No Spin, Just Tin. Brett Smith on MetalsX and Every Tin Project

Nov 18, 2025

Brett Smith, Executive Director of Metals X, joins for a candid discussion about the tin industry and the company's strategic turnaround. He reveals how Metals X slimmed down operations and shifted focus to its core asset, Renison. Brett dives into global tin supply dynamics, analyzing pressures from countries like Myanmar and Indonesia. He also shares insights on his M&A strategy, evaluating potential projects and partnerships. With a clear vision for growing production and addressing market misconceptions, his insights illuminate the future of tin.

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ANECDOTE

Turning A Near-Bankrupt Shell Into A Focused Tin Company

Brett describes slimming Metals X to one employee (himself) and selling loss-making assets to stop cash burn.
He used APAC loans and asset sales to save the tin business and refocus the company.

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INSIGHT

Structural Tin Shortage And Smelter Consolidation

Global tin concentrate is tight and Myanmar is ramping back slowly, so supply increases are limited.
China smelters will likely consolidate as small integrated smelters run out of their own feed, keeping treatment charges low and prices high.

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ADVICE

Buy Stakes, Not Full Projects Until Permits Clear

Take sizeable minority stakes in credible projects to keep optionality without full development risk.
Use equity positions to decide later between list-co play, JV or asset-level investment once permitting clarity arrives.

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Rescuing Metals X from Distress

03:32 • 3min

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Revitalising Renison and Early Cash Flow

06:23 • 56sec

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Global Tin Supply Constraints

07:18 • 5min

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Strategic Stakes in Elementos and First Tin

12:37 • 6min

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Assessing Other Tin Projects Worldwide

18:10 • 2min

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Stellar Nearby and Tailings Opportunity

20:06 • 2min

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Renison JV Structure and Greentech Bid

21:58 • 6min

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Capital Allocation: Buybacks vs. Deploying Cash

27:35 • 3min

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Growth Ambition: Becoming a Major Tin Producer

30:15 • 55sec

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Market Perception and APAC’s Role

31:10 • 5min

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APAC’s Strategic Holding Approach

36:32 • 35sec

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Tanami JV Reset and Development Path

37:07 • 3min

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Mount Gibson Assets and Koolan Island Strategy

40:34 • 5min

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Valuing Tanami Gold and Permitting Advantage

45:20 • 5min

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Rentails Flow Sheet and Offtake Strategy

50:40 • 2min

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Benefits and Risks of the Yunnan Partnership

52:47 • 2min

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Stellar’s Potential Paths and Sorting Tech

54:35 • 55sec

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How Sorters Change Mining Economics

55:30 • 3min

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Renison Life of Mine and Production Constraints

58:00 • 2min

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Processing Upgrades and Ring Rows Opportunity

59:43 • 1min

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Estimated Cost to Upgrade the Float Plant

01:00:59 • 52sec

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Renison Cash Flow and Cost Pressures

01:01:51 • 23sec

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Green Premiums and Tin’s Market Realities

01:02:14 • 1min

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The Listed Tin Equity Universe

01:03:42 • 2min

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Final Takeaways on Tin and APAC Strategy

Brett Smith joins us for an unexpectedly open conversation about Metals X, its turnaround and the state of the global tin industry.

We have criticised Metals X in the past, which makes Brett an unlikely guest, but he leans straight into the tough topics. He walks through how a now $700m producer had to slim costs to one employee, capital allocation strategy, his views on the entire tin project pipeline, from the credible contenders to the ones that will never get built.

A candid, valuable episode.

Stocks mentioned:

Metals X (MLX.AX), Mount Gibson (MGX.AX), Elementos (ELT.AX), First Tin (1SN.L), Nico Resources (NC1.AX), Northern Star (NST.AX), Tanami Gold (TAM.AX), AIC Mines (A1M.AX), Maronan Metals (MMA.AX), True North Copper (TNC.AX), Fenix (FEX.AX), Alphamin (AFM.V), Cornish Metals (CUSN.L), Rome Resources (RMR.L), Stellar Resources (SRZ.AX)

Connect with Brett on LinkedIn here.

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TIMESTAMPS

(00:00:00) Introduction

(00:03:25) Fixing Metals X, Nifty exit, spin out of Nico Resources (NC1.AX)

(00:06:04) Refocusing on tin, Renison as Metals X’s core asset

(00:07:28) Global tin supply, Myanmar, Indonesia, China smelter pressure

(00:12:15) M&A strategy, stakes in Elementos (ELT.AX) and First Tin (1SN.L)

(00:14:53) Permitting risk and why Metals X has listed stakes

(00:18:05) Projects Metals X passed on, views on Stellar and global tin assets

(00:21:27) Stellar (SRZ.AX) near Renison and JV boundary considerations

(00:22:21) Renison JV structure, Yunnan, Green Tech situation