Investment Rating - The report provides a recommendation for the industry [6] Core Insights - The total tin concentrate production at Renison for Q1 2025 reached 2,432 tons, a decrease of 27% quarter-on-quarter but an increase of 7% year-on-year, impacted by unexpected shutdowns due to bushfires and power supply interruptions [1] - The tin concentrate shipment for Q1 2025 was 3,230 tons, reflecting a 3% increase quarter-on-quarter and a 22% increase year-on-year [3] - The estimated sales price for tin in Q1 2025 was A$50,603 per ton, an 8% increase quarter-on-quarter and a 26% increase year-on-year [4] - The estimated unit sales and marketing cost for tin was A$6,885 per ton, up 4% quarter-on-quarter and 11% year-on-year [5] - The estimated C1 cash production cost for tin was A$20,597 per ton, a 27% increase quarter-on-quarter and a 12% increase year-on-year [5] - The All-In Sustaining Cost (AISC) for tin was A$33,482 per ton, up 22% quarter-on-quarter and 2% year-on-year [5] - The estimated net cash inflow for Q1 2025 was A$14,596 per ton, a 17% decrease quarter-on-quarter but a 139% increase year-on-year [7] - The estimated revenue for Renison in Q1 2025 was A$123 million, a 21% decrease quarter-on-quarter but a 35% increase year-on-year [8] - The estimated EBITDA for Q1 2025 was A$56.23 million, a 30% decrease quarter-on-quarter but a 59% increase year-on-year [9] - The estimated net cash inflow for Renison was A$35.50 million in Q1 2025, down from A$58.70 million in the previous quarter [10] - Total capital expenditure for the quarter was A$20.73 million, with A$10.49 million allocated for capital projects [11] - Metals X maintains a healthy cash balance, with A$175 million invested in fixed deposits at an average annual interest rate of approximately 4.85% [12][13] - The company continues to evaluate potential acquisition opportunities, focusing primarily on tin and similar base metals and gold opportunities [14] - Metals X made an informal acquisition proposal to Greentech Technology International Limited, contingent upon financial due diligence [15] - The company announced a share buyback plan, extending the buyback period for an additional 12 months [17]