Metals X Limited (MLX)



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General Information
Company Name: Metals X Limited
Stock Code: MLX
Website: www.metalsx.com.au
GICS Sub-Industry: Precious Metals & Minerals
Market Cap ($M): 298
Equiv. Shares (M): 414

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.720 $ 0.680 $ 0.740 $ 0.657 $ 0.670 349,341 $ 0.050  7.463 %

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 18th Dec 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Metals X Limited (MLX) is a diversified resource group with a portfolio of assets from exploration to production. MLX has interests in projects in Australia as well as having investment holdings across the mining industry with global reach from Madagascar to Mongolia.

Strategy Analysis:
When attractive opportunities emerge MLX's strategy is to invest directly in the entity which owns the assets. MLX looks to take significant shareholdings and Board representation. MLX's nickel strategy is built around the Central Musgrave Project and includes the Wingellina Nickel Project. The current strategy for the Mount Bischoff project is for it to remain on care and maintenance in the short term whilst options for further underground and open pit mining are evaluated in conjunction with a tenement scale geophysical review to generate further exploration targets.. Metals X reported positive cash flow of $24.62m for quarter ended 31 December 2012. Operating cash flow for the period was $(6.52m). Payments for exploration and evaluation were $(352,000). Investing cash flow was $32.02m. Financing cash flow was $(885,000). Cash in hand at the end of the quarter was $74.34m. During the quarter, the Company completed the merger by scheme of arrangement with Westgold Resources; total operating performance from the 50% owned Renison JV continued to improve during the quarter - key outputs for the project included tonnes mined increased 4% to 162,820t @ 1.64% Sn; and the Central Murchison Gold Project definitive feasibility study was completed and concluded that a gold project development was achievable.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 3.9 21.4 18.4 1.2 1.6 --
2015  F -- 3.2 -65.9 22.4 1.0 1.4 --
2014  A 39.1 9.5 136.3 7.4 2.7 3.9 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Intrepid Mines (IAU) $48 M -- -- -- -- -- -- 0.00 -- --
Metals X (MLX) $277 M 1.3625 -0.6593 0.2143 7.0899 20.8075 17.1355 4.06 1.45 1.76
Orocobre (ORE) $351 M -- -- -- -- -- 28.2378 0.00 0.00 0.00
Sirius Resources (SIR) $912 M -- -- -- -- -- -- 0.00 0.00 0.00

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
MLX 0.93 11.1 0.96 10.00 1.26
Market 0.90 15.0 1.19 1.94 1.48
Sector 0.62 11.5 0.69 1.26 2.40

Directors
Name Position Start Date
Mr Yimin Zhang Alternate Director 03 October 2007
Mr Peter Gerard Cook Chief Executive Officer,Executive Director 23 July 2004
Mr Warren (Wayne) Shaye Hallam Executive Director 01 March 2005
Mr Peter John Newton Non-Executive Chairman 14 December 2012
Mr Xie Penggen Non-Executive Director 09 February 2012
Mr Paul Mathew Cmrlec Non-Executive Director 24 July 2013
Mr Simon Heggen Non-Executive Director 25 October 2012
Mr Andrew Ferguson Non-Executive Director 10 May 2012

Management
Name Position
JW Russell Chief Geologist
MP Poepjes Chief Mining Engineer
PD Hucker Chief Operating Officer
Fiona Jayne Van Maanen Company Secretary,Chief Financial Officer
AH King General Manager - Tin Operations

Substantial Shareholders
Holding Name
176,000,000 (10.63%) Jinchuan Group Limited
397,630,281 (23.99%) APAC Resources Ltd

Calendar of Events
Date Event
14 December 2015 Report (Annual)
26 October 2015 Report (Quarterly)
23 October 2015 Report (Annual)
25 August 2015 Report (Prelim)
22 July 2015 Report (Quarterly)
22 April 2015 Report (Quarterly)
23 February 2015 Report (Interim)
20 February 2015 Report (Interim)
23 January 2015 Report (Quarterly)
07 January 2015 Div Pay Date
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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