Why the Metals X Limited share price has been moving higher

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. 

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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