Share Name Share Symbol Market Type Share ISIN Share Description
Metals Exploration LSE:MTL London Ordinary Share GB00B0394F60 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 4.875p 4.75p 5.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 0.2 -0.2 - 100.98

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Date Time Title Posts
16/1/201714:36Metals Exploration - The Investors thread1,144.00
24/1/201420:34Metals Exploration - Positive Rewsuls 30 June 20052,077.00
21/10/200922:36Metals Explore - Information thread1.00
30/6/200520:08Metals Explore - Information thread167.00
06/5/200513:41Metals Explore keep em peeled399.00

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16/01/2017 17:11:584.88150,0007,312.50O
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16/01/2017 16:28:365.0071,0863,554.16O
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Metals Exploration Daily Update: Metals Exploration is listed in the Mining sector of the London Stock Exchange with ticker MTL. The last closing price for Metals Exploration was 4.88p.
Metals Exploration has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 2,071,334,586 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Metals Exploration is £100,977,561.07.
blueclyde: Looking at the latest presentation 5 entities own over 90% of the company so I guess that explains the lack of PR; it's not needed. Will also cause the share price to surge if this gets on the radar.
lord badger: Hol, I’d given up speculating on what might happen down the line but I don’t think this is a pure Candy play given the outcome of the Battle for MTL a few years ago, which pegged back their holding to below 50%. I thing the prevailing theory is a sale at some stage. There is another theory, that being to build up a war chest and buy another mine, possibly from a major producer looking to pay down debt, but I don’t see the current management taking that on, and besides, it would be hard to compete with the Chinese who are acquisitive at the moment. Then there is the possibility of developing another mine - MTL is, at the end of the day, an exploration company - but I don’t think there is an appetite for this in the Philippines given the government’s attitude towards mining and the current regulatory environment. There are possibly a number of other options, along the lines of those you mentioned, but the Candy’s would have to convince Runruno Holdings, Baker Steel, Ruffer, et al, to go along with them on that journey - they could do it, but personally I doubt it. You mention the Candys being used to long term plays, but for them this is already a very long term play and perhaps they’re looking to close it out sooner rather than later. I think the other thing to bear in mind is that the world has changed a great deal since the the Candys first got involved and their priorities / strategy may well have changed; their strategy certainly changed after 2010. If a sale is the preferred route then unless something forces their hand, my logic dictates that the company would maximise value beforehand; get the mine into full production and optimise the gold circuit and then run it for a while whilst expanding the resource. Well, that’s what I’d do. With regards the share price, and your comment Peter, correct me if I’m wrong, but the company would most likely be selling the mine and the sale price would be based on the value of the gold in the ground, effectively the value of FCF Minerals, rather than MTL’s share price If this is the case then I’m not sure the major shareholders will be focused too much on the current SP, more on the longterm performance of the mine and the size of the resource/reserves.
lord badger: Peter, I agree that what is not said can be as important as what IS said. However, I know from my own experience advising clients on the release of news, you are often damned if you do, damned if you don't, plus very often there are a host of complex reasons in the background why what seems like straightforward information cannot be released; the latter of which is the bane of my life. I obviously can't comment on MTL and the reasons why certain seemingly obvious information is not being released, however, all I can say is that from my questions to the board at various AGMs and from the discussions with Ian and Liam at last year's AGM, to which a number of other members of this board were a party, I have experienced the "OK, now I understand" moment on numerous occasions. Plus, on the up side, the current drop in share price presents an opportunity to buy at the same level as the major shareholders did in the last two rounds of fund raising i.e. their premium has been nearly wiped out. Not only did the major shareholders pitch in at 5p but so did a range of new investors. I can't see any of them doing so if 5p didn't represent good value - OK, before someone points it out, you could say that the original major shareholders had to pitch in because they're in so deep, but that's not true of the new shareholders. Depending on your perspective of course, you could actually say that the "markets" are working in favour of PIs at the moment, at least those who have the funds to average down or take a position. Personally I view the management as cautious/conservative with regards news flow and have this baked in to my assessment of the business and my investment. Some miners like to splash news around and ride the share price gyrations like a dull rodeo rider, but I'm not a fan of this approach. At the end of the day approx 85% of MTL's shareholders are high net worth individuals and investment vehicles, who get the news they need. That's not to say the management ignore PIs, as our experiences at AGM's attest, but none the less it's a fact of life. Granted it means the free float is small, the market size is tiny and the share price regularly does odd things, but on the plus side, with a small group of major shareholders the business has been able to raise funds quickly and cheaply and the debt level is, by conventional standards, very low. We're hopefully in the home straight now but it's going to take a little more patience. I'm actually as interested in the next operational update as I am in news of an Environmental/CSR Award, the latter of which is so important on so many levels including the big one: keeping on the right side of the government. Quite aside from keeping on the right side of government, maintaining good environmental/CSR standards is just the right thing to do. Despite what some say, the government needs miners and the taxes they generate; they just want better miners, those who operate to the same standards they would in their home territories. They also have a vested interest in exemplifying good miners and promoting high mining standards, which is a win win for both the government and MTL, if we were to win another award (we have a fair few already). An award some time soon would be great news. No pressure then!
holism: If the company has all the permits is ramping up to 120k ozs per annum at a very low cost of production, renewed bank finance and the share price goes down I agree it does look as if we are sitting ducks. The only chance of a re-rate is the possibility of a dividend or takeover.I am with you Peter, confused.
wiseacre: The following on Share Prophets site: The political clouds are lifting over Philippines gold miner Metals Exploration (MTL). The Manila Times reported last week that the Runruno mine has been granted permission “to start full commercial operation before the end of this year after it has complied with the necessary corrective measures”. And the tough new Department of Environment Secretary, Regina Paz Lopez, is quoted as saying that the Bureau of Mines, when granting the company its certificate had proved “a way to identify responsible miners.” With her imprimatur investors can afford to smile. All that remains is for the company to secure permission to sell the gold it has already produced while it continues to ramp up production. With all bureaucratic issues resolved the banks will be happy to extend the group’s $83 million debt facility. The newspaper report explains that, “the project was approved by the Provincial Board (Bureau of Mines) after it was endorsed by the host Barangay Runruno and the local government of Quezon following more than five years of exploration and community development activities in the area. With a capital cost of $149.3 million and estimated average annual operation cost of $46.2 million, FCF Minerals (Metals Ex’s Philippines company) targets 96,700 ounces per year over a mine life of 10.4 years.” I expect the company to confirm the good news next week. The share price should quickly bounce back to the 10p level it touched last July before suffering under the burden of the political uncertainties, the hiatus over its bank loans and the need for two emergency share issues, funded by its the four largest shareholders, in order to pay its 500 workers. The management is mindful of the loyalty of its remaining long suffering shareholders and could take on a new broker, since it will have no further requirement to hide its light under a bushel. It will after all be one of the world’s lowest cost gold producers. Average down/buy.
todaywelive: I was at the AGM on Friday. A new self -produced video was shown and this will be available on the website. The ball mill has excess capacity. It is considered to be a “Rolls Royce” ball mill albeit requiring more tweaking during commissioning. The ball mill has a heat recovery system which results in lower energy costs. The different plant modules are designed to work independently allowing stock piles at different stages. Should the BIOX circuit not be operating at any given time gold recoveries of 70-80% will be possible. The BIOX circuit is being “woken up” having been ready for some time. This circuit will breakdown coatings on material to allow enhanced gold recoveries. The BIOX facility will take 3 months to be running to best affect as more tanks come into operation. The molybdenum part of the operation is not being built due to the reduction (approx 50%) in the molybdenum price since the DFs was done. This is not new news. There was a discussion on variations on what AISC included however a sum of $720 was given which is broadly in line with numbers I have heard previously. The operation will run to environmental standards that exceed Australian standards. This is expected to fully satisfy the increased environmental awareness being expressed in country. The board recognise that there is more to be done to “get the story out”. The immediate need of commissioning the plant is a higher priority at the moment. I am expecting this to change. Overall I felt the board were concentrating on the most important issues. My own view is that the share price will go into double figures when the market is becomes aware that the plant is fully commissioned and performing. This will take some weeks. Today
lord badger: Hol, I think rate of production is an interesting one. The company is currently quoting an average of 100,000oz per year, but it would be interesting to establish what the throughput capacity of the current plant and processes actually is. You can look at it two ways: they're quoting circa 100,000oz pa because they have approx 1moz of 2P reserves and they factoring a minimum 10 year mine life…but if the 2P increased they could ramp up annual production to suit; or the existing plant and processes is only capable of processing circa 100,000moz and so they've set a minimum 10 year mine life. If the latter then annual GP/NP would be capped: if the former, well, that's were it gets interesting. ssad, down the line I've got this pegged at anything between 17p and 28p but everything hinges on how much gold there is in 'dem 'dere hills plus a whole load of other variable like the above, PoG, etc. To date (or at least to the date of the last reported reserves/resource in April 13) they'd only drilled a small proportion of the property, so who knows what they'll find. They were advertising for a mobile drill rig operator to be in post by June of last year and with all the delays and downtime on the mining side of things, they could have been test drilling for nearly 12 months. Who knows, we might even seen a resource update at the AGM at the end of June. That could be really interesting and could be the next share price trigger point. In terms of fantasy valuation, remember, a couple of years ago they were talking about the geological similarities between Runruno and Cripple Creek, the largest gold mine in the world!
strollingmolby: Comment on MTL's placing in Baker Steel Resources Trust's NAV announcement last week: Metals Exploration PLC ("Metals Ex") As previously announced, following the fundraising via a placement to its three largest shareholders, Metals Ex extended the subscription opportunity to all other shareholders, through an open offer of up to GBP3 million, at 3 pence per share. On 27 October 2015, Metals Ex announced that the open offer was oversubscribed. The Company applied for its pro rata entitlement and in addition subscribed for further shares, although this over-application was scaled back. At the issue price the market capitalisation of Metals Ex totals GBP45.7 million, less than half the cost of construction of Metals Ex's Runruno Gold Mine in the Philippines. Given that the mine construction is all but complete and is merely awaiting final operating permits, the open offer was considered a very attractive opportunity to deploy funds in a project that is well understood by the Investment Manager and was only open to existing shareholders. Once in full production Runruno is scheduled to produce approximately 100,000 ounces of gold per annum. Following damage from Super Typhoon Lando whose track ran close to Runruno, Metals Ex was ordered to suspend certain site works at the end of October 2015 and a programme of repairs and rectification is in the process of being agreed with the Philippines Mines and Geosciences Bureau. During October 2015 the Metals Ex share price rose 20% to 3.75p per share at month end. HTTP://
lord badger: I've given up trying to work out or project the share price. I'm hoping for 10-13p at, well, some stage in the future. There are still a number of variables at play which could impact price / timing: the tax situation and it's impact on the bottom line; potential for Manilla port delays eluded to in the last Op Update; the huge block of shares held by one person and that person's as yet unknown exit strategy; impact of tiny free float on market activity; MTL's next strategic move; as yet unknown value of other EPs, etc. MTL has been a roller coaster ride thus far and I can't see the ride ending any time soon. A little media exposure, aside from Proactive Investor and a blogger followed by one man and a dog, would be nice. You'd think someone would pick this up given how close we are to a living, breathing, working mine. Rupert, could I ask were you got the info on the three year hedge? I've seen one year mentioned.
lord badger: Sell side currently limited to around 30,000 shares. It would be quite extreme, buying at the bid price, but there seems to be little rhyme or reason to MTL price movements - buy and it goes down sell and it goes up! BTW, last week the actual prices were more closely mirroring the bid and ask prices. I think it was the week before last that buys were coming through at below the mid price. Seems things were firming up. On the op update, the web site gallery pictures for January still haven't appeared - presumably they'll be updated them when the op update comes through.
Metals Exploration share price data is direct from the London Stock Exchange
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