Business
QUARTERLY UPDATE TO 31 DECEMBER 2020
QUARTERLY UPDATE TO 31 DECEMBER 2020.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7837L\n Metals Exploration PLC\n 15 January 2021\n \n \n \n \n METALS EXPLORATION PLC\n \n \n \n \n \n QUARTERLY UPDATE TO 31 DECEMBER 2020\n \n \n \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, is pleased to announce its quarterly results for Q4 2020, which has seen new records achieved across gold sales, production and certain key operational parameters.\n \n \n \n \n \n \n \n \n Finance and corporate\n \n \n · \n The Company saw a record level of gold sold during Q4 2020 of 20,295 ounces, an increase of 26% on Q3 2020, at an average realised gold price of US$1,869 per ounce (Q3 2020: 16,094 ounces at an average gold price of US$1,943 per ounce).\n \n \n · \n Record gold sales of US$37.9 million in Q4 2020 (Q3 2020: US$31.3 million).\n \n \n · \n Positive free cash flow of US$13.6 million in Q4 2020 (Q3 2020: US$8.6 million).\n \n \n · \n Total sales for FY2020 were US$122 million, a 30% increase over FY2019, despite the impacts of the COVID-19 pandemic.\n \n \n · \n In October 2020, the Company completed a restructuring of the Group's debt position.\n \n \n · \n A US$8 million repayment of senior debt was made during the quarter (Q3 2020: US$4 million). Since the end of the quarter a further senior debt repayment of US$7.3 million has been made.\n \n \n · \n Cash available for use as at 31 December 2020 was US$15.6 million, being prior to the US$7.3 million debt payment referred to above.\n \n \n · \n Total interest-bearing liabilities as at 31 December 2020 were, in aggregate, approximately US$129.3 million.\n \n \n \n \n \n \n \n \n Mining Operations\n \n \n · \n No lost time injuries during the period. \n \n \n · \n Record results for the quarter were achieved despite greater than normal rainfall impacting on mining activities (attributed to Typhoon Vamco in November)\n \n \n · \n Ore and waste mined for the quarter was slightly below budget, due to above average rainfall and four typhoons during the quarter, at 2.5Mt (Q3 2020: 3.1Mt) of which total ore mined was 661kt (Q3 2020: 687kt).\n \n \n ·\n Access development to mine plan Stages 3 & 4, and resettlement of illegal miners away from these areas con...