Metals Exploration debt free as eyes future acquisitions

(Alliance News) - Metals Exploration PLC on Friday noted "robust" gold prices but reported an ...

Alliance News 19 July, 2024 | 1:39PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Metals Exploration PLC on Friday noted "robust" gold prices but reported an annual decline in revenue in the second quarter.

The Philippines-focused gold producer said that in the quarter which ended June 30, revenue from gold sales fell 4.9% to USD46.7 million from USD49.1 million the previous year.

These sales were based on a gold price of USD2,320 per ounce, an increase of 17% from USD1,984 a year prior.

Gold production fell 15% on-quarter to 19,529 ounces from 23,006 ounces.

The company confirmed it was now debt free and ready to carry out an off-market buy back of Runruno Holdings Ltd's 19% shareholding once securing shareholder approval.

Chief Executive Officer Darren Bowden said: "The second half of the year promises more of the same as the gold price continues to remain robust. We can now look to utilise our strong balance sheet to deliver our growth strategy of appropriate acquisition opportunities with the objective to ensure ongoing future production and cash flow."

Metals Exploration shares were up 1.1% to 4.65 pence each in London on Friday afternoon.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Metals Exploration PLC 4.60 GBX 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures