Metals Exploration PLC - Philippines-focused gold producer - Says in the first quarter of 2024, gold revenue grows 28% to USD44.4 million from USD34.7 million in the final three months of 2023. Gold sales in the three months to March 31 are 21,465 ounces sold at an average realised gold price of USD2,069 per ounce. In the the quarter ended December 31, gold sales were 17,514 oz at an average price of USD1,980 per ounce. Affirms that tno lost time injuries occurred during the period, with over 22 million hours worked without a reportable injury. Adds that mining production of ore in the first quarter and waste was above forecast at 3.31 million tonnes, with a total of 678,000 tonnes of ore mined. Chief Executive Officer Darren Bowden says: "The first quarter of the year has continued to see a strong performance at Runruno. Production was above forecast with excellent gold sales and continued high average recovery rates at 90%."
Current stock price: 5.54 pence, up 3.6%
12-month change: more than doubled from 2.06p
By Sabrina Penty, Alliance News reporter
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Metals Exploration (MTL)