Metals Exploration PLC, a gold production and exploration company, released its quarterly update for Q4 2024, highlighting record financial performance and strategic acquisitions. The company reported record FY2024 free cash flow of US$96.7 million and gold revenue of US$191.1 million. It also announced the acquisition of Condor Gold, adding highly prospective assets in Nicaragua. Operationally, the company maintained a strong safety record and achieved a gold recovery rate of 94.5% at its Runruno project. Exploration activities at the Abra project progressed with government approval received for drilling, expected to commence in Q1 2025. The companys cash holdings as of December 31, 2024, were US$32.0 million, and it forecasts FY2025 gold production of 70,000-75,000 ounces.
| Year | Gold Revenue (US$) | Free Cash Flow (US$) | Total Operating Costs (US$) | Total Direct Production Costs (US$) | Total Capital Costs (US$) | Total Non-Cash Costs (US$) | Short-Term Bridging Loan (US$) |
|---|---|---|---|---|---|---|---|
| 2023 | 145,800,000 | 72,343,000 | 67,354,000 | 83,289,000 | 11,051,000 | 27,172,000 | N/A |
| 2024 | 191,150,000 | 96,749,000 | 65,447,000 | 86,882,000 | 7,518,000 | 69,794,000 | 6,900,000 |