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## INDEPENDENT AUDIT REPORT 

## Opinion 

In our opinion: 

a. the financial report of Metals X Limited is in accordance with the Corporations Act 2001 , including: 

b. the financial report also complies with International Financial Reporting Standards  as disclosed in Note 2 (b). 

## Report on the remuneration report 

We have audited the Remuneration Report included in of the directors' report for the year ended 30 June 2011. The directors of the company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. 

## Opinion 

In our opinion, the Remuneration Report of Metals X Limited for the year ended 30 June 2011, complies with section 300A of the Corporations Act 2001 . 

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Ernst & Young 

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D S Lewsen Partner Perth 29 September 2011 

DL:VP:METALSX:009 

i giving a true and fair view of the consolidated entity's financial position as at 30 June 2011 and of its performance for the year ended on that date; and 

ii  complying with Australian Accounting Standards and the Corporations Regulations 2001 ; and 

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