Metals X Limited (ASX:MLX) Reports Record Tin Production and Strong Financial Performance
Record Production and Revenue Growth
Metals X Limited (ASX:MLX) achieved a record total of 3,329 tonnes of tin-in-concentrate during the quarter ending December 31, 2024. This marked a 14.83% increase compared to the prior quarter’s production of 2,899 tonnes. The increase in production contributed to an imputed revenue of $78.19 million, up from $68.44 million in the previous quarter.
Financial Highlights
The company’s closing cash for the quarter rose to $220.64 million, a $23.10 million increase from the previous quarter. Metals X’s ongoing efforts in cost management led to an EBITDA of $80.17 million, reflecting a 12.73% increase. The imputed cash flow from operating activities totalled $31.83 million after adjusting for cash inventory and receivables.
Metals X executed a share buyback during the quarter, repurchasing 10.24 million shares for $4.10 million as part of its capital management strategy. The company advised that all repurchased shares have been cancelled.
Safety and Environmental Initiatives
The Renison Tin Operation reported an improved safety performance with a Lost Time Injury Frequency Rate (LTIFR) decreased to 1.8. The company successfully reduced greenhouse gas emissions by 17% in FY2024 compared to the previous year. The draft closure design plan for Mt Bischoff has been submitted to the Environmental Protection Authority for review.
Corporate Developments and Future Outlook
Metals X has made an unsolicited offer to acquire shares in Greentech Technology International Limited, targeting a price of HK$0.28 per share. The company also increased its ownership interest in First Tin Plc to 29.91%, further consolidating its position in the tin sector.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.g
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