Metals X (MLX) Q3 2025 TU earnings summary

Executive summary

• Tin production at Renison was 2,272 tonnes, down 16.6% from Q2 CY2025 due to operational downtime and equipment failures.

• Metals X's 50% share of production was 1,136 tonnes; 52.09% of shipped tin-in-concentrate was received.

• The Renison Mineral Resource Update increased total resources to 20.8Mt at 1.40% Sn, with mine life at ~10 years.

• Closing cash and equivalents rose by $48.63M to $279.51M, including a $25.09M return of unutilised funds.

• Safety performance improved, with LTIFR dropping to 1.7 and TRIFR to 9.4.

Financial highlights

• Imputed revenue for the quarter was $118.2M, down from $136.44M in Q2 CY2025.

• Imputed EBITDA fell to $49.17M from $67.05M in the prior quarter.

• Net imputed cash inflow from operating activities was $26.07M (Q2 CY2025: $29.97M).

• C1 cash production costs rose to $23,138/t Sn (Q2 CY2025: $18,769/t Sn) due to lower production.

• All-in sustaining costs (AISC) increased to $36,048/t Sn (Q2 CY2025: $30,733/t Sn).

Outlook and guidance

• Full benefit of new personnel expected in Q4 CY2025 as onboarding continues.

• Most milling issues resolved by quarter end; improved recoveries and throughput expected to continue.

• Renison Life-of-Mine Plan and Ore Reserve update to be completed in Q4 CY2025.

• Final Investment Decision for Rentails Project targeted for late 2026.