Metals Exploration posts strong set of final results

(Sharecast News) - Metals Exploration posted a strong set of final results for the year ended 31 December on Monday, driven by higher revenues and disciplined cost control at its Runruno gold mine in the Philippines. The AIM-listed miner reported operating profit of $53.5m, up 83.2% year-on-year, on sales revenue of $191.1m, which rose 14.6%.

Adjusted EBITDA climbed 19.5% to $98.7m, while free cash flow surged 33.7% to $96.7m.

Gold production totalled 83,897 ounces, down 1.5% from the prior year, though average recovery improved to 90.5%.

The group ended the year with net debt of $6.8m, down 71.2%, and reported no lost time injuries.

Community programme expenditure rose 35.7% to $1.9m, and total government taxes and fees paid amounted to $19.8m.

At 1037 BST, shares in Metals Exploration were up 3.68% at 7.88p.

Reporting by Josh White for Sharecast.com.