Diversified resource group Metals X Limited (ASX: MLX) was down 0.9% today to 85c per share despite broker valuations last November suggesting the shares should be worth significantly more.
The Metals X share price has not been insulated from volatility in the mining sector over the past year, but it did climb to $1.21 in mid-January as the stock rallied before its quarterly activities report announcement.
Metals X, with global reach from Madagascar to Mongolia and interests in several Australian resource projects, presented a strong balance sheet with closing cash and working capital of $90.4 million and an EBITDA of $8.5 million, up from $4.5 million in the September quarter.
A Macquarie report in November 2017 valued the shares at $1.42 with a recommendation Metals X would maintain or outperform targets with exploration drilling at its Pilbara-based copper mine, Nifty.
Metals X also reported a consistent quarter in its Renison Tin operations in Tasmania.