Metals Exploration (MTL) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in FY2025, with revenue of $208.4M and free cash flow of $115.3M, driven by strong operations at Runruno and favorable gold prices.

• Gold production at Runruno was 65,287 oz, down 22.2% year-over-year due to operational disruptions, but sales revenue increased 9.1%.

• Completed acquisition of Condor Gold plc, securing the La India project in Nicaragua, with construction 33% complete at year-end and targeted for first production in December 2026.

• Entered 2026 debt-free, with significant cash reserves and an undrawn $30M gold pre-pay facility to support ongoing development.

Financial highlights

• Sales revenue rose to $208.4M (up 9.1% year-over-year); operating profit reached $61.6M (up 15.1%).

• Adjusted EBITDA was $125.9M, up 27.6% from the prior year.

• Free cash generated from operations was $115.3M, up 19.2% year-over-year.

• Net profit attributable to equity holders was $28.9M; basic EPS was 1.05 cents per share.

• Net debt at year-end was nil; cash and cash equivalents stood at $41.2M.

Outlook and guidance

• Runruno gold production guidance for FY2026 is 40,000–48,000 oz, with AISC expected between $1,700–$2,000/oz.

• Free cash flow in FY2026 expected to be similar to FY2025, funding La India development.

• La India project on track for commissioning in Q4 2026 and first gold pour in December 2026; commercial production targeted for Q1 2027.

• Continued exploration in both the Philippines and Nicaragua, with additional growth and M&A opportunities under evaluation.