13th Oct 2025 11:30
(Alliance News) - Metals Exploration PLC on Monday said full-year production is expected at the lower end of its previous guidance, after processing resumed at its Runruno mine in the Philippines.
The London-based miner operates Runruno, a gold and polybdenum mine near Manila, as well as La India in Nicaragua, which it acquired from former AIM listing Condor Gold PLC back in January.
Metals Exploration said gold production dropped to 9,145 ounces in the third quarter from 19,993 the second quarter. All-in sustaining cost per ounce rose to USD1,923 or GBP1,442, from USD1,098 per ounce in the second quarter.
As a result, it sees 2025 output being at the lower end of the 70,000 to 75,000 ounce range originally provided.
The company attributed the damage to cyanide contamination at the Runruno processing plant. Operations resumed last month, after a six-week pause to "allow new process monitoring and production procedures to be implemented".
Metals Exploration had said in August that the issue would "not result in any material loss of overall gold production".
Still, the suspension of processing meant that third-quarter gold revenue was less than half the prior three-month period, falling to USD25.5 million from USD70.5 million, based on sales at an average realised gold price of USD2,889 per ounce, slightly down from USD3,061 in the second quarter.
Metals Exploration noted construction at La India is ahead of schedule, and it has secured an exploration tenement at Dupax in the Philippines, near Runruno, where it is carrying out a drill campaign.
"Now that processing operations at Runruno are back to normal, we look forward to a more positive Q4 where we can continue to capitalise on the operational excellence of our team amongst the backdrop of the favourable high gold price environment," commented Chief Executive Darren Bodwen, as he thanked shareholders for "perseverance during this uncharacteristically challenging quarter".
Metals Exploration shares traded 3.3% lower at 13.44 pence on Monday morning in London.
By Holly Munks, Alliance News reporter
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