box 242 Melbourne VIC 3001 Phone: (within Australia) 1300 850 505 Phone: (outside Australia) +61 8 9323 2000 Facsimile: +61 8 9323 2033 REGISTERED OFFICE Echelon Building Unit 202, Level 2 77 South Perth Esplanade South Perth WA 6151 Phone: +61 8 9220 5700 E-mail: reception@metalsx.com.au Website: www.metalsx.com.au ACN: 110 150 055 SECURITIES EXCHANGE Australian Securities Exchange Central Park 152-158 St Georges Terrace Perth WA 6000 Code: ASX: MLX DOMICILE AND COUNTRY OF INCORPORATION Australia
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APPENDIX 4D FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 3 This Appendix 4D is presented by Metals X Limited (Metals X or the Company) in respect of the Company and its controlled entities (together the Group or the Consolidated Entity). It is to be read in conjunction with the 31 December 2025 Annual Financial Report and Directors’ Report. Current period The current period is the half-year ended 30 June 2026 (the Reporting Period). Previous corresponding period The previous corresponding period is the half-year ended 30 June 2025. Results for announcement to the market Consolidated 6 months to 30 Jun 2026 $’000 6 months to 30 Jun 2025 $’000 Movement $’000 Movement % Revenue $204,729 $147,539 $57,190 38.76% Cost of sales ($81,387) ($83,833) $2,446 (2.92%) Profit after tax for the Reporting Period from continuing operations $103,905 $52,948 $50,957 96.24% Profit after tax attributable to equity holders of the Company $103,905 $52,948 $50,957 96.24% Dividends The Directors do not propose to pay any dividend for the half-year ended 30 June 2026. Net tangible assets per security Net tangible assets per security: $0.72 (31 December 2025: $0.60). Associates and joint venture entities The Company owns a 50% participating interest in the Bluestone Mines Tasmania Joint Venture Pty Ltd ( BMTJV), through which the Group conducts its 50% share of the Renison Tin Operation (Renison). At 30 June 2026, the Group held the following interests in associates: • First Tin Plc (First Tin) (LSE:1SN): 29.95% • Stellar Resources Limited (Stellar Resources) (ASX:SRZ): 16.39% • Elementos Limited (Elementos) (ASX:ELT): 15.91% • NICO Resources Limited (NICO Resources) (ASX:NC1): 7.43% • Tanami Gold NL (Tanami Gold) (ASX:TAM): 2.93% The Group’s aggregate share of the net loss of associates for the Reporting Period was $0.84 million and its share of their o ther comprehensive income was $0.21 million (refer to Note 8 of the notes to the consolidated financial statements). Control gained or lost over entities during the period No entities were acquired or disposed of, and the Group did not gain or lose control over any entities, during the Reporting Period. Audit status This report is based on the consolidated financial report for the Reporting Period, which has been reviewed by the Company’s independent auditor and is not audited. The Independent Auditor’s Review Report, which does not contain any modification, is included in the accompanying consolidated financial report. Commentary on results for the Reporting Period A commentary on the results for the Reporting Period is contained within the directors’ report that accompanies this announcement.
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DIRECTORS’ REPORT Page | 4 The Directors present their report together with the consolidated financial report of Metals X Limited ( Metals X or the Company) and its controlled entities (together the Group or the Consolidated Entity) for the half-year ended 30 June 2026 (the Reporting Period) and the Independent Auditor’s Review Report thereon. 1. Directors The names of the Company’s Directors in office during the Reporting Period and until the date of this report are set out below. Directors were in office for this entire Reporting Period unless otherwise stated. Name Position Date of Appointment Peter Gunzburg Independent Non-Executive Chairman 10 July 2020 Brett Smith Executive Director 2 December 2019 Grahame White Independent Non-Executive Director 10 July 2020 Patrick O’Connor Independent Non-Executive Director 24 October 2019 2. Nature of operations and principal activities The Company is a limited liability company and is domiciled and incorporated in Australia. The Company owns a 50% participating interest in the Renison Tin Operation ( Renison) through its 50% stake in the Bluestone Mines Tasmania Joint Venture Pty Ltd (BMTJV). Renison is located 15km north-east of Zeehan, on Tasmania’s west coast. The principal activities of the Group during the Reporting Period were: • investment in a joint venture company operating a tin mine in Australia; and • investments in companies undertaking exploration and development of tin, gold and base metals projects in Australia and Europe. There have been no significant changes in the nature of the Company’s activities during the Reporting Period. 3. Financial results overview This financial results overview is for the Reporting Period. The comparative reporting period is the half-year ended 30 June 2025. Financial Results 30 Jun 2026 $’000 30 Jun 2025 $’000 Movement % (i) Revenue 204,729 147,539 38.76% (ii) Cost of sales (81,387) (83,833) (2.92%) (iii) Other income 8,427 6,687 26.02% (iv) Fair value gain on financial assets 594 6,128 (90.31%) (v) Income tax expense (24,696) (20,228) 22.09% Cash flows from operating activities 126,515 64,274 96.84% (vi) Cash flows used in investing activities (43,937) (51,758) (15.11%) Cash flows used in financing activities (2,186) (2,282) (4.21%) i. Revenue is generated from the Company’s 50% participating interest in BMTJV. During the Reporting Period, Metals X sold 3,048 tonnes (50% share) of tin -in-concentrate (30 June 2025: 3,191 tonnes) to its tin customers. The average LME 3-month tin price for the period was US$50,453 per tonne (30 June 2025: US$32,194 per tonne).1 ii. Cost of sales for the Reporting Period comprised mining and processing costs, salaries and wages, royalty expense, inventory movements, and depreciation and amortisation. Cost of sales decreased 2.92%, primarily due to a favourable $12.65 million movement in tin inventory and ore stockpiles (a $0.40 million reduction to cost of sales this period, compared with a $12.25 million increase in the prior period). This more than offset higher mining, processing and labour costs, reflecting the 10.47% increase in tin production, and higher royalty e xpense, reflecting increased tin prices. Fluctuations in inventory levels and values are a normal aspect of Renison operations. iii. Other income primarily represents interest earned on 90-day term deposits and cash held at call, together with coupon interest received in cash on the convertible notes issued by Cyprium Metals Limited (Cyprium). 1 Source: London Metal Exchange, https://www.lme.com/.
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DIRECTORS’ REPORT Page | 5 iv. The net fair value gain of $0.59 million comprises three items: a $1.26 million loss on the Company’s four convertible notes issued by Cyprium; a $0.80 million loss on the Cyprium options exercised during the Reporting Period and the resulting Cyprium shares held at balance date; and a $2.65 million gain on the Company’s shares in Greentech Technology International Limited (Greentech). Refer to Note 7 of the notes to the consolidated financial statements for valuation details and key assumptions. v. The Company has recognised an income tax expense of $24.70 million (30 June 2025: $20.23 million), representing an effective tax rate of 19.2% against the statutory rate of 30%. The lower effective rate reflects the recognition of a $17.13 million deferred tax asset for previously unrecognised transferred revenue tax losses (30 June 2025: $2.09 million), partly offset by a $2.99 million adjustment in respect of prior- year current income tax (refer to Note 15 of the notes to the consolidated financial statements). vi. Investing cash flows includes $22.70 million of payments for investments in associates, comprising an $18.35 million investment in Stellar Resources Limited (Stellar Resources), $2.28 million in Elementos Limited (Elementos) and $2.07 million in Tanami Gold NL ( Tanami Gold), together with a payment of $1.42 million to exercise 4.06 million Cyprium options. Investing cash flows also included the Company’s 50% share of capital expenditure by BMTJV, totalling $20.33 million for property, plant and equipment and mine properties and development. 4. Review of operations The Company owns a 50% participating interest in Renison through its 50% stake in BMTJV. All data in this review of operations is 100% of Renison unless stated as ‘Metals X’s 50% share’. Renison is one of the world’s largest operating underground tin mines and Australia’s largest primary tin producer. Renison is the largest of three major skarn, carbonate replacement, pyrrhotite-cassiterite deposits within western Tasmania. Renison is situated in the Dundas Trough, a province underlain by a thick sequence of Neoproterozoic-Cambrian siliciclastic and volcaniclastic rocks. At Renison, there are three main shallow-dipping dolomite horizons which host replacement mineralisation. The major struc ture associated with tin mineralisation at Renison, the Federal Basset Fault, was formed during the forceful emplacement of the Pi ne Hill Granite during the Devonian and is also an important source of tin mineralisation. The Renison strategy is to grow its Ore Reserves, net of mining depletion, to sustain mine life and to deliver higher cash ma rgins through increased mining rates, grade and recovery, while continuing to pursue productivity improvements and cost reductions. Health and safety performance Renison reported four recordable injuries (30 June 2025: six). The overall Renison safety performance improved significantly, with the rolling 12-month Lost Time Injury Frequency Rate (LTIFR) reducing to 0.8 (30 June 2025: 3.5). Safety initiatives undertaken at Renison include: • Continued implementation and communication of the Safety Reset Action Plan across site; • Manual handling and hazard awareness training delivered across the workforce, together with the Blue Shirt Project under which staff were trained in mental health first aid; and • A review and update of the emergency management document suite, supported by further training for the Incident Management Team and Crisis Management Team, including scenario-based exercises. Renison production performance summary Renison achieved a total tin -in-concentrate production of 5,696 tonnes for the Reporting Period (30 June 2025: 5,156 tonnes), a 10.47% increase on the previous corresponding period driven by higher grades of ore processed. The Renison plant has maintained strong operational performance with mill recovery averaging 79.39% for the Reporting Period (see Table 1).
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DIRECTORS’ REPORT Page | 6 Table 1 – Renison operation performance (100% basis) Physicals Unit 6 months to 30 Jun 2026 6 months to 30 Jun 2025 Movement Movement (%) Ore mined t ore 413,708 353,422 60,286 17.06% Grade mined % Sn 1.60% 1.52% 0.08% 5.26% Ore processed t ore 344,099 344,975 (876) (0.25%) Grade of ore processed % Sn 2.09% 1.86% 0.23% 12.37% Mill recovery % 79.39% 80.32% (0.93%) (1.16%) Tin produced t Sn 5,696 5,156 540 10.47% Renison production commentary • Mining focused on developing Area 5, Central Federal Basset (CFB ), and Leatherwood for a total of 3,157 metres of development (30 June 2025: 2,873 metres). Development of the Area 5 and Leatherwood declines progressed 356 metres (30 June 2025: 427 metres). Stope production came from Area 5, CFB and Leatherwood with 328, 519 tonnes of ore coming from stopes (30 June 2025: 280,964 tonnes) and 85,189 tonnes of ore coming from development (30 June 2025: 72,458 tonnes). • Grade mined improved to 1.60% (30 June 2025: 1.52%), reflecting access to higher-grade stopes in the mining sequence. • Higher grades of ore processed (2.09%, up 12.37% on the previous corresponding period) more than offset marginally lower mill throughput and recovery, delivering higher tin production. Mill recovery averaged 79.39% (30 June 2025: 80.32%), reflecting feed m ineralogy and transitional processing issues. These included higher magnetite loads and the retreatment of high-magnetite ore during commissioning of the new magnetic separation unit; low-sulphur ore affecting tin flotation stability; elevated calcium leve ls impacting pH control; and limited blending opportunities due to stope sequencing. • Further details about Renison’s production performance can be obtained from the Company’s quarterly announcements available at https://www.metalsx.com.au/quarterly-reports/ . Capital project update Key activities during the Reporting Period included: • Mine Dewatering Major progress continued with the installation of the mine dewatering pumping system, with mechanical and electrical installations at the 1900 and 1525 pump stations now practically complete. Geotechnical issues continued to impact the overall project sche dule, particularly the re -support of the legacy 1900 pump station dams and the water supply line from the 1950 level. Construction of the 1525 Underground Dam was completed, with suction pipework and strainers installed. Preparation for the construction of the 1087 vertical dam progressed following a dam redesign to improve constructability after a geotechnical review of the keyway ground conditions, with early contractor engagement continuing and site preparation underway. Site works for the installation of the new Power Feeders 6 and 7 continued, with Feeder 6 now installed and in full service, connected from the surface high voltage switchyard down to the 1121 level, 1,000 metres underground. • Underground Projects Procurement for the Winder Control System upgrade is complete, with the E-house delivered to site in early Q3 CY2026 following satisfactory factory acceptance testing. The next stage of equipment deliveries is scheduled for Q4 CY2026, with site installation works planned for Q1 CY2027, requiring a hoist shutdown of four to six weeks. Procurement for the underground Power Factor Correction system progressed, with the first stage of equipment site deliveries scheduled for October 2026. Installation of the new underground fibre-optic network continued, with the new data backbone now complete to the Leatherwood mining area and to be extended to Area 5. The hoist and underground crusher have been transferred to the new network, improving the reliability and connectivity of this critical infrastructure. Design for the new Leatherwood Return Airway fan progressed, with mining of the fan chamber commenced and tendering for fan procurement and electrical design services to be completed in Q3 CY2026.
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DIRECTORS’ REPORT Page | 7 • Surface Projects The new Mill Pond Tank #2 was commissioned and placed into service, completed on time and on budget, and the refurbishment of Mill Pond Tank #1 was also successfully completed, mitigating the significant business risk posed by the old tanks. Installation of the High Voltage Switchgear for Feeder 6 was successfully completed during the site-wide power outage in March 2026. A comprehensive upgrade of the surface fire hydrants was successfully completed, mitigating this legacy risk to the surface infrastructure. The electrical demolitions and asbestos removal within the redundant Heavy Medium Separation plant were successfully completed, mitigating these hazards and de-risking the future demolition project. Other site-wide improvement projects progressed, including ongoing removal of asbestos across the mill and surface infrastructure, removal of redundant services, pedestrian segregation initiatives, shower block upgrades, camp accommodation improvements, and site road maintenance. Renison benchmarking reviews BMTJV completed two independent benchmarking reviews of the Renison operation, covering the mining operation, processing and maintenance performance. The reviews confirmed the operation is fundamentally sound and well run, with mining unit costs and workforce levels in line with a peer group of comparable Australian underground operations. The reviews identified improvement opportunities in haulage and development utilisation, tin recovery, cost control and maintenance effectiveness, with scope for improved headline mine performance within the existing fleet and cost base. The benchmark findings and proposed work programs were presented to the BMTJV Committee, with prioritised improvement work packages planned for H2 CY2026. Rentails project The Environmental Impact Statement ( EIS) for the Rentails Project ( Rentails) was submitted to the Tasmanian Environment Protection Authority ( EPA), and preliminary feedback has been received. Further work is underway to address the technical queries raised, including additional water modelling and refinement of the offset strategy. In parallel, the Public Environme nt Report ( PER) was lodged with the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW). The Project Team is progressing the Concentrator front -end engineering and design ( FEED) and the required permitting -related work, with expected completion of both streams of work in late CY2026. Key project activities continued to progress and included: • GR Engineering Services (GRES) nearing completion of the Concentrator Package, with all process design now finalised and the remaining balance of design 80% complete; • Award and mobilisation of the Integrated Engineering Package ( IEP) to project engineering and construction management consultancy, Ammjohn Solutions. The IEP encompasses detailed design and project management of the remaining infrastructure requirements; and • Award of Early Contractor Involvement Packages for the proposed E Dam tailings storage facility and the Construction Village to civil engineering contractors Shaw Contracting and DECMIL, respectively. Near mine exploration A total of 2,820 metres of surface exploration drilling was completed during the Reporting Period with: • 510 metres finalising the Ringrose –Acacia exploration program, following which drilling in this area transitioned to resource definition; • 702 metres on the Western Hills Government Exploration Drilling Grant Initiative (EDGI ) heli-drill program, which was abandoned after the wedge hole failed; and • 1,608 metres on the North-West Federal drill program. In addition to surface exploration drilling, 26,128 metres of underground resource definition and grade control drilling was completed across the South Basset, Area 5 and Leatherwood mining areas, and 6,279 metres of surface resource development drilling was completed at the Ring River and Ringrose sites. The Renison South Fixed Loop Electromagnetic (FLEM ) survey, which commenced in Q4 CY2025, was completed early in the Reporting Period, with a total of 42 line-kilometres surveyed across 13 loops. The final conductor models and report were received during the Reporting Period, identifying several significant areas of interest.
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DIRECTORS’ REPORT Page | 8 Soil sampling along the FLEM survey lines was completed and all assays were received. A preliminary review of the assay resul ts shows anomalous results correlating with some of the areas highlighted by the FLEM survey. Interrogation of the conductor models and soil results is underway, along with drill hole planning. A 28 -hole, 12 -loop downhole electromagnetic (DHEM ) survey covering the Ringrose, Ring River, Argent Dam and North -West Federal prospects was completed with preliminary conductor models received and the final models and report expected in Q3 CY2026. Track cutting for the northern exploration leases ridge and spur soil sampling program continued, with 23.8 kilometres of the planned 32 kilometres completed and 118 of the planned 350 hand-auger soil samples collected. This program is expected to be completed by Q4 CY2026. Further information about the drill programs can be obtained from the Company’s quarterly announcements available at https://www.metalsx.com.au/quarterly-reports/. Mount Bischoff project The Mount Bischoff mine is progressing towards rehabilitation and closure, subject to regulatory approval of its updated Mine Closure Plan. Activities during the Reporting Period focused on closure planning and preparatory works, in line with updated regulatory expectations and independent technical review outcomes. A progress meeting was held with the regulators on site, at which positive feedback was received, and the final design and Mine Closure Plan were completed. The Mine Closure Plan is expected to be submitted to the EPA for approval during Q3 CY2026. Metals X maintains strict compliance with all environmental licences, with no material breaches reported. The Group actively monitors performance indicators and regularly reports on milestones achieved under the closure plan through ASX quarterly updates. Renison mineral resource update Metals X announced its 2026 Mineral Resource update for Renison2, incorporating data up to 31 March 2026 and recent drilling at Ringrose. The update increased Renison Mineral Resource to 21.8 Mt grading 1.38% Sn for 300,300 tonnes of contained tin (100% basis), up from 20.8 Mt grading 1.40% Sn for 291,800 tonnes of con tained tin at 31 March 2025, a 2.9% increase in contained tin, net of mining depletion for the twelve months to 31 March 2026. Ringrose, first included in the 2025 Mineral Resource update for Renison, contributes 11,800 tonnes of contained tin available for inclusion in the Life-of-Mine Plan (LOMP). Measured and Indicated Resource tonnage increased by 1,150 kt with a 7% increase in tin tonnes to 264,100 tonnes of contained tin, while Inferred Resource tonnage decreased by 200 kt and tin content decreased by 19% to 36,000 tonnes of contained tin. Underground resource definition and grade control drilling has continued, providing support for future mine planning. Renison ore reserve and life of mine update Metals X announced its updated 2025 Renison Ore Reserve 3 highlighting a Reserve mine life of approximately 9 years (10.9 years under the LOMP schedule including Inferred material) with the bulk of ore mined from the high -grade Area 5, Leatherwood and CFB ore bodies. Total Renison Bell Proved and Probable Ore Re serve as at 31 March 2025 is 7.505 Mt at 1.37% Sn for 102,720 tonnes of contained tin (includes 2.46 Mt in Proved and 5.05 Mt in Probable Ore Reserves). The 2026 Renison LOMP and 2026 Ore Reserve statement are both expected to be completed in Q3 CY2026. Competent person and compliance statement The information in this report that relates to the Renison Mineral Resource was first announced on 29 June 2026 and the Renis on Ore Reserve on 17 November 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that the material assumptions and technical parameters underpinning the Renison Mineral Resource and Ore Reserve continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the previous market announcements. 2 Refer ASX announcement 29 June 2026: 2026 Renison Mineral Resource Update. The Renison Mineral Resource of 21.8 Mt at 1.38% tin for 300.3 kt of contained tin is comprised of 3.7 Mt Measured Resources at 1.73% tin for 64.1 kt of contained tin, 14.9 Mt Indicated Resources at 1.34% tin for 200.1 kt of contained tin and 3.1 Mt Inferred Resources at 1.15% tin for 36.0 kt of contained tin. 3 Refer ASX announcement 17 November 2025: Renison Ore Reserve Update.
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DIRECTORS’ REPORT Page | 9 5. Environmental, Social and Governance The Company owns a 50% participating interest in Renison, through its 50% stake in BMTJV, which is subject to the relevant environmental protection legislation (Commonwealth and State legislation). The Group holds various environmental licences issued under these laws, to regulate its mining and exploration activities in Australia. These licences include conditions and regulations in relation to specifying limits on discharges into the air, surface water and groundwater, rehabilitation of are as disturbed during mining and exploration activities and the storage of hazardous substances. The Board retains overall responsibility for the Group’s Environmental, Social and Governance ( ESG) performance and is committed to operating in a manner that contributes to the sustainable development of mineral resources through efficient, balanced, long-term management, while showing due consideration for the well -being of people, protection of the environment, and development of the local community. The Group recognises its responsibility for minimising the impact of its activities on, and protecting, the environment. The Group is committed to developing and implementing sound practices in environmental design and management, and actively operates to: • work within the legal permitting framework and operate in accordance with our environmental management systems; • identify, monitor, measure, evaluate and minimise our impact on the surrounding environment; • give environmental aspects due consideration in all phases of the Group’s mining projects, from exploration through to development, operation, production, and final closure; and • act systematically to improve the planning, execution, and monitoring of its environmental performance. The Company has established an ESG Reporting framework consisting of five commitments developed “ with reference to ” the Global Reporting Initiative (GRI) Standards (Foundation 2021) (GRI Standards), which have been endorsed by the Board. The Company’s Commitments have been developed in consideration of similar frameworks developed by other companies in Australia and abroad: 1. Stakeholder Engagement – Involve all our Stakeholders 2. Protect the Environment – Through our Investment, Stewardship, and Consultation 3. Social Impact – Contribute to Local Communities and Development 4. Grow with People – Through Cooperation and Participation 5. Business Integrity – Transparent and Responsible Supply Chain Australia's climate -related financial disclosure regime, based on the standards developed by the International Sustainability Standards Board (ISSB), is now law. Under Chapter 2M of the Corporations Act 2001, entities meeting prescribed thresholds must prepare an annual sustainability report containing climate -related financial disclosures in accordance with AASB S2 Climate - related Disclosures, with the requirements phased in across three reporting cohorts for financial years commencing on or after 1 January 2025. Metals X is a second cohort (Group 2) reporting entity, to which the requirements first apply for financial years commencing on or after 1 July 2026. The Company will accordingly prepare its first sustainability report under AASB S2 for the financial year ending 31 December 2027, for release with the 2027 Annual Report. Preparations for this reporting are advanced. In the meantime, the Company continues its voluntary ESG reporting developed “with reference to” the GRI Standards; the Company's 2025 ESG Report was released with the 31 December 2025 Annual Report on 25 March 2026 and is available on the Company's website at https://www.metalsx.com.au/environment-social-and-governance/. 6. Corporate Business strategy, prospects and capital allocation Metals X is Australia's premier tin producer. The Company's strategy centres on maximising the value of its 50% participating interest in Renison through sustained investment in mine life, productivity and near mine exploration, progressing Rentails towards FID, and maintaining a portfolio of strategic investments across the tin development pipeline, including First Tin Plc (First Tin), Stellar Resources and Elementos. The principal focus of the Company is tin; however, the Board has reviewed and will continue to review analogous base metal and gold opportunities that possess geological similarities or geographical synergies and continues to evaluate potential acquisitions both domestically and internationally. During the Reporting Period the Company invested $18.35 million in Stellar Resources, $2.28 million in Elementos and $2.07 million in Tanami Gold, and retains the capacity to selectively support the advancement of investee tin development assets where this is value accretive and strategically aligned. Rentails represents the principal nearer term call on the Company's cash. With the Concentrator FEED targeted for completion in late CY2026 and a FID requiring unanimous approval by the BMTJV in CY2027, the Company is maintaining a conservative, debt free balance sheet, with cash and cash equivalents of $374.0 million at 30 June 2026, to ensure it can meet its share of Rent ails
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DIRECTORS’ REPORT Page | 10 development capital while preserving an appropriate liquidity buffer and retaining the optionality to make potential investments into its existing tin portfolio. The Board recognises the importance of returns to shareholders and takes a balanced approach to capital allocation across funding Rentails, preserving flexibility for growth opportunities, including potential investments into the Company's existing tin portfolio and in respect of its existing strategic holdings, and capital management initiatives. The Board continues to regularly review such initiatives, including the potential introduction of dividends and/or on -market share buy -backs as project commitments and market conditions permit, and is monitoring the Company's franking credit balance so that any future distribution framework can efficiently deliver fully franked returns. On-market share buy-back The on-market share buy-back was extended for 12 months from 21 March 2025. No shares were repurchased or cancelled under the share buy-back prior to it lapsing on 20 March 2026. Investments – convertible notes and shares Greentech As at the date of this half -year report, Greentech is an investment holding company listed on The Stock Exchange of Hong Kong (HKSE) (HKSE:00195) focused on the exploration, development, and mining of tin and copper-bearing ores. Trading in Greentech shares is currently suspended. Greentech’s interest in Renison is held through a chain of subsidiaries. Parksong Mining and Resource Recycling Limited, a wholly -owned subsidiary of Greentech, holds an 82% interest in Yunnan Tin Hong Kong (Holding) Group Co., Limited ( YTHK), with the remaining 18% interest held by Yunnan Tin Group (Holding) Company Limited ( Yunnan Tin PRC). YTHK wholly owns YT Parksong Australia Holdings Pty Ltd ( YT Parksong ). YT Parksong and Metals X each hold a 50% participating interest in BMTJV, which is the holder of the assets that comprise Renison in Tasmania, . Metals X holds 42,417,600 Greentech shares, representing approximately 3.11% of the Greentech shares on issue, acquired under the Company’s July 2025 partial offer for a total investment of $2.91 million. During the Reporting Period, Greentech announced it had received a letter from the HKSE stating that the HKSE Listing Committee had decided to cancel the listing of Greentech’s shares under Listing Rule 6.01A, as Greentech had not fulfilled all of the resumption guidance , and that Greentech had lodged a written request for the decision to be reviewed by the Listing Review Committee. Subsequent to the Reporting Period, on 12 August 2026, the Listing Review Committee upheld the decision to cancel Greentech’s listing. On 19 August 2026, it was announced that the last day of listing of Greentech’s shares will be 21 August 2026, with the listing to be cancelled with effect from 24 August 2026. Two competing voluntary cash partial offers for shares in Greentech were announced during the Reporting Period: o On 29 May 2026, Geo Environ (HK) Investment Limited ( Geo Environ ) announced a pre -conditional partial offer 4 to acquire up to 220,000,000 Greentech shares (approximately 16.11% of Greentech’s issued shares) at HK$0.25 per share, which was declared unconditional on 8 June 2026. o On 15 June 2026, Yellowstone International Limited ( Yellowstone) announced a competing partial offer 5 to acquire up to 230,000,000 Greentech shares (approximately 16.84% of Greentech’s issued shares) at HK$0.40 per share, and obtained the necessary consent and waiver from the Takeovers Executive on 29 June 2026. 6 Both offer prices were subsequently increased after balance date. For these and other events occurring after balance date, including the closure of the Geo Environ offer , refer to Section 7 of this Directors’ Report and Note 18 of the notes to the consolidated financial statements. The Greentech shares are measured at fair value at 30 June 2026; refer to Note 7 of the notes to the consolidated financial statements for valuation details and key assumptions. Further details are available from Greentech’s HKSE releases. 4 Greentech Technology International Limited (HKSE: 00195), Announcement: Pre-Conditional Voluntary Cash Partial Offer by Geo Environ (HK) Investment Limited, 29 May 2026. 5 Greentech Technology International Limited (HKSE: 00195), Announcement: Pre-Conditional Voluntary Cash Partial Offer by Yellowstone International Limited, 15 June 2026. 6 Greentech Technology International Limited (HKSE: 00195), Announcement: Pre-conditional voluntary cash partial offer by Quam Capital Limited for and on behalf of Yellowstone I nternational Limited to acquire up to 230,000,000 shares in G reentech Technology International Limited (other than those already owned by Yellowstone International Limited and parties acting in concert with it) satisfaction of pre-conditions, 29 June 2026.
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DIRECTORS’ REPORT Page | 11 First Tin Metals X holds 162,309,524 shares representing 29.95% of First Tin’s issued share capital. The Company’s total investment in First Tin to date is £8.58 million (approximately A$16.87 million). At 30 June 2026, the closing price of First Tin shares wa s £0.105 per share (approximately A$0.20 per share). The acquisition provides exposure to First Tin’s advanced permitting, low-risk Australian tin project, with Metals X represented on First Tin’s board by its nominees, Peter Gunzburg and Brett Smith. The investment in First Tin is presented as an investment in associates in Note 8 of the notes to the consolidated financial statements. Further details on the activities of First Tin are available from their website www.firsttin.com. Stellar Resources At 30 June 2026, Metals X holds 555,751,515 shares in Stellar Resources, representing 16.39% of its issued share capital. The shares were acquired during the period for a total investment of $18.35 million, comprising a $17.00 million private placemen t subscription for 515,151,515 fully paid ordinary shares at $0.033 per share7, together with 40,600,000 shares acquired on-market for a total of $1.35 million. This investment provides Metals X with exposure to Stellar Resources’ Heemskirk Tin Project in western Tasmania, located near Renison, with a Pre-Feasibility Study expected to be completed in Q3 CY2026. Metals X has nominated Brett Smith to the Stellar Resources board. At 30 June 2026, Stellar Resources shares closed at $0.029 per share. The investment in Stellar Resources is presented as an investment in associates in Note 8 of the notes to the consolidated financial statements. Further details on the activities of Stellar Resources are available from their ASX releases. Subsequent to the end of the Reporting Period, Stellar Resources completed a consolidation of its issued capital on a 1 -for-10 basis, effective 20 July 2026. Elementos Metals X holds 69,088,292 Elementos shares, representing 15.91% of Elementos’ issued share capital (31 December 2025: 60,927,673 shares, representing 18.30%). During the Reporting Period, Metals X invested a further $2.28 million in Elementos through participation in its entitlement offer. Metals X’s total investment in Elementos to date is $7.84 million (31 December 2025: $5.55 million). At 30 June 2026, Elemen tos shares closed at $0.365 per share. This investment provides Metals X with the opportunity to participate in a global pipeline of developing tin projects, allowi ng the Company to contribute its operational expertise to support their advancement. Metals X has nominated Brett Smith and Daniel Broughton to the Elementos board. The investment in Elementos is presented as an investment in associates in Note 8 of the notes to the consolidated financial statements. Further details on the activities of Elementos are available from their ASX releases. Cyprium Metals X previously announced that the terms of the $36.00 million in convertible notes were amended and agreed with Cyprium. 8 The key revised terms of the convertible notes, presented on a post 1-for-10 share consolidation basis following the consolidation of Cyprium shares announced on 22 October 2025, are as follows: • a three-year maturity extension to 31 March 2028; • a $5.00 million amendment fee which was paid in two equal instalments of $2.50 million each during CY2024; • at maturity, the convertible notes can be converted by Metals X at a conversion price of $0.35 (Conversion Price); 7 Refer ASX Announcement 30 April 2026: Investment in Stellar Resources Limited 8 Refer ASX Announcement 22 August 2024: Update on Cyprium convertible notes.
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DIRECTORS’ REPORT Page | 12 • the convertible notes can be redeemed early at each quarter end at Cyprium’s option through payment equal to 115% of their face value (Early Redemption). In the event of an E arly Redemption, Metals X can at its sole option select to take repayment by being issued Cyprium shares at the Conversion Price rather than receiving cash repayment. The amended terms of the convertible notes have been set such that upon an E arly Redemption, Metals X will be able to elect to take consideration of a maximum of 20 million shares, with the balance to be paid in cash; • a coupon of 6% per annum paid in cash semi-annually in March and September; and • on 18 February 2025, Cyprium issued Metals X an additional 4.06 million options, with a two-year expiry and an exercise price set at $0.35. During the Reporting Period, Metals X exercised the 4.06 million options issued by Cyprium, thereby acquiring 4.06 million Cyprium shares at a cost of $1.42 million. At 30 June 2026, Metals X held 4.06 million Cyprium shares with a fair value of $1.83 million. At 30 June 2026, the Cyprium convertible notes were fair valued at $43.94 million (31 December 2025: $45.20 million), representing a fair value loss of $1.26 million recognised in the income statement during the Reporting Period, driven by the lower market price of Cyprium shares used to measure the share component of the early-redemption amount, partially offset by interest accrued on the notes over the three months to balance date. For further details, refer to Note 7: Financial Assets at Fair Value Throu gh Profit or Loss in the Notes to the Financial Statements. Further details on the activities of Cyprium are available from their ASX releases. NICO Resources Metals X holds 9,240,000 shares in NICO Resources Limited (NICO Resources), representing a 7.43% interest in the issued shares of NICO Resources. At 30 June 2026, the closing price of NICO Resources shares was $0.12 per share. Metals X is entitled to a 1.75% net smelter royalty on all metals produced from both the Wingellina Nickel -Cobalt Project and the Claude Hills Project once in production. The investment in NICO Resources is presented as an investment in associates in Note 8 of the notes to the consolidated financial statements. Metals X is represented on the NICO Resources board by its nominee, Brett Smith. Further details on the activities of NICO Resources are available from their ASX releases. Tanami Gold Metals X holds 68,860,000 shares in Tanami Gold, representing approximately 2.93% of the shares on issue (31 December 2025: 34,430,000 shares representing approximately 2.93%). During the Reporting Period, Metals X subscribed in full for its entitlements under Tanami Gold’s fully underwritten 1 -for-1 renounceable entitlement offer, acquiring 34,430,000 new shares at $0.06 per share for a consideration of $2.07 million and maintaining the Company’s interest in Tanami Gold at 2.93% of the expanded issued capital. Metals X’s total investment in Tanami Gold to date is approximately $3.24 million (net of transaction costs). At 30 June 2026, Tanami Gold shares closed at $0.057 per share. The investment in Tanami Gold is presented as an investment in associates in Note 8 of the notes to the consolidated financial statements. Brett Smith is currently the Executive Director of Tanami Gold. Further details on the activities of Tanami Gold are available from their ASX releases. Dividends No dividends were paid to members during the Reporting Period (30 June 2025: Nil). The Directors do not propose to pay any dividend for the Reporting Period.
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Page | 13 DIRECTORS’ REPORT 7. Significant events after balance date Subsequent to 30 June 2026, a number of announcements were made in relation to Greentech, in which the Group holds 42,417,600 shares (approximately 3.11% of Greentech’s issued cap ital). During July 2026, Geo Environ and Yellowstone made competing unconditional partial cash offers for Greentech shares at HK$0.45 9 and HK$0.55 10 per share respectively. Geo Environ's HK$0.45 offer closed on 12 August 2026 with acceptances for 68,606,600 shares, representing approximately 5.02% of Greentech’s issued shares 11; Yellowstone's HK$0.55 offer closed on 26 August 2026 with acceptances for 114,070,700 shares, representing approximately 8.35% of Greentech's issued shares 12. Neither offer was accepted by Metals X and the Company continues to monitor developments. On 12 August 2026, the Listing Review Committee upheld the decision to cancel Greentech’s listing on the HKSE 13. On 19 August 2026, it was announced that the last day of listing of Greentech’s shares will be 21 August 2026, with the listing to be cancelled with effect from 24 August 2026.14 Stellar Resources completed a consolidation of its issued capital on a 1-for-10 basis,15 effective 20 July 2026. Other than the matters noted above, no other matter or circumstance has arisen since 30 June 2026 which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods. 8. Auditor’s independence under Section 307C of the Corporations Act 2001 The Directors have received confirmation from the auditor of Metals X that they are independent of the Com pany. A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 (Cth) is included on page 29 of this report. 9. Rounding The a mounts c ontained i n t his re port a nd i n t he f inancial r eport have b een r ounded t o the n earest thousand d ollars (unless otherwise stated), a nd where noted ($’000) under t he option a vailable t o the C ompany under ASIC Corporations ( Rounding in Financial/Directors’ Report) Instrument 2026/183. The Company is an entity to which the instrument applies. Signed in accordance with a resolution of the Directors. Bre tt Smith Executive Director 28 August 2026 9 Greentech Technology International Limited (HKSE: 00195), Announcement: Revision of Offer Price – Partial Offer by Geo Environ (HK) Investment Limited, 13 July 2026. 10 Greentech Technology International Limited (HKSE: 00195), Announcement: Unconditional Voluntary Cash Partial Offer by Yellowstone International Limited, 23 July 2026. 11 Greentech Technology International Limited (HKSE: 00195), Announcement: Unconditional voluntary cash partial offer by Lego Securities Limited for and on behalf of G eo Environ (hk) investment limited to acquire up to 220,000,000 shares in Greentech technology international limited. (1) Level of acceptance on the closing date and (2) close of the partial offer, 12 August 2026. 12 Yellowstone International Limited, Announcement : Unconditional voluntary cash partial offer by Quam Capital Limited for and on behalf of Yellowstone International Limited to acquire up to 230,000,000 shares in Greentech Technology International Limited (other th an those already owned by Yellowstone International Limited and parties acting in concert with it): (1) level of acceptance on the closing date and (2) close of the partial offer, 26 August 2026. Published on the Securities and Futures Commission of Hong Kong website. 13 Greentech Technology International Limited (HKSE: 00195), Announcement: (1) Decision of the listing review committee; and (2) continued suspension of trading, 12 August 2026. 14 Greentech Technology International Limited (HKSE: 00195), Announcement: Cancellation of listing, 19 August 2026. 15 Refer ASX announcement 12 June 2026: Consolidation/split – SRZ.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 14 Notes 30 Jun 2026 $’000 30 Jun 2025 $’000 Revenue 3 204,729 147,539 Cost of sales (81,387) (83,833) Gross profit 123,342 63,706 Other income 4 8,427 6,687 General and administrative expenses (1,648) (1,839) Finance costs (347) (603) Fair value gain on financial assets 7 594 6,128 Share of loss of associates 8 (844) (682) Rehabilitation costs (923) (221) Profit before tax 128,601 73,176 Income tax expense 15 (24,696) (20,228) Profit after tax for the period from continuing operations 103,905 52,948 Profit after tax attributable to: Equity holders of the Company 103,905 52,948 Other comprehensive income/(loss) (OCI): Items that may be reclassified subsequently to profit or loss Share of other comprehensive income/(loss) of associates 209 (284) Total comprehensive income attributable to: Equity holders of the Company 104,114 52,664 Basic and diluted earnings per share attributable to ordinary equity holders of the Company (cents) Basic and diluted earnings per share (cents) 11.72 5.83
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Page | 15 30 Jun 2026 31 Dec 2025 Notes $’000 $’000 Current assets Cash and cash equivalents 373,998 293,606 Trade and other receivables 5 31,961 36,473 Inventories 6 29,791 29,488 Prepayments 2,918 1,732 Convertible notes receivable 7 2,160 2,160 Total current assets 440,828 363,459 Non-current assets Other receivables 5 4,303 4,728 Other financial assets 7 4,478 1,202 Convertible notes receivable 7 41,779 43,040 Investment in associates 8 43,864 21,796 Property, plant and equipment 9 88,368 85,840 Mine properties and development costs 10 98,698 93,166 Exploration and evaluation expenditure 5,719 5,278 Deferred tax asset 15 10,722 - Total non-current assets 297,931 255,050 Total assets 738,759 618,509 Current liabilities Trade and other payables 11 22,210 17,091 Contract liability 12 4,293 - Current tax payable 32,519 23,481 Provisions 13 7,895 8,258 Interest bearing liabilities 14 1,003 2,849 Total current liabilities 67,920 51,679 Non-current liabilities Provisions 13 34,095 32,101 Interest bearing liabilities 14 97 436 Deferred tax liability 15 - 1,760 Total non-current liabilities 34,192 34,297 Total liabilities 102,112 85,976 Net assets 636,647 532,533 Equity Issued capital 16 311,262 311,262 Accumulated profits 325,522 221,617 Share of other comprehensive loss of associates (137) (346) Total equity 636,647 532,533
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 16 30 Jun 2026 $’000 30 Jun 2025 $’000 Cash flows from operating activities Receipts from customers 215,518 125,011 Payments to suppliers and employees (68,494) (66,778) Interest received 7,778 6,261 Other receipts 8 24 Interest paid (154) (244) Income taxes paid (28,141) - Net cash flows from operating activities 126,515 64,274 Cash flows from investing activities Payments for property, plant and equipment (7,879) (2,912) Payments for mine properties and development (12,450) (13,862) Payments for exploration and evaluation (440) (2,325) Payment for investment in associates (22,703) (5,000) Payment for exercise of options (1,421) - Payment of deposit to finance the Greentech partial offer - (28,000) Proceeds from sale of property plant and equipment 1 30 BMTJV loan repayments 955 311 Net cash flows used in investing activities (43,937) (51,758) Cash flows from financing activities Payment of lease and hire purchase liabilities (2,186) (2,282) Net cash flows used in financing activities (2,186) (2,282) Cash at the beginning of the period 293,606 220,644 Net increase in cash and cash equivalents 80,392 10,234 Cash and cash equivalents at the end of the period 373,998 230,878
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 17 Issued capital $’000 Accumulated profits $’000 Share based payments reserve1 $’000 Share of other comprehensive income/(loss) of associates $’000 Total equity $’000 At 1 January 2025 311,262 89,197 27,815 (500) 427,774 Profit for the period - 52,948 - - 52,948 Share of other comprehensive (loss) of associates - - - (284) (284) At 30 June 2025 311,262 142,145 27,815 (784) 480,438 At 1 January 2026 311,262 221,617 - (346) 532,533 Profit for the period - 103,905 - - 103,905 Share of other comprehensive income of associates - - - 209 209 At 30 June 2026 311,262 325,522 - (137) 636,647 1During the year ended 31 December 2025, the balance of the share based payments reserve of $27.82 million was transferred to accumulated profits. The transfer was a reclassification within equity and had no impact on total equity or profit for that period. Further details are set out in the Company’s annual financial report for the year ended 31 December 2025.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 18 1. Corporate information The consolidated financial report of Metals X Limited (Metals X or the Company) and its controlled entities (together the Group or the Consolidated Entity) for the half-year ended 30 June 2026 (the Reporting Period) was authorised for issue in accordance with a resolution of the Directors on 28 August 2026. The Company is incorporated and domiciled in Australia and is a for profit company limited by shares which are publicly traded on the Australian Securities Exchange (ASX). Both the functional and presentation currency of the Group is Australian dollars (A$). The Company’s registered office address is Echelon Building, Unit 202, Level 2, 77 South Perth Esplanade, South Perth WA 6151. The Company owns a 50% participating interest in Bluestone Mines Tasmania Joint Venture Pty Ltd ( BMTJV), through which the Group conducts its 50% share of the Renison Tin Operation (Renison). 2. Summary of accounting policies a) Basis of preparation of the consolidated financial report This consolidated financial report for the Reporting Period comprises condensed general purpose financial statements prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 (Cth). The consolidated financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financi ng and investing activities of the Consolidated Entity as the annual financial report. It is recommended that the consolidated financial report be read in conjunction with the Company’s annual financial report for the year ended 31 December 2025 and considered together with any public announcements made by the Company during the Reporting Period in accordance with the continuous disclosure obligations of the Corporations Act 2001 (Cth) and the ASX listing rules. The consolidated financial report has been prepared on a historical cost basis, except for certain financial instruments measured at fair value through profit and loss. The amounts contained in the consolidated financial statements have been rounded to th e nearest thousand dollars unless otherwise stated (where rounding is applicable) under the option available to the Group under ASIC Corporations (Rounding in Financial/Directors’ Report) Instrument 2026/183. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the as sets, and obligations for the liabilities, relating to the arrangement. The Group has recognised its share of jointly held assets, liabilities, revenues, and expenses of joint operations. These have been incorporated in the consolidated financial statements under the appropriate classifications. The Group's 50% participating interest in the Renison Tin Project, held through the BMTJV, is classified as a joint operation on the basis that the arrangement provides the parties with direct rights to the assets and obligations for the liabilities of the arrangement, consistent with the assessment set out in the Group's annual financial report for the year ended 31 December 2025. b) Statement of compliance The consolidated financial report for the Reporting Period complies with AASB 134 Interim Financial Reporting as issued by the Australian Accounting Standards Board ( AASB). Compliance with AASB 134 ensures compliance with International Accounting Standard IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB). c) Basis of consolidation The half-year report is comprised of the consolidated financial statements of the Consolidated Entity. The financial statements of subsidiaries are prepared for the same Reporting Period as the Company, using consistent accounting policies. All intercompany balances and transactions have been eliminated in full. Controlled entities are consolidated from the date on which control i s transferred to the Consolidated Entity and cease to be con solidated from the date on which control is transferred out of the Consolidated Entity. Where there is loss of control of a controlled entity, the consolidated financial statements include the results for the part of the Reporting Period during which the Company has control.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 19 d) New and amended accounting standards and interpretations The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 December 2025. All relevant new and amended Accounting Standards and Interpretations which became applicable on 1 January 2026 have been adopted by the Group. As a result of a review of these new and amended standards, the Directors have determined that there is no material impact of the new and revised accounting standards and interpretations on the Company and, therefore, no material change is necessary to the Company’s accounting policies. 3. Revenue 30 Jun 2026 $’000 30 Jun 2025 $’000 Revenue from contracts with customers – tin-in-concentrate 204,729 147,539 The increase in revenue can be attributed to the increase in tin prices realised during the Reporting Period, partially offse t by a 4.5% decrease in tin sold to 3,048 tonnes (30 June 2025: 3,191 tonnes). 4. Other income 30 Jun 2026 $’000 30 Jun 2025 $’000 Interest income 8,418 6,633 Other income 8 24 Profit on sale of property plant and equipment 1 30 Total other income 8,427 6,687 5. Trade and other receivables At 30 Jun 2026 $’000 At 31 Dec 2025 $’000 Current Trade receivables at fair value through profit or loss (i) 25,760 32,256 Other receivables at amortised cost (ii) 5,287 3,250 Other receivables – loan provided to BMTJV (iii) 914 967 31,961 36,473 Non-current Other receivables – loan provided to BMTJV (iii) 846 1,271 Other receivables – performance bond facility (iv) 3,457 3,457 4,303 4,728 (i) On 30 June 2026, there were 402 tonnes of tin- in-concentrate sales remaining open to price adjustment (31 December 2025: 125 tonnes). Trade receivables (subject to provisional pricing) are non -interest bearing but are exposed to future commodity price movements over the quotational period (QP ) and are measured at fair value through profit or loss up until the date of settlement. These trade receivables are initially measured at the amount which the Group expects to be entitled, being the estimate of the price expected to be received at the end of the QP. For tin concentrate 85% of the provisional invoice (based on the provisional tin price and provisional assays) is received in cash either within 10 working days after Bill of Lading date, or within three weeks of the shipment’s arrival at the customer’s smelter, depending on the customer. The QP for tin -in- concentrate is not expected to result in a material adjustment due to the short period between the point control of the concentrate passes to the customer and the end of the QP. (ii) Other receivables balance includes cash calls advanced to BMTJV of $1.54 million (31 December 2025: $0.41 million), GST receivable of $1.27 million (31 December 2025: $0.99 million), interest receivable of $2.36 million (31 December 2025: $1.72 million) and other debtors of $0.12 million (31 December 2025: $0.13 million).
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 20 (iii) Metals X has provided mutually beneficial loans to BMTJV to finance the acquisition of property, plant and equipment. The loans are repayable over 36 months at a weighted average interest rate of 5.47%. (iv) The performance bond facility is interest bearing and is used as security for government performance bonds. The fair value approximates cost. 6. Inventories At 30 Jun 2026 $’000 At 31 Dec 2025 $’000 Ore stocks – at cost 4,627 5,155 Tin in circuit – at cost 263 80 Tin concentrate – at cost 13,740 12,992 Stores and spares – at cost 13,008 12,948 Provision for obsolescence – stores and spares (1,847) (1,687) 29,791 29,488 Recognition and measurement Inventories are valued at the lower of cost and net realisable value. Cost includes expenditure incurred in acquiring and bringing the inventories to their existing condition and location and is determined using the weighted average cost method. 7. Financial assets at fair value through profit or loss At 30 Jun 2026 $’000 At 31 Dec 2025 $’000 Current Convertible notes 2,160 2,160 2,160 2,160 Non-current Convertible notes 41,779 43,040 Shares – Cyprium 1,827 - Shares – Greentech 2,651 - Derivative financial assets – Cyprium options - 1,202 46,257 44,242 Derivative financial assets and debt instruments Derivative financial assets are financial instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Convertible notes At 30 June 2026, the Company held $36.00 million in aggregate in convertible notes issued by Cyprium Metals Limited ( Cyprium) with an annual coupon rate of 6%. The convertible notes are convertible into Cyprium shares by Metals X at a conversion price of $0.35 per share (Conversion Price). The convertible notes can be redeemed early at each quarter end , at Cyprium’s option, through payment equal to 115% of their face value (Early Redemption). In the event of an Early Redemption by Cyprium, Metals X may, at its sole option, elect to receive repayment by being issued up to a maximum of 20 million Cyprium shares at the Conversion Price, rather than receiving a cash repayment equivalent to the Conversion Price of these shares, with the balance to be paid in cash. Cyprium’s Early R edemption option was taken into consideration when assessing the reasonableness of the carrying value of the convertible notes at balance date.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 21 Greentech shares On 23 July 2025, the Company completed the acquisition of 42,417,600 shares in Greentech Technology International Limited (Greentech) at HK$0.35 per share, for a total cash consideration of $2.91 million, representing approximately 3.11% of Greentech’s issued share capital. At 31 December 2025, the Company concluded that there was insufficient reliable evidence from which to determine a fair value greater than nil and, accordingly, the investment was remeasured to nil in accordance with AASB 9 and AASB 13. At 30 June 2026, the Company reassessed this position and concluded that the circumstances giving rise to the nil measurement no longer apply, having regard to the observable evidence provided by the competing cash partial offers for Greentech shares announced during the Reporting Period. Accordingly, a fair value gain of $2.65 million has been recognised in respect of the Greentech shares through profit or loss for the half-year ended 30 June 2026. Cyprium options exercised During the Reporting Period, the Company exercised 4.06 million Cyprium options for $1.42 million, and the resulting shares are presented as Shares in Cyprium. Estimates and judgments The shares in Cyprium are measured at the quoted market price in an active market ( Level 1). The convertible notes receivable and Greentech shares cannot be measured based on quoted prices in active markets and are therefore measured using valuation techniques incorporating non-market observable inputs (Level 3). At 30 Jun 2026 Quoted market price (Level 1) $’000 Valuation technique market observable inputs (Level 2) $’000 Valuation technique non-market observable inputs (Level 3) $’000 Total $’000 Convertible notes receivable1 - - 43,939 43,939 Shares in Cyprium 1,827 - - 1,827 Shares in Greentech2 - - 2,651 2,651 1,827 46,590 48,417 At 31 Dec 2025 Quoted market price (Level 1) $’000 Valuation technique market observable inputs (Level 2) $’000 Valuation technique non-market observable inputs (Level 3) $’000 Total $’000 Convertible notes receivable1 - - 45,200 45,200 Derivative financial instruments Cyprium options - - 1,202 1,202 46,402 46,402 1Convertible notes receivable The convertible notes cannot be traded in an active market. Accordingly, their fair value has been determined using an approach consistent with that applied at 31 December 2025. At each quarter end, Cyprium may elect to redeem the convertible notes early by paying $41.40 million, representing 115% of their face value. On E arly Redemption, Metals X may, at its sole option, elect to receive up to 20.00 million Cyprium shares at the Conversion Price of $0.35 per share ($7.00 million) in lieu of cash, with t he remaining $34.40 million of the Early Redemption paid in cash. Having regard to Cyprium’s financial position and it s share price relative to the Conversion Price, Early Redemption is considered highly likely, and the fair value has been determined on that basis. At 30 June 2026, the share component is measured at the quoted Cyprium share price of $0.45 (31 December 2025: $0.54). The valuation also includes $0.54 million of coupon interest accrued for the three months to balance date. The components of the convertible notes fair value are as follows:
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 22 30 Jun 2026 $’000 31 Dec 2025 $’000 Early Redemption cash component 34,400 34,400 Share component – 20.00 million Cyprium shares at market price of $0.45 (31 December 2025: $0.54) 9,000 10,800 Accrued interest receivable 539 - Total fair value ($’000) 43,939 45,200 2Greentech The Greentech shares are categorised as Level 3 in the fair value hierarchy and are measured using a probability -weighted expected exit price technique. The measurement is anchored to the two Code -bound cash partial offers for Greentech shares announced during the Reporting Period, being the offer by Yellowstone International Limited (Yellowstone) at HK$0.40 per share and the offer by Geo Environ (HK) Investment Limited (Geo Environ ) at HK$0.25 per share (the latter treated as a floor to the measurement rather than an expected exit). Probability weightings were applied to the exit outcomes available to a market participant at balance date: acceptance into the HK$0.40 offer with no material scaling (65% weighting); acceptance into the HK$0.40 offer with partial pro-rata scaling, at a blended price of HK$0.295 per share (25% weighting); and no effective exit, leaving a suspended residual holding valued at HK$0.05 per share (10% weighting). The resulting probability -weighted price of approximately HK$0.34 per share was translated at the 30 June 2026 AUD/HKD spot rate of A$1.00: HK$5.42, giving a fair value of $2.65 million. The significant unobservable inputs to the measurement are the probability weightings assigned to each exit outcome, the expected take-up (pro-rata scaling) assumption and the value attributed to shares not taken up under the offers. The offer prices themselves are observable inputs. The probability weightings were calibrated to the Company’s own July 2025 partial offer for Greentech shares, in which holders of only 3.11% of the register accepted at HK$0.35 per share, evidencing low tendering propensity across the register. The measurement is not highly sensitive to the weightings adopted: reallocating 10% of the weighting from full acceptance to partial scaling would decrease the fair value by approximately $0.08 million, and reallocating 10% from full acceptance to no exit would decrease it by approximately $0.27 million. Across the exit outcomes considered, the fair value at balance date falls within a range of approximately $2.31 million (full pro -rata scaling at HK$0.295 per share) to $3.13 million (full acceptance at HK$0.40 per share). The revised offer prices announced after balance date, being HK$0.45 per share (Geo Environ, 13 July 2026) and HK$0.55 per share (Yellowstone, 23 July 2026), arose from competitive bidding after 30 June 2026 and are non -adjusting events. In accordance with AASB 110, they have not been incorporated into the measurement at 30 June 2026. Refer to Note 18. 8. Investment in associates Investment in associates 30 Jun 2026 $’000 31 Dec 2025 $’000 Opening balance 21,796 14,039 Purchase of Elementos shares 2,285 5,550 Purchase of First Tin shares - 3,860 Purchase of Stellar Resources shares 18,353 - Purchase of Tanami Gold shares 2,065 - Share of loss of associates (844) (1,807) Share of other comprehensive income of associates (presented in other comprehensive income) 209 154 Closing balances 43,864 21,796
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 23 The Company’s investment in associates relates to its share and board positions in First Tin Plc (First Tin), Elementos Limited (Elementos), Stellar Resources Limited ( Stellar Resources), NICO Resources Limited ( NICO Resources) and Tanami Gold NL (Tanami Gold). The investments are initially measured as the cost of the shares. The carrying amount of the investment is adjusted to recognise changes in the Company’s share of the associates’ profit or loss and movement in reserves following acquisition. First Tin investment As at 30 June 2026, the Company held 162,309,524 shares in First Tin (31 December 2025: 162,309,524), representing 29.95% of First Tin’s issued capital (31 December 2025: 29.95%), following an investment of £8.58 million (approximately A$16.87 millio n) (31 December 2025: £8.58 million (approximately A$16.87 million)). Elementos investment As at 30 June 2026 the Company held 69,088,292 shares in Elementos (31 December 2025: 60,927,673), representing 15.91% of Elementos’ issued capital (31 December 2025: 18.30%), following a total investment of $7.84 million (31 December 2025: $5.55 million). During the Reporting Period, Metals X invested a further $2.28 million in Elementos through participation in its entitlement offer. NICO Resources investment As at 30 June 2026, the Company held 9.24 million NICO Resources shares (31 December 2025: 9.24 million), representing 7.43% of NICO Resources’ issued capital (31 December 2025: 7.43%). The Company is entitled to a 1.75% net smelter royalty on all metals produced from both the Wingellina Nickel-Cobalt Project and the Claude Hills Project once in production. Tanami Gold investment As at 30 June 2026, the Company held 68,860,000 shares in Tanami Gold (31 December 2025: 34,430,000 shares), representing 2.93% of Tanami Gold’s issued capital (31 December 2025: 2.93%). During the Reporting Period, Metals X invested $2.07 million to subscribe in full for its entitlements under Tanami Gold’s 1 -for-1 renounceable entitlement offer, acquiring 34,430,000 new shares. Stellar Resources investment As at 30 June 2026, the Company held 555,751,515 shares in Stellar Resources (31 December 2025: nil), representing 16.39% of Stellar Resources’ issued capital, following a total investment of $18.35 million during the Reporting Period. 9. Property, plant and equipment During the Reporting Period, the Group acquired assets at a cost of $7.88 million (30 June 2025: $2.91 million) in relation t o property, plant and equipment. The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. No impairment was recognised during the Reporting Period. 10. Mine properties and development During the Reporting Period, the Group paid $12.45 million (30 June 2025: $13.86 million) in relation to mine properties and development costs.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 24 11. Trade and other payables Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effect ive interest rate method. Trade creditors are non -interest bearing and generally on 30 -day terms. Sundry creditors and accruals are non -interest bearing and generally on 30-day terms. Due to the short-term nature of these payables, their carrying value approximates their fair value . 12. Contract liability Contract liability represents cash received for tin sales, where delivery to the customer’s port has not yet occurred, hence the revenue recognition criteria have not been met. As at 30 June 2026, a contract liability of $4.29 million has been recognised (31 December 2025: nil). 13. Provisions 30 Jun 2026 $’000 31 Dec 2025 $’000 Current Provision for annual leave 4,289 4,288 Provision for long service leave 2,012 1,955 Provision for rehabilitation 1,584 2,007 Other provisions 10 8 7,895 8,258 Non-current Provision for long service leave 1,199 1,073 Provision for rehabilitation 32,896 31,028 34,095 32,101 Provision for long service leave The liability for long service leave is recognised and measured as the present value of expected future payments to be made i n respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currencie s that match, as closely as possible, the estimated future cash outflows. Rehabilitation Environmental obligations associated with the retirement or disposal of mining properties and/or of exploration activities ar e recognised when the disturbance occurs and are based on the extent of the damage incurred. The provision is measured as the present value of the future expenditure. The rehabilitation liability is remeasured at each reporting date in line with the change in the time value of money (recognised as an interest expense in the consolidated statement of comprehensive income and a corresponding increase in the provision), and additional disturbances/change in the rehabilitation costs are recognised as additions/changes to the corresponding asset and rehabilitation liability. The provisions for rehabilitation are recorded in relation to Renison and Mount Bischoff for the rehabilitation of the distur bed mining areas to a state acceptable to Tasmanian Environment Protection Authority. While rehabilitation is performed progressively 30 Jun 2026 $’000 31 Dec 2025 $’000 Trade and other creditors 7,175 4,079 Sundry creditors and accruals 15,035 13,012 22,210 17,091
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 25 where possible, final rehabilitation of the disturbed mining area is not expected until the cessation of production. Accordingly, the provisions are expected to be settled primarily at the end of the mine life, although some amounts will be settled during the mine life. Given Mount Bischoff is non- operating, any change recognised in the rehabilitation provision is also recognised directly in the consolidated statement of profit and loss. Rehabilitation provisions are estimated based on survey data, external contracted rates, and the timing of the current mining schedule. Provisions are discounted based on rates that reflect current market assessments of the time value of money and the risks specific to that liability. The carrying value of the provision for both Renison and Mount Bischoff is calculated by applying an inflation factor of 2.30% (31 December 2025: 2.30%) which has been estimated based on the break -even 10-year inflation rate published by the Reserve Bank of Australia and a weighted average discount rate of 4.83% (31 December 2025: 4.72%), which has been estimated using government bond yields for an equivalent period. Costs are inflated and discounted with reference to the Group’s anticipated timing of payment, which is estimated based on the Group’s life of mine and planned activities. A majority of the payments are anticipated within 10 years (31 December 2025: 10 years). 14. Interest bearing liabilities 30 Jun 2026 $’000 31 Dec 2025 $’000 Current Hire purchase liabilities 1,003 2,849 1,003 2,849 Non-current Hire purchase liabilities 97 436 97 436 15. Income tax 6 months to 30 Jun 2026 6 months to 30 Jun 2025 $'000 $'000 (a) Major components of income tax expense: Income statement Current income tax expense Current income tax 32,251 18,516 Adjustments in respect of current income tax of previous years 2,992 - Deferred income tax Relating to origination and reversal of temporary differences in current year 6,579 3,510 Net deferred tax asset not recognised - 296 Recognition of deferred tax asset relating to transferred revenue tax losses (17,126) (2,094) Income tax expense reported in the consolidated statement of comprehensive income 24,696 20,228
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 26 (b) A reconciliation of income tax expense and the product of accounting profit before income tax multiplied by the Group’s applicable income tax rate is as follows: 30 Jun 2026 $’000 30 Jun 2025 $’000 Total accounting profit before income tax from operations 128,601 73,176 At statutory income tax rate of 30% (30 June 2025: 30%) 38,580 21,953 Non-deductible items Share of loss of associates 253 205 Sundry items 6 15 Deductible items (9) (147) Prior year tax adjustments 2,992 - Net deferred tax asset not recognised - 296 Recognition of deferred tax asset relating to transferred revenue tax losses (17,126) (2,094) Income tax expense reported in the consolidated statement of comprehensive income 24,696 20,228 At 30 June 2026, the Company has unrecognised transferred revenue tax losses of $ 402.74 million (31 December 2025: $460.75 million) which are subject to a restricted rate of utilisation and no expiry date. During the Reporting Period , the Company recognised an additional $17.13 million deferred tax asset relating to transferred revenue tax losses not previously recognised (30 June 2025: $2.09 million). The key assumptions underpinning the Company’s estimated future taxable profits are forecast tin prices, production volumes and operating costs. Forecast tin prices are based on external consensus forecasts at the reportin g date, and the increase in consensus tin prices since 31 December 2025 is the principal driver of the additional deferred tax asset recognised during the Reporting Period. A sustained reduction in forecast tin prices below consensus levels would reduce estimated future taxable profits and the amount of transferred revenue tax losses recognised. The Company has asses sed five years to be a reasonable time period to utilise in estimating the amount of transferred revenue tax losses to be recognised a s at 30 June 2026. At 30 June 2026, the Company has unrecognised capital losses of $22.70 million (31 December 2025: $22.70 million) with no expiry date. 16. Issued capital 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Share capital Number of shares $’000 $’000 Ordinary shares - fully paid 886,392,538 886,392,538 311,262 311,262 Movements in issued capital $’000 Number of Shares Balance at 1 January 2026 311,262 886,392,538 Balance at 30 June 2026 311,262 886,392,538 17. Commitments At 30 June 2026, the Group had the following commitments: Capital expenditure commitments of $16.79 million (31 December 2025: $6.57 million), principally relating to plant and equipment upgrades and replacements at Renison; and tenement lease commitments of $1.94 million relating to tenements on which mining and exploration operations are located (31 December 2025: $2.09 million).
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 30 JUNE 2026 Page | 27 18. Significant events after balance date Subsequent to 30 June 2026, a number of announcements were made in relation to Greentech, in which the Group holds 42,417,600 shares (approximately 3.11% of Greentech’s issued capital). During July 2026, Geo Environ and Yellowstone made competing unconditional partial cash offers for Greentech shares at HK$0.45 and HK$0.55 per share respectively. Geo Environ's HK$0.45 offer closed on 12 August 2026 with acceptances for 68,606,600 shares, representing approximately 5.02% of Greentech’s issued shares; Yellows tone's HK$0.55 offer closed on 26 August 2026 with acceptances for 114,070,700 shares, representing approximately 8.35% of Greentech's issued shares . Neither offer was accepted by Metals X and the Company continues to monitor developments. On 12 August 2026, the Listing Review Committee upheld the decision to cancel Greentech’s listing on the HKSE . On 19 August 2026, it was announced that the last day of listing of Greentech’s shares will be 21 August 2026, with the listing to be cancelled with effect from 24 August 2026. Stellar Resources completed a consolidation of its issued capital on a 1-for-10 basis, effective 20 July 2026. Other than the matters noted above, no other matter or circumstance has arisen since 30 June 2026 which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial periods.
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DIRECTORS’ DECLARATION Page | 28 In accordance with a resolution of the Directors of Metals X Limited, I state that: In the opinion of the Directors: (a) the financial statements and notes of the Consolidated Entity are in accordance with the Corporations Act 2001 (Cth), including: (i) giving a true and fair view of the financial position as at 30 June 2026 and the performance for the half-year ended on that date of the Consolidated Entity; and (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and (b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. On behalf of the Board Brett Smith Executive Director 28 August 2026
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 9 The Esplanade Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Auditor’s independence declaration to the directors of Metals X Limited As lead auditor for the review of the half-year financial report of Metals X Limited for the half-year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; b. No contraventions of any applicable code of professional conduct in relation to the review; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the review. This declaration is in respect of Metals X Limited and the entities it controlled during the financial period. Ernst & Young Gavin Buckingham Partner 28 August 2026 Page | 29
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 9 The Esplanade Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Independent auditor’s review report to the members of Metals X Limited Conclusion We have reviewed the accompanying half-year financial report of Metals X Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2026 , the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half-year ended on that date, explanatory notes and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Group does not comply with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the half-year ended on that date; and b. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor’s responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to reviews of the half-year financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Directors’ responsibilities for the half-year financial report The directors of the Company are responsible for the preparation of the half -year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditor’s responsibilities for the review of the half-year financial report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 30 June 2026 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Page | 30
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Ernst & Young Gavin Buckingham Partner Perth 28 August 2026 Page | 31