Business
QUARTERLY UPDATE TO 31 MARCH 2021
QUARTERLY UPDATE TO 31 MARCH 2021.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2684V\n Metals Exploration PLC\n 13 April 2021\n \n \n \n \n METALS EXPLORATION PLC\n \n \n \n \n \n QUARTERLY UPDATE TO 31 MARCH 2021\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 Q1 2021.\n \n \n \n \n \n \n \n \n Finance and corporate\n \n \n · \n Gold sold during Q1 2021 of 18,316 ounces, at an average realised gold price of US$1,788 per ounce (Q4 2020: 20,295 ounces at an average gold price of US$1,869 per ounce).\n \n \n · \n Gold sales of US$32.8 million in Q1 2021 (Q4 2020: US$37.9 million).\n \n \n · \n Positive free cash flow of US$11.5 million in Q1 2021 (Q4 2020: US$13.6 million).\n \n \n · \n Senior debt repaid during Q1 2021 was US$12.3 million (Q4 2020: US$8.0 million). Since the end of the quarter, a further senior debt repayment of US$3.0 million has been made.\n \n \n · \n Cash available for use as at 31 March 2021 was US$7.8 million.\n \n \n · \n Total interest-bearing liabilities as at 31 March 2021 were, in aggregate, US$120.5 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 Ore and waste mined for the quarter was slightly above forecast, at 2.43Mt (Q4 2020: 2.49Mt) of which total ore mined was 423kt (Q4 2020: 661kt).\n \n \n · \n Access development to mine plan Stages 3 & 4, and resettlement of the remaining illegal miners away from these areas continues. Access to Stages 3 & 4 continues to be impacted. Further actions in relation to access development and resettlement activities will be made in the forthcoming quarters.\n \n \n \n \n \n \n \n \n Processing Operations\n \n \n · \n Gold poured during Q1 2021 of 18,725 ounces (Q4 2020: 19,907 ounces).\n \n \n · \n Gold recovery for Q1 2021 improved to 81.9% (Q4 2020: 79.8%).\n \n \n · \n Further BIOX testing and design updates are targeted for incremental production improvements.\n \n \n \n \n \n FY 2021 Production Guidance\n \n \n · \n The Company expects its FY 2021 gold production to be between 64,000 and 69,000 ounces.\n \n \n · \n FY 2021 AISC is projected to be approximately US$1,275 ...