REG - Metals Exploration - Operational Update

Metals ExplorationAnnouncement

25/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241125:nRSY4836Na&default-theme=true

RNS Number : 4836N  Metals Exploration PLC  25 November 2024

25 November 2024

METALS EXPLORATION PLC

Operational Update

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), a
gold producer in the Philippines, provides an operational update on activities
at its Runruno Project ("Runruno" or the "Project").

Operational Update

·     FY2024 gold production is expected to exceed the Company's 2024
upper guidance target of 80,000 ounces ("oz"), with forecast annual production
of 82,500 oz.

·     All-in sustaining cost ('AISC') for FY2024 is expected to surpass
the 2024 lower guidance target of US$1,175 per oz, with the forecast AISC of
US$1,125 per oz.

Government Industry Awards

·     Metals Exploration has been awarded the Presidential Mineral
Industry Environmental Award in the Surface Mining Operation Category in 2024,
for the third year in a row, the highest government mining award attainable in
the Philippines.

·     The Company has also been awarded the Safest Surface Mining
Operation Award for 2024.

These awards recognise mining companies for outstanding dedication,
initiatives, and innovations in environmental protection, health & safety,
and community development.

 

Super-Typhoon Pepito

The most recent typhoon to make landfall in the Philippines, Super-Typhoon
Pepito has caused significant damage in the Philippines. This weather system
was a Category 5 typhoon when it passed directly over the Runruno mine site.
During this event, the Runruno mine site recorded maximum wind gusts of 150
kilometres per hour and measured approximately 220 millimetres of rain in a
24-hour period.

Although there were a number of trees blown down, damage to river crossings
and some land slips near the process plant, fortunately, there was no damage
to the mine, process plant or other site infrastructure. Main grid power was
lost for approximately 36 hours, with no processing operations taking place
during this period, but back-up generators ensured no loss of BIOX bacteria.
The Residual Storage Impoundment ("RSI") maintained integrity and over five
metres of freeboard remained at the peak of the rain inflow into the RSI dam.
The Company is pleased to report there were no injuries recorded.

The Company has provided equipment and personnel to assist the community with
clean-up efforts in the local area.

 

Darren Bowden, CEO of Metals Exploration, commented:

"We are delighted to share that we expect to be exceeding both our 2024 upper
guidance target for production of 80,000 oz, and our AISC lower guidance of
US$1,175 per oz. Gold production for FY2024 is forecast to be 82,500 oz, at a
lower AISC guidance of $1,125, a testament to the strong performance at
Runruno that has been maintained over the past year.

 

"I am proud of the awards that the Company has received from the Philippine
Government. These awards recognise and celebrate mining companies for their
remarkable commitment, forward-thinking efforts, and creative approaches to
excelling in environmental stewardship, health and safety practices, and
social responsibility.

 

"Finally, we are relieved that there were no injuries at Runruno following the
Pepito typhoon, and apart from a loss of grid power causing no processing
operations for approximately 36 hours, there was no damage to the mine,
process plant or other site infrastructure. Our thoughts are with all of those
across the country who were affected."

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

For further information, please contact or visit:

 Metals Exploration PLC
 Via BlytheRay                            +44 (0) 207 138 3204

 Nominated & Financial Adviser:           STRAND HANSON LIMITED
 James Spinney, James Dance, Rob Patrick  +44 (0) 207 409 3494

 Broker:                                  HANNAM & PARTNERS
 Matt Hasson, Franck Nganou               +44 (0) 207 907 8500

 Public Relations:                        BLYTHERAY
 Megan Ray, Said Izagaren                 +44 (0) 207 138 3204

 

Web:                www.metalsexploration.com
(http://www.metalsexploration.com)

X:                     @MTLexploration
(https://twitter.com/MTLexploration)

LinkedIn:           Metals Exploration
(https://www.linkedin.com/company/metals-exploration-plc)

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBIBDBXSDDGSS