MetalsX finally showing some initiative in capital management with the pile of cash lying around.

However this may not stop the share price being capped due to the selling from Old Peak.since most selling has been absorbed by APAC Resources Pty Ltd.

The story does not end there. Brett Smith who is the MD of MetalsX is also the deputy chairman of APAC Resources

Old Peak has 41m shares left vs 198m from APAC. The 41m could in theory be absorbed by the proposed buyback.

For those looking to get out and break even, including myself, maybe now is the chance?

Might be a prudent move given past valuations sub 20c? But recent performance and Tin price appreciation since the export hold in Indonesia gives some pause for thought

[held]

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]

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)

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.

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

Source: Tikr

Still got 97.7m to sell.

[held]

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]

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.

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.

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

DISC - HELD.