Metals Exploration PLC said on Monday it expects to beat its 2024 targets for gold production and cost.
The Philippines-focused gold miner said it forecasts annual gold production of 82,500 ounces, beating its upper guidance target of 80,000 oz. This is below last year’s record gold production of 85,194 oz.
The company also said it anticipated its 2024 all-in sustaining cost to be $1,125 per oz, below the lower guidance target of $1,175 per oz. This is around the same as last year’s cost of $1,126 per oz.
It also confirmed that the most recent typhoon in the Philippines, super-typhoon Pepito, did not damage the Runrono mine site, process plant or other site infrastructure.
The company has also received the highest government mining award available in the Philippines for the third year in a row.
Chief Executive Officer Darren Bowden said: ‘We are delighted to share that we expect to be exceeding both our 2024 upper guidance target for production of 80,000 oz, and our all-in sustaining cost lower guidance of $1,175 per ounce. Gold production for FY2024 is forecast to be 82,500 ounce, at a lower AISC guidance of $1,125, a testament to the strong performance at Runruno that has been maintained over the past year.’
Shares in Metals Exploration were up 0.9% to 5.80 pence in London on Monday morning.
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