Metals Exploration AIM:MTL
- Incorporated
- United Kingdom
- Chief executive
- Darren Bowden
- Employees
- 1,019
- Reports in
- USD
- Companies House
- 05098945
Gold producer operating the Runruno mine in the Philippines, which has generated strong cash flow in a high gold price environment, now deploying that cash into development and exploration projects in Nicaragua following its acquisition of Condor Gold. Transitioning from single-mine producer to multi-asset group.
Read straight from the annual reports
No price history · 12 reported years, 2014–2025
No daily prices have been collected for this company.
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USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
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Gold production volume at Runruno
FY2025 gold production 65,287 oz (FY2024: 83,897 oz, down 22.2%), at the lower end of revised guidance due to a BIOX cyanide contamination in Q3 2025 and Super-typhoon Uwan in Q4 2025
page 4Gold price
Rising gold price gave an average sales price of US$3,154/oz (FY2024: US$2,312/oz); price ranged US$2,650–US$5,270/oz in 2025. Sales revenue rose 9.1% to US$208.4m despite lower output
page 8Gold price rise
Average sales price US$3,154/oz vs US$2,312/oz in FY2024; operating profit up 15.1% to US$61.6m and adjusted EBITDA up 27.6% to US$125.9m
page 4Falling grade and recovery at end-of-life Runruno
Head grade fell to 1.21 g/t (FY2024: 1.34 g/t) and recovery to 88.4% (90.5%); AISC US$1,368/oz vs US$1,135/oz in FY2024 and above guidance of US$1,325/oz; FY2026 AISC guided at US$1,700–US$2,000/oz
page 8$21.6m charge: Share-based payment expense (LTIP options issued and ~70% exercised, full expense recognised in year)
page 78FY2026 Runruno production guidance revised to 40,000–48,000 oz at an AISC of US$1,700–US$2,000/oz, reflecting BIOX circuit disruption from ore toxicity in Stages 5 and 6, a geological model downgrade and historical illegal mining; despite this the Company expects similar free cash flow in FY2026 to FY2025 to fund La India
page 6Post year end 39,213,892 ordinary shares issued at an average 3.44p following exercise of options and warrants; no other significant post balance sheet events per note 36
page 105A dividend payment is not recommended for the year ended 31 December 2025 (2024: US$nil); no stated dividend policy — free cash flow is directed to funding La India construction
page 38Prepared on a going concern basis with no material uncertainty: the Group was debt free at year-end with US$41.2m cash (FY2024: US$31.2m), Runruno cash flows expected to exceed remaining La India construction costs, supported by the undrawn US$30m gold pre-pay facility. Auditor PKF Littlejohn LLP issued an unmodified (true and fair) opinion dated 21 May 2026; single key audit matter: carrying value and impairment of La India property, plant and equipment (circa US$178m of non-current assets); group materiality US$2.08m (1% of revenue)
page 48- Market risk — prolonged decline in world gold prices; profitability tracked against gold price models, mitigated historically by limited hedgesp.39
- Currency risk — Philippine peso cost exposure; USD:PHP forwards in placep.39
- Nature of mining, resource estimation and mineral processing — grades/tonnages not assured; complex BIOX metallurgyp.40
- Reserves and viable mining operations — Runruno finishes mining H2 2026; reserve replacement depends on speculative exploration/development (La India 12-year plan from Q1 2027)p.40
Read from C000833-AR-2025-ch.
11 annual reports read, FY2015 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2026Next report expected 23 May 2027