To: Ms Fiona van Maanen Company Secretary Metals X Limited

22/F., Allied Kajima Building, 138 Gloucester Road, Hong Kong Telephone : 2519 2288, 2519 2222 Fax : 2598 5518, 2598 0419

By fax; +61 8 9220 5757

To: Australian Securities Exchange Company Announcements

By fax: +61 2 9347 0005

From: Mark Wong

Director

18 December 2015

Dear Sir/Madam

Notice of Initial Substantial Holder

We enclose a Notice of Initial Substantial Holder (Form 603) for Allied Properties Investments (1) Company Limited (APICL) and its related bodies corporate (Allied Group) in respect of Metals X Limited (ASX : MLX) (MLX).

On 16 December 2015, APICL has entered into a share sale and purchase agreement with Vigor Online Offshore Limited under which APICL has conditionally agreed to acquire 2,200,082, 100 shares in APAC Resources Limited (APAC) representing approximately 23.9% of APAC's issued share capital (Acquisition).

The Acquisition is conditional upon the satisfaction of various conditions, including regulatory approvals being obtained by the Allied Group.

As a consequence of the Acquisition, the Allied Group has acquired a relevant interest in all shares in MLX that are held by APAC and its related bodies corporate.

Yours sincerely,

1687023_1

Form 603

Corporations Act 2001

Section 6716

Notice of initial substantial holder

Company Name/Scheme Metals X Limited

ACN/ARSN 110 150 055

1. Details of substantial holder (1)

   Allied Properties Investments (1) Company Limited and its related bodies corporate, Including the related

   Name bodies corporate and other entities listed I n Section 1 of Annexure A ("Allied Group")

   ACN/ARSN (if app!lcab!e) .....,N_"/'A-''--------------------------------------------

   
   

   The hokier became a substantial holder on 16/12/15

   
   

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voling interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows·

3. Details of relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the followlng voting securities on the date the substantial holder became a substantial holder are as follows:

4. Details of present regist111r•d holden1

The persons registered as holders of the securities referred to in paragraph 3 above are as follows·

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

7.

The llllhases ofpe,- named In""flllm na,folowl:

Signature

pnnt nome

sign here

Fw and Ori o'eriiJf of

AWED PROPERTIES INVESTMEIITS (1) COMPANY LIMITEO

...........................·:.,:ii, ;;;;i Si;;; ;r,;;..

MARII V.ONG

d,11 1 8 / 12. / I t:;

tllRECnONS

add""'"

I If there are a n11r1btir of substantial holders with limMar or related relevant Interests (eg. a corporatioo 1nd Its related corporations, or the 11181111l'f and tru11ae of an equl Wiil, Ilenames abt - "' anm,xu"' IP lhe loml. ff li1t """""' lnlMat, ol a lJl>IIP of p.-"" ouontlal alrilar, lhoy may be refmd lo t11oughout lhe IOrm II •,pedlcalf named 9"11' ff lht membelll'dp of 1111i,oup, Ile....,.,d of ""'1lbln IB oeaty 181aul In-"""J ollht form.

See!he delW:l>n of "mocl1te' in leQIIQll 9 of llo Colpo!a1lono Acl 2001 .

Seelht dellrilion of "1'1evant le!Vi!'tiaectlonl llOll and 071 B(l)of thaColporalionlAcl 2001.

The Wing tt.lof 1,ompanyo,r.,11uteone etas, unless- Int> 1tpa!111 d11111.

The per,on'1 -divided by the 1o1a1vote, Inlie body caporste or ,memo mumplled by 100.

(7) Include details of:

{al at,f lliovanlagn,"'"11orother llYWl1ioo lhe ietemllntntwas IQIJhli1ffaub$0Clion &11 tll4) apple a oopy Ifm,y-1181111gculle

tem,a rJ an1reltV111t ag111mant, and a by the pt1tOn !i'ano IAIand ""'""" dlllails of "''""1trad. BChome •lllllllQoneri. mJst"""""arw this

form, tcgeDter\\i a\'flltlen sttternent co!lljlllg 1111 conlract, 1cll1mo or mmr,gement: and

lhtrelMnl 1ntere• relatt$ Qncating cloart, Ille prilllar """riti"'IPlllvcll lho quailicatlon apple&).

I>} any..,.nlloation of lhe-of IP«IOn to-.COnllOl lhe-ol,°'"''""""'tll>IQie of, lhe l'Oilng po,y,11 ordilpo,lliof lit"°"""to"'11dl

see lht defirlllon of 'relewtt agreement" In •-9of lht Corporation, NI. 2001.

Wtllo aubatanll81 holder i,unable to delelmlno Illeldenlly of \ho pemon (eg.11 Ille reiO'llllt inle,..,ri,..llecau,e olen opllcn) wrttt '\,,lcn(Mn",

1. Deleil! of Ille C01111dera!on mu ncludo any Ind Ill benefils, mcnoy and · at anypinon tiom llllom a Nllevant- woa acqullld hormay, become entltlecl to recel,e iirelalion to 11\B! ooq:;1111on. Delala """'be tnctudld ev.n W Ilebend! condllonal on the happ,n1ng or net or a oonllngency. lletalls """be !nctudedol any b,nell paid Oii bohof ol !he,ub,IBnlial holder or Ila a,sooate In ,.loliOll to fie eoqultillon,, even W II'"'! •re not paid cl!lldly IO 11,e I""'tom wlm llt rellll'lnl

   l""""1twa111cqulro

   
   

   
   

   Annexure "A"

   
   

   Fonn 603

   Notice ofInitial Substantial Hokier

   Metals X L.lmited (ML.X) ACN 110 150 005

   
   

   
   

   This Annexure 'A" of 2 pages referred to in the Form 603 (Notice of Initial Substantial Holder), signed by me and dated 18 December 2015.

   For and on behalf of

   AWED PROPERTIES INVES ENTS (t) COMPANY LIMITEll

   
   

   Signed: Mark Wong

   
   

2. Details ofsubstantlal holder

   
   

   Substantial holder (Allled Group) Allied Properties Investments (1) Company L.imited (APICL)

   : Allied Properties Overseas Limited (APOL)

   !Allied Properties (H.K.) Limited (APHKL)

   IAllied Group Limited (AGL.)

   Lee and Lee Trust (trustees: Lee Seng Hui, Lee Su Hwel and Lee Seng Huang)

   
   

3. Detalls of voting power

   
   

   Class of securities (4)	Number of securies	Person's voles(5)	Voting power (6)
   Fully paid ordinary	99,407,571	99,407,571	24.01%
   i shares (ORO shares) I i i

   
   

4. Detalls of relevant Interest&




Holder of relevant interest	Nature of relevant interest (7)	Class and number securities
I Allied Group , Allied Group has acquired a relevant l i interest under section 608(3) of the Corporations Act 2001 (Cth) inthe I :Isecurities that APAC Resources Limited (APAC) and it& related bcdles corporate (APAC Group) holdln MLX I because of APICL entering into an j agreement for the acquisition of more , than 20% of the shares in APAC -the j relevant agreement is attached as Annexure B		99,407,571 ORD shares

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