Metals X Limited (ASX: MLX), a diversified mining company with a focus on tin production, has released its quarterly activities report for the period ending 31 December 2025. The report highlights near-record tin production at the Renison mine, driven by improved operational efficiencies and higher mined grades. Metals X owns a 50% equity interest in Renison through its stake in the Bluestone Mines Tasmania Joint Venture (BMTJV).
Renison achieved a total tin production of 3,319 tonnes of tin-in-concentrate for the quarter, just shy of the all-time quarterly record. This represents a significant increase from the 2,272 tonnes produced in the previous quarter. December 2025 saw record monthly production of 1,318 tonnes, supported by higher mined grades, improved plant stability, and stronger metallurgical performance. Mill recovery also improved to 82.34% for the quarter, placing it among the strongest metallurgical quarters on record.
The improved production performance translated into a substantial reduction in C1 cash production costs, which decreased to A$16,598/t Sn from A$23,138/t Sn in the prior quarter. Imputed EBITDA for the quarter increased to A$112.5 million, more than double the previous quarter, with EBITDA margins rising to approximately 58% on an imputed basis. These figures reflect a 28% improvement driven by higher production and improved operating efficiencies.
Metals X also participated in equity raisings for Elementos Limited (ASX: ELT) and First Tin Plc (LSX: 1SN) to maintain its ownership interests in both companies. The company’s closing cash and cash equivalents increased by A$14.1 million to A$293.6 million, with tin receivables increasing to A$29.2 million. Since quarter end, Metals X has received A$47.07 million from the realisation of inventory and tin receivable balances.
