The Metals X Limited (ASX: MLX) share price has been on fire since Monday morning, recording a 15% gain.
At yesterday's market close, the mining outfit's shares finished 10.71% higher at 62 cents. Despite not making any market-sensitive announcements to the ASX this week, the company's share price reached a multi-year high of 65.5 cents.
Let's take a look at what could be driving investors to snap up Metal X shares lately.
Metals X shares resume their upwards trajectory
The Australian base metals company has continued to power ahead this week on the back of positive investor sentiment.
Late last month, Metals X released its quarterly activities report for the period ending 31 December 2021.
According to the update, the company reported 2,359 tonnes of tin concentrate production from the Renison tin operation. While less than the 2,471 tonnes achieved in the prior quarter, this was due to a planned major shutdown of the processing plant.
Regardless of the setback, Metals X said that it continued high tin production as a result of high mined and mill feed grades. For the December quarter, this was the third highest on record, with ore mined at 186,298 tonnes at a grade of 1.58%.
Tin sold in the three months amounted to 2,175 tonnes at an all-in sustaining cost (AISC) of $21,869 per tonne. In comparison, the quarter ending September recorded 2,381 tonnes of tin sold with an AISC of $21,088 per tonne.
Imputed earnings before interest, tax, depreciation and amortisation (EBITDA) came to $77.6 million, a 10.3% lift against the previous quarter.
In addition, imputed net cash flow stood at $60.9 million, a 12.7% increase over Q3 2021.
Metals X owns a 50% interest in Renison through its 50% stake in the Bluestone Mines Tasmania Joint Venture. It's worth noting that all the above figures are related to the total output of Renison.
Looking ahead, the company noted that the market outlook for tin remains strong and is expected to continue for 2022.
Metals X declared a closing cash balance of $46.2 million, up from $21.6 million in the prior comparable period. This predominately derives from the sale and spin out of its nickel assets portfolio including the Wingellina Nickel-Cobalt project, and Claude Hills project.
Metals X share price snapshot
Over the past 12 months, the Metals X share price has rocketed by more than 260% for investors.
In 2022, its shares experienced a minor hiccup from a broader market sell-off before rebounding, up almost 8% to date.
Based on valuation grounds, Metals X commands a market capitalisation of roughly $562.5 million, with approximately 907.27 million shares on issue.
