Segmentally, 1QFY23 tin smelting pre-tax profit slipped 10.4% YoY to RM33.2m. Menwhile, the tin mining segment pre-tax profit sank 62.2% YoY to RM23.7m, dragged by the decline in average tin price (-35.5% YoY) to an average of RM116,100/MT during the quarter. Nevertheless, tin price rebounded as of late by 18.3% QoQ. We note that net gearing remains fairly stable at 0.2x, whilst the group continue to operate in a net operating cash flow in 1QFY23.