METALS X LIMITED (MLX)
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MLX

MLX - METALS X LIMITED

FNArena Sector : Tin
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 0.02
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.52

02 Mar
2026

0.090

OPEN

$1.41

6.29%

HIGH

$1.53

5,987,850

LOW

$1.41

TARGET
$1.60 5.3% upside
Franking for last dividend paid out: 26%
FNARENA'S MARKET CONSENSUS FORECASTS
MLX: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 11.8 17.9 xxx
DPS (cps) xxx 0.0 N/A xxx
EPS Growth xxx 4.1% 51.7% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 8.6 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
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Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx11.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx285.0 M
Book Value Per Share xxxxxxxxxxxxxxx60.1
Net Operating Cash Flow xxxxxxxxxxxxxxx128.3 M
Net Profit Margin xxxxxxxxxxxxxxx36.70 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx21.79 %
Return on Invested Capital xxxxxxxxxxxxxxx21.72 %
Return on Assets xxxxxxxxxxxxxxx18.24 %
Return on Equity xxxxxxxxxxxxxxx21.79 %
Return on Total Capital xxxxxxxxxxxxxxx25.07 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx92.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx3 M
Long Term Debt xxxxxxxxxxxxxxx0 M
Total Debt xxxxxxxxxxxxxxx3 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx294 M
Price To Book Value xxxxxxxxxxxxxxx1.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx37.3 M
Capex % of Sales xxxxxxxxxxxxxxx13.10 %
Cost of Goods Sold xxxxxxxxxxxxxxx159 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx23 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

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Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

02/03/2026

1

Buy

$1.60

5.26%

With tin at record prices, Ord Minnett notes Metals X is the sole tin producer on the ASX, and has robust fundamentals with a ten-plus year mine life, net cash of almost $300mn and exposure to attractive growth opportunities.

The miner's Its 2025 financial report showed statutory profit of $104m but otherwise provided little relevant data.

The broker is watching for another attempt to acquire JV partner Greentech – which we are now less hopeful about – and awaiting development approvals for Taronga Tin in NSW and Oropesa in Spain, as Metals X has stakes in the projects owners.

The company may increase its involvement if the projects advance towards production. Buy and $1.60 target retained.

FORECAST
Ord Minnett forecasts a full year FY26 EPS of 17.90 cents.
Ord Minnett forecasts a full year FY27 EPS of 8.80 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

02/02/2026

1

Buy

$1.35

-11.18%

Canaccord Genuity lifted its target on Metals X to $1.35 from $1.25 after a standout 4Q2025, with tin production rising 46% q/q to 3.3kt, well ahead of the broker’s 2.5kt forecast.

Higher grades and improved recoveries drove C1 costs down -28% q/q to $16,598/t, materially below expectations, while realised tin prices increased 12% q/q to $58,086/t, lifting quarterly revenue 63% to $193m.

Earnings (EBITDA) rose 129% q/q to $113m, versus Canaccord’s $71m estimate. The analyst lifts 2025 earnings (EBITDA) by 16% and 2% in 2026. Net cash ended the quarter at $294m, broadly in line.

Buy retained with the target lifted to $1.35 from $1.25.

FORECAST
Canaccord Genuity forecasts a full year FY26 EPS of 0.12 cents.
Access Extra Coverage Research History >

MLX STOCK CHART

FNArena News on MLX

1
FNArena Corporate Results Monitor – 02-03-2026

Mar 02 2026 - Australia
2
Australian Broker Call *Extra* Edition – Feb 02, 2026

Feb 02 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Jan 15, 2026

Jan 15 2026 - Daily Market Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 10-10-25

Oct 10 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Oct 10, 2025

Oct 10 2025 - Daily Market Reports

Latest Tin News

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Feb 08 2022 - Technicals
2
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