• Tin production up 7.9% to 5,156 tonnes (50% share)
• Revenue increased 55% to $147.5 million (50% share)
• Profit after tax surged 256% to $52.9 million (50% share)

Metals X Ltd, the owner of a 50% stake in the Renison Tin Operation in Australia, reported strong financial results for the first half of 2025. Revenue increased 55% to $147.5 million (50% share) compared to the prior corresponding period, primarily due to a 7.9% rise in tin production to 5,156 tonnes (50% share) and higher average tin prices. Cost of sales rose 41% to $83.8 million (50% share), reflecting an increase in royalty expenses and a reduction in tin inventory. Profit after tax surged 256% to $52.9 million (50% share). The company's investments in other entities, including $36 million in convertible notes, also contributed to the improved profitability through fair value gains. Metals X continued to invest in capital projects at Renison, including the ventilation upgrade, mine dewatering, and surface infrastructure improvements. The Rentails project, which aims to recover tin and copper from historic tailings, also made significant progress during the period, with the Environmental Impact Statement and Public Environment Report processes advancing. Near-mine exploration at Renison yielded promising results, with 11,234 metres of drilling completed targeting extensions and new discoveries.

Metals X remains focused on increasing Mineral Reserves at Renison, improving productivity and reducing costs, while also advancing the Rentails project towards a final investment decision in late 2026.