METALS X LIMITED (MLX)
Share Price Analysis and Chart

31/08/2026

3

Downgrade to Hold from Buy

$2.00

5.82%

Ord Minnett adjusts its rating for Metals X to Hold from Buy with a $2.00 target price following a half-year result featuring a cash balance expanding to $374m.

The business delivered financial performance broadly in line with expectations, supported by a non-cash accounting adjustment boosting net profit alongside zero dividend declarations to preserve capital for future growth initiatives.

Operations at the 50%-owned Renison tin mine continue generating significant value with tin prices exceeding US$50,000 per tonne, while a revised life-of-mine plan expected in September will likely outline ten years of reserves.

The company deployed -$22m into a strategic stake in Stellar Resources ((SRZ)), though capital remains primarily preserved to fund the Rentails project towards a final investment decision expected in 2027.

The analyst views the stock as fully valued following a recent 22% share price rally, prompting the rating downgrade amid a lack of imminent near-term catalysts.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 20.70 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.30 cents.

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01/09/2026

3

Hold

$1.90

0.53%

Shaw and Partners maintains a Hold rating for Metals X with a $1.90 target price following a 1H26 result featuring revenue of $204.7m and tin-in-concentrate production of 5,696 tonnes.

Production increased 10.5% against the prior corresponding period, driven by higher mined and processed grades, demonstrating the Renison operation can sustain output above reserve grades via ore-sorting.

The business closed the half with $374m in cash and expanded its balance sheet, increasing net tangible assets to 0.72 per share.

The analyst notes operating results are tracking ahead of expectations, supported by spot tin prices holding above US$55,000 per tonne.

A $24.7m income tax expense was recorded during the period, differing from previous zero-tax assumptions, though the broker anticipates further deferred tax asset recognition in the second half may offset this charge.