Safety Concerns and Leadership Changes Shadow Metals X’s Strong Quarter
Metals X delivered near-record tin output at its Renison operation in Q4 2025, driving a doubling of EBITDA amid improved efficiencies and strong capital progress. The company also advanced its Rentails project and maintained robust cash reserves.
- Near-record quarterly tin production of 3,319 tonnes at Renison
- Imputed EBITDA more than doubled to A$112.5 million
- C1 cash production costs fell 28% to A$16,598 per tonne of tin
- Key capital projects progressed including mine dewatering and underground upgrades
- Strong cash position of A$293.6 million supports growth and investments
Operational Excellence Drives Production Surge
Metals X Limited has reported a standout performance for the December 2025 quarter, with its Renison Tin Operation in Tasmania producing 3,319 tonnes of tin-in-concentrate. This figure is just shy of the all-time quarterly record set in late 2024, marking a 46% increase over the previous quarter. The surge was underpinned by higher mined ore grades, improved plant stability, and enhanced metallurgical recovery rates, which climbed to over 82% for the quarter.
December alone saw the highest monthly tin production on record at 1,318 tonnes, reflecting the operational improvements and the successful commissioning of new equipment such as the TOMRA ore sorter. These gains translated into a significant reduction in unit production costs, with C1 cash costs dropping 28% to A$16,598 per tonne, bolstering profitability.
Financial Performance and Cost Efficiency
The operational gains flowed through to the financials, with imputed EBITDA soaring to A$112.5 million on a 100% basis, more than doubling the previous quarter’s result. EBITDA margins expanded to approximately 58%, reflecting the combined effect of higher production volumes and tighter cost control. Metals X’s 50% share of production was 1,660 tonnes, contributing substantially to the company’s revenue base.
Capital expenditure remained steady at around A$19.5 million for the quarter, focused on critical projects such as mine dewatering, underground infrastructure upgrades, and surface facility improvements. Notably, the installation of pumping systems and fibre optic networks progressed well, setting the stage for sustained operational stability and future growth.
Strategic Project Development and Investments
Metals X advanced its Rentails project, submitting a draft Environmental Impact Statement to regulators and awarding the front-end engineering and design contract to GR Engineering Services. This project aims to reprocess tailings with a proposed 2.4 million tonnes per annum concentrator, with a final investment decision expected by late 2026.
On the investment front, Metals X maintained its stakes in Elementos Limited and First Tin Plc through participation in recent equity raisings, preserving strategic exposure to emerging tin assets globally. The company also holds interests in other resource companies, including Cyprium Metals and NICO Resources, reflecting a diversified portfolio approach.
Safety and Leadership Updates
Safety metrics at Renison showed mixed results, with a rise in the Lost Time Injury Frequency Rate but a decline in the Total Recordable Injury Frequency Rate, indicating ongoing efforts to improve workplace safety. Leadership changes included the resignation of the Bluestone Mines Tasmania Joint Venture COO, with the Operations Manager stepping up to lead operational performance.
Metals X ended the quarter with a strong cash position of A$293.6 million, supported by tin receivables and inventory realisations. The company continues to pursue growth opportunities both domestically and internationally, balancing operational excellence with strategic capital allocation.
Bottom Line?
Metals X’s operational momentum and strategic investments position it well for growth, but upcoming project milestones and safety improvements will be key to watch.
Questions in the middle?
- How will the final investment decision on the Rentails project impact Metals X’s production profile and capital requirements?
- What measures will Metals X implement to address the recent increase in Lost Time Injury Frequency Rate at Renison?
- How might fluctuations in tin prices and global demand affect Metals X’s financial outlook given its current production and cost structure?
