Metals X (MLX) H1 2025 earnings summary

Executive summary

• Revenue rose 55% to $147.5M for the half-year ended 30 June 2025, driven by higher tin sales and prices compared to the prior year.

• Net profit after tax surged 256% to $52.9M, reflecting increased production, improved pricing, and fair value gains on financial assets.

• No interim dividend declared for the period.

• The company maintained a strong cash position, with $230.9M in cash and equivalents at period end.

Financial highlights

• Gross profit increased to $63.7M from $35.7M year-over-year.

• Other income, mainly from term deposit interest, totaled $6.7M, up 29%.

• Fair value gain on financial assets was $6.1M, reversing a $12.0M loss in the prior period.

• Operating cash flow was $64.3M, up 2% year-over-year.

• Net tangible assets per share rose to $0.54 from $0.48 at 31 Dec 2024.

Outlook and guidance

• Focus remains on increasing mineral reserves, improving mine life, and delivering higher cash margins at Renison.

• The Rentails project is advancing through environmental approvals, with a final investment decision targeted for late 2026.

• Ongoing evaluation of acquisition opportunities and continued investment in tin and base metal projects.