Business
Quarterly Update to 31 March 2026
Metals Exploration PLC reported a first quarter 2026 pre-tax free cash flow of US$29.4 million, down from US$40.0 million in the prior quarter, with gold revenue at US$52.9 million on 10,821 ounces sold at an average price of US$4,885 per ounce. The company revised its full-year 2026 production guidance for the Runruno mine to 40,000-48,000 ounces due to BIOX circuit disruptions, geological model downgrades, and illegal mining impacts, leading to an increased all-in-sustaining-cost forecast of US$1,700-US$2,000 per ounce. Construction at the La India project in Nicaragua is 40% complete and ahead of schedule, with first gold production expected in December 2026, and exploration results there continue to show promising high-grade mineralisation. Disclaimer*
About this update from Metals Exploration Plc
Metals Exploration Plc 3rd Floor, 22a St James Square, London, SW1Y 4JH Email: [email protected] METALS EXPLORATION PLC Quarterly Update to 31 March 2026 Metals 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 Q1 2026 (the "Quarter"). Finance · Q1 2026 positive pre-tax free cash flow of US$29.4 million (Q4 2025: US$40.0 million). · Q1 2026 gold revenue of US$52.9 million (Q4 2025: US$63.9 million). · Q1 2026 gold sales of 10,821 ounces ("oz") sold at an average realised gold price of US$4,885 per ounce ("/oz") (Q4 2025: 16,009 oz sold at an average US$3,995 /oz). · Cash in bank of US$36.5 million at 31 March 2026. Runruno - Mining Operations · Q1 2026 mining production of ore and waste was 2.94 million tonnes ("Mt") (Q4 2025: 2.79 Mt), with a total of 396 thousand tonnes ("Kt") of ore mined in Q1 2026 (Q4 2025: 710 Kt). Runruno - Processing Operations · Q1 2026 gold production of 10,505 oz recovered from 461 Kt at a head grade of 0.92 grammes per tonne ("g/t") (Q4 2025: 15,156 oz recovered from 538 Kt at a head grade of 1.04 g/t). · Q1 2026 all-in-sustaining-cost ("AISC") of US$2,067 /oz (Q4 2025: US$1,584 /oz) driven by lower production levels as the mine moves towards end of life. · Q1 2026 gold recovery of 77.1% (Q4 2025: 84.1%). FY2026 Revised Runruno Production Guidance · Revised FY2026 gold production guidance of 40,000 - 48,000 oz, reflecting BIOX circuit disruption from artisanal cyanide contamination in Stages 5 and 6, a geological model downgrade following grade control drilling, and the impact of historical illegal small scale mining activity on recoverable ounces, as detailed below. · Revised FY2026 AISC forecast for Runruno gold production: US$1,700 - US$2,000 /oz due to lower production levels. · A structured remediation programme has been completed, as furthe...
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