Metals X (ASX:MLX) is the only pure ASX-listed tin producer.
That means its resource base is important. Not only for Australia, but for the global market as well.
Tin supply has been under pressure over the last few years. Other sources of global tin are in conflict zones, both in Africa and Asia. There is no tin currently being mined in North America or Europe, according to The Australian.
Australia’s stable operating environment is important for the tin industry. That means any news from Metals X is important newsflow too.
MLX updated the market this morning on the mineral resource at the Renison Tin Operation in Tasmania.
MLX has a 50% stake in the operation via a joint venture.
The company says that the Renison mineral resource now stands at 21.8 million tonnes at 1.38% tin for a total of 300.3 kilotonnes (kt) of contained tin.
Measured and indicated mineral resource tonnage increased by 1,150kt and tin tonnes increased by 7% to 264.1kt of contained tin. Inferred mineral resource tonnage decreased by 200kt and tin tonnes decreased by 19% to 36.0kt of contained tin.
Managing Director Brett Smith says:
“Renison is a world-class tin deposit and Australia’s largest primary tin producer. The results from the 2026 mineral resource represent the ongoing definition and resource drilling and updated modelling assumptions.
“We have again been able to more than replenish what we have mined. This was achieved in spite of limited access to drilling platforms in the A5 and Leatherwood areas. Completion of these required drill platforms is in this year’s budget.”
MLX is investing in other tin projects to help develop future supply.
This was shown via a slide at the company’s recent Annual General Meeting:
MLX has a 15.9% stake in tin developer Elementos (ASX:ELT).
High-profile fund manager L1 Capital is backing ELT too.
It recently invested $30 million into Elementos and backed the tin thematic, taking its shareholding percentage in ELT to almost 20%. Now even holding a larger stake than key player MLX.
ELT will no doubt need to raise more money on its development journey. MLX should remain a strong supporting shareholder, and the strong tin price will help them fund it.
Write to Callum Newman at Mining.com.au
Images: Metals X
