Metals X Limited (AU:MLX)
ASX:MLX
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Metals X Limited
(Sydney:MLX)
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Rating:81Outperform
Price Target:
AU$1.50
▲(0.00% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by strong financial performance—especially a very strong, low-debt balance sheet and improving scale/profitability—tempered by historical volatility in earnings and free cash flow. Technicals are supportive (price above major moving averages) but overbought signals reduce the near-term outlook, while valuation looks attractive due to the low P/E.
Positive Factors
Conservative balance sheet, near-zero leverage
A near-zero leverage profile and rising equity provide durable financial flexibility across commodity cycles. This reduces refinancing and liquidity risk, enables funding of operations, capex, or investments from internal resources, and supports strategic optionality over the next several months.
Negative Factors
Volatile earnings and cash flow history
Material year-to-year swings in earnings and cash flow reduce forecast reliability and complicate capital allocation and dividend policy. Even with current strength, this historical volatility poses a lasting risk to predictability over the next several months, especially in planning investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet, near-zero leverage
A near-zero leverage profile and rising equity provide durable financial flexibility across commodity cycles. This reduces refinancing and liquidity risk, enables funding of operations, capex, or investments from internal resources, and supports strategic optionality over the next several months.
Read all positive factors
Metals X Limited (MLX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.26B
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)12.6
Beta (1Y)1.36
Revenue Growth30.24%
EPS Growth4.06%
CountryAU
Employees175
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.12
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$1.78Price Target Upside18.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.17
Revenue Forecast (FY)AU$367.85M
Metals X Limited Business Overview & Revenue Model
Company Description
Metals X Limited is an Australian company primarily involved in tin production. It possesses a 50% ownership stake in the Renison tin mining operation, situated in northwestern Tasmania. Furthermore, the firm strategically invests in other entitie...
How the Company Makes Money
Metals X makes money primarily through (1) earnings and cash distributions from its interests in operating mining businesses and projects, and (2) returns from its investment portfolio of equity holdings in other resources companies. Where Metals ...
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 | 392.94M | 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
Neutral
1.50
Price Trends
1.52
Negative
1.41
Positive
1.15
Positive
Market Momentum
-0.02
Positive
46.65
Neutral
26.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MLX, the sentiment is Neutral. The current price of 1.5 is below the 20-day moving average (MA) of 1.57, below the 50-day MA of 1.52, and above the 200-day MA of 1.15, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 46.65 is Neutral, neither overbought nor oversold. The STOCH value of 26.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | AU$1.26B | 12.63 | 20.65% | ― | 30.24% | 4.06% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$301.85M | -1.16 | -31.98% | ― | 6.78% | 32.51% | |
48 Neutral | AU$244.28M | -9.91 | -72.82% | ― | ― | 48.94% | |
47 Neutral | AU$890.12M | -28.92 | -10.17% | ― | -100.00% | 59.85% | |
43 Neutral | AU$1.54B | -7.67 | -12.79% | ― | -3.54% | -49.86% | |
41 Neutral | AU$179.62M | 47.29 | 0.63% | 1.54% | -0.53% | -77.84% |
* Basic Materials Sector Average
AU:MLX
Metals X Limited
1.49
0.91
156.90%
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0.13
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0.23
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-17.56%
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Vulcan Energy Resources Ltd.
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16.55%
AU:WTM
Battery Minerals Ltd.
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128.57%
Metals X Limited Corporate Events
Metals X Backs Tanami Gold’s A$70.5m Entitlement Offer to Maintain Stake
May 8, 2026
Metals X Limited has confirmed it will fully participate in Tanami Gold NL’s latest capital raising, a fully underwritten 1-for-1 renounceable entitlement offer aimed at securing about A$70.5 million through the issue of new shares at A$0.06...
Metals X Invests A$17m for Strategic Stake in Stellar Resources
Apr 30, 2026
Metals X Limited has committed A$17 million to a strategic private placement in Stellar Resources Limited, subscribing for 515,151,515 new shares at A$0.033 each.The investment will give Metals X about 16.4% of Stellar’s expanded issued capi...
Metals X Sets 2025 AGM Date and Shifts to Digital Meeting Materials
Apr 17, 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 at ANZAC House in Perth, Western Australia. The company has adopted electronic distribution of meeting materials in l...
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...
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.