Metals Exploration plc has doubled its pre-tax cash and increased gold revenue from operations at the Runruno mine in the Philippines.
DISCIPLINE
The company’s unaudited results for Q2 2025 showed record pre-tax free cash flow of US$47.2 million compared with Q1 2025 of $23.5m.
Record gold revenue totalled $70.5m ($48.4m) from a “strong, consistent operational performance” at Runruno.
Mining production of ore and waste reached 2.98 million tonnes (2.90Mt), with a slight increase in ore mined to 525 thousand tonnes (503Kt).
Metals posted gold recovery for the quarter at 92.1% (90.7%).
At the Abra project, access negotiations continue with indigenous communities, with drilling not expected to begin until the first quarter of 2026.
The company expects final government approval for the Dupax exploration licence during Q3, after which geophysics and an inaugural drill programme will begin.
For the La India gold project in Nicaragua, Metals said that the Rock Creek process plant was due to set sail from Alaska before the end of July..
Bulk earthworks at the site are 30% complete while key major contracts have been awarded or issued for tender.
Chief executive officer Darren Bowden added that the company had taken a significant step forward in a “record-breaking” quarter.
“At Runruno, we continue to demonstrate our operational discipline, achieving a gold recovery rate of 92.1% and reducing our AISC to US$1,098 p/oz.
“Importantly, the site recorded no lost time injuries during the quarter, reaffirming our commitment to maintaining a strong safety culture.
“We are pleased with the strong support we continue to receive from the Nicaraguan government and local communities, which has been critical to maintaining project development momentum.
“We expect to commence a resource extension drill programme in Q3 2025, which will support the next phase of value creation at this highly prospective asset.”