Metals X (MLX) Q2 2025 TU earnings summary

Executive summary

• Achieved third highest quarterly tin production on record at 2,724 tonnes, up 12% quarter-over-quarter; Metals X's share was 1,362 tonnes.

• Net imputed cash inflow from operations rose to $29.97 million, driven by higher production and lower unit costs.

• Closed quarter with $230.48 million in cash and equivalents, plus $28 million earmarked for a partial offer, totaling $258.48 million in liquidity.

• Invested $5 million in Elementos Limited and made a partial offer for Greentech Technology International.

Financial highlights

• Tin-in-concentrate production increased to 2,724 tonnes from 2,432 tonnes quarter-over-quarter.

• C1 cash production costs fell to $18,769 per tonne from $20,597 per tonne.

• Imputed EBITDA rose to $67.05 million from $56.23 million quarter-over-quarter.

• All-in sustaining costs (AISC) decreased to $30,733 per tonne from $33,482 per tonne.

• Net imputed cash inflow increased to $44.20 million from $35.50 million quarter-over-quarter.

Outlook and guidance

• Additional mining personnel to be mobilized to address workforce shortages and improve operational reliability.

• Rentails project advancing toward final investment decision in late 2026, with environmental approvals and engineering progressing.

• Ongoing exploration and drilling programs to continue in Q3 CY2025, targeting resource growth.