History

2024

23 May 2024: 2023 full year results recording an operating profit of US$29.2 million
27 March 2024: Repayment of group debt completed
18 March 2024: Appointment of new chairman
24 January 2024: Record annual gold revenue of US$166.7 million from a record 85,744 ounces of gold sold

16 May 2023: 2022 full year results recording an operating profit of US$23.8 million
31 January 2023: Unaudited 2022 results show $124.4 million revenue from sales of 69,249 ounces

29 July 2022: Completion of capital re-organisation
16 May 2022: 2021 full year results recording an operating profit of US$29.4 million
14 February 2022: Updated Mineral Resource and Ore Reserve Statement Issued
21 January 2022: Unaudited 2021 results show record revenue of US$129.8million and record gold recovery for the year of 84.5%, an increase of 16%.

21 May 2021: 2020 full year results recording a 340% increase in operating profit to US$30.46 million.
22 April 2021: Appointment of 3 new Non-Executive Directors, including an Independent Non-Executive Chairman.

26th October 2020: The Company’s shares recommenced trading upon AIM.
24th October 2020: Completed the restructuring of its existing loan facilities and replaced it with new Senior Facility, new Mezzanine Facilities, and the Revolving Credit Facility.
11th September 2020 (first profit announced): The year ended 2019, was the first year in the mines operation that the Company was able to record an operating profit since the first commencement of gold production.
28th April 2020: Provided an update to the 2011 estimated gold reserves at its Runruno gold project in the Philippines. A resource inventory of 31.6MtMt at 1.12g/t Au was converted to 11.7Mt at 1.38g/t of Probable Reserve.
9th March 2020: The Company confirmed that it did not have sufficient liquidity to fully repay either of the Senior Facility or the Mezzanine Debt Facilities on their current terms, and was unable to reach agreement on the continuation of the Standstill Agreement. The Company’s shares were suspended from trading.
30th January 2020: The bank Runruno Facility was acquired by MTL Guernsey and Runruno Holdings Ltd.

31st March 2019: The Company’s lenders – HSBC and BNP Paribas, and its major shareholders – MTL Luxembourg SARL and Runruno Holdings Ltd, as holders of its mezzanine debt, entered into a Standstill Agreement, thereby relieving the Company of making both principal and interest payments due in relation to its Runruno Facility Agreement and the Mezzanine Debt Facilities.
January 2019: New highly experienced management team appointed to turnaround underperforming operations.

The Company worked for acquiring all the necessary permits and permissions and advanced the Runruno gold project to production in 2016. The Company also achieved its first gold sale.

The Company withdrew from the Masapelid JV and focused on its northern Luzon assets. In July, it acquired remaining 15% of the Runruno Project from the FCF Mining Corp, holding an effective 100% interest in the project. Entered into an agreement with PT Batan Pelei Mining for acquiring rights to nickel laterite properties on Waigeo Island in Indonesia.

MTL entered into a JV Agreement with Medusa Mining Ltd and Philsaga Mining Corp over the former Lacandola gold mine on Masapelid Island. Also, it acquired 70% equity in Runruno, Nueva Vizcaya, and 100% control of the projects – Puray and Worldwide.

Metals Exploration founded in April 2004 and was admitted to AIM on the London Stock Exchange on 22nd October. Also, it acquired a 70% stake in Masapelid, Mindanao.