Metals X (MLX) investor relations material

Financial performance and position

• Revenue increased 30% to $285.0M, with net profit after tax of $104.6M and operating cash flow of $128.3M for CY2025.

• Closing cash rose 33% to $293.6M at year-end 2025, and further to $359.08M by 31 March 2026; no corporate debt.

• Market capitalisation reached $1.4B by May 2026, with a P/E ratio of 9.4 and net assets per share at $0.60.

• Maintains a conservative, debt-free balance sheet, prioritising growth and capital management flexibility.

• Unrecognised transferred revenue tax losses of $460.75M remain available for future utilisation.

Operations and production

• Renison produced 10,748 tonnes of tin-in-concentrate in 2025, with improved recovery of 79.87%.

• Renison mine life remains at approximately 10 years, with updated reserves of 7.505Mt at 1.37% Sn for 102,700 tonnes contained tin.

• Imputed revenue from Renison was $570.56M, with EBITDA of $285.04M and net cash flow of $201.73M (100% basis).

• Safety initiatives included a site-wide reset, new Life Saving Rules, and mental health training.

• Capital projects advanced, including ventilation upgrades, mine dewatering, and surface infrastructure improvements.

Growth projects and exploration

• Rentails Project advanced through regulatory, environmental, and engineering milestones; FEED for a 2.4Mtpa facility underway, targeting completion late CY2026.

• Near-mine exploration at Renison focused on resource growth, with significant drilling at Ringrose and Acacia, and expanded geophysical surveys.

• Mineral Resources at Renison and Rentails total 48.3Mt at 0.85% Sn for 411kt contained tin as of March 2025.