Metals Exploration (MTL): Runruno end of mine life

This situation live

£516m · 16.2p · −7% since the first step

28 Jan 2026 · FY2026 guidance lower; Dupax extension ruled out · −19% until the next step Gold processing activities are expected to cease in late-2026 or early 2027.

30 Sep 2026 · H1 output halved; mining to cease Q4 2026 · −2% since Current forecasts confirm that mining operations at Runruno will cease in Q4 2026.

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Runruno end of mine life

H1 output halved; mining to cease Q4 2026

DEC31 Next: Mining ceases at Runruno in 68 days

Every step · 6

28 Jan 2026 FY2026 guidance lower; Dupax extension ruled out – Gold processing activities are expected to cease in late-2026 or early 2027. ↗
23 Apr 2026 FY2026 guidance cut again; Dupax ruled out – Drill programme did not outline a near term production opportunity to enable re-purposing of the Runruno processing plant. No further work is planned at... ↗
22 May 2026 FY2026 guidance cut; plant options evaluated – Mining operations at Runruno are expected to be completed during H2 2026, with processing operations set to conclude at the end of FY2026. ↗
16 Jul 2026 Recovery improved; ore mined falling – Head grade was lower than forecast at 0.82 g/t (Q1 2026: 0.92 g/t) due to less continuity of grade in the mining area. ↗
21 Aug 2026 Output now seen at upper end of guidance – Gold production from Runruno is forecast to be at the upper end of the 2026 production guidance of 40,000 - 48,000 ounces, owing to the mining of... ↗
30 Sep 2026 H1 output halved; mining to cease Q4 2026 – Current forecasts confirm that mining operations at Runruno will cease in Q4 2026. ↗

What is happening

Metals Exploration: Runruno end of mine life – H1 output halved; mining to cease Q4 2026. ['H1 output halved; mining to cease Q4 2026']

In short: 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.
Announced: 28 Jan 2026 · FY2026 guidance lower; Dupax extension ruled out
Latest: 30 Sep 2026 · H1 output halved; mining to cease Q4 2026
Ore mined: 198 kt in Q2 2026 against 396 kt in Q1 2026
Q2 free cash flow: US$25.2m pre-tax
Driver: Higher-grade ore from Stage 5 pit, expected for remainder of 2026
H1 recovery: 80.7% vs 91.4% in H1 2025
H1 free cash flow: US$54.7 million vs US$70.7 million
Mining end: Mining operations cease in Q4 2026
H2 expectation: Grade and recovery to improve from deeper Stages 5 and 6
Post-closure obligation: RSI maintenance and monitoring for 10 years after processing ends

Mining ceases at Runruno (31 Dec 2026).

From the company's own announcements. Not investment advice.

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