Metals X Limited

MLXEF

Other Precious Metals · Basic Materials

Price

$1.25

+0.06 (+4.62%)

Market Cap

$1.10B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−2.3% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 907.3M (2022) → 886.4M (2025)

Metals X Limited is an Australian mining company that produces tin, one of the most important metals used in electronics, soldering, and packaging. Its main asset is the Renison Bell tin mine in Tasmania, Australia, which is one of the largest operating tin mines in the world. The company sells tin concentrate to smelters and industrial buyers, primarily in Asia and Europe.

Metals X earns revenue by mining and selling tin concentrate, with profits closely tied to the global tin price. The company operates almost entirely in Australia, making it a geographically focused producer with relatively low political risk. Its competitive position comes from owning a large, long-life tin deposit at a time when tin demand is growing due to its use in semiconductor manufacturing and electric vehicles. The main risk the business faces is tin price volatility — a sharp drop in prices could quickly erode its strong operating margins, which currently sit above 40%.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-39.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

9.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$364M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Metals X Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

45.8%

Healthy — 45.8% gross margin

Operating Margin

44.1%

Excellent — 44.1% operating margin

ROCE

11.3%

Below par — 11.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+30.8%

Fast-growing sales (+30.8% YoY)

EPS YoY

+4.7%

Modest earnings growth (+4.7% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

123%

Turns 123% of profit into real cash

FCF Margin

32.4%

Converts sales into free cash efficiently (32.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

202.48x

Comfortably covers interest (202.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

10.5x

Attractive valuation — P/E 10.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Not applicable for this business.

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