METALS X LIMITED (MLX)
Share Price Analysis and Chart

01/05/2026

1

Buy

$1.60

12.68%

Ord Minnett hails the March quarter report on the Renison mine from Metals X as "excellent", as strong production was delivered into a record tin price. Even more cash was accrued compared with the December quarter record, as tin prices were at almost $70/kg for the full three months.

While the mine is 60 years old, and there is elevated expenditure required for renewal, Ord Minnett notes it has still managed to deliver.

The broker also notes the Heemskirk project, around 15km from Renison, has evident synergies. Buy and $1.60 target retained.

FORECAST
Ord Minnett forecasts a full year FY26 EPS of 16.70 cents.
Ord Minnett forecasts a full year FY27 EPS of 7.90 cents.

05/05/2026

1

Buy

$1.55

9.15%

Canaccord Genuity maintains a Buy rating for Metals X and raises the target price to $1.55 from $1.50 following a stronger-than-expected March quarter report.

The broker highlights a broad beat across production, costs, and earnings, driven largely by a 20% jump in imputed tin pricing to $69,726/t.

This more than offset a 13% quarter-on-quarter drop in tin production to 2.9kt, which was constrained by lower grades and recoveries tied to mine sequencing.

The company's cash position grew 22% to $359m, and it recently announced a -$17m strategic investment in Stellar Resources ((SRZ)) to explore synergies with its nearby Heemskirk Tin Project.

Canaccord Genuity upgraded its 2026 EBITDA forecast by 17% to reflect the operational outperformance and the new strategic investment, noting the valuation remains attractive.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.00 cents.