Metals Exploration
MTL · AIM · Basic Resources · mcap £516m · 16.2p 3 open situations →
Open · 3
Runruno end of mine life
Runruno is nearing end of life; FY2026 guidance was cut in April 2026 to 40,000-48,000 oz, with output seen at the upper end on 21 Aug 2026. H1 2026 interims (30 Sep 2026) show output of 21,451 oz, down from 40,985 oz, and FCF of US$54.7m. Mining is confirmed to cease in Q4 2026, with grade and recovery expected to improve in H2.
- Ore mined
- 198 kt in Q2 2026 against 396 kt in Q1 2026 16 Jul 2026 ↗
- Q2 free cash flow
- US$25.2m pre-tax 16 Jul 2026 ↗
- Driver
- Higher-grade ore from Stage 5 pit, expected for remainder of 2026 21 Aug 2026 ↗
- H1 recovery
- 80.7% vs 91.4% in H1 2025 30 Sep 2026 ↗
- H1 free cash flow
- US$54.7 million vs US$70.7 million 30 Sep 2026 ↗
- Mining end
- Mining operations cease in Q4 2026 30 Sep 2026 ↗
Next: Mining ceases at Runruno · 31 Dec 2026
- 30 Sep 2026 H1 output halved; mining to cease Q4 2026
- 21 Aug 2026 Output now seen at upper end of guidance
- 16 Jul 2026 Recovery improved; ore mined falling
- 22 May 2026 FY2026 guidance cut; plant options evaluated
La India construction
On 15 June 2026 MTL announced agreements giving it exclusive rights to explore Batong Buhay, a porphyry copper-gold project in the Philippines, as a possible successor to Runruno. Pre-drilling began by 16 July 2026. The 30 Sep 2026 interims narrow the drilling start to Q4 2026 from H2 2026.
- Next milestone
- Drilling campaign expected to commence Q4 2026 30 Sep 2026 ↗
- Ownership
- MTL subsidiary 80% of FEMC; Balatoc (Kalinga) Tribe 20% free carried 30 Sep 2026 ↗
- Minimum spend
- Year 1 PHP 30m (~US$0.5m); Year 2 PHP 60m (~US$1m); five-year total PHP 1bn (~US$16m) 15 Jun 2026 ↗
- Government payments
- PMDC: PHP 50m (~US$0.8m) signing fee, annual PHP 10m commitment fee, 2% NSR rising to 3% after 10 years 15 Jun 2026 ↗
- Historical resource
- Dickson non-JORC 86.9Mt at 0.83% CuEq from surface 30 Sep 2026 ↗
- Pending
- PMDC to finalise Exploration Permit EXPA-079 with the MGB 16 Jul 2026 ↗
Next: Drilling campaign expected to commence
- 30 Sep 2026 74.4% complete; first gold on track December 2026
- 28 Sep 2026 Plant installation advancing; loan fully drawn
- 21 Aug 2026 Construction advancing; equipment loan drawn
- 16 Jul 2026 56% complete, on track; budget raised to US$177m
1 director buying
- 28 Aug 2026 A director £20k
- 5 Aug 2026 A director £8,138k
Closed · 1
Company filings. Not investment advice.