Metals X (MLX) Q2 2026 TU earnings summary

Executive summary

• Tin production at Renison was 2,809 tonnes for the quarter, down from 2,887 tonnes in Q1 CY2026, with Metals X's 50% share at 1,405 tonnes.

• Imputed revenue rose 3.04% to $207.40 million, driven by a 5.89% increase in tin price to $73,834/t, despite lower production.

• Imputed EBITDA increased to $125.91 million, while net cash flow was $100.69 million, slightly down due to higher capital expenditure.

• Closing cash and equivalents rose by $14.92 million to $374.00 million after tax and investments.

• Renison Mineral Resource update reported 21.8Mt at 1.38% tin for 300.3kt contained tin, with a 7% increase in Measured and Indicated tin.

Financial highlights

• Imputed EBITDA for the quarter was $125.91 million ($44,825/t Sn), up from $122.39 million ($42,393/t Sn) in Q1 CY2026.

• All-in sustaining costs (AISC) increased to $34,865/t Sn from $32,567/t Sn sequentially.

• C1 cash production costs rose to $20,251/t Sn from $18,653/t Sn.

• Net imputed cash flow was $100.69 million, marginally down from $101.10 million in Q1 CY2026.

• Operating cash inflow was $34.00 million after $28.14 million income tax payment.

Outlook and guidance

• Renison Life-of-Mine Plan and Ore Reserve update expected in Q3 CY2026.

• Rentails Project FEED on track for completion in late CY2026; final investment decision pending FEED completion.

• Ongoing focus on resource definition and grade control drilling in key mining areas.