UK's Metals Exploration Plc H1 revenue falls on lower production at Runruno mine

Metals Exploration

30/09/2026 07:23

Overview
UK gold miner's H1 2026 revenue and production fell due to lower grades at Runruno
Company generated positive free cash flow, though lower than H1 2025
La India project construction 74% complete, first gold pour expected December 2026

Outlook
Company expects first gold pour at La India project in December 2026
Project budget for La India increased to c.$180 mln due to logistics costs and import duties
Mining operations at Runruno forecast to cease in Q4 2026

Result Drivers
LOWER GRADES AND RECOVERIES - Co said gold production and revenue fell due to lower ore grades and recoveries at Runruno as operations wind down to closure
OPERATIONAL DISRUPTIONS - Co reported unplanned process plant downtime due to contaminated ore and power interruptions, but said these did not materially interrupt production

Company press release: ID:nMFN4lX32X

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Free Cash Flow
 
$54.70 mln
 

Analyst Coverage
The one available analyst rating on the shares is "strong buy"
The average consensus recommendation for the gold peer group is "buy."
Wall Street's median 12-month price target for Metals Exploration PLC is GBp34.50, about 105.4% above its September 29 closing price of GBp16.80
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads
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Sept 28 - UK's Tullow Oil half-year net loss widens on one-off refinancing fees
Sept 28 - Tullow Oil swings to positive free cash flow as Ghana output, higher oil prices drive growth

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)