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APAC’s resource investments are related to the growing demands from China. Our investment approach is to establish early positions with emerging resources companies which are future winners in global markets. This includes Metals X and Prodigy Gold in which we hold 19.80% and 19.90% interests respectively.

Metals X (ASX: MLX) (19.80%)

An ASX listed company. Metals X is Australia’s largest tin producer and holds a portfolio of assets from exploration to development including the world class Wingellina Nickel-Cobalt Project.


  •    Tin Project
Metals X has a 50% equity interest in the Renison Tin Operation in Tasmania (Renison) through its 50% stake in the Bluestone Mines Tasmania Joint Venture (BMTJV).

Renison is the largest tin producer in Australia, one of the world’s largest and highest-grade tin mines and through the Metals X equity interest, one of the few publicly held tin projects in the world.

Renison is located on the west coast of Tasmania, approximately 15km north-east of Zeehan. Mining at Renison has made important contributions to the regional and state economy of Tasmania for over 50 years. Renison is a major employer on the West Coast of Tasmania, with approximately 50% of employees living locally and 50% in the Renison camp in Zeehan.

  •   Wingellina Nickel-Cobalt Project
The world-class Wingellina Nickel-Cobalt Project (Wingellina) is the largest undeveloped nickel-cobalt project in Australia and part of Metals X’s Central Musgrave Project (CMP) which straddles the triple-point of the Western Australia, Northern Territory and South Australia borders.

The CMP has a
mineral resource of approximately 2.0 million tonnes of nickel and 154,000 tonnes of cobalt, within which Wingellina hosts an ore reserve of approximately 1.56 million tonnes of nickel and 123,000 tonnes of cobalt.

Wingellina is one of the largest nickeliferous ‘pure oxide’ limonite accumulations in the world. The mineralogy of the Wingellina ore is a major strength of the project as, unlike most Australian nickel laterite projects, has characteristics perfectly suited to High Pressure Acid Leaching (HPAL) with high iron grades (resource average 47% Fe2O3) and a very low concentration of magnesium (resource average 1.6% Mg).

Wingellina is a development-ready, high-grade project, with a demonstrated ability to produce nickel & cobalt sulphates, sulphides and hydroxides. The unique characteristics of Wingellina provides a number of investment and development options for Metals X and potential investment partners.

Prodigy Gold (ASX : PRX) (19.90%)

An ASX listed gold explorer with 3.3Moz JORC gold resources at the Northern Territories, Australia. The Company holds an extensive regional portfolio of exploration licences and licence applications covering over 33,000km2. It has two flagship projects located 1.8km apart:
  • Old Pirate Project – quartz veins resource of 723,800 ounces of gold at 11.96g/t.
  • Buccaneer Project – a porphyry gold deposit with 2.67 million ounces of gold resources with upside potential to grow to a very large scale bulk tonnage system

Andrew Ferguson
Chief Executive Officer

John Ellis
Investment Manager
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