Metals Exploration to beat 2024 gold production, cost guidance

Philippines-focussed gold producer Metals Exploration announced on Monday that gold production for 2024 at its Runruno Project was expected to exceed guidance.

The AIM-traded company forecast gold production of 82,500 ounces for 2024, surpassing its upper guidance of 80,000 ounces.

Additionally, all-in sustaining costs (AISC) were expected to come in at $1,125 per ounce, beating the lower guidance of $1,175 per ounce.

Metals Exploration also noted that it had been awarded the Presidential Mineral Industry Environmental Award for the third consecutive year, alongside the Safest Surface Mining Operation Award for 2024.

During the passage of Super-Typhoon Pepito, a category five storm, the Runruno site experienced heavy rain and wind gusts of up to 150 kilometres per hour.

Despite minor damage to river crossings and some localised landslips, the mine’s infrastructure, including the process plant and Residual Storage Impoundment, remained intact.

Backup generators ensured uninterrupted maintenance of critical operations, and no injuries were reported, the firm said.

Metals Exploration said it had supported local communities in recovery efforts, providing equipment and personnel for clean-up initiatives.

“We are delighted to share that we expect to be exceeding both our 2024 upper guidance target for production of 80,000 ounces, and our all-in sustaining cost lower guidance of $1,175 per ounce,” said chief executive officer Darren Bowden.

“Gold production for 2024 is forecast to be 82,500 ounces, at a lower AISC guidance of $1,125, a testament to the strong performance at Runruno that has been maintained over the past year.

“I am proud of the awards that the company has received from the Philippine Government.”

Bowden said the awards “recognise and celebrate” mining companies for their commitment, efforts and approaches to excelling in environmental stewardship, health and safety practices, and social responsibility.

“Finally, we are relieved that there were no injuries at Runruno following the Pepito typhoon, and apart from a loss of grid power causing no processing operations for approximately 36 hours, there was no damage to the mine, process plant or other site infrastructure.”

At 1522 GMT, shares in Metals Exploration were down 1.45% at 5.67p.

Reporting by Josh White for Sharecast.com.