21st Jan 2022 16:39
Metals Exploration PLC - mineral resource exploration and development company with assets in the Philippines - For the fourth quarter ended December 31, gold poured dropped 7.4% to 18,435 ounces from 19,907 ounces the same period a year before.
Total gold sales dropped 8.8% to 18,505 ounces from 20,295 ounces a year prior, while average realised gold prices dip to USD1,794 per ounce from USD1,869, leading to a drop in revenue to USD32.2 million from USD37.9 million.
For 2021 as a whole, gold output rose to 72,447 ounces from 68,510 ounces the year before, leading to sales increasing to 72,447 ounces from 68,510 ounces, while gold prices rose slightly to USD1,792 per ounces from USD1,782 in 2020.
This led to a 6.3% rise in revenue to USD129.8 million from USD122.1 million.
Looking ahead, Metals Exploration expects gold output for 2022 to come between 67,000 and 71,000 ounces, reflecting a 2.0% to 7.5% drop.
"The fourth quarter was another solid quarter, leading to the company achieving record 2021 numbers in terms of annual gold sales, sale proceeds, and gold poured; excellent results given the ongoing Covid-19 situation and restrictions. On that note, the safety of all our employees and their families remains a priority, and we are proud that our vaccination programme is well advanced. We will continue to drive this forward in the coming months. We are also delighted to be proceeding and advancing with the Stage 3 mine development," says Chief Executive Officer Darren Bowden.
Current stock price: 1.42 pence, down 11% on Friday in London
12-month change: down 34%
By Dayo Laniyan; [email protected]
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