Metals Exploration (MTL) H1 2026 earnings summary

Executive summary

• H1 2026 generated US$54.7m of positive free cash flow while Runruno operations ran down; La India construction reached 56% completion at 30 June and 74.4% by the report date.

• First gold pour at La India remained on track for December 2026; Runruno mining was forecast to cease in Q4 2026.

Financial highlights

• Revenue was US$100.0m vs US$118.9m YoY; operating profit was US$30.2m vs US$29.1m, and profit before tax was US$26.7m vs US$16.8m.

• Profit for the period was US$22.1m vs US$16.5m; profit attributable to equity holders was US$22.2m vs US$16.5m.

• Runruno sales revenue was US$100.0m on 21,373 oz sold, vs US$118.9m on 41,240 oz; realized price was US$4,677/oz vs US$2,884/oz.

• Net cash from operating activities was US$38.0m vs US$59.6m; investing activities used US$72.3m vs US$45.6m.

Outlook and guidance

• La India first gold pour remains targeted for December 2026; commercial production is expected from Q1 2027.

• La India construction was 74.4% complete at the report date; total budget increased marginally to ~US$180m due to logistics costs and new import duties.

• Runruno mining is forecast to cease in Q4 2026; H2 head grade and recovery are expected to improve as deeper Stage 5 and 6 ore is processed.

• Batong Buhay drilling is expected to commence in Q4 2026 following pre-drilling activities.