Renison Ore Reserve Falls 8.5% to 7.5Mt Containing 102,720 Tonnes Tin

Reserve Update Overview

Metals X Limited has released its latest Ore Reserve update for the Renison Tin Operations in Tasmania, a key asset held through the Bluestone Mines Tasmania Joint Venture. As of 31 March 2025, the total Ore Reserve stands at 7.505 million tonnes grading 1.37% tin, containing approximately 102,720 tonnes of tin metal. This represents an 8.6% reduction in ore tonnes and an 8.5% decrease in contained tin compared to the previous year’s estimate.

The update reflects mining depletion over the past 12 months, revised tin prices, and a recalibrated cut-off grade. Despite the decline, the reserve remains robust, underpinning a mine life of roughly nine years based solely on proved and probable reserves.

Operational and Strategic Highlights

The life of mine (LOM) plan extends to 10.9 years when including inferred resources, which account for about 25% of the material scheduled for conversion to reserves. The bulk of mining is planned from high-grade zones such as Area 5, Leatherwood, and Central Federal Basset ore bodies. Notably, the Ringrose orebody has been incorporated into the reserve inventory, contributing 249,000 tonnes at 1.20% tin for 3,000 tonnes of contained tin, signaling ongoing exploration success.

Executive Director Brett Smith highlighted the significance of the update, noting that the inclusion of Ringrose and continued near-mine exploration efforts could extend the mine’s longevity. The operation continues to produce high-grade tin concentrate, with processed grades averaging 1.66% tin after sorting, supported by proven underground mining and metallurgical processes.

Technical and Governance Assurance

The Ore Reserve update complies fully with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). The estimate is based on comprehensive geological modelling, drilling data, and operational parameters, including mining recovery and dilution factors. The operation employs open stoping with backfill methods to maintain ground stability, and metallurgical recoveries are grounded in historical plant performance.

Governance of resource and reserve estimation is overseen by senior technical staff within the joint venture, with regular internal and external reviews ensuring data integrity and compliance. Competent Persons Colin Carter and Farid Afzali have certified the Mineral Resource and Ore Reserve statements, respectively, lending further credibility to the update.

Market Context and Future Outlook

The tin price assumption underpinning the reserve valuation is US$28,284 per tonne, reflecting a strong market outlook driven by demand from renewable energy and battery technologies. While the reserve base has contracted slightly, the open nature of the Renison ore system at depth and along strike offers promising exploration upside. The company’s ongoing drilling programs aim to convert inferred resources and discover new ore zones, potentially extending the mine life beyond current projections.

Environmental and regulatory compliance remains solid, with the operation fully permitted and integrated into the local economy. The update positions Renison to remain a significant global tin producer amid tightening supply fundamentals.