Metals X (MLX) H2 2024 earnings summary

Executive summary

• Achieved record annual tin production of 11,006 tonnes at Renison, driven by higher tin prices and improved operational performance, resulting in a 121% increase in operating cash flow and total comprehensive income after tax of $101.85 million for the year ended 31 December 2024.

• Cash balance at year-end was $220.64 million, up from $143.04 million, supporting strategic investments and capital management initiatives.

• Key strategic actions included a 2.3% on-market share buy-back, acquisition of a 29.91% stake in First Tin PLC, and an unsolicited approach to acquire Greentech Technology International Limited.

Financial highlights

• Revenue increased 42% year-over-year to $218.82 million; gross profit rose 96% to $95.26 million.

• Gross profit margin improved to 43.53% from 31.62% year-over-year.

• Net profit after tax was $102.35 million, up from $14.59 million in the prior year.

• Operating cash flow reached $143.57 million, a 121% increase year-over-year.

• Fair value gain on financial assets was $20.18 million, reversing a prior year loss.

• Cash used in investing activities was $55.45 million, mainly for investments in associates and mine development.

• Share buy-back cost $8.31 million; no dividends declared.

Outlook and guidance

• Focus remains on increasing tin market share, progressing the Rentails project, and evaluating further acquisitions, including a potential increase in Renison ownership to 91% if the Greentech acquisition proceeds.

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

• Ongoing commitment to capital management, with the share buy-back program expected to be renewed for 2025.