Metals Exploration PLC on Friday noted ‘robust’ gold prices but reported an annual decline in revenue in the second quarter.

The Philippines-focused gold producer said that in the quarter which ended June 30, revenue from gold sales fell 4.9% to $46.7 million from $49.1 million the previous year.

These sales were based on a gold price of $2,320 per ounce, an increase of 17% from $1,984 a year prior.

Gold production fell 15% on-quarter to 19,529 ounces from 23,006 ounces.

The company confirmed it was now debt free and ready to carry out an off-market buy back of Runruno Holdings Ltd’s 19% shareholding once securing shareholder approval.

Chief Executive Officer Darren Bowden said: ‘The second half of the year promises more of the same as the gold price continues to remain robust. We can now look to utilise our strong balance sheet to deliver our growth strategy of appropriate acquisition opportunities with the objective to ensure ongoing future production and cash flow.’

Metals Exploration shares were up 1.1% to 4.65 pence each in London on Friday afternoon.

Copyright 2024 Alliance News Ltd. All Rights Reserved.