Business
Quarterly Update to 30 September 2021
Quarterly Update to 30 September 2021.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2982P\n Metals Exploration PLC\n 18 October 2021\n \n \n \n \n METALS EXPLORATION PLC\n \n \n \n \n \n QUARTERLY UPDATE TO 30 SEPTEMBER 2021\n \n \n \n \n \n Metals Exploration plc (AIM: MTL) (\"Metals Exploration\", the \"Company\" or the \"Group\"), a Philippine gold producer, is pleased to announce its quarterly results for Q3 2021.\n \n \n \n \n \n Finance and corporate\n \n \n ·\n Gold sold during Q3 2021 of 19,197 ounces at an average realised gold price of US$1,782 per ounce (Q2 2021: 16,429 ounces at an average gold price of US$1,807 per ounce).\n \n \n · \n Gold sales of US$34.2 million in Q3 2021 (Q2 2021: US$29.7 million).\n \n \n · \n Positive free cash flow of US$11.2 million in Q3 2021 (Q2 2021: US$5.5 million).\n \n \n · \n Senior debt repaid during Q3 2021 was US$7.3 million (Q2 2021: US$8.3 million). \n \n \n · \n Net debt as at 30 September 2021 was US$106.2 million (30 June 2021: US$111.0 million).\n \n \n \n \n \n Mining Operations\n \n \n · \n No lost time injuries occurred during the period. \n \n \n ·\n Ore and waste mined for the quarter were below forecast, at 2.64Mt (Q2 2021: 2.66Mt) of which total ore mined was 546kt (Q2 2021: 288kt).\n \n \n ·\n During the quarter, the resettlement of illegal miners and their infrastructure away from Stages 3 & 4 was significantly advanced. Access development to mine plan Stages 3 & 4 continues to be restricted in some important areas; however, Stage 3 development is proceeding.\n \n \n \n \n \n Processing Operations\n \n \n · \n Gold poured during Q3 2021 of 19,456 ounces (Q2 2021: 16,591 ounces).\n \n \n · \n Gold recovery for Q3 2021 was 84.4% (Q2 2021: 80%).\n \n \n COVID-19 Impacts\n \n \n ·\n Although the number of COVID-19 cases recorded amongst personnel at the project site increased during the quarter, operations were largely unaffected.\n \n \n · \n All infected personnel and their traced close contacts have been/were isolated.\n \n \n · \n Typical mining and processing operations continue notwithstanding COVID-19 pandemic impacts.\n \n \n · \n COVID-19 vaccine programme of all staff commenced.\n \n \n \n Darren Bowden, CEO of Metals Exploration, commented\n \n :\n \n \n \n \n \n \n \n \n \"This quarter has continued to produce strong results despite some challenges. We ar...