From the ITA Website:

Metals X invests in Elementos

May 19, 2025

Tin mine developer Elementos (ASX: ELT) has announced an agreement with Australian tin miner Metals X (ASX: MLX) for the company to invest A$5 million in Elementos.

The companies have agreed to a strategic private placement of A$5.0 million (approximately US$3.2 million) to support Elementos’ development of the Oropesa project in Spain towards a final investment decision and to support continued activities at its Cleveland project in Tasmania.

This investment means Metals X will become a 19.98% shareholder in Elementos.

Andy Greig, Chairman of Elementos, said the company is “pleased to welcome Metals X, Australia’s largest tin producer, as a strategic shareholder in Elementos”, and highlighted that they “look forward to working closely with Metals X and benefiting from the experience of Australia’s only significant tin miner and to mutually benefit from bringing Elementos projects into production.”

Brett Smith, Metals X’s Executive Director, commented “This investment provides Metals X with a further opportunity to participate in a global pipeline of developing tin projects, bringing our operational IP to assist in their development.”

Under the agreement, Elementos will appoint two Metals X nominees as directors of Elementos.

Metals X, the co-owner-operator of the Renison tin mine in Tasmania through the Bluestone joint venture, appears to be a force for tin market consolidation, having become a 29.9% shareholder in UK-based First Tin (LSE: 1SN) in 2024. The company also holds investments in other explorers in the gold, copper, nickel, and cobalt industries.

Elementos has been focused on advancing the Oropesa tin project in recent months, with a definitive feasibility study and maiden ore reserve in April 2025 confirming strong project economics, as the company works towards becoming an integrated mine-to-metal tin producer.

Our view: ITA views greater industry collaboration as a positive effort towards securing a sustainable future, and is pleased to see investment into Elementos’ promising new supply projects. In a wave of recent corporate activities involving Trinity Metals and Nathan Trotter, T1N and China Minmetals, and Atlantic Tin and Xingye Silver & Tin, we see significantly increased interest in future tin supply as the industry faces another challenging year with supply-side disruptions.

Bluestone Mines Tasmania Joint Venture is a Member of the International Tin Association. Elementos Limited, First Tin plc, and Atlantic Tin Limited are members of ITA’s Explorers & Developers Group.