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2026-11-06
◂ Monitor MLX ASX

Metals X Limited

Producer · Tin · Australia Rating locked: sign in to view v8.1 · mlx-20261031t172751-full
Last 2026-11-06
A$1.52
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$1.3B
EV
A$913.5M
Cash
A$434.9M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$434.9M2024-12-31: 220,640,000 A$2025-03-31: 249,480,000 A$2025-06-30: 230,880,000 A$2025-09-30: 279,510,000 A$2025-12-31: 293,610,000 A$2026-03-31: 359,080,000 A$2026-06-30: 374,000,000 A$2026-09-30: 434,870,000 A$ Self Funding
Debt A$0 Net cash A$434.9M
Basic shares 886.4M 2025-12-31
Runway Self Funding Operating cash flow of A$62.70m in the September 2026 quarter funds the company; hire-purchase liabilities were A$1.1m at 30 June 2026

Liquidity

Financial position

A$434.87m cash earning 4.70%, no corporate debt, positive operating cash flow; main calls are Metals X share of Rentails (not yet approved), a possible First Tin offer, tax payable (A$32.5m at 30 June 2026) and investee funding.

Inventory composition1

At 30 September 2026 Metals X also held tin receivables of A$22.24m (after treatment costs) and tin in transit with imputed value A$25.73m, against payables A$20.03m and unearned revenue A$11.98m; A$20.19m of these balances was received by the quarterly report date.

Tin-in-concentrate in transit (imputed value, Metals X share)
— carrying

Capital structure

Ownership and dilution

Ordinary shares
886.4M
Fully diluted
886.4M

886,391,538 ordinary shares at 31 December 2024 and 2025 (no issues or buy-backs; the on-market buy-back lapsed on 20 March 2026 with no purchases); the half-year note prints 886,392,538, a one-thousand-share typographical difference resolved in documents.json.

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendCY2024ACY2025A
Operations
Tin-in-concentrate produced, Metals X 50% sharet SnCY2024: 5,503 t SnCY2025: 5,374 t Sn5,5035,374
Unit costs
C1 cash production cost (100% basis)AUD/t SnCY2024: 17,292 AUD/t SnCY2025: 19,436 AUD/t Sn17,29219,436
All-in sustaining cost (100% basis)AUD/t SnCY2024: 29,263 AUD/t SnCY2025: 31,607 AUD/t Sn29,26331,607
Profit and loss
Revenue (Metals X consolidated, 50% of Renison)AUDmCY2024: 218,820,000 AUDCY2025: 284,999,000 AUD218.8285.0
Cash cost of sales (cost of sales less depreciation and amortisation)AUDmCY2024: 100,752,000 AUDCY2025: 132,826,000 AUD100.8132.8
General and administrative expenseAUDmCY2024: 2,744,000 AUDCY2025: 4,212,000 AUD2.74.2
EBITDA (revenue less cash cost of sales less G&A)AUDmCY2024: 115,324,000 AUDCY2025: 147,961,000 AUD115.3148.0
Depreciation and amortisationAUDmCY2024: 22,806,000 AUDCY2025: 25,450,000 AUD22.825.4
Interest incomeAUDmCY2024: 9,837,000 AUDCY2025: 13,235,000 AUD9.813.2
Income tax expenseAUDmCY2024: 17,878,000 AUDCY2025: 33,670,000 AUD17.933.7
Net profit after taxAUDmCY2024: 102,349,000 AUDCY2025: 104,605,000 AUD102.3104.6
Cash flow
Operating cash flowAUDmCY2024: 143,567,000 AUDCY2025: 128,323,000 AUD143.6128.3
Capital expenditure (PP&E, mine development, exploration)AUDmCY2024: 40,935,000 AUDCY2025: 37,349,000 AUD40.937.3
Free cash flow (operating cash flow less capex)AUDmCY2024: 102,632,000 AUDCY2025: 90,974,000 AUD102.691.0
Balance sheet
Cash and cash equivalents (year end)AUDmCY2024: 220,644,000 AUDCY2025: 293,606,000 AUD220.6293.6
Corporate debt (hire-purchase liabilities of A$3.3m at 2025 excluded)AUDm0.00.0
Net debt / (net cash)AUDmCY2024: -220,644,000 AUDCY2025: -293,606,000 AUD(220.6)(293.6)
Per share
Ordinary shares on issuem shares886.4886.4
Earnings per shareAUD/shareCY2024: 0.12 AUD/shareCY2025: 0.12 AUD/share0.120.12
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xCY2024: 8.46 xCY2025: 6.59 x8.56.6
P / E (x, current market cap)xCY2024: 13.77 xCY2025: 13.47 x13.813.5
FCF yield (current market cap)%CY2024: 0.07 fractionCY2025: 0.06 fraction7.3%6.5%
EBITDA margin%CY2024: 0.53 fractionCY2025: 0.52 fraction52.7%51.9%
Net debt / EBITDA (x)xCY2024: -1.91 xCY2025: -1.98 x(1.9)(2.0)

KPI history

Operating metrics

Source values by period
Operating metric source table40
MetricProjectPeriodPeriod typeValueStatus
Renison tin-in-concentrate produced, Q4 CY2024 (100% basis)Renison TinQ4 CY2024Quarter3,329 t SnReported
Renison C1 cash production cost, Q4 CY2024 (100% basis)Renison TinQ4 CY2024Quarter16,282 AUD/t SnReported
Renison all-in sustaining cost, Q4 CY2024 (100% basis)Renison TinQ4 CY2024Quarter27,506 AUD/t SnReported
Metals X closing cash, Q4 CY2024CompanyQ4 CY2024Point In Time220,640,000 AUDReported
Renison tin-in-concentrate produced, Q1 CY2025 (100% basis)Renison TinQ1 CY2025Quarter2,432 t SnReported
Renison C1 cash production cost, Q1 CY2025 (100% basis)Renison TinQ1 CY2025Quarter20,597 AUD/t SnReported
Renison all-in sustaining cost, Q1 CY2025 (100% basis)Renison TinQ1 CY2025Quarter33,482 AUD/t SnReported
Metals X closing cash, Q1 CY2025CompanyQ1 CY2025Point In Time249,480,000 AUDReported
Renison tin-in-concentrate produced, Q2 CY2025 (100% basis)Renison TinQ2 CY2025Quarter2,724 t SnReported
Renison C1 cash production cost, Q2 CY2025 (100% basis)Renison TinQ2 CY2025Quarter18,769 AUD/t SnReported
Renison all-in sustaining cost, Q2 CY2025 (100% basis)Renison TinQ2 CY2025Quarter30,733 AUD/t SnReported
Metals X closing cash, Q2 CY2025CompanyQ2 CY2025Point In Time230,880,000 AUDReported
Renison tin-in-concentrate produced, Q3 CY2025 (100% basis)Renison TinQ3 CY2025Quarter2,272 t SnReported
Renison C1 cash production cost, Q3 CY2025 (100% basis)Renison TinQ3 CY2025Quarter23,138 AUD/t SnReported
Renison all-in sustaining cost, Q3 CY2025 (100% basis)Renison TinQ3 CY2025Quarter36,048 AUD/t SnReported
Metals X closing cash, Q3 CY2025CompanyQ3 CY2025Point In Time279,510,000 AUDReported
Renison tin-in-concentrate produced, Q4 CY2025 (100% basis)Renison TinQ4 CY2025Quarter3,319 t SnReported
Renison C1 cash production cost, Q4 CY2025 (100% basis)Renison TinQ4 CY2025Quarter16,598 AUD/t SnReported
Renison all-in sustaining cost, Q4 CY2025 (100% basis)Renison TinQ4 CY2025Quarter27,906 AUD/t SnReported
Metals X closing cash, Q4 CY2025CompanyQ4 CY2025Point In Time293,610,000 AUDReported
Renison tin-in-concentrate produced, Q1 CY2026 (100% basis)Renison TinQ1 CY2026Quarter2,887 t SnReported
Renison C1 cash production cost, Q1 CY2026 (100% basis)Renison TinQ1 CY2026Quarter18,653 AUD/t SnReported
Renison all-in sustaining cost, Q1 CY2026 (100% basis)Renison TinQ1 CY2026Quarter32,567 AUD/t SnReported
Metals X closing cash, Q1 CY2026CompanyQ1 CY2026Point In Time359,080,000 AUDReported
Renison tin-in-concentrate produced, Q2 CY2026 (100% basis)Renison TinQ2 CY2026Quarter2,809 t SnReported
Renison C1 cash production cost, Q2 CY2026 (100% basis)Renison TinQ2 CY2026Quarter20,251 AUD/t SnReported
Renison all-in sustaining cost, Q2 CY2026 (100% basis)Renison TinQ2 CY2026Quarter34,865 AUD/t SnReported
Metals X closing cash, Q2 CY2026CompanyQ2 CY2026Point In Time374,000,000 AUDReported
Renison tin-in-concentrate produced, Q3 CY2026 (100% basis)Renison TinQ3 CY2026Quarter2,663 t SnReported
Renison C1 cash production cost, Q3 CY2026 (100% basis)Renison TinQ3 CY2026Quarter22,268 AUD/t SnReported
Renison all-in sustaining cost, Q3 CY2026 (100% basis)Renison TinQ3 CY2026Quarter39,463 AUD/t SnReported
Metals X closing cash, Q3 CY2026CompanyQ3 CY2026Point In Time434,870,000 AUDReported
Renison tin-in-concentrate produced, CY2025 (100% basis)Renison TinCY2025Year10,748 t SnReported
Renison tin-in-concentrate produced, CY2024 (100% basis)Renison TinCY2024Year11,006 t SnReported
Metals X revenue, CY2025CompanyCY2025Year284,999,000 AUDReported
Metals X revenue, six months to 30 June 2026CompanyH1 CY2026Half Year204,729,000 AUDReported
Metals X EBITDA, CY2025 (gross profit plus D&A less G&A)CompanyCY2025Year147,961,000 AUDSource Derived
Renison mill recovery, Q3 CY2026Renison TinQ3 CY2026Quarter77.14 %Reported
Renison grade of ore processed, Q3 CY2026Renison TinQ3 CY2026Quarter2.02 % SnReported
Renison ore milled, Q3 CY2026Renison TinQ3 CY2026Quarter171,272 t oreReported

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-03-20Ann. 2025-03-21BuybackOrdinary SharesA$0——CancelledOn-market buy-back extended 12 months from 21 March 2025; no shares were repurchased or cancelled and it lapsed on 20 March 2026.Period 2025-03-21 to 2026-03-20

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-28

Arrangements disclosed in the 2025 annual report, 2026 half-year report and September 2026 quarterly; terms of the customer contracts and the BMTJV agreement are not published, and hedging is not disclosed (none identified).

Metals X holds a 50% participating interest in the unincorporated BMTJV, which owns and operates Renison; the other 50% is held by YT Parksong. Metals X consolidates its 50% share of revenue, costs, capex and cash calls line by line and has three seats on the management committee.

Joint Venture · Active
Counterparties
Bluestone Mines Tasmania Joint Venture (BMTJV) · YT Parksong Australia Holdings Pty Ltd (82% Greentech, 18% Yunnan Tin PRC chain)
Applies to
Renison Tin Operation · Tin
Economic direction
Mixed
Period
Dates not stated
Key terms
Metals X participating interest: 50 %
Cash calls paid to BMTJV, Q3 CY2026: 43,250,000 AUD
Equipment loans to BMTJV (36 months, 5.93%): 2,550,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Renison tin-in-concentrate is sold to two smelter customers under master services agreements with quotational-period pricing; 80-85% of the provisional invoice is paid within four weeks of arrival at the smelter. Imputed sales and marketing costs (royalties, smelter charges and unit deductions) are about A$9,133/t Sn at the September 2026 price.

Offtake · Active
Counterparties
Malaysia Smelting Corporation · Yunnan Tin Group
Applies to
Renison Tin Operation · Tin
Economic direction
Benefit
Period
Dates not stated
Key terms
Customer split: 40% / 60% (AGM presentation chart; the assignment to each buyer is not legible in text)
Imputed sales and marketing cost, Q3 CY2026: 9,133 AUD/t Sn
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty expense was A$14.72m on Metals X revenue of A$285.0m in CY2025 (about 5.2%), and rises with the tin price; royalties and smelter charges sit inside imputed sales and marketing costs.

Royalty · Active
Counterparties
Tasmanian Government and other royalty holders
Applies to
Renison Tin Operation · Tin
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty expense CY2025: 14,724,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Metals X is entitled to a 1.75% net smelter royalty on all metals from Nico Resources Wingellina nickel-cobalt and Claude Hills projects once in production; no near-term production.

Royalty · Conditional
Counterparties
Nico Resources Limited
Applies to
Company-wide · Nickel · Cobalt
Economic direction
Benefit
Period
Dates not stated
Key terms
Net smelter royalty: 1.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Four convertible notes with A$36.0m face value, 6% coupon paid semi-annually, maturity extended to 31 March 2028, convertible at A$0.35 per share, early redemption at Cyprium option at 115% of face with Metals X able to take up to 20 million shares; carried at A$43.9m fair value at 30 June 2026.

Other · Active
Counterparties
Cyprium Metals Limited
Applies to
Company-wide · Copper
Economic direction
Benefit
Period
Through 2028-03-31; start date not stated
Key terms
Face value: 36,000,000 AUD
Coupon: 6 % per year
Fair value 30 June 2026: 43,939,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.