Metals X (MLX) Q4 2025 TU earnings summary

Executive summary

• Achieved near-record quarterly tin production of 3,319 tonnes, up 46% year-over-year, with December marking the highest monthly output on record.

• Mill recovery improved to 82.34%, among the strongest quarters historically, driven by higher grades and plant stability.

• C1 cash production costs fell 28% to A$16,598/t, supporting a significant margin improvement.

• Imputed EBITDA more than doubled to A$112.5 million, with margins rising to 58%.

• Closing cash and equivalents increased by A$14.1 million to A$293.6 million, with A$47.07 million received post-quarter from inventory and receivables.

Financial highlights

• Imputed revenue for the quarter reached A$192.8 million, up from A$118.2 million in the prior quarter.

• All-in sustaining costs (AISC) reduced to A$27,906/t from A$36,048/t sequentially.

• Net imputed cash inflow from operations was A$19.48 million, with total capital expenditure at A$19.54 million.

• Tin receivables rose to A$29.2 million, and tin inventory to A$40.1 million at quarter end.

Outlook and guidance

• Rentails Concentrator FEED package awarded, with completion expected in Q3 CY2026 and final investment decision in late 2026.

• Mine Closure Plan for Mt Bischoff on track for mid-2026 submission.

• Ongoing focus on resource and grade control drilling, with expanded exploration programs planned for Q1 CY2026.