Business
Quarterly Update to 31 December 2019
Quarterly Update to 31 December 2019.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \n \n RNS Number : 5046D\n Metals Exploration PLC\n 19 February 2020\n \n \n \n \n METALS EXPLORATION PLC\n \n \n \n \n \n QUARTERLY UPDATE TO 31 DECEMBER 2019\n \n \n Metals Exploration plc (AIM: MTL) (\"Metals Exploration\", the \"Company\" or the \"Group\"), the natural resources exploration and development company with assets in the Pacific Rim region, today provides a quarterly update on matters relating to the operations of its Runruno gold project (\"Runruno\" or the \"Project\") in the Philippines. \n \n \n Summary\n \n \n · \n \n Gold production of 18,941 ounces achieved in Q4 2019, being the most gold produced in a quarter since production commenced.\n \n \n \n · \n \n Gold sales of US$27.0 million achieved in Q4 2019, being the highest quarterly gold sales achieved since production commenced.\n \n \n \n · \n \n Annual gold production and sales for FY 2019 significantly exceeded previous year:\n \n \n \n · \n \n Gold production of 68,983 ounces, up 43.5% from FY 2018;\n \n \n \n · \n \n Overall gold recoveries of 70.8%, up 22.2% from FY 2018;\n \n \n \n · \n \n Gold sales of 67,356 ounces, up 45.3% from FY 2018; and\n \n \n \n · \n \n Gold receipts of US$94.3 million, up 53.5% from FY 2018.\n \n \n \n · \n \n Positive net cash income of US$18.4 million and positive net cash flow of US$7.3 million recorded for FY 2019. \n \n \n \n · \n \n Post-quarter end the US$68.5 million senior bank debt facility was acquired by companies associated with the mezzanine debt lenders (who are also the Company's two largest shareholders).\n \n \n \n · \n \n Total interest bearing debt liabilities as at 31 December 2019 were, in aggregate, US$125.8 million.\n \n \n \n · \n \n Discussions with lenders on the terms of an ongoing standstill and the restructuring of the Group's overall debt position continue. Any restructuring is expected to include a debt:equity swap as the current debt structure is not sustainable.\n \n \n \n Finance and corporate\n \n \n · \n 18,247 ounces of gold were sold during Q4 2019 at an average realised gold price of US$1,481 per ounce.\n \n \n · \n US$27.0 million in gold receipts received in Q4 2019. \n \n \n · \n Proceeds from gold sales for FY 2019 were US$94.3 million, a 53.5% increase over FY 2018. \n \n \n · \n Post quarter end the Company's two mezzanine lending groups (which also comprise t...