Metals X (MLX) H1 2024 earnings summary

Executive summary

• Revenue rose 52% to $94.98 million for the half-year ended 30 June 2024, driven by higher tin prices and a 33% increase in tin volumes sold compared to the same period last year.

• Net profit after tax increased 23% to $14.87 million, with basic EPS of 1.64 cents, up from 1.33 cents.

• Cash and cash equivalents grew to $181.65 million, supporting ongoing capital projects and strategic investments.

• No interim dividend declared; focus remains on growth, capital management, and project development.

Financial highlights

• Gross profit more than doubled to $35.65 million from $17.11 million year-over-year.

• Operating cash flow increased to $62.76 million from $29.50 million.

• Capital expenditure totaled $41.20 million, with significant investments in mine development and equipment.

• Net tangible assets per share rose to $0.38 from $0.37 at 31 Dec 2023.

Outlook and guidance

• Strategic focus on increasing mineral reserves, improving mine life, and enhancing cash margins at Renison.

• Rentails Project targeting FID in 2026, with phased development to reduce CAPEX and streamline permitting.

• Ongoing evaluation of acquisition opportunities in tin and analogous base metals and gold.