Alphamin Resources temp ceases mining (!), page-27

Peer Comparison for Metals X (ASX: MLX)

	Company​	Market Cap (AUD)​	P/E Ratio​	EV/EBITDA​	P/NAV​
1	Metals X (MLX)	~$350M	~8-10x	~3-5x	~0.7-0.9x
2	Yunnan Tin	~$5B	~12x	~6x	~1.1x
3	AfriTin (ATM)	~$100M	Loss-making	~5-7x	~0.6-0.8x
4	Elementos (ELT)	~$80M	NA (explorer)	NA	~0.5-0.7x

Key Takeaways from Peer Comparison:
MLX looks undervalued vs. Yunnan Tin but in line with smaller peers.
EV/EBITDA (~3-5x) suggests MLX is cheaper than global tin miners.
P/NAV below 1.0x means MLX trades at a discount to asset value.

If tin prices hold above $30,000/t, MLX could re-rate higher to a 10-12x P/E like Yunnan Tin. That would imply a 20-30% upside in share price.

DCF Valuation Based on Tin Price Scenarios:
Estimate MLX’s intrinsic value using a Discounted Cash Flow (DCF) model.

• Production of ~8,000-10,000 tonnes of tin per year
• Tin price scenarios: $25,000/t (bear), $30,000/t (base), $35,000/t (bull)
• Operating costs and discount rate (~8-10%)

DCF Valuation Results for MLX (ASX: Metals X):

Based on the Discounted Cash Flow (DCF) model, the estimated fair share price of MLX under different tin price scenarios is:

• Bear Case ($25,000/t tin price) → $0.52 per share
• Base Case ($30,000/t tin price) → $0.89 per share
• Bull Case ($35,000/t tin price) → $1.25 per share

Current MLX Share Price vs. Fair Value

• If MLX is trading below $0.89, it's undervalued under a reasonable tin price scenario.
• If tin prices stay above $30,000/t, MLX could justify a valuation closer to $1.00+ per share.