Metals Exploration

MTL · AIM · Basic Resources · mcap £510m · 16.7p

Beta Briefing, track record and signals & risks are not ready for Metals Exploration yet.

We follow 964 UK small caps and every one of their announcements – often hundreds per company. 71 companies are already wired into a briefing: browse them.

Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 30 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £512.1m
Owner’s net cash: £6.8m
Net cash / market cap: 1%
EV ex leases: £505.2m
Revenue: £158.2m
Operating profit: £46.8m
Free cash flow after leases: −£34.7m
EV / EBIT: 10.8×
FCF yield: -6.8%
Price / tangible book: 2.44×
Net income (owners): £21.9m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 30 Sep 26 · read the results ↗

Source ↗

	30 June 2026 (Unaudited) US$	30 June 2025 (Unaudited) US$	31 December 2025 (Audited) US$
Non-current assets
Property, plant and equipment	264,067,519	85,674,859	218,147,243
Other assets	13,830,000	92,969,213	13,830,000
Investment in associate companies	175,885	129,953	128,253
Trade and other receivables	13,429,354	17,288,365	15,622,039
Total non-current assets	291,502,758	196,062,390	247,727,535
Current assets
Inventories	18,041,722	17,348,922	17,206,016
Trade and other receivables	24,061,974	13,346,673	17,047,585
Cash and cash equivalents	9,001,213	45,916,669	41,171,536
Provision for gain on derivatives	-	265,503	-
Total current assets	51,104,909	76,877,767	75,425,137
Non-current liabilities
Trade and other payables	(15,161,184)	(14,470,850)	(15,155,336)
Retirement benefits obligations	-	(3,154,594)	(164,470)
Provision for loss on derivatives	(1,356,570)	-	-
Deferred tax liabilities	(14,591,783)	(557,047)	(14,530,453)
Provision for mine rehabilitation	(8,846,061)	(4,302,525)	(8,253,228)
Total non-current liabilities	(39,955,598)	(22,485,016)	(38,103,487)
Current liabilities
Trade and other payables	(20,889,529)	(9,654,958)	(28,483,299)
Provision for loss on derivatives	(992,425)	(5,610,776)	(1,429,405)
Retirement benefits obligations	(2,096,923)	-	(2,350,444)
Total current liabilities	(23,978,877)	(15,265,734)	(32,263,148)
Net assets	278,673,192	235,189,407	252,786,037
Equity
Share capital	393,235	384,048	387,136
Share premium account	83,158,113	76,524,105	79,260,654
Capital redemption reserve	38,266	38,266	38,266
Treasury shares	(19,278,326)	(19,278,326)	(19,278,326)
Translation reserve	7,934,465	8,750,437	7,836,591
Re-measurement reserve	(624,007)	(570,632)	(624,007)
Other reserves	2,484,136	(938,558)	2,737,779

Source ↗

	6 month period ended 30 June 2026 (unaudited) US$	6 month period ended 30 June 2025 (unaudited) US$	Year ended 31 December 2025 (audited) US$
Net cash arising from operating activities	37,954,423	59,572,252	107,868,980
Investing activities
Purchase of subsidiaries, net cash acquired	-	(23,141,452)	(21,599,629)
Interest income	190,797	381,487	925,471
Purchase of mineral properties and exploration expenses	(143,459)	(2,900,967)	-
Purchase of property, plant and equipment	(72,331,377)	(19,965,398)	(79,620,087)
Net cash used in investing activities	(72,284,039)	(45,626,330)	(100,294,245)
Financing activities
Share issues	2,116,459	2,052,375	4,173,479
Net cash arising from/(used in) financing activities	2,116,459	2,052,375	4,173,479
Net (decrease)/increase in cash and cash equivalents	(32,213,157)	15,998,297	11,748,214
Cash and cash equivalents at beginning of period	41,171,536	31,224,696	31,224,696
Effects of exchange rate changes on cash and cash equivalents	42,834	(1,306,324)	(1,801,374)
Cash and cash equivalents at end of period	9,001,213	45,916,669	41,171,536

Source ↗

	2025 US$	2024 US$
Continuing Operations
Revenue	208,413,419	191,149,615
Cost of sales	(135,356,661)	(128,630,976)
Gross profit	73,056,758	62,518,639
Administrative expenses	(11,495,137)	(8,984,213)
Operating profit	61,561,621	53,534,426
Impairment (loss)/gain	908,828	(9,065,277)
Other income/expenses	(22,798,678)	(3,319,103)
Provision for gain/(loss) on derivatives	5,453,412	(6,521,465)
Share of (loss)/profit of associates	(5,158)	12,030
Profit before tax	45,120,025	34,640,611
Tax (expense) 9/10	(16,502,303)	(9,064,743)
Profit for the period	28,617,722	25,575,868
Non-controlling interest	274,217	10,211
Profit for the period attributable to equity holders of the parent	28,891,939	25,586,079
Other comprehensive income
Items that may be re-classified subsequently to profit or loss
Exchange differences on translating foreign operations	(1,560,023)	(1,545,017)
Items that will not be re-classified subsequently to profit or loss: Re-measurement of pension liabilities	(53,375)	(320,892)
Total comprehensive profit for the period attributable to equity holders of the parent	27,278,541	23,720,170
Total comprehensive profit for the period attributable to equity holders of the parent and non-controlling interests	27,004,324	23,709,959
Cents per voting share Cents per voting share
Earnings per voting share
Basic cents per voting share	1.05	1.29
Diluted cents per voting share	0.97	1.28

Source ↗

	2025 US$	2025 US$	2024 US$
Non-current assets
Property, plant and equipment	12	218,147,243	93,544,640
Intangible assets	13	13,830,000	620,331
Investment in associate companies	16	128,253	133,411
Trade and other receivables	17	15,622,039	19,750,486
Total non-current assets	247,727,535	114,048,868	–
Current assets
Inventories	18	17,206,016	18,122,391
Trade and other receivables	17	17,047,585	10,891,450
Cash and cash equivalents	19	41,171,536	31,224,696
Total current assets	75,425,137	60,238,537	–
Non-current liabilities
Trade and other payables	23	(15,155,336)	(70,850)
Retirement benefits obligations	22	(164,470)	(3,154,594)
Deferred tax liabilities	10	(14,530,453)	(557,047)
Provision for mine rehabilitation	25	(8,253,228)	(4,270,571)
Total non-current liabilities	(38,103,487)	(8,053,062)	–
Current liabilities
Trade and other payables	23	(28,483,299)	(18,924,024)
Loans - current portion	24	-	(6,890,400)
Derivative liabilities	21	(1,429,405)	(6,869,769)
Retirement benefits obligations	22	(2,350,444)	-
Total current liabilities	(32,263,148)	(32,684,193)	–
Net assets	252,786,037	133,550,150	–
Equity
Share capital	387,136	2	35,366
Share premium account	79,260,654	3	13,458
Capital redemption reserve	38,266	5	0,401
Treasury shares	26	(19,278,326)	(25,345,845)
Translation reserve	7,836,591	9,396,614	–
Re-measurement reserve	(624,007)	(570,632)	–
Other reserves	2,737,779	(4,289,234)	–

Source ↗

	2025 US$	2024 US$
Net cash generated from operating activities	107,868,980	85,470,242
Investing activities
Purchase of subsidiaries, net of cash acquired	(21,599,629)	(497,306)
Interest income	925,471	148,751
Pre-takeover loan to Condor	-	(2,500,000)
Purchase of property, plant and equipment	(79,620,087)	(6,053,563)
Net cash used in investing activities	(100,294,245)	(8,902,118)
Financing activities
Repayment of borrowing principal	-	(23,896,298)
Repayment of borrowing interest	-	(3,338,575)
Borrowings	-	6,890,400
Shares issued	4,173,479	2,503
Off-market share buy back	-	(25,345,845)
Net cash used in financing activities	4,173,479	(45,687,815)
Net increase in cash and cash equivalents	11,748,214	30,880,309
Cash and cash equivalents at beginning of year	31,224,696	339,997
Foreign exchange difference	(1,801,374)	4,390
Cash and cash equivalents at end of year	41,171,536	31,224,696

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	–	158.2	149.5
Adjusted EBITDA	81.3	95.6	77.2
EBITDA	73.9	79.9	–
Operating profit	–	46.8	41.9
Share-based payments	(3.7)	(16.4)	–
Operating profit to net income
Net income (owners)	–	21.9	–

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Adjusted EBITDA	41.5	−26%	39.8	55.8
EBITDA	40.0	−13%	34.0	45.9
Share-based payments	(1.0)	−93%	(2.7)	(13.7)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	64.1	81.9	66.9
Investing activities
Capex (PP&E)	(98.8)	(60.4)	(4.7)
Financing activities
Share buybacks	–	0.0	(19.8)
Shares issued	3.2	3.2	0.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	28.2	−39%	35.9	46.0
Investing activities
Capex (PP&E)	(53.8)	+249%	(45.0)	(15.4)
Financing activities
Shares issued	1.6	−1%	1.6	1.6

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	10.3	0.5
Property, plant & equipment	199.2	162.0	74.5
Associates & JVs	0.1	0.1	0.1
Current assets
Inventories	13.6	12.8	14.4
Cash	6.8	30.6	24.9
Current assets	–	56.0	48.0
Current liabilities
Borrowings, current	–	0.0	5.5
Current liabilities	–	24.0	26.0
Equity
Non-controlling interests	0.1	0.1	0.3
Total equity	210.3	187.7	106.4
Net cash and other figures
Shares in issue	–	2,940.9m	–
Treasury shares	–	299.4m	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	–	10.3	–	0.5
Property, plant & equipment	199.2	162.0	62.4	74.5
Associates & JVs	0.1	0.1	0.1	0.1
Current assets
Inventories	13.6	12.8	12.6	14.4
Cash	6.8	30.6	33.5	24.9
Current assets	–	56.0	–	48.0
Current liabilities
Borrowings, current	–	0.0	–	5.5
Current liabilities	–	24.0	–	26.0
Equity
Non-controlling interests	0.1	0.1	0.3	0.3
Total equity	210.3	187.7	171.4	106.4
Net cash and other figures
Shares in issue	–	2,940.9m	–	–
Treasury shares	–	299.4m	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

Spotted an error in this income statement? Report it

Company filings. Not investment advice.