4th Sep 2025 10:57
(Alliance News) - Metals Exploration PLC on Thursday said pretax profit fell despite increased revenue, as gold sales soared due to a higher average price.
The Philippines and Nicaragua-focused gold producer, explorer and developer posted a pretax profit of USD16.8 million for the six months to the end of June, down 71% from USD58.4 million.
Revenue, on the other hand, rose 31% to USD118.9 million from USD91.1 million.
The decline in pretax profit was largely driven by impairment gains falling 90% to USD4.9 million from USD49.7 million the year before, while the company faced an "other expense" of USD18.8 million, multiplied from USD701,849 a year prior.
Excluding these changes, operating profit for the period more than doubled to USD29.1 million from USD12.1 million.
Metals Exploration reported record positive free cash flow of USD70.7 million in the first half, up 52% from USD46.4 million.
Total mined material slipped 1.7% to 5.9 million tonnes from 6.0 million tonnes. Gold sold totalled 41,240 ounces, down 0.8% from 41,589 a year prior, while the average gold price soared 32% to USD2,884 an ounce from USD2,190 an ounce.
As a result, gold revenue for the period was USD118.9 million, up 31% from USD91.1 million.
"The first half of 2025 was a hugely successful period in which we achieved record free cashflow and strong revenues from our operations at Runruno and continued to execute our strategy of becoming a multi-project company following the completion of the acquisition of Condor Gold targeting first production at the La India gold project by [the fourth quarter of 2026]," said Chief Executive Officer Darren Bowden.
Shares in Metals Exploration were down 2.1% at 12.64 pence on Thursday morning in London.
By Michael Hennessey, Alliance News reporter
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