Metals Exploration PLC Reports Revenue Increase Amid Higher Gold Prices
Revenue at Metals Exploration PLC, a Philippines and Nicaragua-focused gold producer, explorer and developer, increased 15% to USD191.1 million in 2024 compared to USD166.7 million in 2023, driven by a 19% rise in average sales price to USD2,312 per ounce. However, pretax profit fell 71% to USD34.6 million due to an impairment loss and higher costs for derivatives. Despite this, the company reported an increase in operating profit to USD53.5 million, excluding impairment and derivative costs.
Key Takeaways:
- Revenue increased 15% to USD191.1 million in 2024 from USD166.7 million in 2023, driven by a 19% rise in average sales price to USD2,312 per ounce.
- Pretax profit fell 71% to USD34.6 million due to an impairment loss of USD9.1 million and higher provision for loss on derivatives of USD6.5 million.
- Operating profit excluding impairment and derivative costs increased 83% to USD53.5 million from USD29.2 million in 2023.
- Gold production fell 1.5% to 83,897 ounces in 2024 from 85,194 ounces in 2023, while average gold recovery improved to 90.5% from 88.7%.
- All-in-sustaining-cost (AISC) of gold increased 0.8% to USD1,135 per ounce from USD1,126 per ounce, but was still above guidance of USD1,125 per ounce.
- The company does not declare a dividend for 2024 and has set 2025 production guidance for the Runruno mine at between 70,000 and 75,000 ounces.
Statistics:
- Revenue 2024: USD191,100,000
- Revenue 2023: USD166,700,000
- Pretax profit 2024: USD34,600,000
- Pretax profit 2023: USD119,600,000
- Gold production 2024: 83,897 ounces
- Gold production 2023: 85,194 ounces
- Average gold recovery 2024: 90.5%
- Average gold recovery 2023: 88.7%
- AISC per ounce 2024: USD1,135
- AISC per ounce 2023: USD1,126
Sources:
- Alliance News, February 11, 2025: "Metals Exploration PLC"
Note: The text does not provide any other sources for verification or reference.