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#Industry/competitors
Added 2 months ago

Article about corruption in trading system for Tin used by Tin miner PT Timah in Indonesia

https://www.kompas.id/baca/english/2023/12/07/en-kejagung-sita-uang-dan-emas-senilai-puluhan-miliar-terkait-tata-niaga-timah

Could have some repercussions on the Tin price if the largest producer of Tin in Indonesia has a case to answer for.

Sold too early here as usual to release funds but still holding IRL.

Only thing getting in the way of the price rising and making a decent return for me is the constant selling by Old Peak and some supply coming from Indonesia.

[held]

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#ASX Announcements
stale
Added one year ago

Actually thought that quarterly wasn't so bad.

These numbers came during a period of abnormally high energy prices and low tin prices.

Since everyone has "opinions" on where energy and commodity prices are heading i will stay silent for now.

Price at time of straw is still holding atm

(Held)

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Valuation of $0.180
stale
Added one year ago

Poor cost control. Currently burning cash.

Poor capital allocation.

Current price is elevated on bullish Sn and Ni prices.


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#Q3 Report
stale
Added one year ago

A few red flags for me:

1) Operating costs well above feasibility studies.

2) Operating costs above AISC of mining operations.

3) Burning cash over the previous two quarters.

4) Mine ore grade is less than ore processed grade, implying future production output to fall in the near term, and costs per Tonne will rise.

5) Board continues to sit on a pile of cash - It appears they reckon they are good capital allocators, and would rather play with it than return to shareholders.


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#Risks
stale
Added one year ago

Been hearing that Old Peak is the one selling all the shares and capping the share price

Source: Tikr

d94eb123b871747f26590d3d00e2ab1d3aaf5d.png

Still got 97.7m to sell.

[held]

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#Business Model/Strategy
stale
Added one year ago

Saw the rather low valuation but with the China reopening, resource expansion and all those stakes in CYM and NC1, there has to be some value around 30c.

Also MetalsX isn't just Tin but Copper as well.

Bought yesterday after seeing the buy side.

[held]

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#Worlds Largest Tin Producer H
stale
Added 2 years ago

Yunnan Tin Industry Co, which mines and produces 74000 Tonnes of Tin annually (24% of global production), reported on April 18, that it has temporarily halted mining and production of tin to comply with Chinese local government COVID lockdown policies.

It has been unable to indicate when restrictions will be eased to enable production to re-commence.

Current TIn Spot and Futures:

Tin Spot Price: $43.3 k per tonne

3-month futures: $43.2 k per tonne

6-month futures: $42.85 k per Tonne

Slight backwardation indicates inventories of Tin are relatively low, with open warrants for 2490 Tonnes of zinc, however, levels remain well above the October trough of 255 Tonnes.











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#Nickel Interests
stale
Last edited 2 years ago

Metals X divested its Nickel interests last year, but retains a 20% holding in the recent IPO spin out, Nico Resources.

Nico resources holds the Wingelina deposit with approx. 2400 kTonnes of Nickel equiv. deposit. The deposit is shallow and very high grade (1.1%). and open at depth and strike.

Nico Resources plans to complete a preliminary feasibility study by the end of the financial year, and a Detailed Feasibility Study by the end of 2023.

CORRECTION: MLX Holds 21.1 M shares, and 25 M options @ a 20 cents strike price. At the current NC1 share price, MLX holding is valued at: 21100000 x $1.51+ 25000000 x (1.51-0.20) = $64.6 M. This is about 10% of MLX's market cap.

DISC - HELD.

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#Demand Thesis for Tin
stale
Added 2 years ago

An article from 2018 outlining the demand thesis for Tin (Sn)


DISC - HELD.a435b8d91170b2633f60ccbdac2318ebd3a069.png

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