Surface Mine Stage 1 – view1
Surface Mine Stage 1 – view2
Surface Mine Stage 1 – view3
Surface Mine Stage 1 – view4
Surface Mine Stage 1 – view5
Surface Mine Stage 1 – view5
Stage 1
Surface Mine Stage 1 – view6
Aerial view of ROM pad and Process Plant
Aerial view of ROM pad and Process Plant
Aerial view of Process Plant
Aerial view of Process Plant
RSI - spillway view
RSI - pond view1
RSI - pond view1
RSI - pond view2
RSI - pond view2

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23/07/2018 -- Quarter ending 30 June 2018 operations updateRead More
05/07/2018 -- Operations UpdateRead More
29/06/2018 -- Banking UpdateRead More
19/06/2018 -- Results of AGMRead More
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24/05/2018 -- Annual Results 2017Read More
24/05/2018 -- Notice of Annual General MeetingRead More
24/05/2018 -- Chairman's Letter to ShareholdersRead More
24/05/2018 -- Form of Proxy for AGMRead More
18/05/2018 -- Notice of Annual General MeetingRead More
10/05/2018 -- Directors ResignationsRead More
20/04/2018 -- Quarter ending 31 March 2018 operations updateRead More
16/04/2018 -- Director's Share DealingsRead More
10/04/2018 -- Director's Share DealingsRead More
27/03/2018 -- Standby FundingRead More
23/01/2018 -- Quarter ending 31 December 2017 updateRead More



Metals Exploration plc (AIM: MTL) ("Metals Exploration" or "the Company"), the natural resources exploration and development company with assets in the Pacific Rim region, today provides a quarterly update on matters relating to the development of its Runruno gold-molybdenum project (the "Project") in the Philippines.


The Company is pleased to report that after a period of severe power disruptions from the National Grid in the Philippines to its Runruno gold mine operations that it has recommenced its BIOX® circuit ramp-up, with excellent progress being made. Increased gold recoveries are also being experienced.

Mining Operations

  • Tullingan waste dump benefits are helping the mining operations.
  • The mining fleet mid-life component change outs have commenced.
  • Processing Operations

  • After previously announced disruptions, the BIOX® circuit has recently recommenced ramp-up and is progressing strongly with throughput having achieved 88% of design throughput.
  • Improved gold recoveries from the overall processing circuit are being recorded as a consequence
  • Finance

  • Discussions are ongoing with senior lenders and external finance providers with a view to refinancing the Group's overall debt position.
  • The Company is in discussions with its two main shareholders to increase and extend the working capital facility.
  • Recent photographs of the project have been uploaded onto the website and can be accessed by clicking on the following link:

    AIM Code: MTL
    At: 20 April 2018.
    Shares in Issue: 2,071,334,586
    Warrants: 100,000,000

    Ian Holzberger, Executive Chairman
    Guy Walker
    Eduard Simovici

    Ian Holzberger, Executive Chairman
    Liam Ruddy, Company Secretary
    Andrew Rodgers, CFO
    Peter Storey, GM Operations
    Ian Moller, Country Manager
    Roland Taganas, Legal Counsel
    Tommy Alfonso, Financial Controller

    For further Information please contact:

    Metals Exploration plc
    Ian Holzberger; +61 41 888 6165
    Liam Ruddy; +44 7911 719 960
    Andrew Rodgers; +61 412 429 856

    Nominated Adviser & Broker:
    Canaccord Genuity Limited
    Martin Davison; James Asensio
    +44 (0) 207 523 4689

    Public Relations:
    Jos Simson; Barnaby Hayward
    +44(0) 207 920 3150

    Production Summary


     Notes:       1 'Ctd.' means 'contained'         2 'S' represents the element Sulphur 

    Mining Operations

    Mining operations improved across the quarter as operating procedures were reviewed and improved and the full impact of Tullingan waste dump became available. Waste stripping associated with a cut back into Stage two (of six stages) of the surface cut and fill pit mine, commenced. The cut back will access new ore zones and provide additional working faces to improve the flexibility in the operation and to the supply of ore to the processing plant; throughout Quarters 3 and 4.

    Mid- life maintenance on the Company's Komatsu mine fleet has commenced, with an engine change in the smaller of the two excavators completed. Two additional Komatsu 785 dump trucks, have been added to the fleet under a hire agreement, to increase and maintain the rate of waste removal while the schedule mid-life maintenance is undertaken on the Company's fleet.

    Process Plant

    Significant advances were made in the Processing Circuit, with the overall throughput and capacity being demonstrated in May. After the BIOX® having achieved 100% of design throughput in April the circuit operated resiliently at and about these levels which demonstrated the capacity of the circuit. However, as announced on 5 July 2018, following an extended period of power "brown outs" and disruptions experienced throughout June the circuit passivated. The power supply issues were as a consequence of an unusually long hot and dry period in the Philippines which caused high power demand and power supply shortages across Luzon.

    The Company had anticipated such issues and was in the process of installing additional power supply circuity in addition to that previously installed, to better secure a more reliable power supply to the BIOX® support systems. Unfortunately due to supply related issues and operating approvals not all of the additional circuitry was available throughout that time. Since then, all of this equipment has now been installed, commissioned and is operating.

    The BIOX® circuit has now substantially rehabilitated with a throughput of 88% of design achieved as at the date of this report. Improved gold recoveries from the total processing circuit are now being experienced. As was experienced previously, once the BIOX® circuit commenced reactivation it has ramped-up quickly and is demonstrating good resilience.

    Residual Storage Impoundment ("RSI")

    Normal operations with the RSI build proceeding as planned and the Tullingan waste dump in full operation.

    Occupational Health & Safety

    The Runruno gold mine has an impressive occupational health and safety record, with no lost time accidents reported. The Company is fully committed to providing a safe and healthy workplace for everyone at Runruno engaged in mining and its support services at all times.

    Environment and Compliance

    The operation remains compliant with all environment and regulatory requirements and no material incidents recorded. The Runruno gold mine maintains very high environmental standards.

    Community & Government Relations

    The operation remains compliant with all environment and regulatory requirements and no material incidents recorded. The Runruno gold mine maintains very high environmental standards.

    Finance (Unaudited)

  • 13,496 ounces of gold were sold during the quarter at an average realised gold price of US $1,297.63 per ounce;
  • Interest payments of US $1.326 million were made to the senior lenders in the quarter;
  • Capital payment due to senior lenders on 29 December 2017, 29 March 2018 and 30 June 2018 totalling of US $20.25 million have been agreed to be deferred until 31 July 2018;
  • The Company is in discussions with financial lenders to restructure the Group debt facilities;
  • Total interest-bearing liabilities as at 30 June 2018 were US $91.80 million;
  • Total short term shareholder loans included in the US $91.80 million as at 30 June 2018 were US $2.0 million
  • The last gold forward sales contracts were executed as of 29 June 2018; and
  • Cash at bank at 30 June 2018 was US $1.95 million.
  • The movement in cash balances during the quarter is summarised as follows:


    The Company continues to progress its refinancing discussions with external finance providers and the same with its current senior lenders.

    Discussions have also developed with its two major shareholders to provide additional short-term working capital

    - E N D -

    Mr Ian Holzberger, a director of the Company, who has been involved in the mining industry for more than 45 years, is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists, has compiled, read and approved the technical disclosure in this regulatory announcement.

    Forward Looking Statements

    Statements relating to the estimated or expected future production, operating results, cash flows and costs and financial condition of Metals Explorations, planned work at the Company's projects and the expected results of such work are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, forecasts, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

    These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward- looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfil projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.