Highlights

• Metals X delivered strong first-half earnings growth as higher tin prices supported revenue and margins.
• Renison lifted tin production by 10.47%, benefiting from improved grades and increased mining activity.
• A debt-free balance sheet and AU$374.0 million cash position provide flexibility for Rentails and strategic investments.

Half-Year Profit Nearly Doubles

Metals X Limited (ASX: MLX) released its 2026 half-year financial report on 28 August 2026, covering the six months ended 30 June 2026. The company generated revenue of AU$204.73 million, up 38.76% compared to AU$147.54 million in the prior corresponding period. Profit after tax advanced 96.24% to AU$103.91 million, while earnings per share increased to 11.72 cents from 5.83 cents.

The revenue improvement was mainly driven by stronger tin pricing. Metals X’s average three-month LME tin price during the period was US$50,453 per tonne, compared to US$32,194 per tonne a year earlier. This offset a 4.5% reduction in the company’s share of tin-in-concentrate sales to 3,048 tonnes.

Renison Production Moves Higher

Renison produced 5,696 tonnes of tin-in-concentrate, representing a 10.47% increase from 5,156 tonnes in the comparable period. Ore mined rose 17.06% to 413,708 tonnes, while the processed grade improved to 2.09% tin from 1.86%. Mill recovery averaged 79.39%.

Operating cash flow increased to AU$126.52 million from AU$64.27 million. Cash and cash equivalents climbed to AU$374.0 million at 30 June 2026, while total interest-bearing liabilities were limited to approximately AU$1.10 million.

Strategic Investments Continue

During the half, Metals X invested AU$18.35 million in Stellar Resources, AU$2.28 million in Elementos and AU$2.07 million in Tanami Gold. No interim distribution was proposed by the Board for the half-year period.

Outlook

Metals X remains focused on extending Renison’s mine life, improving productivity and progressing the Rentails Project. Concentrator front-end engineering and design is targeted for completion in late CY2026, ahead of a potential final investment decision in CY2027. With substantial cash reserves and no material debt, the company retains flexibility to fund project development while assessing further tin, base-metal and gold opportunities.

Note- All data presented is based on information available at the time of writing.

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