Metals Exploration (“MTL”) has announced Q3 gold sales of 8.83koz, compared to our estimate of 6.6koz during a period when operations were impacted by cyanide contamination of the BIOX circuit resulting in an extended period of downtime. Revenues for the period were US$25.5m (H&Pe US$22.8m), with All In Sustaining Costs (“AISC”) for the period of US$1,923/oz (+70% YoY) due to the impact of lower production. Revenues per ounce were below our expectation due to the impact of 3,900oz being delivere ....
