Metals X Limited

Canaccord Genuity acts as Joint Lead Manager, Underwriter and Bookrunner to a A$32.7 million equity transaction for Metals X Limited.

Canaccord Genuity is pleased to announce the completion of a fully underwritten institutional placement and accelerated non-renounceable entitlement offer (the “Equity Raising”) at $0.15 per share, to raise approximately $32.7 million on behalf of Metals X Limited (“Metals X” or the “Company”) (ASX: MLX).

Canaccord Genuity acted as Joint Lead Manager, Underwriter and Bookrunner to the Equity Raising, which was heavily oversubscribed and received strong support from both new and existing investors.

Proceeds of the Equity Raising will be used to fund the implementation of various workstreams required to execute the Company’s reset plan for its Nifty Copper Operation, regional exploration at the Nifty Copper Operation in the Paterson Province, and general working capital requirements.

Metals X is Australia’s largest tin producer, a top Australian copper producer, and holder of one of the world’s largest undeveloped nickel projects. The Company has a 50% interest in the Renison Tin Operation, which is currently producing between 7.5 – 8.0kt tin in concentrate, per annum. Metals X recently commenced a reset plan at its 100% owned Nifty Copper Operation and is on track to achieve a 2mtpa mining rate during the March 2020 quarter. The Company also owns 100% of the Wingellina Nickel & Cobalt development project - the world’s largest undeveloped nickel project, hosting 1.9mt of contained nickel.

The Equity Raising is the third equity transaction that Canaccord Genuity has led for Metals X and is a testament to the strength of our long-term relationship with the Company and its directors. The Equity Raising team included Jeremy Dunlop, Christian Calabrese and Stefan Collins. Significant support was provided by our Sales teams in Australia, Asia and North America.