UK's Metals Exploration Plc H1 revenue falls on lower production at Runruno mine

By Reuters News


Overview

  • UK gold miner's H1 2026 revenue and production fell due to lower grades at Runruno

  • Company generated positive free cash flow, though lower than H1 2025

  • La India project construction 74% complete, first gold pour expected December 2026


Outlook

  • Company expects first gold pour at La India project in December 2026

  • Project budget for La India increased to c.$180 mln due to logistics costs and import duties

  • Mining operations at Runruno forecast to cease in Q4 2026


Result Drivers

  • LOWER GRADES AND RECOVERIES - Co said gold production and revenue fell due to lower ore grades and recoveries at Runruno as operations wind down to closure

  • OPERATIONAL DISRUPTIONS - Co reported unplanned process plant downtime due to contaminated ore and power interruptions, but said these did not materially interrupt production


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Free Cash Flow

$54.70 mln


Analyst Coverage

  • The one available analyst rating on the shares is "strong buy"

  • The average consensus recommendation for the gold peer group is "buy."

  • Wall Street's median 12-month price target for Metals Exploration PLC is GBp34.50, about 105.4% above its September 29 closing price of GBp16.80

  • The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago


Reuters Recommended Reads

  • Sept 29 - Kazakhstan-focused miner Altyngold's H1 profit jumps on higher gold prices

  • Sept 28 - UK's Tullow Oil half-year net loss widens on one-off refinancing fees

  • Sept 28 - Tullow Oil swings to positive free cash flow as Ghana output, higher oil prices drive growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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