LONDON, July 5, 2026, 20:02 BST
- Metals Exploration closed Friday at 13.10p, up 4.8%, while the FTSE AIM 100 fell 0.28%.
- The stock gained 6.07% over seven days but remains down 13.53% in 2026.
- The next week starts with no fresh operational RNS after June 24; Runruno output and La India spending remain the live tests.
Metals Exploration plc (LON:MTL) goes into Monday’s AIM session with a Friday rally that did not clear the harder 2026 tape. AIM did not trade on Sunday; London Stock Exchange regular hours are 0800 to 1630 local time, Monday to Friday.
The stock closed at 13.10p on July 3, up 0.60p, with Google Finance showing a market value of £389.0 million and a 52-week range of 10.30p to 19.20p. AJ Bell put Friday’s Metals Exploration return at +4.80% against -0.28% for the FTSE AIM 100; Morningstar data carried by Intelligent Investor showed a 6.07% seven-day gain and a 13.53% fall for 2026.
| Measure | Latest verified data |
|---|---|
| Friday close | 13.10p |
| Friday move | +4.80% |
| FTSE AIM 100 Friday move | -0.28% |
| Seven-day move | +6.07% |
| 2026 move | -13.53% |
| Distance from 52-week high | -31.8% |
| Market value | £389.0 mln |
The company RNS feed showed no announcement after a June 24 director-dealing notice. That makes the fresh market data the main last-48-hours item, rather than a new operating filing.
Gold helped the Friday tape. Reuters reported spot gold up 1.3% at $4,174.21 an ounce on July 3, on track for its first weekly gain in five weeks. For Metals Exploration, the price question is secondary to ounces, recovery and the La India build.
In April, Metals Exploration reported Q1 gold revenue of $52.9 million, 10,505 ounces produced, 10,821 ounces sold at an average realised price of $4,885/oz, and pre-tax free cash flow of $29.4 million. It cut Runruno 2026 production guidance to 40,000-48,000 ounces and raised AISC guidance to $1,700-$2,000/oz. Chief Executive Darren Bowden called the quarter “a period of mixed success” and said the BIOX circuit was “now operating normally.” Investegate
| Runruno line | Q1 2026 | Q4 2025 | Change |
|---|---|---|---|
| Gold produced | 10,505 oz | 15,156 oz | -30.7% |
| Gold sold | 10,821 oz | 16,009 oz | -32.4% |
| Average realised gold price | $4,885/oz | $3,995/oz | +22.3% |
| AISC | $2,067/oz | $1,584/oz | +30.5% |
| Pre-tax free cash flow | $29.4 mln | $40.0 mln | -26.4% |
The split is the point for holders. Q1 realised gold price was $2,818/oz above AISC, but lower output still cut free cash flow. The Q1 realised price was also about 17% above Friday’s spot price, so a firmer bullion market does not remove the need for better Runruno throughput.
La India is the handover asset. Metals Exploration said in March that construction was 40% complete against a planned 35%, the budget had risen to $171 million from $165 million, spending to the end of February was about $80 million, and first gold remained targeted for December 2026. The company said the project was to be funded by Runruno cash flow, backed by an undrawn $30 million gold pre-pay facility.
On those figures, about $91 million of the La India budget was still unspent at the end of February. End-March cash of $36.5 million plus the undrawn $30 million facility covered about 73% of that amount before later Runruno cash flow. The company website gives La India a 145,000 oz/year production target, while Runruno’s revised 2026 guidance is 40,000-48,000 oz.
The other growth line is Batong Buhay in the Philippines. On June 15, Metals Exploration said it had secured exclusive rights to explore, develop and operate the 440-hectare copper-gold project, with initial work to start at once and drilling expected in the second half of 2026. Historical, non-JORC data cited by the company included 86.9 million tonnes at 0.60% copper and 0.25 g/t gold at Dickson; Bowden called Batong Buhay “one of the best, undeveloped advanced porphyry copper-gold targets in the Philippines.” Investegate
Ownership is another line for the week. The June 24 RNS said Candy Investments transferred 141.1 million shares to another Nick Candy vehicle, with Candy’s aggregate interest unchanged at 653.0 million shares, or 21.87% of voting rights.
