Philippines miner Metals Exploration posts record free cashflow despite production issues
Aim-listed Metals Exploration has achieved record gold revenue of $208-million and record free cashflow of $115-million in the year ended December 31, 2025, despite reporting lower production.
The company produced 65 287 oz of gold from the Runruno gold mine, in the Philippines, at an average recovery rate of 88.4%. This compares to 83 897 oz produced in the prior financial year at a recovery rate of 90.5%, marking a 22% change in output and 2.3% change in the average gold recovery rate.
Chairperson Steven Smith attributes the lower production to delays caused by a cyanide contamination issue during the third quarter and the impact of the Uwan typhoon in the fourth quarter.
In fact, Metals Exploration revised its full-year gold production guidance to between 40 000 oz and 48 000 oz this year to reflect circuit disruption challenge, coupled with a geological model downgrade after grade control drilling and the impact of historical illegal small-scale mining activity on recoverable ounces.
Meanwhile, in the year under review, the company reported a 15% year-on-year increase in operating profit to $61.6-million, compared with an operating profit of $53.5-million in the prior year.
Adjusted earnings before interest, taxes, depreciation and amortisation increased by 19.2% year-on-year to $125-million in the 2025 financial year.
Notably, the company has reduced its net debt from $6.8-million in the prior year, to nil in the reporting year.
This while Metals Exploration has advanced the La India project construction, in Nicaragua, to 50% completion as of May 22, with first production expected in December this year. Metals Exploration has managed to fund the construction and development of La India entirely using free cash flow generated from Runruno.
The company also continues to explore the La India prospect to delineate upside potential.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
