Introduction

Introduction

Metals Exploration is the 100% owner of the Runruno Gold-Molybdenum Project, which it developed from greenfield to production. The project is located 205 kilometres north of Manila in the province of Nueva Vizcaya in the Philippines, an area which has been known to be prospective in gold and other precious metals since the early 1960s.

Since 2019 management focus has been on delivering consistent production and positive cashflow at Runruno, delivering a maiden operational profit in 2019.

Health and safety remains at the core of the Company’s business. Metals Exploration has an exceptional safety record with over 13 million-man hours without a reportable injury as at 31 March 2021.

Strategy

The Company’s strategy is to focus on further operational improvements to lower costs and increase margins – aiming at increasing recovery in the processing plant and further optimising operating costs. The Company is also studying exploration programmes which can increase the “life of mine” beyond 2026.

Focus on ESG remains a core part of the Company’s strategy whilst the Company is active in promoting responsible mining practices – continuing to actively reduce the potential environmental impacts of its operations and enhance its environmental performance in mined-out and disturbed areas.

Delivering on our strategy

13 million man-hours without a reportable injury as at 31 March 2021
Total sales for FY2020 up 30% on FY2019
Record level of gold sold during Q4 2020
Record gold poured during Q4 2020
Record gold recovery for Q4 2020
The changes implemented by new management delivered maiden operational profit in 2019