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, favorable exchange rates, and operational improvements, resulting in a 121% increase in operating cash flow and total comprehensive income after tax of $101.85 million.

• Implemented an on-market share buy-back (2.3% of issued capital), acquired a 29.91% stake in First Tin PLC, and made an unsolicited approach to acquire Greentech Technology International, potentially increasing effective interest in BMTJV to 91%.

• Progressed the Rentails Project to pre-execution FEED stage, with environmental approvals targeted for late 2026 and a final investment decision thereafter.

Financial highlights

• Revenue from activities rose 42% year-over-year to $218.8 million; profit after tax attributable to members surged 602% to $102.3 million.

• Gross profit increased 96% to $95.3 million; gross margin improved to 43.5% from 31.6% year-over-year.

• Cash at bank at year-end was $220.6 million, up from $143.0 million; net tangible assets per share increased to $0.48 from $0.37.

• Fair value gain on financial assets of $20.2 million, mainly from Cyprium convertible notes; cash flows from operating activities up 121% to $143.6 million.

• No dividends declared or paid for the year.

Outlook and guidance

• Focus remains on increasing tin market position through potential acquisitions, including Greentech, and supporting BMTJV's Rentails Project.

• Share buy-back program expected to be renewed for 2025; company continues to build cash reserves for future funding commitments.