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Metals Exploration PLC on Thursday said pretax profit fell despite increased revenue, as gold sales soared due to a higher average price.
The Philippines and Nicaragua-focused gold producer, explorer and developer posted a pretax profit of $16.8 million for the six months to the end of June, down 71% from $58.4 million.
Revenue, on the other hand, rose 31% to $118.9 million from $91.1 million.
The decline in pretax profit was largely driven by impairment gains falling 90% to $4.9 million from $49.7 million the year before, while the company faced an ‘other expense’ of $18.8 million, multiplied from $701,849 a year prior.
Excluding these changes, operating profit for the period more than doubled to $29.1 million from $12.1 million.
Metals Exploration reported record positive free cash flow of $70.7 million in the first half, up 52% from $46.4 million.
Total mined material slipped 1.7% to 5.9 million tonnes from 6.0 million tonnes. Gold sold totalled 41,240 ounces, down 0.8% from 41,589 a year prior, while the average gold price soared 32% to $2,884 an ounce from $2,190 an ounce.
As a result, gold revenue for the period was $118.9 million, up 31% from $91.1 million.
‘The first half of 2025 was a hugely successful period in which we achieved record free cashflow and strong revenues from our operations at Runruno and continued to execute our strategy of becoming a multi-project company following the completion of the acquisition of Condor Gold targeting first production at the La India gold project by [the fourth quarter of 2026],’ said Chief Executive Officer Darren Bowden.
Shares in Metals Exploration were down 2.1% at 12.64 pence on Thursday morning in London.
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