Metals Exploration annual profit surges amid sharply higher gold price

(Alliance News) - Metals Exploration PLC on Friday said it "eagerly" awaits the start of gold production at La India in Nicaragua, as it reported a rise in annual profit as the price of gold surged.

The London-based mining company with projects in the Philippines and Nicaragua said pretax profit jumped 30% to USD45.1 million in 2025 from USD34.6 million in 2024.

Revenue grew 9.0% to USD208.4 million from USD191.1 million.

Metals Explorations' average realised gold sales price was USD3,154 per ounce in 2025, up 36% from USD2,312 in 2024.

Cost of sales increased 5.2% to USD135.4 million from USD128.6 million, while administrative costs came in 28% higher at USD11.5 million compared to USD9.0 million.

The company recommended no dividend payment for 2025, unchanged from 2024.

Looking ahead, Chair Steven Smith said: "The board eagerly anticipates the commencement of gold production at La India and looks forward to development updates throughout the course of FY2026, ahead of the first gold pour in December 2026. In addition, the group will continue to undertake exploration activities across its portfolio in the Philippines and Nicaragua and will continue to evaluate further growth and merger & acquisition opportunities."

Metals Exploration shares fell 4.2% to 13.70 pence each on Friday morning in London.

By Tom Budszus, Alliance News slot editor

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