17th Jul 2026 07:00
Metals Exploration PLC - copper and gold exploration and production in Philippines and Nicaragua - Reports positive pretax cash flow of USD25.2 million in the second quarter of 2026, down 14% from USD29.4 million in the first quarter, as gold revenue declines by 11% to USD47.1 million from USD52.9 million. Metals Exploration sells 10,552 ounces of gold at an average price of USD4,463 per ounce in the recent quarter. In the first quarter, the company sold 10,505 ounces of gold at an average price USD4,885. Production at its Runruno mining and processing operation in Philippines is 10,946 ounces of gold at an all-in-sustaining cost of USD2,019 per ounce in the second quarter, compared to 10,505 ounces at an all-in cost of USD2,067 in the first. Gold recovery improved to 84% from 77%.
Exploration continues at La India in Nicaragua, and Metals Exploration last month added Batong Buhay in Philippines to its exploration portfolio. "The cash generation from Runruno remains central to funding La India, where construction continued to progress well during the quarter, with civil foundations, bulk earthworks and process plant mechanical erection all advancing well," comments Chief Executive Officer Darren Bowden. "First gold remains on track for December 2026."
Current stock price: 13.60 pence
12-month change: up 0.7%
By Tom Waite, Alliance News editor
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