Metals X (MLX) H1 2026 earnings summary

Executive summary

• Revenue rose 38.8% to $204.7M for the half-year ended 30 June 2026, driven by higher tin prices despite a 4.5% decrease in tin sold compared to the prior period.

• Net profit after tax nearly doubled to $103.9M, up 96.2% year-over-year, with EPS increasing to 11.72 cents.

• No interim dividend declared; the company maintains a strong cash position of $374.0M to fund future projects and investments.

Financial highlights

• Gross profit increased to $123.3M from $63.7M year-over-year.

• Operating cash flow was $126.5M, up 96.8% from the prior period.

• Cost of sales decreased 2.9% to $81.4M, aided by favorable inventory movements.

• Net tangible assets per security rose to $0.72 from $0.60 at 31 December 2025.

• Fair value gain on financial assets was $0.59M, including a $2.65M gain on Greentech shares.

Outlook and guidance

• Focus remains on maximizing value from the Renison Tin Operation, progressing the Rentails project, and maintaining a conservative, debt-free balance sheet.

• Capital allocation prioritizes funding for Rentails, flexibility for growth, and potential shareholder returns as project commitments and market conditions permit.