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ACN 110 150 055

Interim Financial Report

for the Half-Year

31 December 2021

For personal use only

CONTENTS

CORPORATE DIRECTORY ..........................................................................................................................................................

1

APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX ...........................................................................................

2

DIRECTORS' REPORT .................................................................................................................................................................

3

CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME...........................................................................

10

CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION ....................................................................................

11

CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS..................................................................................................

12

CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY.....................................................................................

13

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS ..............................................................................

14

DIRECTORS' DECLARATION....................................................................................................................................................

27

AUDITOR'S INDEPENDENCE DECLARATION ........................................................................................................................

28

INDEPENDENT REVIEW REPORT ............................................................................................................................................

29

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CORPORATE DIRECTORY

Directors

Mr Peter Gunzburg (Non-Executive Chairman)

Mr Brett Smith (Executive Director)

Mr Grahame White (Non-Executive Director)

Mr Patrick O'Connor (Non-Executive Director)

Company Secretary

Ms Shannon Coates

Share Registry

Computershare Investor Services Pty Ltd

Level 11, 172 St Georges Terrace

Perth WA 6000

GPO Box Melbourne VIC 3001

Phone: (within Australia) 1300 850 505

Phone: (outside Australia) +61 3 4915 4000

Facsimile: +61 3 9473 2500

Registered Office

Level 5

197 St Georges Terrace

Perth WA 6000

Phone:

+61 8 9220 5700

E-mail:

reception@metalsx.com.au

Website:

www.metalsx.com.au

Postal Address

PO Box 7248

Cloisters Square PO WA 6850

Securities Exchange

Listed on the Australian Securities Exchange

Code: ASX: MLX

Domicile and Country of Incorporation

Australia

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For personal use only

APPENDIX 4D - RESULTS FOR ANNOUNCEMENT TO THE ASX

This Appendix 4D is to be read in conjunction with the 2021 Annual Financial Report, the 31 December 2021 Consolidated Interim Financial Report and Directors' Report.

Dividends

The Directors do not propose to pay any dividend for the half-year ended 31 December 2021.

Key financial highlights from ordinary activities

6-months

6-months

Movement

Movement

Consolidated

ended

ended

31 Dec 2021

31 Dec 2020

$'000

$'000

$'000

%

Revenue from ordinary

activities:

107,658

50,809

56,849

111.9%

Profit/(loss) for the period from

49,376

12,720

36,656

288.2%

continuing operations:

Profit/(loss) attributable to

49,363

18,686

30,677

164.2%

members:

Net tangible assets per share:

0.13

0.08

0.05

62.5%

6-months

6-months

Movement

Financial performance

ended

ended

31 Dec 2021

31 Dec 2020

$'000

$'000

$'000

Total revenue

107,658

50,809

56,849

Cost of sales

(48,111)

(41,342)

(6,769)

Gross profit

59,547

9,467

50,080

Profit for the period from

continuing operations

49,376

12,720

36,656

Review of Results: refer to the review of results included in the Directors' Report.

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For personal use only

DIRECTORS' REPORT

For the half-year ended 31 December 2021

The Directors present their report together with the consolidated interim financial report of Metals X Limited (the "Company") and its controlled entities (together the "Consolidated Entity" or "Group") for the half-year period ended 31 December 2021 ("half-year") and the auditor's independent review report thereon.

1. DIRECTORS

The names of the Company's Directors in office during the half-year and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated.

Name

Position

Date of

Appointment

Peter Gunzburg

Non-Executive Chairman

10 July 2020

Brett Smith

Executive Director

2 December 2019

Grahame White

Non-Executive Director

10 July 2020

Patrick O'Connor

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% equity interest in the Renison Tin Operation through its 50% stake in the Bluestone Mines Tasmania Joint Venture and comprises the Renison Tin Mine ("Renison") located 15km north-east of Zeehan on Tasmania's west coast and the Mount Bischoff Project, placed on care and maintenance in 2010, which is located 80km north of Renison.

The Wingellina Nickel-Cobalt Project forms part of the Company's Central Musgrave Project straddling the triple-point of the Western Australia, Northern Territory and South Australia borders. Wingellina is development-ready and is the largest undeveloped nickel-cobalt project in Australia. The Company previously announced it had executed a share sale and subscription agreement with NICO Resources Limited for the sale and spin out of its Nickel-Cobalt portfolio. The associated assets and liabilities have been reclassified as held for sale at 31 December 2021. Refer to note 7 in the consolidated interim financial statements.

The principal activities of the Group during the period were:

  • Investment in a joint venture company operating a tin mine in Australia; and
  • exploration and development of base metals projects in Australia.

There have been no significant changes in the nature of those activities during the year.

3. FINANCIAL RESULTS AND OVERVIEW

The Group has a consolidated profit after income tax of $49.363 million (HY 2020: $18.686 million). Other financial results for the Group include:

  • Total revenue of continuing operations: $107.658 million (HY 2020: $50.809 million);
  • Total cost of sales of continuing operations: $48.111 million (HY 2020: $41.342 million);
  • Cash flows from operating activities: $59.391 million (HY 2020: inflow of $3.453 million);
  • Cash flows used in investing activities: $9.109 million (HY 2020: outflow of $6.705 million);
  • Cash flows used in financing activities: $17.406 million (HY 2020: outflow of $1.751 million);
  • Cash and cash equivalents: $46.348 million (FY 2021: $13.472 million).

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Metals X Limited published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 09:00:02 UTC.