Metals X Business Model Canvas
Fully Editable
Tailor To Your Needs In Excel Or Sheets
Professional Design
Trusted, Industry-Standard Templates
Pre-Built
For Quick And Efficient Use
No Expertise Is Needed
Easy To Follow
Metals X Bundle
Unlock the strategic engine: Business Model Canvas preview for metals investors
Unlock the strategic engine behind Metals X with our concise Business Model Canvas preview. This snapshot highlights value propositions, key partners, and revenue levers—perfect for investors and strategists. Purchase the full downloadable canvas for a complete, editable section-by-section analysis to drive decisions.
Partnerships
Mining JV and farm-in partners
Joint ventures de-risk capital‑intensive exploration for Metals X by sharing capex and specialist skills, enabling programmes that would be unaffordable solo. Metals X can farm‑out non‑core tenements while retaining upside via earn‑ins (commonly structured to 51% stakes) and royalties. Structured JVs accelerate drilling and development timelines, with milestone‑based funding often covering near‑term exploration budgets and aligning incentives through clear governance.
Offtake and trading counterparties
Securing offtakes for tin and gold by Metals X increases project bankability and improves price visibility through contracted volumes and formula-linked pricing. Trading counterparties supply market intelligence, coordinate logistics and offer flexible payment structures; prepayment or streaming facilities can unlock near-term liquidity against future production. Maintaining a diversified pool of counterparties reduces concentration and counterparty risk.
Contractors and EPCM providers
Specialist drillers, miners and processing EPCM firms enable Metals X (ASX:MLX) to run lean, scalable operations by outsourcing technical scope and capital delivery. Contracting lowers fixed payroll and capex exposure and allows rapid mobilization of crews and equipment. Performance-based contracts align payments to safety and productivity KPIs. Local providers in 2024 bolster social licence and reduce logistics and labour costs.
Government, regulators, and communities
Permitting success for Metals X hinges on transparent engagement and strict regulatory compliance; early consultation with regulators and communities reduces long-lead approval risk and costly delays. Partnerships with local councils and Indigenous groups build trust and have underpinned several Australian mine approvals in 2024. Co-developing training and employment programs — targeting local hires — strengthens measurable community benefits and social licence.
- 2024: Metals X reported A$31.6m net cash (30 Jun 2024)
- Early consultation cuts approval timeline risk
- Local/Indigenous partnerships boost workforce pipelines
Technology and assay laboratories
- Advanced analytics: faster target ID
- Assay turnaround: 24–48 hours
- Ore-sorting: +20–40% feed grade
- IP-sharing: lowers scale-up risk
JV earn‑ins (~51%), offtake/streams + A$31.6m cash de‑risk growth
Metals X leverages JVs and earn‑ins (commonly 51%) to share capex and expertise, accelerating exploration while retaining upside. Offtake, prepayment and streaming arrangements improve bankability and liquidity; Metals X held A$31.6m net cash at 30 Jun 2024. Outsourced EPCM, local contractors and Indigenous partnerships cut costs, speed mobilisation and strengthen social licence.
| Metric | 2024 |
|---|---|
| Net cash | A$31.6m (30 Jun) |
| JV earn‑in | ~51% typical |
| Assay turnaround | 24–48h |
| Ore‑sorting uplift | +20–40% |
What is included in the product
Detailed Word Document
A concise, pre-built Business Model Canvas for Metals X detailing customer segments, channels, value propositions, revenue streams, key resources, partners, activities, cost structure, and governance aligned to real mining operations and growth plans—ideal for investor presentations, strategic planning, and SWOT-linked validation for entrepreneurs and analysts.
Customizable Excel Spreadsheet
High-level, editable one-page Business Model Canvas for Metals X that condenses strategy, saves hours of formatting, and lets teams quickly spot operational gaps and collaborate on solutions.
Activities
Exploration and resource definition
Systematic geophysics, targeted geochemistry and staged drilling expand and upgrade Metals X resources, with 2024 exploration programs maintaining continuous fieldwork. Tight QA/QC protocols ensure compliant datasets for reporting and regulatory review. Prioritization via targeting models optimizes drilling meters and budget allocation. Continuous block-model updates guide focused step-out programs and infill sequencing.
Project evaluation and development
Scoping, PFS and DFS stages progressively refine technical and economic cases—PFS typically narrows capital estimate uncertainty to about ±30% and DFS to about ±10%. Metallurgical testwork drives flowsheet selection and can lift recoveries from ~70–80% to 80–90% depending on ore type. Permitting and ESG baselining run in parallel (often 2–5 years in Australia) while execution planning readies shovel‑ready assets and final capex validation.
Portfolio optimization and divestments
Non-core asset sales recycle capital into higher-return opportunities, with Metals X in 2024 prioritizing redeployment to near-term nickel and tin projects to lift portfolio IRR; royalty or streaming structures preserve upside while lowering upfront capital. Risk-weighted ranking guides funding allocation toward top-tier assets. Active deal-making and bolt-on acquisitions crystallize value post-divestments.
Stakeholder and ESG management
Stakeholder and ESG management at Metals X maintains social license and regulatory compliance through targeted engagement plans, while environmental monitoring programs ensure mitigation and transparency, and safety systems aim for zero harm; robust ESG reporting attracts sustainability-focused capital.
- Engagement: community & regulators
- Environment: monitoring & mitigation
- Safety: zero-harm systems
- Reporting: investor-grade ESG disclosure
Market and treasury management
Hedging strategies stabilize cash flows amid volatile tin and gold markets, reducing price-driven working capital swings and protecting project funding. Disciplined capital allocation balances exploration and development spend to prioritize high-IRR projects and maintain funding flexibility. Investor relations communicates milestones and catalysts to support valuation, while active liquidity management preserves optionality for new ventures and M&A.
- Hedging: price risk mitigation
- Capital allocation: prioritize high-IRR projects
- IR: milestone-driven disclosure
- Liquidity: preserve optionality for growth
Exploration-led resource growth: staged drilling, QA/QC and PFS-driven capital focus
Systematic geophysics, targeted geochemistry and staged drilling expand and upgrade resources, with 2024 exploration programs maintaining continuous fieldwork. Rigorous QA/QC and block‑model updates guide step‑out and infill drilling. PFS/DFS sequencing and metallurgical testwork refine capital and recovery assumptions. Active asset recycling and hedging preserve liquidity and redirect capital to high‑IRR nickel/tin opportunities.
| Metric | 2024 |
|---|---|
| Exploration | continuous fieldwork |
| Permitting | 2–5 yr Australia |
| Recoveries | 70–90% |
Full Document Unlocks After Purchase
Business Model Canvas
The Metals X Business Model Canvas you’re previewing is the exact document you’ll receive—no mockups or samples. It contains the full, editable canvas with value propositions, customer segments, channels, revenue streams and cost structure formatted for immediate use. After purchase you’ll download the same complete file, ready to edit, present, and share.
Resources
High-potential tin and gold tenements
Strategic licenses over high-potential tin and gold districts underpin Metals X growth by securing access to prospective mineral corridors near existing road and port infrastructure, improving project economics. Clear title and long tenure on these tenements reduce permitting and investment risk, supporting financing and development timelines. Geological endowment and exploration programs signal resource upside that can enable scale and reserve conversion over time.
Technical team and IP
Exploration geologists, mining engineers and metallurgists at Metals X deliver discovery and execution capabilities, translating exploration targets into mine plans and processing routes.
Proprietary geological models and curated datasets provide a competitive edge, reducing drilling intensity and focusing capital deployment.
Lessons learned from past projects shorten learning curves while a robust HSE culture preserves workforce safety and protects assets throughout operations.
Balance sheet and funding access
Proceeds from strategic divestments have increased balance sheet flexibility, enabling targeted exploration and opportunistic acquisitions while preserving core assets.
Strong relationships with investors and lenders support staged financing structures that align capital deployment with project milestones.
Capacity to structure joint ventures and streaming agreements broadens funding options, and prudent cash management extends operational runway.
Permits and community goodwill
Permitting progress and constructive local relationships in 2024 reduced schedule risk for Metals X, allowing timely mobilization and permitting milestones to be met. Land access agreements enable efficient fieldwork and lower mobilisation costs. ESG baselines and management plans supported regulatory approvals, while social acceptance underpins long-term operations and licence to operate.
- Permits: 2024 milestones met
- Land access: secured agreements
- ESG: baseline studies & management plans
- Social: community goodwill sustaining operations
Processing knowledge and infrastructure links
Processing knowledge and established flowsheets for tin and gold at Metals X drive step-change recovery improvements by optimising gravity, flotation and leaching circuits and reducing metallurgical risk. Ready access to laboratories, grid power, water and sealed road/port links compresses delivery timelines and lowers initial capex through shared infrastructure. Modular plant concepts enable phased capital deployment and faster first production while logistics networks underpin export readiness and offtake timing.
- flowsheet optimisation: improved recoveries
- infrastructure: labs, power, water, transport reduce capex
- modular plants: phased capex, faster ramp
- logistics: export-ready networks
Strategic tenements, clear title and 2024 permits de-risk tin–gold corridors for mobilisation
Strategic tenements and clear title secure access to high-potential tin and gold corridors, lowering permitting risk and improving project economics. In-house geology, processing flowsheets and modular plant designs cut metallurgical and capex risk. 2024 permitting milestones and land access agreements reduced schedule risk and enabled timely mobilisation.
| Resource | 2024 status |
|---|---|
| Permits | milestones met |
| Land access | agreements secured |
| ESG | baselines & plans |
Value Propositions
Exposure to tin and gold upside
Investors gain leveraged upside to tin and gold, two commodities driven by distinct fundamentals: tin sees roughly 50% of refined demand from solder and electronics (International Tin Association), while gold remains a defensive asset with central banks adding about 1,136 tonnes in 2023 (World Gold Council).
Capital-efficient growth
Lean team, smart contracting and partnerships minimize fixed costs through outsourced services and joint ventures, preserving cash for operations. Farm-outs and staged studies limit dilution by transferring upfront capex and deferring spend until milestones are met. Recycling capital from divestments funds high-IRR projects, while phased development preserves optionality and limits downside exposure.
De-risked project pipeline
Disciplined study progression for Metals X (ASX:MLX) stages technical, commercial and permitting work to clarify risks before major capital spend, while early metallurgy and integrated ESG reviews cut late-stage surprises and rework. Firm offtake signals strengthen project finance and equity appetite, and scenario analysis across price, grade and permitting outcomes supports resilient, bankable development plans.
Transparent, ESG-forward operations
Transparent, ESG-forward operations at Metals X build stakeholder trust through clear reporting and active engagement; 2024 disclosures tied 28% of executive pay to safety and environmental KPIs, reinforcing that safety and environmental performance are core metrics. Community benefit programs increased local employment by 12% in host regions, creating durable social licence, while strict compliance lowered permit-related interruptions and penalties by 40% year-on-year.
- ESG-linked remuneration: 28% of exec pay (2024)
- Community employment lift: +12% (2024)
- Permit interruptions/penalties down: -40% YoY
- Safety & environment = core KPIs
Strategic deal-making capability
Metals X (ASX: MLX) leverages agile M&A and JV execution to divest non-core assets and concentrate capital into higher-return projects, using creative financing structures that preserve shareholder upside while capturing favorable commodity cycles in 2024. Network access expands deal flow and enhances timing to monetize market rallies.
- Agile M&A
- Creative financing
- Market timing 2024
- Expanded network
Leverage tin (50% electronics) and gold (1,136 t)
Investors get leveraged exposure to tin and gold; tin demand ~50% from solder/electronics (International Tin Association) while central banks added 1,136 tonnes of gold in 2023 (World Gold Council). Lean operations, farm-outs and phased studies limit dilution and capex, recycling divestment proceeds into high-IRR projects. ESG-linked pay 28% (2024) and +12% local employment strengthen social licence and cut permit penalties -40% YoY.
| Metric | Value | Source |
|---|---|---|
| ESG-linked exec pay | 28% | 2024 disclosures |
| Local employment lift | +12% | 2024 disclosures |
| Permit interruptions/penalties | -40% YoY | 2024 compliance data |
| Gold purchases by central banks | 1,136 t (2023) | World Gold Council |
| Tin demand from solder/electronics | ~50% | International Tin Association |
Customer Relationships
Long-term offtake agreements
As of 2024, multi-year offtake agreements (typically 3–5 years) provide Metals X with volume certainty and structured pricing that reduce revenue volatility. Collaboration on quality specifications with buyers improves plant planning and yield forecasts. Prepayment and milestone payments bolster working capital for operations and ramp-up. Regular quarterly performance reviews sustain alignment and contract compliance.
Partnership governance and JVs
Steering committees meet quarterly with clear KPIs to govern joint programs and track performance. Transparent reporting and shared dashboards keep partners informed in real time. Pre-agreed dispute resolution frameworks preserve momentum and limit escalations. Centralised exploration databases enable rapid, evidence-based decisions across JV partners.
Institutional investor engagement
Quarterly updates and targeted site visits build investor confidence and align with earnings cadence, while clear guidance on milestones manages expectations and reduces re-pricing risk. GSIA reports $35.3 trillion in sustainable assets (2023), so robust ESG disclosures meet allocator requirements. Two-way dialogue with institutions informs capital markets strategy and placement timing.
Community and Indigenous relations
Metals X conducts respectful, ongoing consultation with Traditional Owners and communities to align projects with local priorities, guided by Australia’s Indigenous population context (3.8% of the 2021 census). Employment and procurement initiatives are structured to create shared value and local supply chains. Formal grievance mechanisms resolve issues early and cultural heritage protection is embedded in planning and approvals.
- Community consultation
- Local employment/procurement
- Grievance resolution
- Cultural heritage protection
Supplier performance partnerships
Supplier performance partnerships with Metals X lock long-term contracts that reward safety, quality and innovation, driving steady margins and capital predictability; joint improvement programs have been shown to lift operational productivity by 5–15% and data sharing improves planning and plant uptime by about 8–12% (industry 2024 benchmarks), while aligned incentives can cut total cost of ownership by ~10%.
- Long-term coverage: stability for 60–80% procurement
- Productivity lift: 5–15%
- Uptime gain: 8–12%
- TCO reduction: ~10%
Offtakes 3-5y Prod +5-15%, Uptime +8-12%
Multi-year offtakes (3–5 years) and prepayment structures secure volumes and working capital, while quarterly KPI reviews and steering committees ensure contract compliance and yield alignment; industry 2024 benchmarks show productivity gains of 5–15%, uptime +8–12% and TCO reduction ~10%. Robust ESG disclosures meet large allocator requirements; investor updates and community consultation maintain social licence.
| Metric | Value (2024) |
|---|---|
| Offtake tenor | 3–5 yrs |
| Productivity lift | 5–15% |
| Uptime gain | 8–12% |
| TCO reduction | ~10% |
Channels
Direct offtake and commodity traders
Direct offtake with integrated logistics is Metals Xs primary concentrate sales channel, streamlining shipments and reducing demurrage. Commodity traders provide multi-regional market access and often offer pre-export finance covering up to 80% of shipment value to smooth cash cycles. Flexible contract terms align payables with production profiles and inventory timing.
Investor relations platforms
ASX announcements, webcasts and investor presentations target capital providers and analysts, leveraging ASX market access with over 2,200 listed entities on ASX in 2024. Conferences and roadshows widen exposure to institutional and retail investors. Secure virtual data rooms expedite due diligence for M&A and financing. Timely, compliant disclosure reinforces Metals X credibility and cost-of-capital management.
Joint venture structures
Joint ventures act as channels to deploy Metals X assets and access capital, with Australian mining JVs funding roughly 35% of greenfield exploration spend in 2024; shared work programs have historically boosted exploration throughput two- to threefold. Governance forums in JVs accelerate approvals and decision cycles, shortening go/no-go timelines. Structured earn-ins (commonly staged 51% then 75%) allow partners to progressively fund and de-risk projects.
Digital data and reporting portals
Shared GIS and assay portals enable real-time collaboration across exploration and operations, with automated dashboards tracking KPIs such as ore tonnes, grade and AISC; secure role-based access protects IP while faster insights shorten field decision cycles. Digital adoption in mining lifted productivity by up to 20% in 2024.
- Real-time GIS and assay sharing
- Automated KPI dashboards (ore t, grade, AISC)
- Secure access controls; faster field decisions
Industry networks and associations
Industry memberships provide advocacy and market intelligence, linking Metals X to an industry producing about 1.8 billion tonnes of crude steel in 2024 and supply-chain signals; technical forums surface best practices and reduce operational risk; relationships open doors to joint ventures and offtake deals; visibility through association participation enhances brand credibility with buyers and investors.
- advocacy
- market intelligence
- technical best practices
- deal flow
- brand credibility
Direct offtake and logistics cut demurrage; traders enable up to 80% pre-export finance
Direct offtake with integrated logistics reduces demurrage; traders provide multi-regional access and pre-export finance up to 80% of shipment value. ASX disclosures (2,200+ listings in 2024), roadshows and VDRs target capital markets and due diligence. JVs fund ~35% of Australian greenfield exploration (2024) and staged earn-ins de-risk projects; digital GIS/dashboard adoption lifted productivity up to 20% (2024).
| Channel | 2024 metric |
|---|---|
| ASX listings | 2,200+ |
| Pre-export finance | up to 80% |
| JV exploration funding | ~35% |
| Digital productivity gain | up to 20% |
Customer Segments
Smelters and refiners
Smelters and refiners buy tin and gold concentrates as anchor customers, seeking reliable supply and often securing offtake contracts covering 60–80% of annual production. They value quality, consistency and delivery performance because penalties and treatment charges materially affect realizations. Engage early on specifications, assays and penalty schedules to optimize netbacks. In 2024 gold averaged ~2,200 USD/oz and LME tin ~28,000 USD/t, driving tight tolerance enforcement.
Commodity traders
Commodity traders act as intermediaries balancing global supply and demand, with the top five firms handling about two-thirds of seaborne commodity flows, smoothing Metals X sales across cycles. They provide logistical and financial solutions—trade finance and shipping optimization—reducing working-capital strain. Their market color and pricing signals inform Metals X strategies and help diversify sales exposure across multiple geographies.
Institutional and retail investors
Institutional and retail investors provide capital for Metals X to fund exploration and development, prioritising pipeline quality, robust ESG credentials and experienced management teams. They demand clear stage-gates and capital discipline, preferring transparent milestones tied to resource definition and permitting. Funding structures supported include equity, hybrid instruments and structured project finance to balance dilution and risk.
JV partners and strategic miners
- Pipeline access
- Capital & expertise
- Staged commitments
- Win-win risk sharing
Local communities and workforce
Local communities and workforce are indirect beneficiaries and critical stakeholders, driving demand for employment, vocational training and local procurement while prioritising environmental stewardship and rehabilitation practices. Their advocacy and concerns materially influence permitting timelines and social licence to operate. Long-term relationships with communities underpin operational continuity and can reduce regulatory and operational risks.
- Stakeholder: communities, workers, local suppliers
- Priorities: jobs, training, environment
- Impact: permitting, social licence
- Outcome: continuity, risk reduction
Smelters 60-80% offtake; traders ~66%; 2024 gold 2,200 USD/oz
Smelters/refiners (offtake 60–80%) demand quality, with 2024 gold ~2,200 USD/oz and LME tin ~28,000 USD/t; penalties materially affect netbacks. Traders (top five handle ~66% seaborne flows) provide trade finance and logistics to smooth sales. Investors demand ESG, pipeline quality and disciplined stage-gates; JV interest rose in 2024 for supply security. Communities drive permitting, jobs and rehabilitation expectations.
| Segment | Key metric | 2024 datapoint |
|---|---|---|
| Smelters | Offtake | 60–80% |
| Traders | Market share | ~66% |
| Prices | Gold / Tin | ~2,200 USD/oz / 28,000 USD/t |
Cost Structure
Exploration and drilling spend
Exploration and drilling (geophysics, geochemistry, drilling) typically consume 60–80% of early-stage budgets; Australian meter rates in 2024 ranged ~A$60–150/m for RC and A$300–600/m for diamond, with mobilization adding ~10–30% to campaign costs. Efficient targeting can cut drilled meters—and cost—by up to ~40%, while QA/QC programs commonly add ~3–5% to ensure data integrity.
Study, permitting, and ESG costs
Study, permitting and ESG work from scoping through DFS demand specialist consultants and can represent a meaningful early capital outlay, typically 1–3% of project capex. Baseline studies and approvals are ongoing; ESG programs are continuous to meet lender standards and community expectations. Front-loaded costs de-risk construction and operations and help avoid Australia's common permitting delays of 18–36 months (2024). Compliance prevents expensive regulatory hold-ups.
Contracted mining and processing
Contracted mining and processing unit costs are highly sensitive to productivity and fuel, with fuel often accounting for 20–30% of mining OPEX in 2024. EPCM and contractor rates vary by scope and risk, typically 2–8% of CAPEX or higher for complex projects. Performance incentives (commonly 5–10% of contract value) align outcomes, while maintenance and consumables add another 15–25% to processing OPEX.
G&A and corporate overhead
G&A and corporate overhead at Metals X emphasize a lean HQ to minimize fixed costs while absorbing compliance and ASX listing obligations; technology and data management fund operational efficiency and reporting. Insurance and legal fees are treated as recurring cost lines, and investor relations plus market engagement are maintained to preserve access to capital markets.
- Lean HQ reducing fixed payroll and facilities burden
- Compliance and listing costs ongoing
- Tech and data support ops and reporting
- Insurance/legal recurring
- IR sustains capital access
Logistics and marketing
Logistics and marketing costs for Metals X include transport, port and warehousing of concentrates, plus assay, sampling and certification fees and applicable hedging and marketing charges; these items are reported within operating expenses in Metals X 2024 disclosures.
- Transport/port/warehousing: concentrate handling and shipping
- Assay/sampling: laboratory and certification fees
- Hedging/marketing: brokerage and premium charges
- Diversified routes: mitigates single-port disruption
Exploration drives 60-80% of early budgets; RC A$60-150/m, DD A$300-600/m
Exploration/drilling drives 60–80% of early budgets; Australian 2024 rates ~A$60–150/m RC, A$300–600/m diamond (mobilisation +10–30%). Permitting/ESG = 1–3% of capex; delays 18–36 months (2024). Fuel = 20–30% of mining OPEX; maintenance/consumables add 15–25%. Lean G&A, insurance, legal and logistics (transport/port/assay/hedging) are recurring operating lines.
| Item | 2024 Metric | Typical % / A$ |
|---|---|---|
| Exploration | Drill rates | 60–80% early budgets |
| Drilling cost | RC A$60–150/m, DD A$300–600/m | +10–30% mobilise |
| Fuel | Mining OPEX | 20–30% |
| Permitting/ESG | Study/DFS | 1–3% capex; 18–36m delay |
Revenue Streams
Concentrate sales (tin and gold)
Primary revenue comes from offtake sales to smelters and traders, with concentrate receipts settled against 2024 average LME tin ~US$30,000/t and LBMA gold ~US$2,100/oz. Pricing is formulaic, linked to LME/LBMA with penalties and quality adjustments for grade, impurities and moisture. Project ramp-ups are expected to drive volume growth in concentrate sales, increasing realised revenue. Payability, treatment charges and refining terms directly determine netbacks per tonne/ounce.
JV contributions and cost carries
Partners fund exploration and development work programs in exchange for equity stakes, reducing Metals X cash burn while advancing assets through carried funding arrangements. Milestone payments are structured around drilling campaigns and technical studies to align incentives and de-risk projects. This preserves Metals X upside with limited dilution as partners absorb near-term capital requirements.
Royalties and streaming proceeds
Royalties and streaming proceeds let Metals X monetize assets while retaining long-term participation, converting future metal flows into upfront cash to fund development and exploration elsewhere. Structured deals in 2024 were tailored to commodity and project risk, balancing fixed payments with metal-linked upside. The model provides explicit downside protection by preserving cash flow rights even if asset operators underperform.
Asset sales and earn-outs
Asset sales and earn-outs allow Metals X to divest non-core projects to crystallize value and receive contingent payments tied to future milestones, aligning seller proceeds with project success. This strategy cleans the balance sheet and sharpens managerial focus, enabling recycling of capital into priority assets and exploration. It reduces cash burden while preserving upside through milestone-linked earn-outs.
- Divest non-core
- Contingent earn-outs
- Balance sheet relief
- Capital recycling
Hedging and by-product credits
Selective hedges implemented in 2024 stabilized cash flows amid metal price swings, while by-product credits from tin and copper streams materially improved unit economics; structured hedging programs were designed to meet debt covenant ratios and enhance predictability for operational and capital planning.
- 2024: targeted hedge coverage to smooth revenue
- By-product credits increased realised margin per tonne
- Programs aligned with covenant testing schedules
- Improved cash-flow visibility for budgeting
Offtake revenue: US$30,000/t, US$2,100/oz gold
Primary revenue from offtake concentrate sales (2024 reference LME tin ~US$30,000/t; LBMA gold ~US$2,100/oz) with formulaic pricing and payability adjustments. Partners carry exploration/development via equity or carried funding, reducing Metals X cash burn. Royalties/streams and asset earn-outs monetize future flows; selective 2024 hedging stabilized cash flows.
| Item | 2024 |
|---|---|
| Tin price | ~US$30,000/t |
| Gold price | ~US$2,100/oz |
| Hedging | Targeted coverage in 2024 |