METALS X LIMITED (MLX)
Share Price Analysis and Chart

14/11/2025

1

Buy

$1.10

23.60%

Ord Minnett has visited the Tasmanian tin province, specifically the Renison mine, which is 50% owned by Metals X via its 50% interest in Bluestone. The broker also visited the Heemskirk project, owned by Stella Resources ((SRZ)).

Aside from these two companies, Ord Minnett points out regional exploration has not recommenced since the "tin crash 40 ago". Hence, the ground, in one of the world's great tin provinces, is ripe for modern exploration.

Tin demand is growing, particularly for solder, with electrification requiring circuit boards in numerous devices. As investors are enthusiastic regarding critical minerals, attention is expected to turn to Tassie's tin plays.

The broker has a Buy rating and $1.10 target for Metals X.

FORECAST
Ord Minnett forecasts a full year FY25 EPS of 10.40 cents.
Ord Minnett forecasts a full year FY26 EPS of 7.90 cents.

10/10/2025

1

Upgrade to Buy from Hold

$0.95

6.74%

Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.

While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.

Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.

For Metals X, the broker forecasts -16% q/q lower tin production in the September quarter, but expects an offset from strong tin price, leading to a 4% rise in estimated cash balance.

Rating upgraded to Buy from Hold. Target rises to 95c from 58c.