Metals Exploration PLC - gold miner in Philippines - Gold revenue jumps 31% to $191.1 million in 2024 from $145.8 million in 2023. In the fourth quarter alone, gold revenue falls 9.7% to $47.5 million from $52.6 million in the third quarter. In the final quarter, the company sells 19,144 ounces of gold at an average realised gold price of $2,481 per ounce. This compares to 21,943 ounces sold at an average of $2,396 per ounce in the third quarter. For 2025, Metals Exploration expects gold production of 70,000 to 75,000 ounces, down at least 11% from 83,897 ounces in 2024.
Chief Executive Officer Darren Bowden says: ‘The company enters 2025 with a strong balance sheet, record free cash flow, and exciting exploration prospects, which gives us confidence in our ability to deliver sustainable value to all our stakeholders. We look forward to providing further updates as we progress through this transformational year.’
Current stock price: 6.00 pence each, closed up 5.3% on Thursday in London
12-month change: doubled from 3.00p
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