Metals X (MLX) Q1 2025 TU earnings summary

Executive summary

• Renison Tin Operation reported five recordable injuries, with LTIFR rising to 2.7 and TRIFR to 11.5, prompting new safety initiatives and a site-wide safety reset.

• Despite bushfire disruptions and a planned shutdown, Renison achieved 2,432 tonnes of tin-in-concentrate, in line with budget but down from 3,329 tonnes in the previous quarter.

• Ore Reserve update maintains a 10-year mine life for Renison, supporting its status as a significant global tin producer.

Financial highlights

• Metals X's 50% share of imputed revenue was $61.53 million, down from $78.19 million in the previous quarter.

• Closing cash increased by $28.84 million to $249.48 million at quarter end.

• Imputed EBITDA for the quarter was $56.23 million, down from $80.17 million sequentially.

• All-in sustaining costs (AISC) rose to $33,482 per tonne from $27,506 per tonne in the previous quarter.

• Net cash inflow was $35.50 million, compared to $58.70 million in the prior quarter.

Outlook and guidance

• Full Environmental Impact Statement for the Rentails project is scheduled for submission in late Q4 CY2025.

• Ore Reserve and resource drilling programs continue, with further exploration and drilling planned for Q2 CY2025.

• Capital projects, including ventilation and dewatering upgrades, are expected to progress through Q2 CY2025.