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Metals X keeps mum on Reed holding
Metals X keeps mum on Reed holding

Metals X is staying tight-lipped on its intentions after amassing a 4.45 per cent beneficial interest in explorer Reed Resources.

Reed announced today a check of its share register had shown the base metals miner held a beneficial interest in about 20.6 million shares.

Reed said it had contacted Metals X to determine the company's intentions for the holding, but Metals X refused to comment.

"Shareholders will be advised of any material developments," Reed said in a statement.

Reed is focused on the development of the Meekatharra gold project, which it hopes to bring into production before the end of the year.

It also holds lithium, vanadium, iron ore and nickel exploration assets.

Metals X also has exposure to a variety of minerals through its mining operations and exploration assets across Australia.

Reed shares were up half a cent, or 2.38 per cent, to 21 cents at the close while Metals X shares were flat at 13 cents.

Metals X has a market capitalisation of about $170 million against Reed's $97 million.