Metals X Limited (MLX) has released its quarterly activities report for the period ending 30 June 2026, highlighting a period of increased revenue and strategic development at the Renison tin operation in Tasmania. The joint venture operation produced 2,809 tonnes of tin-in-concentrate, representing a slight decrease from the 2,887 tonnes reported in the first quarter of 2026. Despite lower production volumes, the joint venture saw its imputed revenue rise to $207.40 million, supported by a 5.89% increase in the average imputed tin price to $73,834 per tonne.

Operating costs rose during the quarter, driven by higher spending on underground rehabilitation, drainage, and fleet maintenance. C1 cash production costs at Renison climbed to $20,251 per tonne, up from $18,653 per tonne in the previous quarter. Similarly, the all-in sustaining costs reached $34,865 per tonne, compared to $32,567 per tonne in the prior period. These elevated costs reflect ongoing efforts to modernize site infrastructure, including significant capital investments in mine dewatering systems and upgraded electrical and data networks.

Financial returns remained strong despite these cost pressures. The joint venture reported an imputed net cash flow of $100.69 million for the quarter, a marginal decrease from the $101.10 million recorded in the first quarter. Metals X closed the period with a robust cash balance of $374 million, even after accounting for tax payments and strategic investments in other entities. This financial stability continues to support the company’s capital-intensive improvement programs, which include recent upgrades to surface infrastructure and ongoing mill performance enhancements.

Read the full announcement: Quarterly Activities Report