LONDON, July 6, 2026, 23:05 BST
- Metals Exploration ended the day at 13.80p, gaining 5.34%. Volume came in at 4.65 million shares, which is about 42% over the 3.28 million average.
- The stock outperformed the FTSE AIM 100’s 0.48% rise. No fresh operating news appeared on the RNS feed in the last 48 hours.
- Cash is the key number for investors: Q1 pre-tax free cash flow landed at $29.4 million. The La India budget still had about $91 million left to spend at end-February, based on the latest figures.
Metals Exploration plc (LON:MTL) closed Monday up 0.70p at 13.80p, rising 5.34%. Shares finished at the session high. London Stock Exchange hours ran 0800-1630 BST on July 6, with quoted data delayed as of 1635 BST.
Shares moved up with no new operating RNS out. The last update on the RNS feed was a June 24 director/PDMR dealing notice. Before that, the latest was a June 15 AGM result and a June 15 Batong Buhay exploration deal. Its most recent quarterly operating update was back on April 23.
Shares moved sharply but remain under January’s high. Metals Exploration is still up 33.98% from its 52-week low of 10.30p set on Nov. 25, 2025, but sits 28.1% weaker than its 19.20p peak from Jan. 26, 2026.
| Market read | Metals Exploration | Comparator / prior mark |
|---|---|---|
| July 6 close | 13.80p, up 5.34% | FTSE AIM 100 rose 0.48% |
| Shares traded | 4.65 mln | avg is 3.28 mln |
| 52-week range | 10.30p to 19.20p | 33.98% off the low; 28.1% under the high |
| One-year change | down 3.50% | remains negative even after Monday’s gain |
Gold didn’t hold all its recent gains. Spot gold slipped 0.3% to $4,163.64 an ounce by 2:45 p.m. ET, according to Reuters, after reaching a two-week high earlier. Jim Wyckoff at American Gold Exchange said a stronger dollar was “a daily bearish element” for gold. Reuters
This is key for Metals Exploration. The company’s Q1 average realised gold price came in at $4,885 an ounce, about 17% higher than spot on Monday. Metals Exploration sold 10,821 ounces in Q1, reported gold revenue of $52.9 million, and posted $29.4 million in pre-tax free cash flow.
Runruno still generates cash, but it’s near the end of its mine life. Metals Exploration turned out 10,505 ounces in Q1 with all-in sustaining costs at $2,067 per ounce. The company now sees 2026 Runruno output at 40,000 to 48,000 ounces and put AISC guidance in a range of $1,700 to $2,000 per ounce.
Chief Executive Darren Bowden said Q1 was a “period of mixed success” and added the “BIOX circuit is now operating normally.” The update blamed the guidance cut on contaminated ore, weaker grade model and illegal small-scale mining in high-grade patches. Investegate
| Runruno measure | Q1 2026 actual | 2026 company guidance / forecast | Investor math |
|---|---|---|---|
| Gold produced | 10,505 oz | 40,000-48,000 oz | Q2-Q4 need 9,832-12,498 oz per quarter |
| AISC | $2,067/oz | $1,700-$2,000/oz | Q1 lands 3.4% over high end of range |
| Pre-tax free cash flow | $29.4 mln | no company FCF guidance | Q1 run-rate annualises to $117.7 mln |
| Revenue stress test at Monday spot | n/a | no revenue guidance | 40,000-48,000 oz at $4,163.64/oz figures to $166.5-$199.9 mln, not counting realised price impact |
La India is why Runruno cash is key here. The Nicaragua project was 40% done in March, ahead of the 35% plan. Spending to end-February hit about $80 million. The budget climbed to $171 million, up from $165 million, with higher electrical infrastructure costs.
Based on those numbers, about $91 million set aside for La India hadn’t been spent by the end of February. Metals Exploration held $36.5 million in cash as of March 31, and called out support from an undrawn $30 million gold pre-pay facility. Together, the cash and facility would cover about 73% of the $91 million funding shortfall before any later Runruno cash flow.
| La India bridge item | Company figure | Simple read |
|---|---|---|
| Revised project budget | $171 mln | budget is up $6 mln from before |
| Spend to end-February | about $80 mln | around $91 mln left to spend |
| Cash at March 31 | $36.5 mln | does not count later Runruno cash |
| Undrawn gold pre-pay facility | $30 mln | cash and facility together: $66.5 mln |
| Q1 pre-tax free cash flow | $29.4 mln | run-rate for three quarters: $88.3 mln, company has no official outlook |
| First gold target | December 2026 | no La India production guidance before 2027 |
The replacement story goes beyond a single-day price swing. For 2025, Metals Exploration turned out 65,287 ounces and posted $115.3 million in free cash from operations. The miner ended the year with no net debt. Mining at Runruno is still expected to wind down in H2 2026, with processing finishing up by end-FY2026.
La India is set to close that gap. The company put out 2025 results saying La India should yield over 100,000 ounces per year, with first output planned for December 2026. In its April quarter update, the company said there was still no formal La India guidance and that any 2027 guidance was still to come.
The Batong Buhay deal signed June 15 brings longer-term potential but won’t deliver near-term cash. Metals Exploration has clinched exclusive rights over the 440-hectare copper-gold project in the Philippines. First exploration work will begin right away, while drilling is set for the second half of 2026. Bowden described it as “one of the best” advanced undeveloped porphyry copper-gold targets in the country. Investegate
