Quarterly Update to 30 September 2026 - TradingView

AI desk brief

Metals Exploration reported a strong Q3 2026, with positive pre-tax free cash flow of US$34.5m, gold revenue of US$57.7m, and 13,500oz sold at an average realised price of US$4,273/oz. Runruno produced 14,108oz at an AISC of US$1,883/oz, while cash rose to US$31.8m; the company also fully drew a US$27m equipment loan and used its gold prepay facility via a forward sale of 2,000oz for Q4 delivery.

Management said Runruno’s mine life has been extended to end-January 2027 by processing historical marginal ore and mineralised waste that is now economic at current gold prices. The La India project is 75% complete, but first gold pour has slipped to Q1 2027 from December 2026 after cabling theft disrupted the schedule; project spend is US$152.3m against a revised US$186m forecast.