Live News • May 09
Metals X Expands Tin and Gold Presence With Investments in Stellar Resources and Tanami Gold Metals X has acquired a 16.4% interest and a board seat in neighboring tin developer Stellar Resources via a A$17 million placement.
The company has fully subscribed to Tanami Gold’s A$70.5 million entitlement offer, investing about A$2.07 million to maintain its 2.93% stake.
For you as an investor, the two moves point to a clear focus on building exposure to both tin and gold through nearby or existing project relationships. The increased position in Stellar Resources sits alongside Metals X’s Renison tin mine, while Stellar’s Heemskirk project is also in Tasmania. That proximity can matter for potential shared infrastructure, technical expertise or future project coordination, even though no specific plans are outlined in the news.
On the gold side, Metals X’s decision to fully participate in Tanami Gold’s entitlement offer keeps its interest in the Central Tanami Project steady. That indicates the company wants to preserve its seat at the table as the joint venture between Tanami Gold and MGX Resources continues to seek funding and progress the asset. Together, these steps show Metals X committing capital to assets where it already has operating or regional links, which is something to keep in mind when you consider how its portfolio is positioned across tin and gold. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$1.59, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 2x in the Metals and Mining industry in Australia. Total returns to shareholders of 500% over the past three years. New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (AU$1.1m sold). Announcement • Mar 19
Metals X Limited, Annual General Meeting, May 19, 2026 Metals X Limited, Annual General Meeting, May 19, 2026. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AU$1.29, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 1x in the Metals and Mining industry in Australia. Total returns to shareholders of 367% over the past three years. Recent Insider Transactions • Mar 05
Independent Non-Executive Director recently sold AU$1.1m worth of stock On the 2nd of March, Patrick O'Connor sold around 750k shares on-market at roughly AU$1.51 per share. This transaction amounted to 75% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: AU$0.12 (up from AU$0.11 in FY 2024). Revenue: AU$285.0m (up 30% from FY 2024). Net income: AU$104.6m (up 2.2% from FY 2024). Profit margin: 37% (down from 47% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 9.2%. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 30
Price target increased by 28% to AU$1.48 Up from AU$1.15, the current price target is an average from 2 analysts. New target price is 13% above last closing price of AU$1.31. Stock is up 172% over the past year. The company is forecast to post earnings per share of AU$0.13 for next year compared to AU$0.11 last year. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 23%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from AU$251.7m to AU$262.3m. EPS estimate fell from AU$0.125 to AU$0.096 per share. Net income forecast to shrink 54% next year vs 18% growth forecast for Metals and Mining industry in Australia . Consensus price target of AU$0.69 unchanged from last update. Share price rose 6.7% to AU$0.64 over the past week. Reported Earnings • Aug 27
First half 2025 earnings released: EPS: AU$0.058 (vs AU$0.016 in 1H 2024) First half 2025 results: EPS: AU$0.058 (up from AU$0.016 in 1H 2024). Revenue: AU$147.5m (up 55% from 1H 2024). Net income: AU$52.9m (up 256% from 1H 2024). Profit margin: 36% (up from 16% in 1H 2024). Revenue is expected to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. New Risk • Jul 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 26% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 26% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: AU$0.11 (vs AU$0.016 in FY 2023) Full year 2024 results: EPS: AU$0.11 (up from AU$0.016 in FY 2023). Revenue: AU$218.8m (up 42% from FY 2023). Net income: AU$102.3m (up AU$87.8m from FY 2023). Profit margin: 47% (up from 9.5% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 28
Now 20% undervalued Over the last 90 days, the stock has risen 26% to AU$0.51. The fair value is estimated to be AU$0.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has declined by 26%. Price Target Changed • Jan 10
Price target decreased by 10% to AU$0.43 Down from AU$0.48, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of AU$0.43. Stock is up 56% over the past year. The company posted earnings per share of AU$0.016 last year. Announcement • Nov 29
Metals X Limited Announces Executive Changes Metals X Limited announced that Ms. Shannon Coates retires from the role of company secretary with effect from 29 November 2024. Ms. Natalie Teo has been appointed as the company secretary with effect from 29 November 2024. For the purposes of ASX Listing Rule 12.6, Ms. Teo will be the person responsible for communications between the company and ASX. Announcement • Oct 24
Metals X Limited (ASX:MLX) proposed to acquire Greentech Technology International Limited (SEHK:195). Metals X Limited (ASX:MLX) proposed to acquire Greentech Technology International Limited (SEHK:195) on October 24, 2024. A cash consideration valued at HKD 0.28 per share will be paid by Metals X Limited. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: AU$0.016 (vs AU$0.013 in 1H 2023) First half 2024 results: EPS: AU$0.016 (up from AU$0.013 in 1H 2023). Revenue: AU$95.0m (up 52% from 1H 2023). Net income: AU$14.9m (up 23% from 1H 2023). Profit margin: 16% (down from 19% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Apr 26
Greentech Technology International Limited Announces Ringrose Exploration Update, Owned 50% by YT Parksong Australia Holding Pty Limited and 50% by Metals X Limited The board of directors of the Greentech Technology International Limited provided an update on the ongoing near mine exploration at the Renison Tin Operations, in which the Company through YT Parksong Australia Holding Pty Limited, has a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. Metals X Limited owns another 50% equity interest in Renison though its 50% stake in BMTJV. This update is based on the information provided by Metals X. During 2019, seven surface drill holes were surveyed in a program using a single axis DHEM probe. This program identified 24 conductor plates, 13 of which were off-hole conductors. An initial program of three diamond drill holes for 2,104m was completed to test the ranked conductors and assessed the potential for DHEM to detect tin bearing sulphide mineralisation. This program was completed during 2022. A subsequent phase 2 diamond drilling program comprising seven drill holes for 6,246m commenced in August 2022 to test other 2019 DHEM conductors. Drill hole S1671, collared approximately 750m south of existing mine development, was the second of these Phase 2 drillholes and intersected 26.93m (down hole width) @ 4.57% Sn from 225.07m. Following this high-grade intersection, ten additional follow-up drill holes for 5,600m have been completed at Ringrose to date. Several of these drill holes completed were surveyed with downhole electromagnetic (EM) in November 2023, identifying several new conductive zones. Assay results from six of these holes, and preliminary results from the EM survey were previously reported in the announcements of the Company (on 5 July 2023 and 27 February 2024). Additional significant Sn assay results now received from the ongoing follow-up drilling include: S1683: 2.9m @ 0.9% Sn from 143.3m; 5.6m @ 1.2% Sn from 158.6m; and 6.85m @ 0.69%Sn from 181m; S1684: 9.9m @ 0.53% Sn from 244m; S1685: 3.8m @ 3.38% Sn from 13.2m, 2m @ 0.80% Sn from 27m; 2.1m @ 1.01% Sn from 48.9m; 9m @ 0.60% Sn from 56m; 7.7m @ 0.41% Sn from 145.2m; S1687: 7.2m @ 2.52% Sn from 249.4m; S1688: 6.45m @ 0.51% Sn from 201m; 12.05m @ 1.01% Sn from 213.15m; S1696: 8.4m @ 0.87% Sn from 42.5m (NB drilling is ongoing). High-grade tin mineralisation currently extends over approximately 300m strike length, 250m depth extent and is open in all directions, with extensional drilling continuing. Reported mineralisation is broadly coincident with the modelled DHEM conductors, however conductor orientations currently vary between drill hole intersections. Drill core orientations also indicate that the mineralised zone is structurally complex and interpretation is evolving with the aid of newly acquired DHEM and FLEM survey data, as well as further drilling. Current interpretation indicates an east-west striking mineralised zone with north/north-west- trending high-grade shoots. Drill hole S1696 was collared 100m north of Ringrose and is currently still in progress. The reported intersection for the first part of this drill hole indicates mineralisation at Ringrose extends further to the north and visible mineralisation in this hole currently also extends down hole. Drillcore for the remainder of drill hole S1696 will be sampled and assayed on completion and remaining assays for S1688 are pending. Results for these drill holes are expected in June 2024. Infill and extensional drilling at Ringrose are ongoing with currently planned programs expected to be completed by the third quarter of 2024. Additional results will be announced on completion of these programs. FUTURE PLANNING: Drilling - Ringrose: Two surface diamond drill rigs are currently drilling exploration targets at Renison. A closer- spaced infill program of ten surface diamond drill holes for a total of 2,800m is in progress at Ringrose and expected to be completed by the third quarter of 2024. Drill holes are designed to further test the extent and grade of mineralisation at Ringrose, with three holes extended past the mineralisation target to test recently modelled conductors. Collar locations and hole traces for this ongoing program are shown in Figure 4. In addition to the standard Renison core logging, processing and multi-element exploration assay suite, selected ore grade intersections will also be submitted for mineralogical analysis and preliminary metallurgical test work including modal mineral analysis (MLA) and bond work index testing. A second drill program drilling north and south along strike of the Ringrose mineralised zone is also progressing and these drill holes were designed to test the modelled strike extent of the mineralised zone with additional support from EM conductor models from the recent EM surveys at Ringrose. A total of five surface diamond holes for 2,100m is currently in progress for this program which is also expected to be completed by the third quarter of 2024. On completion of modelling and interpretation of the EM survey data, further drill targets are expected to be generated and drill tested in the second half of 2024 with a continued focus on the Ringrose target area. Price Target Changed • Apr 12
Price target increased by 34% to AU$0.39 Up from AU$0.29, the current price target is provided by 1 analyst. New target price is 18% below last closing price of AU$0.47. Stock is up 61% over the past year. The company posted earnings per share of AU$0.016 last year. Announcement • Mar 20
Metals X Limited, Annual General Meeting, May 20, 2024 Metals X Limited, Annual General Meeting, May 20, 2024, at 10:00 W. Australia Standard Time. Location: Quest South Perth, 22 Harper Terrace, South Perth WA 6151 South Perth Western Australia Australia Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: AU$0.016 (vs AU$0.022 in FY 2022) Full year 2023 results: EPS: AU$0.016 (down from AU$0.022 in FY 2022). Revenue: AU$153.8m (up 15% from FY 2022). Net income: AU$14.6m (down 27% from FY 2022). Profit margin: 9.5% (down from 15% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: AU$0.013 (vs AU$0.14 in 1H 2022) First half 2023 results: EPS: AU$0.013 (down from AU$0.14 in 1H 2022). Revenue: AU$62.5m (down 48% from 1H 2022). Net income: AU$12.1m (down 91% from 1H 2022). Profit margin: 19% (down from 105% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Chairman Peter Gunzburg was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: AU$0.022 (vs AU$0.064 in FY 2021) Full year 2022 results: EPS: AU$0.022 (down from AU$0.064 in FY 2021). Revenue: AU$133.4m (down 12% from FY 2021). Net income: AU$19.9m (down 67% from FY 2021). Profit margin: 15% (down from 40% in FY 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 13
Price target increased to AU$0.42 Up from AU$0.34, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of AU$0.42. The company posted earnings per share of AU$0.19 last year. Announcement • Oct 01
Metals X Limited Announces the Resignation of James Doyle as Joint Company Secretary Metals X Limited advised Mr. James Doyle has resigned as joint company secretary, effective 30 September 2022. Ms. Shannon Coates remains as company secretary. Reported Earnings • Sep 02
Full year 2022 earnings released: EPS: AU$0.19 (vs AU$0.025 in FY 2021) Full year 2022 results: EPS: AU$0.19 (up from AU$0.025 in FY 2021). Revenue: AU$228.9m (up 144% from FY 2021). Net income: AU$176.3m (up AU$153.4m from FY 2021). Profit margin: 77% (up from 24% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jul 30
Metals X Limited Appoints James Doyle as Joint Company Secretary Metals X Limited appointed Mr. James Doyle as joint company secretary. Mr. Doyle is an experienced advisory and governance professional specialising in the provision of company secretarial and corporate advisory services to public and private companies across a range of sectors including resources, industrials and information technology. Ms Shannon Coates remains as joint company secretary. Announcement • Jun 14
Metals X Limited Announces 2022 Renison Mineral Resource Update Metals X Limited provided an update of the Mineral Resources for the Renison Tin Operation (Renison) in Tasmania. Renison is 50%-owned by Metals X through the Bluestone Mines Tasmania Joint Venture (BMTJV). Mineral Resources are reported inclusive of Ore Reserves. Mining production data up to 31 March 2022 and all exploration information has been included. Mineral Resources have been depleted for mining up to 31 March 2022. The tin price assumption used to estimate Mineral Resources is USD 27,500/t Sn at an assumed exchange rate of USD/AUD 0.76 giving a price of AUD 36,000/t Sn. The Mineral Resources have been classified in accordance with the guidelines set out in the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, published by the Joint Ore Reserves Committee (JORC), of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia, December 2012 (the `JORC Code' or `JORC 2012'). Senior geological and mining engineering staff of the BMTJV oversee reviews and technical evaluations of the estimates and evaluate these with reference to actual physical, cost and performance measures. The evaluation process also draws upon internal skill sets in operational and project management, ore processing and commercial/financial areas of the business. The BMTJV Management Committee of which Metals X has three members is responsible for monitoring the planning, prioritisation and progress of exploratory and resource definition drilling programs across the Company and the estimation and reporting of Mineral Resources. These definition activities are conducted within a framework of quality assurance and quality control protocols covering aspects including drill hole siting, sample collection, sample preparation and analysis as well as sample and data security. A four-level compliance process guides the control and assurance activities by the BMTJV: Provision of internal policies, standards, procedures and guidelines. Mineral Resource reporting based on well-founded geological and mining assumptions and compliance with external standards such as the JORC Code. Internal review of process conformance and compliance. Internal assessment of compliance and data veracity. The BMTJV Management Committee aims to promote the maximum conversion of identified mineralisation into Mineral Resources compliant with JORC 2012. Price Target Changed • Apr 27
Price target increased to AU$0.72 Up from AU$0.50, the current price target is provided by 1 analyst. New target price is 5.9% above last closing price of AU$0.68. The company posted earnings per share of AU$0.025 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Patrick O’Connor is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0.054 (up from AU$0.015 in 1H 2021). Revenue: AU$107.7m (up 112% from 1H 2021). Net income: AU$49.4m (up 288% from 1H 2021). Profit margin: 46% (up from 25% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
Metals X Limited Announces Latest Significant Intersections At Renison Mine Metals X Limited provided an update on the ongoing resource definition drilling program at Renison Tin Operations (Renison), in which it holds a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. (the Manager) on behalf of the joint venture owners. HIGHLIGHTS (100% Basis): Recent drilling programs at the Renison Mine have added an additional 14 significant tin intersections across the mine since the 15 July 2021 ASX release. These new intersections form part of ongoing drilling programs targeting resource extensions to the north, south and at depth of current reported resources; South Basset/Lower Federal surface drilling program has delivered 2 more ore intersections from hole S1665D in both the Federal Fault and a deeper footwall fault associated with the Federal Fault. S1665D is a daughter hole off S1665 which also returned favorable results in early 2021; The most northerly significant tin intersection ever drilled at Renison, was intersected in hole U8505 in what is interpreted to be steeply dipping mineralisation related to footwall structures (within the hypothesized Regnans Trend). This hole was drilled from the Huon North 1450 hangingwall drill drive and returned 3.2m @1.91% tin approximately 300m to the north of current mining operations. This intersection was one of several positive results in the northern target area, that also included 8.1m @ 0.86% tin in U8313 and 5.7m @ 1.93% tin in U8325; Deep intersections in the Leatherwood area below current mining levels continue to impress with results such as 6.1m @ 9.56% tin in U8462 and 4.5m @ 9.81% tin in U8466. Price Target Changed • Oct 15
Price target increased to AU$0.38 Up from AU$0.23, the current price target is provided by 1 analyst. New target price is 6.2% below last closing price of AU$0.41. Stock is up 406% over the past year. Reported Earnings • Oct 04
Full year 2021 earnings released: EPS AU$0.025 (vs AU$0.015 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$93.8m (up 28% from FY 2020). Net income: AU$22.9m (up AU$35.3m from FY 2020). Profit margin: 24% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 01
Full year 2021 earnings released: EPS AU$0.074 (vs AU$0.095 loss in FY 2020) Full year 2021 results: Revenue: AU$187.7m (up 31% from FY 2020). Net income: AU$200.1m (up AU$280.4m from FY 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Aug 08
An unknown buyer acquired Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX). An unknown buyer acquired Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX) on August 6, 2021.
An unknown buyer completed the acquisition of Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX). Announcement • Jul 15
Metals X Limited Provides Update on Ongoing Resource Definition Drilling Program At Renison Tin Operations Metals X Limited provided an update on the ongoing resource definition drilling program at Renison Tin Operations (Renison), in which it holds a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. (the Manager) on behalf of the joint venture owners. Hastings is a newly defined area that is in a major footwall fault zone between the high-grade Area 5 and Leatherwood areas with the discovery intersection at the 1066 RL. The Hastings area currently has an extent of approximately 375m horizontally and 145m vertically. The Hastings area interpretation is now based on 16 diamond drill holes; 13 of which contain significant tin intersections with the mineralised zone open to the north and at depth. Since the initial discovery hole in February 2021, ongoing follow-up drill testing of the Hastings area has now reported multiple high grade tin intersections of very significant widths, below are the most significant: Hastings recently contributed 6.1kt tin in the 2021 Renison Bell Mineral Resource of 18.2 Mt at 1.65% Sn for 302kt of contained tin, comprising 55% in the Indicated Resource category and 45% in the Inferred Resource category. The Hastings mineralisation is proximal to existing Area 5 and Leatherwood's infrastructure and, as mining progresses, will be readily supported by planned infrastructure. Further follow-up infill drilling is planned to commence towards the end of current year 2021. Announcement • Jun 08
Metals X Limited Provides Renison Mineral Resource Update Metals X Limited provided an update of the Mineral Resources for the Renison Tin Operation (Renison) in Tasmania. New Mineral Resource estimations completed for Renison using data to 31 March 2021. The continuing commitment to Mineral Resource development drilling has once again delivered strong results with defined tin in Measured and Indicated Resources increased by 1,500 Sn tonnes (1%) and average tin grades increased by 2% (0.04% Sn) when compared to 31 March 2020 (after mining depletion). Total Renison Measured, Indicated and Inferred Resource of 18.2 Mt at 1.65% Sn for 301,500 tonnes of contained tin. 7,000 Sn tonnes (3%) increase in Measured and Indicated Resources from 255kt of contained tin to 262kt of contained tin. Resource definition and grade control drilling continues with two underground and one surface rig currently in operation. The on-going exploration program aims to increase the Mineral Resource, net of depletion, each year with a range of exploration targets identified. Senior geological and mining engineering staff of the BMTJV oversee reviews and technical evaluations of the estimates and evaluate these with reference to actual physical, cost and performance measures. The evaluation process also draws upon internal skill sets in operational and project management, ore processing and commercial/financial areas of the business. The BMTJV Management Committee of which Metals X has three members is responsible for monitoring the planning, prioritisation and progress of exploratory and resource definition drilling programs across the Company and the estimation and reporting of Mineral Resources. These definition activities are conducted within a framework of quality assurance and quality control protocols covering aspects including drill hole siting, sample collection, sample preparation and analysis as well as sample and data security. A four-level compliance process guides the control and assurance activities by the BMTJV: Provision of internal policies, standards, procedures and guidelines. Mineral Resource reporting based on well-founded geological and mining assumptions and compliance with external standards such as the JORC Code. Internal review of process conformance and compliance. Internal assessment of compliance and data veracity. The BMTJV Management Committee aims to promote the maximum conversion of identified mineralisation into Mineral Resources compliant with JORC 2012. Renison is the largest of three major skarn, carbonate replacement, pyrrhotite-cassiterite deposits within western Tasmania. Sludge drilling is performed with an underground production or development drill rigs (nominal 64mm-89mm diameter hole). It is an open hole drilling method using water as the flushing medium. Criteria for classification Resources are classified in line with JORC guidelines utilising a combination of various estimation derived parameters, the input data and geological /mining knowledge. This approach considers all relevant factors and reflects the Competent Person's view of the deposit. At Renison, material classified as Measured must have development (with face samples) within 20 m. Indicated Mineral Resource must have sufficient grade and geological continuity with drill hole intersections generally between 40m and 20m apart. Inferred Mineral Resource is material that is defined by drill hole intersections between 120m and 40m apart. Geological continuity may be present, but the grade estimate is lower in confidence. Sample analysis method Samples are dried at 90°C, then crushed to <3mm, samples are then riffle split to obtain a sub sample of approximately 100 g which is then pulverized to 90% passing 75 um. A 2g subsample of the pulp sample is then weighed with 12 g of reagents including a binding agent, the weighed sample is then pulverized again for one minute. The sample is then compressed into a pressed powder tablet for introduction to the XRF. Sn, As and Cu have a detection limit 0.01%, Fe and S detection limits are 0.1%. Each XRF batch of twenty consists of one blank, one internal standard, one duplicate and a replicate. Anomalous assay results are re-assayed to ensure quality control. Estimation methodology All modelling and estimation work undertaken by BMTJV is carried out via LeapfrogTM and Surpac VisionTM software by creating three-dimensional ore body wireframes using sectional techniques. Drill hole intersections within the three-dimensional wireframes are composited and statistical analysis is conducted to determine appropriate search parameters within individual domains. An empty block model is created, and grade estimation is undertaken using ordinary Kriging estimation methods. The resource is then depleted using mining voids and subsequently classified in line with JORC guidelines as above. Cut-off grades The Mineral Resource reporting cut-off grade is 0.7% Sn at Renison Bell. Mining and metallurgical methods and parameters The Renison mine predominantly applies up-hole benching and open stoping mining methods with (in some cases), post fill and cemented rock fill to fill voids. A slurry type of fill is assumed to be used to backfill a portion of the stope voids of the high-grade wide ore zone in Area 5. A mining dilution of 5% to 15% at zero grade is used to estimate the Ore Reserve. Minimum widths for underground development are 4.5 m and for stoping minimum widths are 2.0 m. Historical Mining recoveries of 75% to 98% are applied to estimate the Ore Reserve. No Inferred Mineral Resources are included within the Ore Reserve. The Renison mine produces a tin concentrate of grade varying between 50%-60% Sn with internal process designed to reduce penalty metals such as iron, sulphur, tungsten and copper. The metallurgical process is complex and applies several stages of gravity-type concentration as well as sulphide and oxide flotation, regrinding and acid leach methods. The metallurgical recovery is estimated from plant feed grades and is based on historical plant performance with modifying factors for different ore sources. Metallurgical recoveries on the various ore types and grades were considered as part of the cut-off grade analysis. Price Target Changed • May 20
Price target decreased to AU$0.13 Down from AU$0.17, the current price target is provided by 1 analyst. New target price is 46% below last closing price of AU$0.24. Stock is up 173% over the past year. Reported Earnings • Mar 05
First half 2021 earnings released: EPS AU$0.014 (vs AU$0.012 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: AU$50.8m (up 31% from 1H 2020). Net income: AU$12.7m (up AU$22.6m from 1H 2020). Profit margin: 25% (up from net loss in 1H 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Over the next year, revenue is expected to shrink by 15% compared to a 128% growth forecast for the Metals and Mining industry in Australia. Is New 90 Day High Low • Feb 19
New 90-day high: AU$0.21 The company is up 156% from its price of AU$0.084 on 20 November 2020. The Australian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 23% over the same period. Announcement • Feb 11
Cyprium Metals Limited (ASX:CYM) agreed to acquire Paterson Copper Pty Ltd from Metals X Limited (ASX:MLX) for AUD 60 million. Cyprium Metals Limited (ASX:CYM) agreed to acquire Paterson Copper Pty Ltd from Metals X Limited (ASX:MLX) for AUD 60 million on February 10, 2021. Under the terms of consideration, an upfront cash payment of AUD 24 million, inclusive of the AUD 1 million deposit already paid and four convertible notes with a value of AUD 9 million each, for an aggregate value of AUD 36 million. Cyprium has received binding commitments to fund the Transaction through a AUD 90 million placement to professional and sophisticated investors. Completion of the Transaction is subject to shareholder approval which is currently expected to occur on or before March 31, 2021. Completion of the Transaction will occur within five business days of satisfaction of the last of the conditions precedent under the Agreement. Price Target Changed • Jan 08
Price target raised to AU$0.19 Up from AU$0.17, the current price target is an average from 2 analysts. The new target price is 36% above the current share price of AU$0.14. As of last close, the stock is up 79% over the past year. Announcement • Nov 23
Metals X Limited Announces the Signing of A Body Corporate Indigenous Land Use Agreement Metals X Limited announced the signing of a Body Corporate Indigenous Land Use Agreement (ILUA) over 10,090 km2 of Martu country in the eastern Pilbara region of Western Australia. The ILUA area covers all of Metals X's Nifty and Maroochydore tenure held in the highly prospective Paterson Province including the Nifty Copper Mine, the Maroochydore Copper Project and the Paterson Exploration Project and includes a protocol for heritage protection and management, provisions for cultural awareness, training and employment as well as a package of benefits. Major Estimate Revision • Oct 22
Analysts update estimates The 2021 consensus revenue estimate increased from AU$96.3m to AU$101.0m. The company is forecast to report a loss instead of a profit with analysts lowering their EPS forecasts from AU$0.0023 to -AU$0.0065 for the same period. The Metals and Mining industry in Australia is expected to see an average net income growth of 54% next year. The consensus price target increased from AU$0.17 to AU$0.17. Share price is up 3.8% to AU$0.082 over the past week. Announcement • Sep 18
Metals X Limited Auditor Raises 'Going Concern' Doubt Metals X Limited filed its Annual on Sep 15, 2020 for the period ending Jun 30, 2020. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 
