(Alliance News) - Metals Exploration PLC on Wednesday said it recorded an increase in gold production and sales at its Runruno gold project in the Philippines.
The miner said it produced 18,247 ounces of gold in the three months to December 31, at an average realised gold price of USD1,481 per ounce for USD27.0 million, which it said was the most gold produced in a quarter since production commenced.
The quarterly sales resulted in total annual sales of USD94.3 million.
For comparison, for the last three months of 2018, the company sold 11,016 ounces of gold at an average price of USD1,291.81 per ounce totalling USD14.2 million. Annual revenue for 2018 was recorded at 61.4 million.
Gold recoveries of 71% were achieved in the period, up from 64% in the three months to the end of 2018. As at the end of 2019, the company had cash reserves of USD5.4 million.
The stock closed 12% lower at 1.36 pence each on Wednesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Metals Exploration (MTL)