Business
Quarterly Update to 31 December 2025
Metals Exploration PLC reported a strong Q4 2025 and record full-year results, with FY2025 gold revenue reaching US$208.4 million and free cash flow hitting US$115.3 million, both increases from FY2024. The company achieved US$63.9 million in gold revenue for Q4 2025, selling 16,009 ounces at an average price of US$3,995 per ounce, contributing to a positive pre-tax free cash flow of US$40 million for the quarter. Operations at Runruno saw increased ore mining and processing, with gold production at 15,156 ounces and an all-in-sustaining-cost of US$1,584 per ounce. The La India gold project in Nicaragua is 33% complete and ahead of schedule for a Q4 2026 production start, while exploration at Dupax has not identified near-term production opportunities. FY2026 production from Runruno is forecast at 50,000-60,000 ounces with an AISC of US$1,400-US$1,650 per ounce. Disclaimer*
About this update from Metals Exploration Plc
[{"type":"text","content":"\n\nMETALS EXPLORATION PLC\n \nQuarterly Update to 31 December 2025\n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\", the \"Company\" or the \"Group\"), a gold production, development and exploration company with assets in the Philippines and Nicaragua, is pleased to announce its unaudited quarterly results for Q4 2025 (the \"Quarter\").\n \nFinance\n· Record FY2025 positive free cash flow of US$115.3 million (FY2024: US$96.7 million).\n· Record FY2025 gold revenue of US$208.4 million (FY2024: US$191.1 million).\n· Q4 2025 positive pre-tax free cash flow of US$40 million (Q3 2025: US$4.5 million).\n· Q4 2025 gold revenue of US$63.9 million (Q3 2025: US$25.5 million).\n· Q4 2025 gold sales of 16,009 ounces (\"oz\") sold at an average realised gold price of US$3,995 per ounce (\"/oz\") (Q3 2025: 8,833 oz at an average US$2,889 /oz).\n \nRunruno - Mining Operations\n· Q4 2025 mining production of ore and waste was 2.79 million tonnes (\"Mt\") (Q3 2025: 1.99 Mt), with a total of 710 thousand tonnes (\"Kt\") of ore mined in Q4 2025 (Q3 2025: 404 Kt).\n \nRunruno - Processing Operations\n· Q4 2025 gold production of 15,156 oz (Q3 2025: 9,145 oz) recovered from 538 Kt at a head grade of 1.04 grammes per tonne (\"g/t\") (Q3 2025: 324 Kt at a head grade of 1.06 g/t).\n· Q4 2025 all-in-sustaining-cost (\"AISC\") of US$1,584 /oz (Q3 2025: US$1,923 /oz).\n· Q4 2025 gold recovery of 84.1% (Q3 2025: 83.3%).\n \nFY2025/FY2026 Production Guidance\n· FY2025 gold production of 65,287 ounces was at the lower end of the revised FY2025 lower guidance forecast at an AISC of US$1,368 /oz, which was above the upper FY2025 guidance forecast range of US$1,275 /oz due to the lower ounces sold.\n· FY2026 gold production from Runruno forecast: 50,000 - 60,000 ounces.\n· FY2026 AISC forecast for Runruno gold production: US$1,400 - US$1,650 /oz.\n· No guidance is provided for the La India gold project which remains on track to commenc...