Renison Tin Production Hits 2,724 Tonnes; Costs Drop to $18,769/Tonne

Robust Production Performance at Renison

Metals X Limited has reported a strong operational quarter ending 30 June 2025, with its Renison Tin Operation achieving 2,724 tonnes of tin-in-concentrate. This marks the third highest quarterly production on record and a 12% increase from the previous quarter. Despite some workforce challenges and equipment availability issues, the operation maintained mill recoveries above budget at 80.53%, helping to offset a slight dip in ore grade.

Unit cash production costs improved significantly, dropping to $18,769 per tonne from $20,597, reflecting operational efficiencies and higher output. The company generated a net imputed cash inflow from operating activities of nearly $30 million, up from $20 million in the prior quarter, underscoring the financial benefits of the production gains.

Strategic Investments and Corporate Moves

In a notable strategic development, Metals X committed $5 million to acquire a 19.98% stake in Elementos Limited via a private placement. This investment aligns with Metals X’s focus on tin and provides exposure to Elementos’ global pipeline of tin projects, with Metals X nominating two directors to Elementos’ board to help guide project advancement.

Additionally, Metals X launched a voluntary cash partial offer to acquire up to 28% of Hong Kong-listed Greentech Technology International Limited’s shares not already owned by Metals X and its concert parties. The offer closed with acceptances representing 3.11% of Greentech’s shares, signaling initial investor interest but leaving room for further uptake.

Capital Projects and Exploration Progress

Capital expenditure remained steady at $21 million, focusing on critical infrastructure upgrades including ventilation system design, mine dewatering installations, and surface projects such as mill pond tank replacement and power feeder upgrades. While some delays were encountered, particularly with the rising main drilling, progress continues toward enhancing operational reliability.

Exploration drilling advanced with over 12,000 metres underground and nearly 6,000 metres surface drilling completed. Promising results at the Ringrose and Ring River targets suggest potential for resource expansion, with mineralisation remaining open in multiple directions. The Rentails Project is progressing through environmental approvals and engineering phases, targeting a final investment decision in late 2026.

Financial Position and Outlook

Metals X ended the quarter with $230 million in cash and equivalents, supplemented by $28 million earmarked for the Greentech partial offer, providing total liquidity of $258 million. The company continues to generate strong cash flows and maintains a disciplined capital allocation strategy, including an ongoing on-market share buy-back program, although no shares were repurchased this quarter.

With a diversified portfolio including investments in First Tin Plc, Cyprium Metals, Nico Resources, and Tanami Gold, Metals X is well positioned to pursue growth through acquisitions and project development, particularly in tin and related base metals.