METALS X LIMITED (MLX)
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MLX

MLX - METALS X LIMITED

FNArena Sector : Tin
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 0.05
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.27

03 Feb
2026

0.030

OPEN

$1.29

2.42%

HIGH

$1.29

2,887,906

LOW

$1.25

TARGET
$1.60 26.0% upside
Franking for last dividend paid out: 26%
FNARENA'S MARKET CONSENSUS FORECASTS
MLX: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 11.3 13.0 xxx
DPS (cps) xxx 0.0 N/A xxx
EPS Growth xxx 100.0% 14.6% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 10.2 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
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Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx11.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx218.8 M
Book Value Per Share xxxxxxxxxxxxxxx48.3
Net Operating Cash Flow xxxxxxxxxxxxxxx143.6 M
Net Profit Margin xxxxxxxxxxxxxxx46.77 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx26.86 %
Return on Invested Capital xxxxxxxxxxxxxxx26.62 %
Return on Assets xxxxxxxxxxxxxxx21.72 %
Return on Equity xxxxxxxxxxxxxxx26.86 %
Return on Total Capital xxxxxxxxxxxxxxx22.23 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx103.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx4 M
Long Term Debt xxxxxxxxxxxxxxx3 M
Total Debt xxxxxxxxxxxxxxx6 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx221 M
Price To Book Value xxxxxxxxxxxxxxx0.86

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx40.9 M
Capex % of Sales xxxxxxxxxxxxxxx18.71 %
Cost of Goods Sold xxxxxxxxxxxxxxx130 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx14 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

29/01/2026

1

Buy

$1.60

25.98%

Metals X had a cracking 4Q2025 update, according to Ord Minnett, with tin concentrate output and sales around 50% above the prior quarter and a beat on expectations.

Earnings (EBITDA) of $113m was also higher than anticipated by 38%, with the tin price at a record US$54k/t in January.

The analyst raises tin price forecasts to US$43k/t, up 39% for 2026, and up 14% for 2027 to US$32.9k/t, with a similar demand thematic around data centres as copper.

Buy maintained. The target is lifted to $1.60 from $1.05.

FORECAST
Ord Minnett forecasts a full year FY25 EPS of 13.00 cents.
Ord Minnett forecasts a full year FY26 EPS of 17.90 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

28/01/2026

1

Buy

$1.35

6.30%

Canaccord Genuity lifted its target on Metals X to $1.35 from $1.25 after a standout 4Q2025, with tin production rising 46% q/q to 3.3kt, well ahead of the broker’s 2.5kt forecast.

Higher grades and improved recoveries drove C1 costs down -28% q/q to $16,598/t, materially below expectations, while realised tin prices increased 12% q/q to $58,086/t, lifting quarterly revenue 63% to $193m.

Earnings (EBITDA) rose 129% q/q to $113m, versus Canaccord’s $71m estimate. The analyst lifts 2025 earnings (EBITDA) by 16% and 2% in 2026. Net cash ended the quarter at $294m, broadly in line.

Buy retained with the target lifted to $1.35 from $1.25.

FORECAST
Canaccord Genuity forecasts a full year FY25 EPS of 0.12 cents.
Canaccord Genuity forecasts a full year FY26 EPS of 0.12 cents.
Access Extra Coverage Research History >

MLX STOCK CHART

FNArena News on MLX

Latest Tin News

1
MetalsX: Opportunity Awaits

Feb 08 2022 - Technicals
2
Metals X Raising Tin Profile

Jul 05 2017 - Small Caps