Metals X (ASX:MLX) Lifts Cash to $434.87M as Renison Tin Output Holds Near 2,663 Tonnes and Rentails FEED Moves to 2027

Sonal Goyal

28 October 2026 01:09 PM AEDT

Metals X (ASX:MLX) Lifts Cash to $434.87M as Renison Tin Output Holds Near 2,663 Tonnes and Rentails FEED Moves to 2027

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Key Highlights

Closing cash rose by $60.87 million to $434.87 million in the September 2026 quarter.
Renison produced 2,663 tonnes of tin-in-concentrate, against 2,809 tonnes in the June quarter.
Imputed EBITDA was $120.76 million, with the imputed tin price up 3.95% to $76,748/t Sn.
Completion of the Rentails FEED moved to the first half of CY2027 from late CY2026.

Metals X Limited (ASX:MLX) ended the September 2026 quarter with cash and cash equivalents of $434.87 million, an increase of $60.87 million from $374.00 million three months earlier. The company holds a 50% interest in the Renison Tin Operation in Tasmania, which produced 2,663 tonnes of tin-in-concentrate on a 100% basis, compared with 2,809 tonnes in the June quarter. Metals X's 50% share was 1,332 tonnes. A higher tin price offset most of the production decline, leaving imputed revenue at $204.38 million.

Renison Output, Tin Price and Imputed Earnings

Ore mined rose 5.95% to 212,259 tonnes at 1.69% Sn, up from 1.58%, as a larger share of Area 5 ore entered the mix. Ore milled fell 6.79% to 171,272 tonnes at 2.02% Sn, and mill recovery was 77.14% against 78.55%. Crusher utilisation was affected by triple deck screen repairs and power outages, and run-of-mine stockpiles were drawn down from about 40,000 tonnes at the end of August to 14,500 tonnes at quarter end. Shipments were 2,603 tonnes of tin-in-concentrate, of which Metals X received 50.57%.

The imputed tin price averaged $76,748/t Sn compared with $73,834/t, while imputed revenue eased 1.46% to $204.38 million. Imputed EBITDA decreased 4.09% to $120.76 million, or $45,347/t Sn, and imputed net cash flow was $96.63 million, down 4.03%. C1 cash production costs rose 9.96% to $22,268/t Sn and all-in sustaining costs increased 13.19% to $39,463/t Sn. All-in cost was $107.75 million, or $40,462/t Sn, after $7.14 million of equipment finance was drawn for mobile fleet purchases. Capital expenditure totalled $28.91 million, made up of $21.47 million of sustaining and $7.44 million of project capital.

Rentails Timetable and Drilling Results

Completion of the Rentails front-end engineering design is now expected in the first half of CY2027, rather than late CY2026, because of resource constraints affecting the concentrator package. A final decision to proceed by the joint venture participants, previously expected in late CY2026, will follow the FEED and the environmental approvals process, both now expected in the first half of CY2027. Environmental offset requirements have added complexity, and FEED spending remains within the approved budget.

Underground drilling totalled 10,248 metres from two diamond rigs, and surface resource drilling at Ring River and Ringrose added 3,268 metres. After quarter end, Metals X reported 5.4 metres at 2.41% Sn at the Ringrose prospect and 1.8 metres at 7.13% Sn at Ring River, where the results extend the Renison South Basset mineralisation by 200 metres. Surface exploration drilling totalled 3,514.9 metres, including 2,146.0 metres to complete the North-West Federal program.

Holdings in First Tin, SRZ and Elementos

Metals X holds 162,309,524 shares in First Tin PLC, equal to 29.95% of its issued capital. Following quarter end, the company disclosed a preliminary non-binding cash offer for the remaining First Tin shares, and under the UK Takeover Code it must either announce a firm intention to make an offer or confirm it will not do so by 5pm UK time on 6 November 2026. The company also holds 16.34% of the tin explorer ASX:SRZ, or 55,575,151 shares after a one-for-ten consolidation, and 15.91% of Elementos, or 69,088,292 shares. It received a $1.08 million semi-annual coupon on its $36.00 million Cyprium Metals convertible notes, and its cash and short-term deposits earn a weighted average rate of 4.70% a year.

Where the Quarter Leaves Metals X

Metals X finished the quarter with $434.87 million in cash, lower tin output from Renison offset by a 3.95% higher imputed tin price, and a Rentails timetable moved into the first half of CY2027. Safety statistics at Renison worsened, with six recordable injuries and a 12-month TRIFR of 10.8.

FAQs

Q: How much tin did Renison produce in the September 2026 quarter?

A: Renison produced 2,663 tonnes of tin-in-concentrate on a 100% basis, and Metals X's 50% share was 1,332 tonnes. The June quarter figure was 2,809 tonnes.

Q: What was Metals X's closing cash balance?

A: Cash and cash equivalents were $434.87 million at quarter end, up $60.87 million from $374.00 million at the end of the June quarter.

Q: Why has the Rentails FEED been pushed back?

A: Resource constraints affecting the concentrator package moved completion to the first half of CY2027. The decision to proceed now follows the FEED and environmental approvals.

Q: What is the deadline on the First Tin offer?

A: Under the UK Takeover Code, Metals X must announce a firm intention to make an offer or confirm it will not do so by 5pm UK time on 6 November 2026.

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