Australian tin producer Metals X (ASX: MLX) has announced production of 3,319 tonnes of tin-in-concentrate from the Tasmanian Renison mine in Q4 2025, bringing the year’s total to a near-record 10,747 tonnes of tin-in-concentrate.
The company, which represents half of the Bluestone joint venture operating the mine, highlighted that fourth quarter production was just ten tonnes below the all-time quarterly record.
Production increased 46.1% from the previous quarter due to 8.4% stronger ore production at 207 kt, bolstered by a 55.0% increase in grade mined to 2.34% Sn as the company encountered higher-than-expected grades in the Area 5 part of the mine.
Mill recovery improved to 82.34% with more stable operating conditions in Q4 and the commissioning of the new TOMRA ore sorter.
Cash costs fell 28.3% quarter-on-quarter to A$16,598 per tonne of tin produced, while AISC fell 22.6% to A$30,319, supported by higher production.
The company reported that EBITDA more than doubled from the previous quarter in Q4 to A$113 million, or A$36,048 per tonne of tin produced due to improved efficiencies and the rising tin price.
Metals X participated in fundraisings of both Australian tin explorer Elementos and UK-based tin explorer First Tin to maintain its ownership interests in the companies.
During the quarter, the company also continued its resource drilling programme underground and at-surface, with further drilling planned throughout Q1 2026.
Providing an update on the Renison tailings retreatment project, Rentails, the company said it has completed a draft Environmental Impact Statement and expected to submit it to the Tasmanian regulators at the end of January. The company also executed its option to acquire a site to be used for the construction village and awarded contracts for design of the 2.4 Mtpa processing facility.
Our view: Due to the surge in production in Q4, 2025 proved to be the second-best in Renison’s history in terms of output, marked by strong improvements in efficiencies. 2026 will likely be a pivotal year for Metals X and the Bluestone joint venture as progress is made towards the Rentails project, with a final investment decision due at the end of the year.
Bluestone Mines Tasmania Joint Venture is a Member of the International Tin Association. Elementos and First Tin are members of ITA’s Explorers & Developers Group.
