Metals X (MLX) Q1 2026 earnings summary

Executive summary

• Achieved fourth-highest quarterly tin production at Renison with 2,887 tonnes, despite a 13% decrease from the previous quarter due to lower ore grades and plant disruptions.

• Imputed EBITDA rose 8.77% to A$122.39 million, driven by higher tin prices, offsetting increased unit costs.

• Net imputed cash inflow increased 9.7% to A$101.10 million, with closing cash at a record A$359.08 million.

• Progress continued on major capital projects, Rentails FEED, and mine closure activities at Mt Bischoff.

Financial highlights

• Imputed revenue for the quarter was A$201.29 million, up from A$192.79 million sequentially.

• C1 cash production costs increased to A$18,653/t (from A$16,598/t), AISC to A$32,567/t, and AIC to A$34,707/t.

• Net cash from operating activities was A$69.46 million, up from A$19.48 million in the prior quarter.

• Cash and equivalents rose by A$65.47 million to A$359.08 million.

Outlook and guidance

• Higher fuel costs may impact earnings from Q2 CY2026.

• Rentails FEED package on track for completion in late 2026; FID expected after FEED completion.

• Mt Bischoff Mine Closure Plan submission remains on track for mid-CY2026.