Metals X Limited recently announced quarterly gold production of 36,930 an ounce (oz) at cash costs of $1059/oz (in line with guidance of 37.5koz at $1050/oz). Hartleys Research backs the miner with a "buy" recommendation.
"MLX offers one of the best growth profiles of the AUD gold producers and most importantly can be entirely funded with current cash and working capital of $122.7 million. We maintain our 'buy' recommendation and a price target of $2.15."
Metals X produces tin through its 50 per cent ownership of the Bluestone Mines Tasmania Joint Venture. The key assets of the Joint Venture are the world class Renison Tin Mine, a 700,000 tonne per annum tin concentrator plant and the Renison Expansion Project (Rentails).
It holds nickel assets and produces gold at its Higginsville Gold Operations and South Kalgoorlie Operations in Western Australia.
It also holds gold development assets in Western Australia and in the Northern Territory.
MLX Price at posting:
$1.50 Sentiment: Buy Disclosure: Held
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