Metals X (MLX) Q3 2024 earnings summary

Executive summary

• Achieved record tin production at Renison with 2,899 tonnes in Q3 CY2024, a 15.7% increase over Q2 CY2024, and highest-ever monthly output in July at 1,141 tonnes.

• Maintained strong cash position, closing at $197.54 million, up $15.89 million from the previous quarter.

• Advanced Rentails project with a strategic shift to low-grade concentrate export, reducing capital and complexity.

• Acquired a 23.07% stake in First Tin Plc for $5.76 million, expanding exposure to advanced tin projects.

Financial highlights

• Metals X 50% share of imputed revenue was $68.44 million; $27.54 million of outstanding balances received post quarter-end.

• EBITDA for the quarter reached $71.10 million, up 22.8% from $57.92 million in Q2 CY2024.

• C1 cash production costs decreased to $16,192/t (from $18,901/t), and AIC fell to $30,332/t (from $33,769/t) due to higher production.

• Net imputed cash flow for the quarter was $48.95 million, up from $38.28 million in Q2 CY2024.

• Share buyback of 9.58 million shares for $3.80 million executed during the quarter.

Outlook and guidance

• Rentails project to progress to FEED stage, targeting final investment decision in late 2026.

• Ongoing focus on resource definition, grade control drilling, and near-mine exploration at Renison.

• Continued evaluation of acquisition opportunities in tin and analogous metals.