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

Latest News

28/04/2020 -- MTL Updated Mineral Reserve Estimate Read More
26/03/2020 -- MTL Operational Update Read More
19/02/2020 -- MTL Quarterly Update to 31 December 2019 Read More
31/01/2020 -- MTL Sale of Senior Facility Completed Read More
22/01/2020 -- Funding and Banking Update Read More
15/11/2019 -- Quarterly Update To 30 September 2019 Read More
13/09/2019 -- Interim results for the six month period ended 30 June 2019 Read More
08/08/2019 -- Quarterly Update To 30 June 2019 Read More
31/07/2019 -- Funding and Banking Update Read More
28/06/2019 -- Funding and Banking Update Read More
25/06/2019 -- Results of AGM Read More
25/06/2019 -- AGM Statement Read More
03/06/2019 -- Funding and Banking Update Read More
30/05/2019 -- Posting of Annual Report and Notice of AGM Read More
30/05/2019 -- MTL Annual Accounts Read More
03/05/2019 -- Funding & Banking Update Read More
24/04/2019 -- Quarterly Update To 31 March 2019 Read More
12/04/2019 -- Appointment of Nominated AdviserRead More
01/04/2019 -- Funding and Banking UpdateRead More
29/03/2019 -- Funding and Banking UpdateRead More
15/03/2019 -- Resignation of Nominated AdviserRead More
12/03/2019 -- Funding & Banking Update-Debt Standstill RequestedRead More
06/03/2019 -- Funding and Banking UpdateRead More
28/02/2019 -- Interim CFO AppointedRead More
27/02/2019 -- Results of Operational Review and ClarificationsRead More
18/02/2019 -- Amendment to Senior Lenders' Facility agreementRead More
08/02/2019 -- Banking UpdateRead More
05/02/2019 -- Appointment of Non-Executive DirectorRead More
31/01/2019 -- Banking UpdateRead More
30/01/2019 -- Quarter Ending 31 December 2018 operations updateRead More
25/01/2019 -- Holding in CompanyRead More
25/01/2019 -- Directorate ChangeRead More
25/01/2019 -- Appointment of ChairmanRead More
24/01/2019 -- Directorate ChangeRead More
16/01/2019 -- Corporate Update - Presentation Jan 2019Read More
16/01/2019 -- Corporate UpdateRead More
03/01/2019 -- Appointment of CEORead More



  • Mine pre-strip and tailings storage facility (TSF) construction using mine fleet and contractors started in early 2013.
  • Proces Plant design and construction is underway.


  • First phase of construction works commenced in January 2012 and all supporting infrastructures for the Project are completed.


  • October 2011 - Metals Ex secures the final permit required to proceed into the development and construction stage after the Declaration of Mining Project Feasibility ("DMPF") of the Runruno project was approved. Early project development works have began in January 2012.


  • May 2010 -  Metals Ex announces the results of the Runruno project Feasibility Study which confirmed the viability of the project, projecting average production of 96,700oz of gold per annum over a mine life of 10.4 years, at an average forecast operating cost $477/oz gold before any molybdenum credits. The capital cost is forecast to be US$149.3 million, with payback within 3.5 years at US$1,000/oz gold. The Runruno project will be an open pit operation, and will use the proven BIOX® and carbon in leach processes to recover gold and molybdenum.
  • March 2010 - the Company announces the award of the Environmental Compliance Certificate (ECC) for the Runruno project, which was issued after satisfactory evaluation of the project’s Environmental Impact Statement by the Philippine Environmental Management Bureau. The ECC process was conducted with the full participation and involvement of the local community, and under the ECC the Company is committed to implement measures to protect and mitigate against any adverse impacts on the health and welfare of community and the environment. Securing the ECC is a significant point, following the award of the Financial or Technical Assistance Agreement, demonstrating continued support from the Philippine Government for the development of the Runruno project. 
  • January 2010 - Metals Ex issues updated economic guidance for the Runruno project, indicating an operation targeting annual production of approximately 100,000 ounces of gold and 1 million pounds of molybdenum oxide with a minimum ten year mine life. The capital cost is not expected to exceed $150 million, with operating costs anticipated to be less than previously indicated (previously $463 per ounce of gold, before molybdenum credits. The Definitive Feasibility Study is targeted to report in April.


  • December 2009 - Three diamond drill-holes drilled 700m south east of the most southerly known mineralisation of the Runruno gold-molybdenum deposit with gold and high grade molybdenum mineralised intersections identified. The style of mineralisation is directly analogous to the Runruno deposit. The mineralisation is closely related to a north striking fault structure running parallel 300m to 400m east of the Mallilibeg fault which is directly related to the Runruno deposit. This fault structure has been traced to continue over 2,000m north of the three holes reported. Further drilling to test this zone will be completed in 2010.
  • November 2009 - An independent resource estimate using advanced geostatistical methods is completed by Mining Associates Pty Ltd as part of the Runruno Feasibility Study. Total Runruno JORC-compliant Measured, Indicated and Inferred Mineral Resource is now estimated to contain 1.5Moz of gold and 25.4Mlb of molybdenum. The Measured ounces more than doubled to 560,000oz of gold (previously 270,000oz), Indicated ounces reduced to 290,000oz of gold (previously 487,000oz) and Inferred ounces reduced to 650,000oz of gold (previously 1,248,000oz). The combined Measured and Indicated resource containing 850,000oz of gold now comprises 57% of the total resource (previously 38%)
  • October 2009 - The Financial or Technical Assistance Agreement (FTAA) was signed by Executive Secretary Eduardo Ermita on the authority of the President of the Philippines. Under the FTAA, FCF is granted the exclusive right for 25 years, renewable for a further period of up to 25 years, to explore, mine, process and export minerals from the project area. In exchange for this right, FCF is required to commit a minimum investment of $50 million in project development, much of which will be spent on local infrastructure benefiting local communities.
  • August 2009 - Metals Ex announced that the Exploration Permit (“EP”) granted to FCF Minerals Corporation (“FCF”), relating to the Runruno Project was renewed on 31 July 2009 by Horacio Ramos, Director of the Mines and Geosciences Bureau (“MGB”) of the Department of Environment and Natural Resources (“DENR”) for a period of one year in accordance with The Philippine Mining Act of 1995. This extension shall automatically terminate upon the approval of the conversion of the EP to a Financial or Technical Assistance Agreement (“FTAA”).
    The Company has held the Runruno project through FCF within EP number II-000013 since September 2005, and last renewed the permit in July 2007 for a two year period. Philippine mining regulations permit the partial or total conversion of an EP into either a Mineral Production Sharing Agreement (“MPSA”) or an FTAA for the purpose of continuing development into the construction and production phases of a project.
  • May 2009 - The Company has conditionally raised £12 million (before expenses) through a placing of 104,347,828 new ordinary shares at a price of 11.5 pence per share.  Existing major shareholder Solomon Capital committed to increase its interest in the Company from 29.9% to 44.1% subject only to regulatory and shareholder approval, and the funds mean the Bankable Feasibility Study will be funded to completion. Some funds also allocated to step out drilling for gold and drill testing of a potential copper porphyry. The £8 million debt facility arranged in January 2009 through Shelfco725 is to to be terminated on completion of the placing.
  • April 2009 - FCF Minerals Corporation (“FCF”), the subsidiary of the Company which operates the Runruno project, was awarded the Best Community Development Initiative Award at the Asia Mining Congress in Singapore. The award was presented by William Bulmer, Head of the Mining Division for the International Finance Corporation of the World Bank Group and also a member of the board of judges, to Dr. Ernesto Mendoza, Senior Vice President of FCF Minerals.
  • March 2009 - The Company’s FTAA (Financial and Technical Assistance Agreement) application in respect of its Runruno gold-molybdenum project in the Philippines  was endorsed by Secretary Atienza of the Department of the Environment & Natural Resources (“DENR”) to the Office of the President.
  • January 2009 - Metals Exploration raises £3.7M (before expenses) through a placing to Solomon Capital, with a further £8M debt facility available through ShelfCo 725, a sister company of Solomon Capital. The new funds will be directed primarily towards a Bankable Feasibility Study on the Runruno project, which should be completed by the end of 2009.
  • 2008

    • November 2008 - The Scoping / Pre-Feasibility Study on the Runruno project is completed, showing the project is robust, even on a gold-only basis. Other highlights are that production of 183,000 ozs gold and 1.7m lbs moly production per annum is targeted; the capital cost is estimated to be US$208m to include the moly circuit; and that verage annual cash operating costs of US$285 per oz Au (net of moly credits at US$20/lb) are in the lowest quartile of the cost curve. Further details are availbe in the announcement within the Company News area.
    • October 2008 - Runruno resource upgraded to 31.17Mt at 2.00g/t gold and 0.050% molybdenum, containing 2.0Moz gold (487,000 oz Indicated and 270,000 oz Measured) and 34.4Mlb molybdenum (9.36Mlb Indicated and 7.8Mlb Measured). For a full resource estimate please see the Runruno Resources page.
    • July 2008 - BIOX® technology is selected as the preferred processing technology following a detailed assessment of the gold and potential molybdenum recovery and the likely capital and operating costs.
    • July 2008 - Ian Holzberger & Tim Wheeler are appointed as Directors of the Company, as Executive Chairman and Finance Director respectively.
    • June 2008 - The Dupax and Puray projects are granted  Exploration Permits. These sites cover highly prospective ground covering more than 15.8k hectares, close to our Runruno project.
    • May 2008 - £4.04M raised at 20p to continue resource definition, molybdenum testwork, and other studies in support of the Scoping Study and other feasibility and pre-feasibility work.
    • April 2008 – Encouraging results from metallurgical testwork is announced, with two alternative gold recovery circuits identified – pressure oxidation (POX) or BIOX® with recoveries of 90-92%. High solubility of the contained molybdenum is also reported, indicating a possible future hydrometallurgical recovery route. Concept Study completed, demonstrating the project appears robust on a gold- only basis of 190 – 210,000 oz/yr production. A possible molybdenum circuit is identified and Ausenco, Australian based engineering and project management company, are appointed to the Scoping Study team.
    • March 2008 – Runruno resource upgraded to 27Mt at 2.41g/t gold and 0.062% molybdenum, containing 2.095Moz gold (775k oz Indicated) and 36.7Mlb molybdenum (18Mlb Indicated). Following a site visit by Dr Eric Jensen, an expert on alkaline intrusive gold mineralisation, the potential for further mineralisation within the immediate area was highlighted: ‘“Significant potential for additional discoveries of mineralisation seems obvious.”
    • January 2008 – Scoping Study into the technical and economic aspects of the Runruno project launched, with Mr Ian Holzberger as Project Director. Several other exploration targets within the Runruno EP boundary are identified.


    • November 2007 – Runruno resource upgraded to 28Mt at 2.27g/t gold and 0.06% molybdenum, containing 2.05Moz gold (409k oz Indicated) and 39.5Mlb molybdenum (10Mlb Indicated).
    • July 2007 – Runruno Exploration Permit (EP-II-000013 ) renewed for two years. Strategic acquisition of the remaining 15% of the Runruno Project from the FCF Mining Corporation for £3.87M, giving the Company an effective 100% interest in the project. Rights acquired to nickel laterite properties on Waigeo Island in Indonesia via an agreement with PT Batan Pelei Minng. Infill drilling program continues to support the Company’s understanding of the deposit, showing good continuity between holes. Encouraging results of 94.7% gold recovery from pressure oxidation (POX) testwork and the identification of possible molybdenum credits to the project. £6.3M raised through issue of 10.7M shares at 40p and £2M Convertible Note Issue.
    • March 2007 – Identification of high grade mineralised structure to the north of the area, and exploration Permit Applications lodged for three new tenements – Dupax, Sulong and Capaz.
    • January 2007 – Preliminary metallurgical testwork indicates gold recovery up to 92% using a combination of gravity and flotation processes.


    • December 2006 – The Runruno Inferred resource is increased to 2.0m oz of gold.
    • May 2006 – An inferred resource of 1.7m oz of gold and 34m lbs of molybdenum was announced for Runruno.
    • March 2006 – 100% control of Worldwide secured. Both Worldwide and Puray are awaiting awarding of Exploration Permits, which the Company expects to be granted during 2007.


    • November 2005 – The Company start drilling at Runruno
    • September 2005 - £1.2m was raised in London at 8p.
    • June 2005 - 100% control of Puray secured.
    • February 2005 - The acquisition of up to 70% equity in Runruno, Nueva Vizcaya. An option on a further 15% has since been secured.


    • December 2004 - The first property acquired was a 70% stake in Masapelid, Mindanao, which was closely followed by...
    • October 2004 - £542,800 was raised pursuant to the IPO placing and the company was admitted to AIM on the LSE in at 3p on October 22nd.
    • September 2004 - £75,000 was raised pre-IPO
    • April 2004 - Metals Exploration was founded to exploit the knowledge of mineralisation in the Philippines that Peter Draper and Gary Powell had accumulated, living and working there since the mid 1990`s. At the time Peter owned a drilling company ( East West Drilling) and had extensive knowledge of the various mineralized districts of the Philippines from carrying out drilling contracts. Gary, a geologist, was previously Managing Director of an Australian company (Egerton Gold NL) that had exploration projects in the country until the late 1990s. Since then Gary has consulted to companies such as Thistle Mining Inc on the feasibility study for their Philippine Masbate Gold project. Peter and Gary have also been involved with their private exploration company during the times when most explorers left the country.