Metals Exploration (“MTL”) has released Q2 production of 19.993koz from the company’s Runruno mine in the Philippines, with All In Sustaining Costs (“AISC”) of US$1,098/oz. This was a beat vs our expectation of 17.76koz at an AISC of US$1,270/oz. Sales were above production at 23.021koz at an average received price of US$3,061/oz, with revenues of US$70.4m (H&Pe US$58m) and FCF of US$47.2m (H&Pe US$28.8m), finishing the period with no debt and US$43.5m of cash. Construction is progressing at the ....
