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Metals Exploration cuts interim loss after gold production jumps

Fri, 13th Sep 2019 09:50

(Sharecast News) - Shares in Metals Exploration climbed on Friday after the company slashed its interim loss following a surge in gold production that bolstered revenues.
The natural resources exploration and development outfit said hat its losses before tax came in at $8.3m for the six month period ended 30 June, marking an improvement on the $14.0m loss registered the year before, as revenue increased by 28% to $40.3m.

Gold production increased by 34% to 30,774 ounces, with sales rising 24% to 30,870 ounces as price per ounce increased by 3% to $1,305.

However, recovery against model fell to 85% after Metals Exploration began mining operations in low-confidence areas, with the company stating that higher average dilution is expected to continue.

Total ore mined also jumped, coming in 34% higher at 1,022,148 tonnes even after being impacted by continuing equipment availability issues.

In the second half of the year, the AIM traded company said it will undertake a short-hole and long-hole drilling programme, while work will continue on improving and increasing flotation capacity and overall gold recovery at the process plant.

Metals Exploration shares were up 5.29% at 0.90p at 1301 BST.

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Metals Exploration cuts interim loss after gold production jumps

(Sharecast News) - Shares in Metals Exploration climbed on Friday after the company slashed its interim loss following a surge in gold production that bolstered revenues.

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Metals Exploration Interim Loss Slashed By Gold Sales And Price Jump

(Alliance News) - Mining firm Metals Exploration PLC said Friday its interim loss was reduced as revenue leapt on rising gold sales and prices.For the six months ended June, pretax loss to

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Metals Exploration Loan Standstill Talks Delayed By Typhoon Warning

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(Alliance News) - Metals Exploration PLC confirmed Friday it had extended the standstill agreement with its lenders and major shareholders until July 31 as debt restructure talks Exploration the -

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