Metals X Limited (AU:MLX)
ASX:MLX
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Metals X Limited
(Sydney:MLX)
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Rating:82Outperform
Price Target:
AU$1.50
▲(2.74% Upside)
Action:ReiteratedDate:03/12/26
The score is driven primarily by strong financial performance—especially the very low leverage balance sheet and improving revenue/profitability—tempered by historical volatility in earnings and free cash flow. Technicals add support with price above major moving averages, though momentum is neutral. Valuation is a positive contributor given the low P/E, but the missing dividend yield limits additional upside in the valuation component.
Positive Factors
Balance sheet strength
Near-zero leverage provides durable financial flexibility: the company can fund sustaining capex, support distributions, absorb commodity downturns and pursue opportunistic investments or JV funding without heavy reliance on external debt, materially reducing refinancing risk.
Negative Factors
Earnings & cash flow volatility
Material swings in earnings and cash flow reflect exposure to commodity cycles and portfolio performance, increasing forecast uncertainty. This volatility complicates capital allocation, weakens predictability of shareholder returns and raises the chance of funding stress during extended commodity downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Near-zero leverage provides durable financial flexibility: the company can fund sustaining capex, support distributions, absorb commodity downturns and pursue opportunistic investments or JV funding without heavy reliance on external debt, materially reducing refinancing risk.
Read all positive factors
Metals X Limited (MLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.29B
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)9.5
Beta (1Y)1.15
Revenue Growth45.73%
EPS Growth716.15%
CountryAU
Employees175
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.06
Shares Outstanding886,391,540
10 Day Avg. Volume2,915,295
30 Day Avg. Volume2,435,374
Financial Highlights & Ratios
PEG Ratio1.04
Price to Book (P/B)1.86
Price to Sales (P/S)3.48
P/FCF Ratio10.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.55Price Target Upside6.10% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.17
Revenue Forecast (FY)AU$356.63M
Metals X Limited Business Overview & Revenue Model
Company Description
Metals X Limited engages in the production of tin in Australia. The company holds a 50% interest in the Renison tin project located on the Northwest Tasmania. It also invests in companies undertaking exploration and development of tin, gold, and b...
How the Company Makes Money
Metals X makes money primarily through (1) its share of earnings and cash distributions from tin mining operations and (2) returns generated from its investment portfolio in other minerals businesses.
1) Tin operations (operating exposure): MLX’s...
Metals X Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 285.00M | 218.82M | 153.78M | 187.91M | 228.88M |
| Gross Profit | 125.76M | 95.26M | 48.63M | 87.33M | 135.18M |
| EBITDA | 147.96M | 115.32M | 58.68M | 95.40M | 138.83M |
| Net Income | 104.61M | 102.35M | 14.59M | 144.50M | 183.89M |
Balance Sheet | |||||
| Total Assets | 618.51M | 505.03M | 413.86M | 355.20M | 351.68M |
| Cash, Cash Equivalents and Short-Term Investments | 293.61M | 220.64M | 143.04M | 113.93M | 122.25M |
| Total Debt | 3.29M | 6.15M | 8.36M | 3.34M | 3.56M |
| Total Liabilities | 85.98M | 77.26M | 58.70M | 35.55M | 42.00M |
| Stockholders Equity | 532.53M | 427.77M | 334.23M | 319.65M | 309.68M |
Cash Flow | |||||
| Free Cash Flow | 92.36M | 102.63M | 29.93M | -7.28M | 113.22M |
| Operating Cash Flow | 128.32M | 143.57M | 64.86M | 11.56M | 150.00M |
| Investing Cash Flow | -52.49M | -55.45M | -32.65M | -18.84M | -23.83M |
| Financing Cash Flow | -2.87M | -10.51M | -3.10M | -1.04M | -17.39M |
Metals X Limited Technical Analysis
Positive
1.46
Price Trends
1.30
Positive
1.16
Positive
0.92
Positive
Market Momentum
0.01
Negative
62.11
Neutral
82.87
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MLX, the sentiment is Positive. The current price of 1.46 is above the 20-day moving average (MA) of 1.27, above the 50-day MA of 1.30, and above the 200-day MA of 0.92, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 62.11 is Neutral, neither overbought nor oversold. The STOCH value of 82.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MLX.
Metals X Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$1.29B | 9.49 | 33.38% | ― | 45.73% | 716.15% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$210.98M | -7.44 | -72.82% | ― | ― | ― | |
46 Neutral | AU$860.35M | -8.93 | -10.17% | ― | -100.00% | 89.10% | |
45 Neutral | AU$265.09M | -2.53 | -30.70% | ― | -62.37% | 23.19% | |
43 Neutral | AU$1.65B | -4.01 | -19.36% | ― | 16.06% | -50.94% | |
41 Neutral | AU$191.08M | 82.73 | -0.58% | 1.54% | 14.64% | -213.25% |
* Basic Materials Sector Average
AU:MLX
Metals X Limited
1.46
0.94
179.81%
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Vulcan Energy Resources Ltd.
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Metals X Limited Corporate Events
Metals X affirms broad compliance with ASX corporate governance code
Mar 24, 2026
Metals X Limited has released its updated Corporate Governance Statement, confirming that, for the financial year beginning 1 January 2025 through to 24 March 2026, it largely complied with the ASX Corporate Governance Council’s fourth editi...
Metals X Issues Comprehensive Corporate and Financial Report
Mar 24, 2026
Metals X Limited has released a structured corporate report that includes its chairman’s letter, directors’ report, audited financial statements, and declarations. The document also outlines mineral resource and ore reserve data along ...
Metals X Updates ESG Framework as Renison Tin Mine Advances Sustainability Goals
Mar 24, 2026
Metals X has released its 2025 ESG Summary Report, detailing how its Renison Tin Mine operations in Tasmania are managed under updated environmental, social and governance frameworks aligned with GRI mining sector standards and upcoming Australian...
Metals X Sets 2026 AGM Date and Director Nomination Deadline
Mar 19, 2026
Metals X Limited has scheduled its Annual General Meeting for the financial year ended 31 December 2025 to be held on 19 May 2026. The company has set 26 March 2026 as the deadline for shareholders to submit nominations for board positions, signal...
Resource Stocks and New Entrants Drive March 2026 S&P/ASX Index Rebalance
Mar 6, 2026
SP Dow Jones Indices has announced its March 2026 quarterly rebalance of the SP/ASX index family, reshaping membership across the 20, 50, 100, 200 and 300 benchmarks ahead of trading on March 23. The changes see several resource-focused names incl...
Metals X Director Patrick O’Connor Cuts Indirect Shareholding
Mar 3, 2026
Metals X Limited has disclosed a change in director Patrick O’Connor’s indirect shareholding, reflecting an adjustment in insider ownership within the company. The transaction was made through Cenotaph Nominees Pty Ltd, an entity of wh...
Metals X Lifts Revenue and Asset Backing but Holds Dividend
Feb 26, 2026
Metals X Limited reported a strong increase in revenue from continuing activities for the year ended 31 December 2025, with sales rising 30.24% to $284.999 million compared with the prior year. Net profit attributable to members edged up 2.20% to ...
Metals X Delivers Near Record Renison Tin Output and Strong Cash Gains in December Quarter
Jan 28, 2026
Metals X reported one of its strongest operational quarters at the Renison Tin Operation for the December 2025 quarter, delivering near record tin-in-concentrate production of 3,319 tonnes, record monthly output in December, improved mill recovery...
Metals X Advances Rentails Tin Tailings Project With FEED Contract Award
Jan 15, 2026
Metals X Limited has announced that the Bluestone Mines Tasmania Joint Venture has awarded the Front End Engineering and Design (FEED) contract for the proposed Rentails concentrator at the Renison tin operation in Tasmania to GR Engineering Servi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.