MLX might be an aquistion target according to The Aus:

https://www.theaustralian.com.au/business/dataroom/metals-x-and-panoramic-on-sandfires-radar/news-story/2660f0030ce55717d1e2070550f6f54e

Metals X and Panoramic on Sandfire’s radar

• Bridget Carter

  Mergers & Acquisitions Editor

  

  Scott Murdoch

  Journalist

  
• 12:00AM February 8, 2019
• No Comments

It is no secret that acquisitions are set to be on the agenda for Sandfire Resources, but there is a growing belief that the most likely targets are Metals X and Panoramic Resources.

Sandfire’s market value is $1.19 billion, but Metals X is worth $251 million and Panoramic $232m so both would easily be within its grasp.

The leading Australian copper producer operates the high-grade DeGrussa Copper-Gold Project, 900km north of Perth.

However, the project is coming to the end of its life, leaving the company under pressure to embark on acquisitions.

Metals X is a major copper producer and Australia’s largest tin producer, operating the Renison mine in Tasmania.

It also owns one of the world’s largest undeveloped nickel projects, the world-class Wingellina Nickel-Cobalt Project that is part of its Central Musgrave Project, which straddles the triple point of the West Australian, Northern Territory and South Australian borders.

The company’s share price has fallen considerably in the past year — from about 91c to 36.5c, so now could be the right time to strike.

Panoramic Resources has nickel projects in Western Australia and its share price has been relatively steady.

Sandfire has proved that mergers and acquisitions remain on the agenda, making a play recently for the smaller MOD Resources at 38c per share.

MOD said the bid undervalued the company.

Sandfire’s shares have been trading relatively strongly, closing yesterday at $7.40.

Analysts were reasonably positive about its recent quarterly update, where it reported that copper production had fallen 6 per cent quarter-on-quarter, but offered improved costs guidance.

For the 2018 financial year, the group posted a $123m net profit.