Strategic Investments

Metals X has operated a strategy over the past few years to build a diverse portfolio of metal and industrial mineral interests. When opportunities emerge during the exploration phase, our strategy is to invest directly within the publicly listed or unlisted entity which owns the assets. We consider this provides us with both the flexibility to fund and finance the exploration activities in a dedicated manner without capital sharing competition from our operations.

Westgold Resources Limited

31.9% direct interest held by Metals X.

Westgold has recently announced a total resource of more than 1 million ounces gold equivalent at its Rover 1 prospect, approximately 80kms south-west of Tennant Creek.

Westgold owns a large portfolio of highly prospective tenements in the Tennant Creek region of the Northern Territory which it refers to as the Rover Project. The Rover Project contains a number of coincident magnetic and gravity anomalies which are interpreted to signify iron oxide copper gold (“IOCG”) bodies under varying thicknesses (60m-250m) of unconforming transported cover. Westgold has focussed most of its attention to date on two of these targets which have both resulted in the discovery of significant ore bodies. The two prospects are referred to as Rover 1 and Explorer 108.

Westgold is targeting high grade gold and copper deposits similar to the historical mines of the Tennant Creek Goldfield renowned for its exceptional high grade gold and copper mines which produced over 5M ounces of gold and around 0.5Mt of copper metal between the 1930’s to late 1990’s. Drilling at Rover 1 commenced in March 2008 and in June the first drill result of 65m @ 11g/t Au were received. Since then drilling has produced further exciting gold and copper intercepts.

Three major zones of mineralisation at Rover 1 have now been discovered and Westgold is continuing an active exploration program

Find out more at Westgold Resources’ Website

Jabiru Metals Limited

19.9% direct interest held by Metals X.

Jabiru Metals is an established base metals producer targeting annual production of 30,000t of Zinc and 10,000t of copper production from its Jaguar operations in Western Australia.

During the quarter Jabiru announced the commencement of the development of the new Bentley Underground Mine to supplement mine feed from the Jaguar Mine. The box cut has now been completed and development has commenced.

The Jaguar and Bentley deposits are high grade VMS deposits and the operation is one of the world’s lowest cost zinc producers.

Jabiru also announced an upgrade to the Reserve for the Jaguar project to 2.05Mt @ 2.2%Cu, 10.6%Zn, 134 g/t Ag and 0.5 g/t Au which includes reserves from both Jaguar and Bentley and is equivalent to 5½ years of production at current processing rates.

Jabiru has previously announced that they are aiming to bring the copper-zinc-lead-silver-gold rich massive sulphide deposits in NE Victoria at the Stockman Project into production. This is comprised of Currawong (9.2Mt at 2% Cu, 4.2% Zn and 1.1g/t Au) and Wilga (3.3Mt at 2.4%Cu and 4.9%Zn) deposits.

Find out more at Jabiru Metals’ Website

Aragon Resources Limited

8.72% direct interest and 28.47% voting interest held by Metals X.

Aragon holds a portfolio of gold, nickel, phosphate, tungsten and uranium assets in Australia.

Aragons main focus is on the exploration of the large mining tenure in the Cue district of the Meekatharra-Mount Magnet Greenstone belt which includes the Big Bell, Cuddinwarra and Day-Dawn mining centres. The area covers 33,400 hectares in 150 mining tenements and holds a JORC compliant Identified Mineral Resource Estimate is 1.5Mozs. This represents a massive resource base and three well established mining centres in a gold belt that has already produced in the excess of 12 million ounces historically.

Find out more at Aragon Resources’ Website

Agaton Phosphate Pty Ltd

75% direct interest held by Metals X.

In early 2008 Metals X established a 75% Metals X owned subsidiary company to acquire a 90% interest in the Agaton Phosphate Project. The remaining 10% owned by the Vendors All Classic Enterprises Pty Ltd and Bishop Exploration Pty Ltd being free carried to the completion of a feasibility study.

The Project is located between the town of Moora and the Cooljaroo Mineral Sands areas approximately 120km north of Perth. Agaton is a phosphate sands project, with phosphate occurring as nodules and precipitates within sedimentation phases within the Dandaragan Trough. The phosphate mineralization is considered to have formed by precipitation during the mixing of cold phosphate rich waters with warm continental shelf waters, as has occurred in the giant phosphate deposits of Florida.

Agaton Phosphate completed a shallow seismic survey within the 800km2 of Agaton’s exploration titles defining three large areas of shallow, flat-lying, unconsolidated, medium grade Phosphate mineralisation prospects within the Poison Hill Greensands (“PHG”) of the Cretaceous Dandaragan Embayment. These three prospect areas are referred to as the Dambadgee, Attunga and Maximus. Based on the results of the seismic survey a 96 drill hole aircore drilling program was initiated across these defined areas. Results from this drilling program and from previous drilling have demonstrated that the PHG unit within these prospects has an average thickness of approximately 20 metres and an average grade of approximately 4.5% P2O5.