Tin averaged A$39,291 YTD based on official LME cash close in A$. Assuming another 16 days in Mar @ A$34k we'd get a Q1 average of A$37,437. So net to MLX is about A$33,700. Let's hope we see the benefits of higher grades, rolled of capex, etc in a decently lower AISC.
H/t to @FlightTime for this article: "Tin faces a price fall as supply rises". I had been a big believer in the tin scarcity story but over the last 12 months the price action never really supported the thesis. A couple of projected catalysts have not materialized, e.g. Indonesia export ban, Myanmar resource depletion (unconfirmed afaik), demand pick-up from EVs, etc.
Unfortunately not a great look for MLX. Staying FCF positive should be the goal, which in a declining tin price environment means aiming to lower AISC.
MLX Price at posting:
28.0¢ Sentiment: Hold Disclosure: Held
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