Business
Quarterly Update to 30 June 2023
Quarterly Update to 30 June 2023.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n\nMETALS EXPLORATION PLC\n \nQUARTERLY UPDATE TO 30 JUNE 2023\n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\", the \"Company\" or the \"Group\"), a gold producer in the Philippines, is pleased to announce its quarterly results for Q2 2023.\n \nFinance and corporate\nØ Record half-year and quarterly gold sales:\n· H1 2023 - 46,186 ounces sold at an average realised gold price of US$1,939 per ounce (H1 2022: 30,676 ounces at an average US$1,878 per ounce)\n· Q2 2023 - 24,744 ounces sold at an average realised gold price of US$1,984 per ounce (Q1 2023: 21,442 ounces at an average US$1,887 per ounce).\nØ Record half-year and quarterly gold revenue:\n· H1 2023 - US$89.6 million (H1 2022: US$57.6 million).\n· Q2 2023 - US$49.1 million (Q1 2023: US$40.5 million).\nØ Record half-year and quarterly positive free cash flow:\n· H1 2023 - US$41.9 million (H1 2022: US$13.6 million).\n· Q2 2023 - US$24.1 million (Q1 2023: US$17.8 million).\nØ Elevation of mezzanine debt to secured status is progressing to execution stage, however uncertainty remains over the interest rate, as well as the date of its application, which will be applied to the outstanding loan in the period prior to completion of the elevation.\nØ Mezzanine debt repayments of US$20.7 million in Q2 2023 (Q1 2023 - US$14.3 million).\nØ Net debt as at 30 June 2023 was US$48.3 million (31 March 2023: US$69.0 million).\n \nMining Operations\nØ No lost time injuries occurred during the period - over 20 million hours worked without a reportable injury.\nØ Mining production of ore and waste was above forecast at 3.49Mt (Q1 2023: 2.74Mt), with a total of 566Kt of ore mined in Q2 2023 (Q1 2023: 282Kt).\n \nProcessing Operations\nØ Record half-year gold production of 45,533 ounces (H1 2022: 31,348 ounces) recovered from 1.07Mt at a head grade of 1.48g/t (H1 2022: 1.02Mt at a head grade of 1.09g/t).\nØ Q2 2023 gold production of 24,235 ounces (Q1 2023: 21,299 ounces) recovered from 522Kt at a head grade of 1.66g/t (Q1 2023: 546Kt at a head grade of 1.30g/t).\nØ Record half-year gold recovery of 89.8% (H1 2022: 87.7%)\nØ Q2 2023 gold recovery of 86.9% (Q1 2023: 93.4%).\nFY2023 Production Guidance Update\nØ O...