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 16 million-man hours without a reportable injury as at 16 March 2022

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

16 million man-hours without a reportable injury as at March 2022
Total 2021 sales US$129.8m up 6.3%
US$40m in debt repayments made in 2021
Record Gold recovery in 2021 of 84.5%, up 16%