Big picture - Why invest in Metals Exploration Plc
Metals Exploration Plc Snapshot
About Metals Exploration
Metals Exploration Plc is a mineral resources exploration and development company. It 100% owns the Runruno Gold Project located north of the Philippines. It is registered and listed on the Alternative Investment Market (AIM) in London with ticker identity MTL.
Metals Exploration`s management strategy and corporate plan is to:
- Provide shareholders with high capital growth potential, delivered by developing a mineral project into a world class mine.
- Undertake cost-effective and precise exploration on those targets most likely to deliver real shareholder wealth.
- Respect the indigenous culture of the exploration areas and to promote social and economic development for the traditional custodians.
- Maintain a "queue" of projects ranging from grass-roots exploration to advanced resource projects requiring definitive feasibility studies.
- Manage the inherent value of its portfolio by advancing short-term projects, joint venturing long-term projects requiring significant development capital, or by selling off those assets which deliver immediate value to the shareholders.
- Use financial modelling to ensure that the targets being sought are of the style to deliver a low-cost position on the production-cost curve.
- Conduct operations in a safe and environmentally responsible manner to industry best practise standards.
- Offer employment opportunities to those who live in the exploration project areas.
Runruno is located 200 miles north of Manila in the mineral rich province of Nueva Viscaya. The area has been known to be abundant in gold and other precious metals since the early 1960s and has enjoyed a varied exploration history.
Metals Exploration first became involved with the Runruno deposit in 2005 and has undertaken extensive scientific and geological surveys since, with extremely encouraging results. In May 2010 the Company announced the results of the Runruno project Feasibility Study which confirmed the viability of the project, projecting average production of 96,700oz of gold per annum over a mine life of 10.4 years, at an average forecast operating cost $477/oz gold before any molybdenum credits. The capital cost is forecast to be US$149.3 million, with payback within 3.5 years at US$1,000/oz gold. The Runruno project will be an surface mine operation, and will use the proven BIOX® and carbon in leach processes to recover gold and molybdenum.
Work to date has defined a resource of 1.42 million ounces (Moz) of gold, and 25.6 million pounds (Mlb) of molybdenum with 900,000oz gold reporting to the Measured and Indicated categories and 780,000oz gold within the Mining Proven & Probable Reserve category.
The deposit is located within a large alkaline volcanic complex, approximately 3.5 kilometres in diameter, of which less than 15% has been effectively explored presenting substantial exploration upside.
The Runruno project comprises one granted Exploration Permit (EP-II-13) and is located some 200 miles to the north of Manila in Northern Luzon.
The deposit is located within a large alkaline volcanic complex, approximately 3.5 kilometres in diameter, of which less than 15% has been effectively explored.
Work to date has defined a resource of 1.73 million ounces (Moz) of gold, and 45.58 million pounds (Mlb) of molybdenum with 900,000oz gold reporting to the Measured and Indicated categories and 780,000oz gold within the Mining Proven & Probable Reserve category.
Metals Exploration`s focus at Runruno is the continued development of gold and molybdenum resources. Although there has been a substantial amount of previous exploration in the area, none have capitalised on the presence of molybdenum.
Since 2005, Metals Exploration’s staff have undertaken a structural analysis of the deposit, field mapping, general sampling, and the extensive sampling of small scale miners’ tunnels. This has led to a series of resource upgrades - for more details please see the History page.
Metals Exploration has established strong links with the community through the Runruno Foundation, which provides education, skills training and infrastructure development to the local people.
Ian Holzberger - Executive Chairman
Ian has over 35 years experience in the mining industry, which encompasses a wide range of management, operational, mine development and feasibility study roles. Ian was Managing Director of Highlands Pacific Limited from 1997 to 2007, where he implemented the feasibility study on the Ramu nickel laterite project, and subsequent sale of a majority interest in the project to a major Chinese corporation. He was also responsible for the feasibility study, development, financing, construction and commissioning of the Kainantu gold mine in PNG. Ian has extensive experience in the implementation of major project feasibility studies, equity raising, investor relations, debt financing, working with traditional societies, Government negotiations and all aspects of project development. He is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.
Tim Dean – Non Executive Director
Tim is a qualified Chartered Accountant with a First Class Honours degree in Engineering Science from Oxford University. Tim’s early career began with Gencor and has since been predominantly involved in property development at an international level with significant board room experience. Tim joined the Board as a Non-Executive Director on 12 January 2009.
Guy Walker – Non Executive Director
Guy joined the Board as a Non-Executive Director on 9th May 2011. Guy is a highly accomplished director and senior investment management executive with over 20 years financial markets experience. He currently sits on the boards of several mining companies including exploration, development and production companies. Mr. Walker has extensive experience in capital raising through both traditional banks and alternative lenders.
Edi Simovici – Non Executive Director
Edi has over 12 years of experience in finance. Edi graduated from the Academy of Economic Studies, Bucharest, and joined KMPG, audit department. Later he worked for various industries at group and local level serving as Group Financial Controller for a telecom company and Head of Finance for a real estate group. Edi holds a Bachelor degree in Business Administration and is CPA (Australia) qualified.
Julian Graham Wilson – Non Executive Director
Julian Wilson joined the Board as a Non-Executive Director 01 August 2013. Julian’s background is in risk and operations management, primarily focussed on programme delivery in politically unstable environments. Currently he heads the operations, strategy development and business performance functions for a UK based Real Estate & Development Management Group.
Jeremy William Dowling Ayre - Non Executive Director
Jeremy has over 25 years experience in both technical and financial aspects of the mining industry. He worked at Rio Tinto as a member of its London-based Business Evaluation team and at Paribas before co-founding AWR Lloyd, a specialist corporate finance firm based in Asia. More recently he worked with Baker Steel & Rock Capital to develop and launch a private equity mining fund which led to the listing of Baker Steel Resources Trust in mid 2010.
|Significant Shareholders % (as at 30 November 2016)|
|MTL (Luxembourg) Sarl Pte Ltd||46.86%|
|(and releted parties)|
|Runruno Holdings Ltd||19.00%|
|Baker Steel Capital Managers LLP||7.19%|
|(acting on behalf of its discretionary clients)|
|Investec Wealth & Investment Ltd||5.40%|
200 Strand London WC2R IDJ
Tel: (+44 20) 7539 7272
Phone: +44 (0) 207 869 5109
Fax: +44 (0) 207 869 8129
22nd Floor, Salcedo Towers,
169 H.V. Dela Costa Street,
Salcedo Village, Makati City 1227,
Metro Manila, Philippines.
Phone: +63 (0) 2 659 5662
Fax: +63 (0) 2 846 8507