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

29.6% direct interest held by Metals X.

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

Aragon Resources Limited

11.35% direct interest and 48.37% voting interest held by Metals X.

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

Aragon is in the process of purchasing the rights to a 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. The acquisition is a significant opportunity to acquire a massive resource base and three well established mining centres in a gold belt that has already produced on 12 million ounces.

During 2009 Aragon acquired 100% of Territory Phosphate Pty Ltd which holds a significant portfolio of Phosphate projects in the Georgina and Wiso Basins in the Northern Territory. The two most significant prospects are the Ammaroo located approximately 280kms north east of Alice Springs and Lady Judith Prospects located approximately 280kms west of Alice Springs. Aragon believes that the phosphorates within the titles have excellent potential for the discovery of an economic phosphate deposit.

Aragon also acquired the major shareholding position in Vital Metals Limited. Vital is an aspiring Tungsten Producer with a large high-grade tungsten resource (15.1Mt @ 0.46%WO3) at its Watershed Project located in the Mt Carbine region of Far North Queensland. The deposit is considered to be one of the more superior and higher grade Tungsten deposits in Australia and the World.

Aragon also continued gold exploration at its Mission and Cables prospects, approximately 7km north of the 7M ounce Darlot Gold Mine with RC drilling continuing to return numerous high grade results further adding to the potential of a significant new gold discovery in the area.

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.

Icon Resources Limited

Metals X holds a 6.9% interest in Icon Resources Limited which owns the Mt Carbine Tungsten deposit in Far North Queensland. Metals X is continuing to assess its Far North Queensland Tungsten strategy.