Loading..

Metals X Limited (MLX) Report Analysis

Corporate Events

Neutral

Metals X Limited Announces Changed of its Regis...

2022-06-14 08:32:00

Metals X Limited (Metals X or the Company) announced that, effective immediately, the Company has changed its registered address and principal...

Positive

Metals X Limited Announces 2022 Renison Mineral...

2022-06-13 22:49:00

Metals X Limited provided an update of the Mineral Resources for the Renison Tin Operation (Renison) in Tasmania. Renison is 50%-owned by Meta...

Neutral

Metals X Limited Announces Change to Financial Year End

2022-01-04 06:54:00

Metals X Limited advised that its board of directors has resolved to change the company's financial year end from 30 June to 31 December. The ...

Neutral

Metals X Limited Approves Replacement of Constitution

2021-11-23 04:20:00

Metals X Limited approved replacement of constitution at its annual general meeting held on November 23, 2021.

Neutral

Metals X Limited, Special/Extraordinary Shareho...

2021-11-15 03:26:00

Metals X Limited, Special/Extraordinary Shareholders Meeting, Dec 15, 2021, at 09:00 W. Australia Standard Time. Location: MAANE Conference Ro...

Neutral

Metals X Limited Proposes Replacement of Constitution

2021-10-22 06:03:00

Metals X Limited at its annual general of shareholders held on 23 November 2021, proposed replacement of Constitution of the company.

Positive

Metals X Limited Announces Near Mine Exploratio...

2021-10-13 21:57:00

Metals X Limited provided an update on the approved near mine exploration program at the Renison Tin Operations (Renison), in which it holds a...

Neutral

Metals X Limited, Annual General Meeting, Nov 23, 2021

2021-10-03 22:21:00

Metals X Limited, Annual General Meeting, Nov 23, 2021, at 10:00 W. Australia Standard Time. Location: Liberty Conference Centre Ground Floor,...

Positive

Metals X Limited(ASX:MLX) added to S&P/ASX Emer...

2021-09-20 00:00:00

Metals X Limited(ASX:MLX) added to S&P/ASX Emerging Companies Index

Positive

Metals X Limited(ASX:MLX) added to S&P Global BMI Index

2021-09-20 00:00:00

Metals X Limited(ASX:MLX) added to S&P Global BMI Index

Positive

An unknown buyer acquired Copper and Nickel ass...

2021-08-06 00:00:00

An unknown buyer acquired Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX) on August 6, 2021. An unknown buyer co...

Negative

Metals X Limited Announces Step Down of Michael...

2021-08-05 22:47:00

Metals X Limited announced resignation of Michael Spreadborough from the role of Chief Executive Officer, effective August 9, 2021. Given the ...

Positive

Metals X Limited Announces the Work on the Reni...

2021-07-25 22:39:00

Metals X Limited announced that the work on the Renison Tailings Retreatment Project will recommence with the expected completion of an update...

Positive

Metals X Limited Provides Update on Ongoing Res...

2021-07-14 22:32:00

Metals X Limited provided an update on the ongoing resource definition drilling program at Renison Tin Operations (Renison), in which it holds...

Neutral

Metals X Limited Announces Changed of its Registered Address and Principal Place of Business

2022-06-14 08:32:00

Metals X Limited (Metals X or the Company) announced that, effective immediately, the Company has changed its registered address and principal place of business to: Unit 202, Level 2, 39 Mends Street, South Perth WA 6151.

Positive

Metals X Limited Announces 2022 Renison Mineral Resource Update

2022-06-13 22:49:00

Metals X Limited provided an update of the Mineral Resources for the Renison Tin Operation (Renison) in Tasmania. Renison is 50%-owned by Metals X through the Bluestone Mines Tasmania Joint Venture (BMTJV). Mineral Resources are reported inclusive of Ore Reserves. Mining production data up to 31 March 2022 and all exploration information has been included. Mineral Resources have been depleted for mining up to 31 March 2022. The tin price assumption used to estimate Mineral Resources is USD 27,500/t Sn at an assumed exchange rate of USD/AUD 0.76 giving a price of AUD 36,000/t Sn. The Mineral Resources have been classified in accordance with the guidelines set out in the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, published by the Joint Ore Reserves Committee (JORC), of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia, December 2012 (the `JORC Code' or `JORC 2012'). Senior geological and mining engineering staff of the BMTJV oversee reviews and technical evaluations of the estimates and evaluate these with reference to actual physical, cost and performance measures. The evaluation process also draws upon internal skill sets in operational and project management, ore processing and commercial/financial areas of the business. The BMTJV Management Committee of which Metals X has three members is responsible for monitoring the planning, prioritisation and progress of exploratory and resource definition drilling programs across the Company and the estimation and reporting of Mineral Resources. These definition activities are conducted within a framework of quality assurance and quality control protocols covering aspects including drill hole siting, sample collection, sample preparation and analysis as well as sample and data security. A four-level compliance process guides the control and assurance activities by the BMTJV: Provision of internal policies, standards, procedures and guidelines. Mineral Resource reporting based on well-founded geological and mining assumptions and compliance with external standards such as the JORC Code. Internal review of process conformance and compliance. Internal assessment of compliance and data veracity. The BMTJV Management Committee aims to promote the maximum conversion of identified mineralisation into Mineral Resources compliant with JORC 2012.

Neutral

Metals X Limited Announces Change to Financial Year End

2022-01-04 06:54:00

Metals X Limited advised that its board of directors has resolved to change the company's financial year end from 30 June to 31 December. The change has been made to align the financial year end of the Company with the financial year end of Bluestone Mines Tasmania Joint Venture Pty Ltd, manager of the Renison Tin Operations, in which the Company holds a 50% equity interest.

Neutral

Metals X Limited Approves Replacement of Constitution

2021-11-23 04:20:00

Metals X Limited approved replacement of constitution at its annual general meeting held on November 23, 2021.

Neutral

Metals X Limited, Special/Extraordinary Shareholders Meeting, Dec 15, 2021

2021-11-15 03:26:00

Metals X Limited, Special/Extraordinary Shareholders Meeting, Dec 15, 2021, at 09:00 W. Australia Standard Time. Location: MAANE Conference Room, Quest South Perth Foreshore 22 Harper Terrace South Perth Western Australia Australia Agenda: To consider Reduction of Capital and In-specie Distribution; and to consider any other business as may be lawfully put forward in accordance with the Constitution of the Company.

Neutral

Metals X Limited Proposes Replacement of Constitution

2021-10-22 06:03:00

Metals X Limited at its annual general of shareholders held on 23 November 2021, proposed replacement of Constitution of the company.

Positive

Metals X Limited Announces Near Mine Exploration Program to Commence at Renison

2021-10-13 21:57:00

Metals X Limited provided an update on the approved near mine exploration program at the Renison Tin Operations (Renison), in which it holds a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. (the Manager) on behalf of the joint venture owners. The next phase of Renison surface exploration lithogeochemical work will comprise of a ridge and spur soil sampling program of 75 kilometers with soil sample spacing of 50-100m for a total of approximately 742 samples being analysed for 49 elements. Assay data will be combined with historical data from the previous assay results collected in the 1970's surface soil sampling programs. It is intended that the new data will allow ongoing metal zonation to be identified and, leveraging the learnings from the 2018 and 2019 down hole lithogeochemical programs, target new fertile tin bearing structures and hangingwall alteration systems. The proposed diamond drilling program comprises 3 holes totaling approximately 1,800m that are designed as priority drill holes targeting the top three ranked DHEM conductive plate target zones. The planned diamond drilling program will endeavour to target not only the priority conductive plates, but other geological features that may be spatially associated. The drilling program will also develop the geochemical assay data set in the target zones and add important stratigraphic, lithological, and structural information and orientations. Post drilling analysis will enable a better understanding of the cause of the DHEM conductive signatures in the target zones and potentially provide further vectors to Sn mineralisation or other metallic mineralised zones. BMTJV has recently made an application for an exploration licence adjacent to the existing Renison mining lease. This area is to the immediate north and west of the mining lease boundary and includes the immediate north-western extension of the Federal-Bassett fault and mine stratigraphy. BMTJV intends to extend its planned mining lease exploration methodology into this new lease once it has been granted, this includes but is not limited to soil sampling, geophysical exploration techniques and a review of existing data.

Neutral

Metals X Limited, Annual General Meeting, Nov 23, 2021

2021-10-03 22:21:00

Metals X Limited, Annual General Meeting, Nov 23, 2021, at 10:00 W. Australia Standard Time. Location: Liberty Conference Centre Ground Floor, 197 St Georges Terrace Perth Western Australia Australia Agenda: To receive and consider the Financial Statements, Directors' Report and Auditors' Report for Metals X and its controlled entities for the financial year ended 30 June 2021; to consider adoption of remuneration report; to consider Election of Peter Gunzburg as Director; to consider Replacement of Constitution; and to consider any other business that may be brought before the Meeting in accordance with the Company's Constitution.

Positive

Metals X Limited(ASX:MLX) added to S&P/ASX Emerging Companies Index

2021-09-20 00:00:00

Metals X Limited(ASX:MLX) added to S&P/ASX Emerging Companies Index

Positive

Metals X Limited(ASX:MLX) added to S&P Global BMI Index

2021-09-20 00:00:00

Metals X Limited(ASX:MLX) added to S&P Global BMI Index

Positive

An unknown buyer acquired Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX).

2021-08-06 00:00:00

An unknown buyer acquired Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX) on August 6, 2021. An unknown buyer completed the acquisition of Copper and Nickel assets of Metals X Limited from Metals X Limited (ASX:MLX) on August 6, 2021.

Negative

Metals X Limited Announces Step Down of Michael Spreadborough from Chief Executive Officer, Effective August 9, 2021

2021-08-05 22:47:00

Metals X Limited announced resignation of Michael Spreadborough from the role of Chief Executive Officer, effective August 9, 2021. Given the change in the strategic direction of the Company following the divestment of its Copper and Nickel assets, the role will not be replaced at this time.

Positive

Metals X Limited Announces the Work on the Renison Tailings Retreatment Project to Recommence with the Expected Completion of an Updated Definitive Feasibility Study in 2023

2021-07-25 22:39:00

Metals X Limited announced that the work on the Renison Tailings Retreatment Project will recommence with the expected completion of an updated Definitive Feasibility Study in 2023. The project involves the retreatment of tailings at the Renison Tin Operation, in which Metals X holds a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. on behalf of the joint venture owners. The 2022 DFS Update will examine the influence of changes in technology, market conditions and available fuel sources for the thermal update plant, and will update capital cost estimation and contracting strategies with the aim of a Final Investment Decision in 2023. It is expected that the 2022 DFS Update will formally commence in First Quarter CY2022, following recruitment of the owner's team, selection of primary consultants, external stakeholder engagement and formal approval by the joint venture owners of the DFS Scope, Schedule and Cost Forecast in Fourth Quarter CY2021. The BMTJV Manager will be accountable for delivery of the updated DFS to the joint venture owners. Currently the Renison mine is provided 12 to 16 MWs of sustainable renewable power from the Tasmanian hydro and wind power network. This makes Renison leading edge in sustainable tin concentrate production. The Rentails facility will require approximately 17 to 20 MWs of additional power sourced from renewable sources. The aim is for the Rentails facility to be designed and operated to be Net Zero Emission through the selection of the technology and energy source for the thermal upgrade plant. The 2017 DFS Update assumed Top Submersible Lance (TSL) technology for the thermal upgrade plant. This selection will be revisited given changes in technology and economic conditions and will consider the use of green hydrogen to be part of the energy source for the thermal upgrade plant. This would be the first use of hydrogen for tin fuming in the world. Engagement with external stakeholders to recommence previous work on regulatory approvals for the project will commence immediately.

Positive

Metals X Limited Provides Update on Ongoing Resource Definition Drilling Program At Renison Tin Operations

2021-07-14 22:32:00

Metals X Limited provided an update on the ongoing resource definition drilling program at Renison Tin Operations (Renison), in which it holds a 50% equity interest. Renison is managed by Bluestone Mines Tasmania Joint Venture Pty Ltd. (the Manager) on behalf of the joint venture owners. Hastings is a newly defined area that is in a major footwall fault zone between the high-grade Area 5 and Leatherwood areas with the discovery intersection at the 1066 RL. The Hastings area currently has an extent of approximately 375m horizontally and 145m vertically. The Hastings area interpretation is now based on 16 diamond drill holes; 13 of which contain significant tin intersections with the mineralised zone open to the north and at depth. Since the initial discovery hole in February 2021, ongoing follow-up drill testing of the Hastings area has now reported multiple high grade tin intersections of very significant widths, below are the most significant: Hastings recently contributed 6.1kt tin in the 2021 Renison Bell Mineral Resource of 18.2 Mt at 1.65% Sn for 302kt of contained tin, comprising 55% in the Indicated Resource category and 45% in the Inferred Resource category. The Hastings mineralisation is proximal to existing Area 5 and Leatherwood's infrastructure and, as mining progresses, will be readily supported by planned infrastructure. Further follow-up infill drilling is planned to commence towards the end of current year 2021.

Fundamental Summary

Metals X published its Q4 financial metrics on 2022-02-22 with relatively mediocre performance numbers. Separately, their income and value factors looked problematic, but the overall picture statistically showed relatively outstanding metrics when also considering income factors and their peers' comparative stature and performance. In statistics, this is called the Simpson Paradox (https://www.britannica.com/topic/Simpsons-paradox). Therefore, Metals X received an overall score of 82, which translates into a BUY recommendation.

Business Description

Metals X engages in the production of tin in Australia. It holds a 50% interest in the Renison tin project located on the west coast of Tasmania. The company was incorporated in 2004 and is based in South Perth, Australia.

Sector Overview

Metals X is included in the Metals & Mining according to GICS (global industry classification standard). The Metals & Mining industry is included in the Materials sector. It includes the producers of aluminum, iron, steel, gold, other diversified metals and minerals, and their related products, as well as the mining and production the above materials. Metals X's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 227.5 24.0% 77
Liabilities 39.5 -11.8% 90
Price to Book 2.8 97.2% 80
Cash & Equivalents 46.3 244.0% 67
Equity 188.0 35.6% 50
EBITDA 80.3 197.9% 84
Total Revenues 150.7 60.6% 94
Parameter Value Change Score
Return on Equity 46.1 91.7% 79
Net Cashflow 37.3 6080.1% 70
Capital Expenditure -30.0 -45.3% 72
Asset Turnover 0.8 35.6% 55
Free Cashflow 0.0 261.0% 81

* All values are TTM

The below chart reflects Metals X's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Metals X's peer average final assessment score stands on 70.0, Metals X's score is 82.

  •  MLX
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
BHP Group Limited 208.5B 58 71 75
Hold
69
69 0 1
Fortescue Metals Group Limited 55.0B 65 67 75
Hold
68
68 1 1
Newcrest Mining Limited 19.4B 52 66 57
Underperform
56
56 2 1
South32 Limited 18.7B 84 72 78
Buy
82
82 3 1
Mineral Resources Limited 9.2B 55 63 61
Underperform
56
56 4 1
Lynas Rare Earths Limited 8.3B 70 69 70
Hold
71
71 5 1
Northern Star Resources Limited 8.2B 56 56 73
Underperform
55
55 6 1
IGO Limited 7.8B 50 78 72
Hold
71
71 7 1
BlueScope Steel Limited 7.3B 85 72 52
Hold
72
72 8 1
Pilbara Minerals Limited 6.9B 86 69 86
Buy
83
83 9 1
Allkem Limited 6.9B 57 61 82
Hold
65
65 10 1
OZ Minerals Limited 6.2B 74 66 78
Hold
74
74 11 1
Evolution Mining Limited 4.8B 82 64 50
Hold
64
64 12 1
Alumina Limited 4.4B 50 79 72
Hold
70
70 13 1
OZ Minerals Holdings Pty Ltd 4.0B 84 61 50
Hold
73
73 14 1
Iluka Resources Limited 3.9B 77 60 74
Hold
68
68 15 1
Andean Resources Ltd. 3.7B 86 97 41
Buy
84
84 16 1
Coronado Global Resources Inc. 2.9B 83 74 81
Strong Buy
87
87 17 1
Nickel Industries Limited 2.8B 54 60 70
Underperform
56
56 18 1
AVZ Minerals Limited 2.8B 95 68 58
Hold
75
75 19 1
Sims Limited 2.7B 68 69 82
Hold
74
74 20 1
Zimplats Holdings Limited 2.6B 77 68 64
Hold
71
71 21 1
Liontown Resources Limited 2.4B 81 84 62
Buy
84
84 22 1
Perseus Mining Limited 2.3B 81 65 83
Hold
77
77 23 1
Deterra Royalties Limited 2.3B 77 61 75
Hold
69
69 24 1
Sandfire Resources Limited 1.9B 82 69 76
Buy
79
79 25 1
Core Lithium Ltd 1.8B 83 70 69
Hold
76
76 26 1
Chalice Mining Limited 1.5B 54 81 55
Hold
67
67 27 1
Grange Resources Limited 1.5B 65 64 73
Hold
66
66 28 1
Capricorn Metals Ltd 1.3B 86 69 82
Buy
82
82 29 1
West African Resources Limited 1.3B 87 59 66
Hold
68
68 30 1
Silver Lake Resources Limited 1.2B 66 63 58
Hold
62
62 31 1
De Grey Mining Limited 1.2B 66 47 73
Underperform
53
53 32 1
Gold Road Resources Limited 1.2B 64 67 56
Hold
63
63 33 1
Lake Resources NL 1.2B 66 73 68
Hold
71
71 34 1
Sayona Mining Limited 1.2B 66 73 68
Hold
71
71 35 1
Regis Resources Limited 1.1B 53 53 69
Underperform
50
50 36 1
Piedmont Lithium Inc. 1.1B 88 77 60
Buy
84
84 37 1
5E Advanced Materials Inc. 927.2M 47 58 61
Underperform
51
51 38 1
ioneer Ltd 867.9M 85 69 51
Hold
70
70 39 1
Syrah Resources Limited 856.9M 49 50 69
Underperform
46
46 40 1
Equigold NL 854.0M 50 65 87
Hold
67
67 41 1
Ramelius Resources Limited 828.4M 56 68 62
Hold
60
60 42 1
Vulcan Energy Resources Limited 826.7M 67 78 71
Hold
77
77 43 1
Jervois Global Limited 813.1M 78 71 54
Hold
72
72 44 1
Mincor Resources NL 808.9M 62 77 57
Hold
67
67 45 1
Imdex Limited 796.9M 71 56 74
Hold
70
70 46 1
Bellevue Gold Limited 722.0M 84 69 54
Hold
70
70 47 1
St Barbara Limited 701.5M 53 70 56
Underperform
59
59 48 1
Emerald Resources NL 679.4M 60 68 84
Hold
70
70 49 1
Red 5 Limited 671.6M 47 75 59
Hold
61
61 50 1
Boart Longyear Group Ltd. 651.0M 60 74 68
Hold
69
69 51 1
Mount Gibson Iron Limited 629.5M 48 78 64
Hold
66
66 52 1
Westgold Resources Limited 575.3M 54 65 63
Underperform
58
58 53 1
OM Holdings Limited 563.6M 84 75 82
Buy
85
85 54 1
Australian Strategic Materials Ltd 540.9M 51 74 72
Hold
67
67 55 1
Neometals Ltd 531.9M 60 72 60
Hold
65
65 56 1
Adriatic Metals PLC 528.8M 66 73 68
Hold
71
71 57 1
Argosy Minerals Limited 467.8M 66 73 68
Hold
71
71 58 1
Perenti Global Limited 461.4M 60 78 67
Hold
72
72 59 1
Champion Iron Limited 441.1M 58 71 55
Hold
64
64 60 1
Panoramic Resources Limited 420.4M 58 71 67
Hold
66
66 61 1
Hastings Technology Metals Limited 404.8M 65 68 67
Hold
68
68 62 1
Alkane Resources Limited 402.0M 78 70 68
Hold
73
73 63 1
Centaurus Metals Limited 397.2M 66 73 68
Hold
71
71 64 1
Bowen Coking Coal Limited 385.5M 66 73 68
Hold
71
71 65 1
Jupiter Mines Limited 372.2M 66 81 50
Hold
64
64 66 1
Galan Lithium Limited 362.2M 66 73 68
Hold
71
71 67 1
Talga Group Ltd 359.9M 53 60 62
Underperform
53
53 68 1
BCI Minerals Limited 349.8M 71 68 60
Hold
66
66 69 1
Pantoro Limited 330.8M 66 73 68
Hold
71
71 70 1
Aurelia Metals Limited 327.8M 65 58 60
Underperform
56
56 71 1
Macmahon Holdings Limited 283.7M 68 65 62
Hold
66
66 72 1
Lotus Resources Limited 277.3M 66 73 68
Hold
71
71 73 1
Firefinch Limited 236.2M 66 73 68
Hold
71
71 74 1
Andromeda Metals Limited 229.8M 66 73 68
Hold
71
71 75 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Metals X's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Metals X's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 52.

Bearish 52
Close Price 0.38
52W Low 0.22
52W High 0.77
5D MA 0.37
50D MA 0.53
200D MA 0.5
MACD -0.04
RSI 0.07
STOCH 21.43

Balance Sheet Analysis

Two main balance sheet metrics are driving the positive outlook for Metals X's financial strength going forward. In terms of liabilities, Metals X published good numbers. Their reported liabilities were 39.5, representing a -11.8% change from the previous report. This performance is all interesting relative to their peers and suggests that their stock price has room to grow to reflect a higher intrinsic value. These results statistically lead to positive movement in stock prices, so we rated its liabilities movement component 90. Also, Metals X publishes solid book value factor metrics in this report. Price to book ratio (P/B) now sits at 2.8 and represents a 97.2% change from the previous report. These book value factor numbers show that management has been prudent in focusing on efficient growth. We believe the stock price has room to grow to reflect its intrinsic value accurately. The company's book value factors component, therefore, received a grade of 80. That said, one metric, Equity, stood out as strongly negative. Metals X published concerning equity metrics for this filing. In the current report, equity stood at 188.0, which represents a 35.6% change from the last report. This parameter often affects companies in the same industry and market capitalization by up to 5.9%. Their equity metrics appear unremarkable relative to their peers. Its equity movement component, therefore, received a grade of 50. Therefore, the company's balance sheet earned a grade of 68.

Parameter Value Change Score
Assets 227.5 24.0% 77
Liabilities 39.5 -11.8% 90
Price to Book 2.8 97.2% 80
Cash & Equivalents 46.3 244.0% 67
Equity 188.0 35.6% 50
* All values are TTM

The below chart describes Metals X's performance as reflected on its balance sheet with respect to its peers. While Metals X received a balance sheet score of 68, the average of its peers stands on 66.0.

  •  MLX
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
BHP Group Limited 208.5B 74 92 47 52 76 58 0 1
Fortescue Metals Group Limited 55.0B 83 66 68 55 69 65 1 1
Newcrest Mining Limited 19.4B 85 72 46 46 73 52 2 1
South32 Limited 18.7B 74 73 80 79 74 84 3 1
Mineral Resources Limited 9.2B 83 73 52 42 90 55 4 1
Lynas Rare Earths Limited 8.3B 74 59 77 62 68 70 5 1
Northern Star Resources Limited 8.2B 87 70 56 48 65 56 6 1
IGO Limited 7.8B 43 37 80 42 63 50 7 1
BlueScope Steel Limited 7.3B 64 75 87 90 68 85 8 1
Pilbara Minerals Limited 6.9B 87 59 81 87 56 86 9 1
Allkem Limited 6.9B 53 64 44 65 89 57 10 1
OZ Minerals Limited 6.2B 87 72 72 69 72 74 11 1
Evolution Mining Limited 4.8B 47 57 76 96 54 82 12 1
Alumina Limited 4.4B 51 69 50 46 84 50 13 1
OZ Minerals Holdings Pty Ltd 4.0B 81 62 51 97 87 84 14 1
Iluka Resources Limited 3.9B 76 66 87 69 53 77 15 1
Andean Resources Ltd. 3.7B 70 37 60 97 92 86 16 1
Coronado Global Resources Inc. 2.9B 44 56 87 85 71 83 17 1
Nickel Industries Limited 2.8B 41 44 72 50 70 54 18 1
AVZ Minerals Limited 2.8B 99 56 82 98 66 95 19 1
Sims Limited 2.7B 85 72 83 49 57 68 20 1
Zimplats Holdings Limited 2.6B 80 69 68 76 73 77 21 1
Liontown Resources Limited 2.4B 43 55 82 97 37 81 22 1
Perseus Mining Limited 2.3B 81 70 73 82 66 81 23 1
Deterra Royalties Limited 2.3B 99 79 61 75 68 77 24 1
Sandfire Resources Limited 1.9B 41 64 87 87 73 82 25 1
Core Lithium Ltd 1.8B 37 55 82 94 66 83 26 1
Chalice Mining Limited 1.5B 98 78 39 46 89 54 27 1
Grange Resources Limited 1.5B 54 70 51 71 92 65 28 1
Capricorn Metals Ltd 1.3B 69 59 81 91 65 86 29 1
West African Resources Limited 1.3B 92 56 81 92 42 87 30 1
Silver Lake Resources Limited 1.2B 69 62 62 71 57 66 31 1
De Grey Mining Limited 1.2B 44 49 79 69 48 66 32 1
Gold Road Resources Limited 1.2B 83 72 56 65 60 64 33 1
Lake Resources NL 1.2B 78 74 55 64 78 66 34 1
Sayona Mining Limited 1.2B 78 74 55 64 78 66 35 1
Regis Resources Limited 1.1B 77 74 51 48 63 53 36 1
Piedmont Lithium Inc. 1.1B 97 54 82 97 39 88 37 1
5E Advanced Materials Inc. 927.2M 44 83 54 45 37 47 38 1
ioneer Ltd 867.9M 98 56 80 86 52 85 39 1
Syrah Resources Limited 856.9M 63 75 38 46 94 49 40 1
Equigold NL 854.0M 57 46 86 50 45 50 41 1
Ramelius Resources Limited 828.4M 67 41 78 48 49 56 42 1
Vulcan Energy Resources Limited 826.7M 39 53 80 74 41 67 43 1
Jervois Global Limited 813.1M 71 71 44 94 95 78 44 1
Mincor Resources NL 808.9M 83 78 43 62 56 62 45 1
Imdex Limited 796.9M 59 69 83 61 75 71 46 1
Bellevue Gold Limited 722.0M 96 56 81 87 42 84 47 1
St Barbara Limited 701.5M 80 69 51 49 61 53 48 1
Emerald Resources NL 679.4M 51 58 80 51 57 60 49 1
Red 5 Limited 671.6M 49 45 39 55 96 47 50 1
Boart Longyear Group Ltd. 651.0M 85 79 39 60 87 60 51 1
Mount Gibson Iron Limited 629.5M 94 76 39 41 74 48 52 1
Westgold Resources Limited 575.3M 77 65 55 47 73 54 53 1
OM Holdings Limited 563.6M 84 69 84 81 50 84 54 1
Australian Strategic Materials Ltd 540.9M 44 69 55 46 84 51 55 1
Neometals Ltd 531.9M 97 77 46 50 97 60 56 1
Adriatic Metals PLC 528.8M 78 74 55 64 78 66 57 1
Argosy Minerals Limited 467.8M 78 74 55 64 78 66 58 1
Perenti Global Limited 461.4M 68 71 51 61 74 60 59 1
Champion Iron Limited 441.1M 66 49 73 47 67 58 60 1
Panoramic Resources Limited 420.4M 78 75 43 58 85 58 61 1
Hastings Technology Metals Limited 404.8M 75 72 56 67 67 65 62 1
Alkane Resources Limited 402.0M 45 56 83 88 40 78 63 1
Centaurus Metals Limited 397.2M 78 74 55 64 78 66 64 1
Bowen Coking Coal Limited 385.5M 78 74 55 64 78 66 65 1
Jupiter Mines Limited 372.2M 63 93 46 52 80 66 66 1
Galan Lithium Limited 362.2M 78 74 55 64 78 66 67 1
Talga Group Ltd 359.9M 90 78 38 45 95 53 68 1
BCI Minerals Limited 349.8M 86 73 58 67 82 71 69 1
Pantoro Limited 330.8M 78 74 55 64 78 66 70 1
Aurelia Metals Limited 327.8M 85 69 59 60 72 65 71 1
Macmahon Holdings Limited 283.7M 47 61 72 78 44 68 72 1
Lotus Resources Limited 277.3M 78 74 55 64 78 66 73 1
Firefinch Limited 236.2M 78 74 55 64 78 66 74 1
Andromeda Metals Limited 229.8M 78 74 55 64 78 66 75 1

Income Statement Analysis

Metals X seems to be balancing strong Revenue Efficiency and EBITDA along with an overall impressive positive income statement. Metals X reported highly encouraging numbers for its revenue efficiency. This parameter often affects companies in the same industry and market capitalization by up to 24.0%. Their impressive revenue efficiency is even more impressive relative to its peers and competitors in the current market. As a result, its revenue efficiency earned a score of 94. Also, Metals X's management did a remarkable job this period managing its EBITDA. In terms of the raw numbers, EBITDA was reported as 80.3, which represents a 197.9% change from the last period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 20.0%. Its EBITDA metrics highlight an impressive overall financial performance, which is expected to continue moving forward. The company's EBITDA movement, therefore, received a grade of 84. However, one discouraging result, Return Factors, stood out. Return factors metrics and ratios were disappointing in this report. Metals X reported a return on equity (ROE) ratio of 46.1, representing a change of 91.7% from the last report.change of 91.7% from the previous period. This metric might have a 10.6 percent impact on companies in the same industry and with the same market capitalization. These numbers show that management has been unsuccessful in fostering appropriate growth related to return on assets and return on equity momentum relative to their peers. Therefore, their return factors component earned a score of 79. Consequently, the companie's income statement earned a rank of 87.

Parameter Value Change Score
EBITDA 80.3 197.9% 84
Total Revenues 150.7 60.6% 94
Return on Equity 46.1 91.7% 79
* All values are TTM

The below chart describes Metals X's performance as reflected on its income statement with respect to its peers. While Metals X received a income statement score of 87 , the average of its peers stands on 72.0.

  •  MLX
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
BHP Group Limited 208.5B 64 79 79 71 0 1
Fortescue Metals Group Limited 55.0B 58 78 75 67 1 1
Newcrest Mining Limited 19.4B 95 45 48 66 2 1
South32 Limited 18.7B 47 94 95 72 3 1
Mineral Resources Limited 9.2B 94 42 44 63 4 1
Lynas Rare Earths Limited 8.3B 50 91 83 69 5 1
Northern Star Resources Limited 8.2B 48 66 68 56 6 1
IGO Limited 7.8B 98 72 48 78 7 1
BlueScope Steel Limited 7.3B 86 71 66 72 8 1
Pilbara Minerals Limited 6.9B 38 96 96 69 9 1
Allkem Limited 6.9B 46 75 74 61 10 1
OZ Minerals Limited 6.2B 48 82 82 66 11 1
Evolution Mining Limited 4.8B 94 46 43 64 12 1
Alumina Limited 4.4B 87 73 76 79 13 1
OZ Minerals Holdings Pty Ltd 4.0B 39 88 45 61 14 1
Iluka Resources Limited 3.9B 50 62 89 60 15 1
Andean Resources Ltd. 3.7B 37 89 91 97 16 1
Coronado Global Resources Inc. 2.9B 39 98 97 74 17 1
Nickel Industries Limited 2.8B 66 61 55 60 18 1
AVZ Minerals Limited 2.8B 87 63 41 68 19 1
Sims Limited 2.7B 45 90 92 69 20 1
Zimplats Holdings Limited 2.6B 94 50 52 68 21 1
Liontown Resources Limited 2.4B 87 78 91 84 22 1
Perseus Mining Limited 2.3B 42 88 83 65 23 1
Deterra Royalties Limited 2.3B 45 83 66 61 24 1
Sandfire Resources Limited 1.9B 64 73 74 69 25 1
Core Lithium Ltd 1.8B 87 47 81 70 26 1
Chalice Mining Limited 1.5B 99 65 76 81 27 1
Grange Resources Limited 1.5B 74 61 61 64 28 1
Capricorn Metals Ltd 1.3B 37 98 97 69 29 1
West African Resources Limited 1.3B 43 84 63 59 30 1
Silver Lake Resources Limited 1.2B 95 42 41 63 31 1
De Grey Mining Limited 1.2B 44 45 76 47 32 1
Gold Road Resources Limited 1.2B 94 48 49 67 33 1
Lake Resources NL 1.2B 87 62 66 73 34 1
Sayona Mining Limited 1.2B 87 62 66 73 35 1
Regis Resources Limited 1.1B 65 50 45 53 36 1
Piedmont Lithium Inc. 1.1B 87 63 68 77 37 1
5E Advanced Materials Inc. 927.2M 74 37 56 58 38 1
ioneer Ltd 867.9M 87 55 60 69 39 1
Syrah Resources Limited 856.9M 38 67 62 50 40 1
Equigold NL 854.0M 79 44 91 65 41 1
Ramelius Resources Limited 828.4M 94 51 48 68 42 1
Vulcan Energy Resources Limited 826.7M 87 67 84 78 43 1
Jervois Global Limited 813.1M 37 94 93 71 44 1
Mincor Resources NL 808.9M 98 57 59 77 45 1
Imdex Limited 796.9M 77 60 56 56 46 1
Bellevue Gold Limited 722.0M 87 44 83 69 47 1
St Barbara Limited 701.5M 93 56 53 70 48 1
Emerald Resources NL 679.4M 37 96 94 68 49 1
Red 5 Limited 671.6M 95 58 66 75 50 1
Boart Longyear Group Ltd. 651.0M 93 58 67 74 51 1
Mount Gibson Iron Limited 629.5M 99 62 66 78 52 1
Westgold Resources Limited 575.3M 84 58 43 65 53 1
OM Holdings Limited 563.6M 50 96 97 75 54 1
Australian Strategic Materials Ltd 540.9M 91 62 66 74 55 1
Neometals Ltd 531.9M 87 66 56 72 56 1
Adriatic Metals PLC 528.8M 87 62 66 73 57 1
Argosy Minerals Limited 467.8M 87 62 66 73 58 1
Perenti Global Limited 461.4M 73 81 87 78 59 1
Champion Iron Limited 441.1M 95 50 45 71 60 1
Panoramic Resources Limited 420.4M 95 50 62 71 61 1
Hastings Technology Metals Limited 404.8M 90 51 53 68 62 1
Alkane Resources Limited 402.0M 68 74 74 70 63 1
Centaurus Metals Limited 397.2M 87 62 66 73 64 1
Bowen Coking Coal Limited 385.5M 87 62 66 73 65 1
Jupiter Mines Limited 372.2M 96 46 50 81 66 1
Galan Lithium Limited 362.2M 87 62 66 73 67 1
Talga Group Ltd 359.9M 87 40 47 60 68 1
BCI Minerals Limited 349.8M 94 47 56 68 69 1
Pantoro Limited 330.8M 87 62 66 73 70 1
Aurelia Metals Limited 327.8M 68 58 49 58 71 1
Macmahon Holdings Limited 283.7M 88 51 48 65 72 1
Lotus Resources Limited 277.3M 87 62 66 73 73 1
Firefinch Limited 236.2M 87 62 66 73 74 1
Andromeda Metals Limited 229.8M 87 62 66 73 75 1

Cash Flow Analysis

Two metrics jump up as the most significant positive drivers of the cash flow's strength in Metals X's recent report: Free Cash flow and Capex. Free cash flow numbers published by Metals X were 0.0, which was a 261.0% change from the previous filing. Companies in the same industry and market capitalization are typically affected by this parameter by up to 4.3%. Their free cash flow situation is all the more impressive relative to their peers and competitors. Therefore, its free cash flow movement earned a score of 81. Also, Metals X's management was effective in improving its CapEx, which now sits at -30.0 and represents -45.3% change from the previous report. This performance is all the more impressive relative to their peers and competitors. Therefore, its CapEx movement component earned a score of 72. At the same time, one critical cash flow metric, Asset Turnover, was notably weak. Asset turnover metrics during this period were surprisingly weak. Their reported asset turnover metrics of 0.8, which represents a 35.6% change from the previous report. Companies in the same industry and market capitalization are typically affected by this parameter by up to 2.7%. Their lackluster asset turnover metrics, specifically in contrast to leading industry peers' performance, could present significant headwinds. Correspondingly, their asset turnover movement received a grade of 55. Because its management is doing an excellent job managing these critical metrics, the cash flow was given a score of 68.

Parameter Value Change Score
Net Cashflow 37.3 6080.1% 70
Capital Expenditure -30.0 -45.3% 72
Asset Turnover 0.8 35.6% 55
Free Cashflow 0.0 261.0% 81
* All values are TTM

The below chart describes Metals X's performance as reflected on its cash flow with respect to its peers. While Metals X received a cash flow score of 68, the average of its peers stands on 72.0.

  •  MLX
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
BHP Group Limited 208.5B 70 77 80 71 75 0 1
Fortescue Metals Group Limited 55.0B 74 78 69 74 75 1 1
Newcrest Mining Limited 19.4B 58 48 63 55 57 2 1
South32 Limited 18.7B 72 86 82 75 78 3 1
Mineral Resources Limited 9.2B 58 69 54 63 61 4 1
Lynas Rare Earths Limited 8.3B 78 63 76 58 70 5 1
Northern Star Resources Limited 8.2B 70 58 54 91 73 6 1
IGO Limited 7.8B 80 73 66 57 72 7 1
BlueScope Steel Limited 7.3B 48 47 56 70 52 8 1
Pilbara Minerals Limited 6.9B 87 97 76 78 86 9 1
Allkem Limited 6.9B 75 77 70 84 82 10 1
OZ Minerals Limited 6.2B 69 97 66 73 78 11 1
Evolution Mining Limited 4.8B 54 49 61 39 50 12 1
Alumina Limited 4.4B 68 74 76 70 72 13 1
OZ Minerals Holdings Pty Ltd 4.0B 49 86 84 39 50 14 1
Iluka Resources Limited 3.9B 75 84 52 74 74 15 1
Andean Resources Ltd. 3.7B 40 55 56 37 41 16 1
Coronado Global Resources Inc. 2.9B 77 86 53 93 81 17 1
Nickel Industries Limited 2.8B 75 63 76 61 70 18 1
AVZ Minerals Limited 2.8B 60 69 76 37 58 19 1
Sims Limited 2.7B 83 98 56 82 82 20 1
Zimplats Holdings Limited 2.6B 75 77 63 44 64 21 1
Liontown Resources Limited 2.4B 59 69 76 51 62 22 1
Perseus Mining Limited 2.3B 69 94 90 83 83 23 1
Deterra Royalties Limited 2.3B 77 88 96 51 75 24 1
Sandfire Resources Limited 1.9B 73 85 63 71 76 25 1
Core Lithium Ltd 1.8B 61 69 76 72 69 26 1
Chalice Mining Limited 1.5B 53 62 84 38 55 27 1
Grange Resources Limited 1.5B 75 79 76 62 73 28 1
Capricorn Metals Ltd 1.3B 81 83 81 79 82 29 1
West African Resources Limited 1.3B 73 84 42 58 66 30 1
Silver Lake Resources Limited 1.2B 63 53 64 47 58 31 1
De Grey Mining Limited 1.2B 80 69 76 61 73 32 1
Gold Road Resources Limited 1.2B 57 57 54 50 56 33 1
Lake Resources NL 1.2B 68 69 76 60 68 34 1
Sayona Mining Limited 1.2B 68 69 76 60 68 35 1
Regis Resources Limited 1.1B 65 76 68 69 69 36 1
Piedmont Lithium Inc. 1.1B 59 62 69 54 60 37 1
5E Advanced Materials Inc. 927.2M 55 48 71 71 61 38 1
ioneer Ltd 867.9M 47 57 54 51 51 39 1
Syrah Resources Limited 856.9M 59 58 43 98 69 40 1
Equigold NL 854.0M 91 69 72 84 87 41 1
Ramelius Resources Limited 828.4M 59 56 81 58 62 42 1
Vulcan Energy Resources Limited 826.7M 67 69 76 69 71 43 1
Jervois Global Limited 813.1M 43 51 38 82 54 44 1
Mincor Resources NL 808.9M 63 63 72 45 57 45 1
Imdex Limited 796.9M 71 72 79 73 74 46 1
Bellevue Gold Limited 722.0M 51 64 56 51 54 47 1
St Barbara Limited 701.5M 54 46 71 55 56 48 1
Emerald Resources NL 679.4M 84 81 80 81 84 49 1
Red 5 Limited 671.6M 68 49 48 59 59 50 1
Boart Longyear Group Ltd. 651.0M 62 74 81 63 68 51 1
Mount Gibson Iron Limited 629.5M 68 69 59 56 64 52 1
Westgold Resources Limited 575.3M 59 69 71 59 63 53 1
OM Holdings Limited 563.6M 75 90 90 75 82 54 1
Australian Strategic Materials Ltd 540.9M 72 69 76 69 72 55 1
Neometals Ltd 531.9M 62 54 71 52 60 56 1
Adriatic Metals PLC 528.8M 68 69 76 60 68 57 1
Argosy Minerals Limited 467.8M 68 69 76 60 68 58 1
Perenti Global Limited 461.4M 61 69 54 78 67 59 1
Champion Iron Limited 441.1M 56 69 51 49 55 60 1
Panoramic Resources Limited 420.4M 69 69 79 54 67 61 1
Hastings Technology Metals Limited 404.8M 65 68 74 57 67 62 1
Alkane Resources Limited 402.0M 69 58 68 71 68 63 1
Centaurus Metals Limited 397.2M 68 69 76 60 68 64 1
Bowen Coking Coal Limited 385.5M 68 69 76 60 68 65 1
Jupiter Mines Limited 372.2M 51 51 84 44 50 66 1
Galan Lithium Limited 362.2M 68 69 76 60 68 67 1
Talga Group Ltd 359.9M 53 48 76 70 62 68 1
BCI Minerals Limited 349.8M 62 54 76 49 60 69 1
Pantoro Limited 330.8M 68 69 76 60 68 70 1
Aurelia Metals Limited 327.8M 72 58 54 49 60 71 1
Macmahon Holdings Limited 283.7M 72 53 46 57 62 72 1
Lotus Resources Limited 277.3M 68 69 76 60 68 73 1
Firefinch Limited 236.2M 68 69 76 60 68 74 1
Andromeda Metals Limited 229.8M 68 69 76 60 68 75 1

This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.