London, July 4, 2026, 00:04 BST
- Metals Exploration plc (LON:MTL) ended Friday at 13.10p, rising 4.8%. Volume came in at 2.33 million shares, lower than the 3.99 million average.
- Shares climbed 6.1% from last Friday’s 12.35p close. The price is still down 31.8% from the 52-week high of 19.20p.
- First-quarter gold revenue rose 9.0% from a year ago, though gold sales dropped 40.6%. That puts more focus on Runruno’s grade, recovery, and cost numbers.
- The next set project markers are H2 drilling at Batong Buhay and first output at La India for December 2026.
London Stock Exchange trades Monday to Friday, 8:00 a.m. to 4:30 p.m. BST. Metals Exploration faces its next move after the weekend. Shares closed up Friday, ending a calm week on the regulatory front for the AIM-listed gold miner. Price gained, while turnover stayed flat.
Metals Exploration climbed on Friday, according to Google Finance and Hargreaves Lansdown, while the FTSE AIM 100 dropped 0.28%.
| Friday snapshot | Latest | Change / context |
|---|---|---|
| Metals Exploration | 13.10p | up 4.8% |
| FTSE AIM 100 | 3,598.31 | off 0.28% |
| MTL volume | 2.33 mln shares | traded 42% under 3.99 mln average |
| MTL market value | £389 mln | shares out at 2.99 bln |
| Distance from 52-week high | 13.10p vs 19.20p | down 31.8% |
According to SharePrices.com, the stock finished at 12.35p on June 26 and ended at 13.10p on July 3. That’s a 6.1% gain over the five trading days, with about 15.3 million shares moving, or around 3.1 million each day.
| Trading day | Close | Volume |
|---|---|---|
| Jun. 29 | 12.40p | 3.67 mln |
| Jun. 30 | 12.36p | 3.18 mln |
| Jul. 1 | 12.10p | 2.78 mln |
| Jul. 2 | 12.50p | 3.36 mln |
| Jul. 3 | 13.10p | 2.33 mln |
Google tacked on about £18 million in equity value Friday, with the stock up 0.60p and 2.99 billion shares outstanding. But trading volume lagged. Gains on light volume mean holders can’t really say fresh buyers are piling in.
No new operating RNS came out this week. SharePrices.com had a June 24 Director/PDMR dealings update as the most recent regulatory news, and the last project RNS was still the June 15 Batong Buhay deal.
The company’s first quarter results show why Friday’s rally isn’t on solid ground yet. Higher gold prices boosted revenue, even as both sales and production volumes dropped sharply.
| Runruno / finance metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Gold revenue | $52.9 mln | $48.5 mln | +9.0% |
| Gold sold | 10,821 oz | 18,219 oz | -40.6% |
| Avg. realised gold price | $4,885/oz | $2,661/oz | +83.6% |
| Gold recovered / poured | 10,505 oz | 20,992 oz | -50.0% |
| Recovery | 77.1% | 90.7% | -13.6 pp |
Metals Exploration in April lowered its 2026 Runruno output target to between 40,000 and 48,000 ounces, and set all-in sustaining cost guidance at $1,700 to $2,000 per ounce. CEO Darren Bowden described the quarter as “mixed success” and said the “BIOX circuit is now operating normally.”
La India is moving the share price more. The company reported construction is 40% done as of the end of Q1. First gold is still set for December 2026. The website says the gold production target for La India is 145,000 ounces per year.
Batong Buhay is taking on a lower-cost copper-gold play. The company signed a deal on June 15 for a 440-hectare licence in Kalinga Province, Northern Luzon. Drilling is expected sometime in the second half of 2026. Bowden said the site is “one of the best” undeveloped porphyry copper-gold prospects in the Philippines.
The agreement also calls for a five-year exploration and development budget of PHP 1 billion, around $16 million, with about $500,000 set for the first year. The company said it will use data from the initial work program for the H2 drill design’s geological model.
