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Metals Exploration Plc

www: www.metalsexploration.com   email: info@metalsexploration.com
Category: Junior: Emerging Mid-tier Producer
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Symbol Data

Symbol Currency
LON:MTL GBX

Description

Metals Exploration Plc are a gold focused junior, emerging mid-tier producer with one producing mine in Philippines and one mine in development in Nicaragua. Currently they produce roughly 70koz. of gold per year. They have approximately 0.4Moz. of gold in the reserves and resources category of which 0.4Moz. are in the measured and indicated category. They have a market capitalisation of ~£546.86M which is a rise of roughly 8% over the last four months. As of 08/25/2025 they have no debt and ~£41.47M cash. They have 2,935M shares outstanding and trade on the London Stock Exchange.

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General Details

Financial 08/25/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $507.41M $546.86M 08/25/2025
MCap (OS): $505.69M $545.01M 08/25/2025
Total Assets: $167.87M $167.23M 08/25/2025
Total Liabilities: $40.29M $40.14M 08/25/2025
Current Assets: $41.63M $41.47M 08/25/2025
Current Liabilities: $41.63M $41.47M 08/25/2025
Total Debt: $0.00M $0.00M 08/25/2025
Cash: $41.63M $41.47M 08/25/2025
Debt (Net): $-41.63M $-41.47M
Enterprise Value: $465.78M $505.39M 01/06/1986
Cash Flow: $123.42M $190.46M never
Cash Flow Multiple: 4.11 2.87 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 08/25/2025
Misc 08/25/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 2,935,000,000 2,935,000,000 08/25/2025
Shares (FD): 2,945,000,000 2,945,000,000 08/25/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 08/25/2025
Production (Gold Eq Oz.): (guess) 
70,000		 (guess) 
70,000		 08/25/2025
Production (Silver Eq Oz.): (guess) 
6,073,818		 (guess) 
4,618,386		 08/25/2025
Development Phase: none Producer (Single Mine) 08/24/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 08/19/2024
Cash Flow Multiple: 6 6 08/24/2025

Resource Data

GOLD 08/25/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.00M 2.00M 08/25/2025
Measured & Indicated: 0.40M 0.40M 08/25/2025
Inferred: n/a n/a 08/25/2025
Reserves & Resources: 0.40M 0.40M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.80M 1.80M 08/25/2025
Measured & Indicated: 0.65M 0.65M 08/25/2025
Inferred: n/a n/a 08/25/2025
Reserves & Resources: 0.65M 0.65M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
70,000oz.		 (guess) 
70,000oz.		 08/25/2025
Cash Cost: $1,000 $1,000 08/25/2025
Extra Operating Cost: $600 $600 08/25/2025
Total: $1,600 $1,600 08/25/2025
Margin (Free Cash Flow): $1,763 (52%) $2,721 (63%)
MCap / Production (AuEq): $7,248.77 $7,812.35
EV / Production (AuEq): $6,654.05 $7,219.87
G
R
A
D
E		 Underground (Avg): 3.50 g/t 3.50 g/t 08/25/2025
Open Pit (Avg): n/a 1.70 g/t 03/25/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/25/2025
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 08/25/2025
Annual Production: 125,000oz. 125,000oz. 08/25/2025
Cash Cost: $1,100 $1,100 08/25/2025
Extra Operating Cost: $700 $700 08/25/2025
SILVER 08/25/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/25/2025
Measured & Indicated: n/a n/a 08/25/2025
Inferred: n/a n/a 08/25/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/25/2025
Measured & Indicated: n/a n/a 08/25/2025
Inferred: n/a n/a 08/25/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 08/25/2025
Extra Operating Cost: n/a n/a 08/25/2025
Total: n/a n/a 08/25/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $83.54 $118.41
EV / Production (AgEq): $76.69 $109.43
G
R
A
D
E		 Underground (Avg): n/a n/a 08/25/2025
Open Pit (Avg): n/a n/a 08/07/2023
Recovery Rate: n/a n/a 08/25/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/25/2025
Annual Production: n/a n/a 08/25/2025
Cash Cost: n/a n/a 08/25/2025
Extra Operating Cost: n/a n/a 08/25/2025

Property

Last Analysis Data  (08/25/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev La India
100 show
3 million oz deposit.

1.5 million open pit (3 gpt)
1.5 million underground

Construction ready.

PFS: $150 million capex.
$700 cash cost per oz.

Size: 31,300 ha
Prod Runruno
100 show
1 million oz (1.7 gpt) resource.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev La India
100 show
3 million oz deposit.

1.5 million open pit (3 gpt)
1.5 million underground

Construction ready.

PFS: $150 million capex.
$700 cash cost per oz.

Size: 31,300 ha
Prod Runruno
100 show
1 million oz (1.7 gpt) resource.

Profitability (by resource)

Proven &
Probable		 08/25/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.80M 1.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,173.69M $4,897.49M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,173.69M $4,897.49M n/a
Max Profit / Current MCap: 6.255 8.956 n/a
Max Profit Per Share (Gold): $1.08 $1.66 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $1.08 $1.66 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $281.90 $303.81 n/a
FD MCap / Silver Eq.: $3.25 $4.60 n/a
FD MCap / Per Metal
as % Spot Price:		 8.38% 7.03% n/a
EV / Gold Eq.: $258.77 $280.77 n/a
EV / Silver Eq.: $2.98 $4.26 n/a
EV / Per Metal
as % Spot Price:		 7.69% 6.50% n/a
Measured &
Indicated		 08/25/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.40M 0.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.65M 0.65M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,142.53M $1,763.10M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,142.53M $1,763.10M n/a
Max Profit / Current MCap: 2.252 3.224 n/a
Max Profit Per Share (Gold): $0.39 $0.60 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.39 $0.60 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $783.05 $843.93 n/a
FD MCap / Silver Eq.: $9.02 $12.79 n/a
FD MCap / Per Metal
as % Spot Price:		 23.28% 19.53% n/a
EV / Gold Eq.: $718.80 $779.92 n/a
EV / Silver Eq.: $8.28 $11.82 n/a
EV / Per Metal
as % Spot Price:		 21.37% 18.05% n/a

Reserves &
Resources		 08/25/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.40M 0.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.65M 0.65M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,142.53M $1,763.10M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,142.53M $1,763.10M n/a
Max Profit / Current MCap: 2.252 3.224 n/a
Max Profit Per Share (Gold): $0.39 $0.60 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $0.39 $0.60 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $783.05 $843.93 n/a
FD MCap / Silver Eq.: $9.02 $12.79 n/a
FD MCap / Per Metal
as % Spot Price:		 23.28% 19.53% n/a
EV / Gold Eq.: $718.80 $779.92 n/a
EV / Silver Eq.: $8.28 $11.82 n/a
EV / Per Metal
as % Spot Price:		 21.37% 18.05% n/a

Future Valuation (Cash Flow & Totals)

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