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Market: AIM
52-week High/Low: 7.25p / 3.13p
Sector: General Mining - Gold
Market Cap: 56.79M
Phone: +44 (0)207 869 5109
Address: 18th Floor, Portland House, Bressenden Place, London SW1E 5RS.
Metals Exploration

Metals Exploration

Metals Exploration is a natural resources exploration and development company operating in the Pacific Rim, with particular focus on the Philippines.

The Company’s principle asset is the Runruno Gold-Molybdenum Project on the island of Luzon in the northern Philippines. The Company acquired the project in February 2005 and recently increased its interest in the project to 100%.

Work to date has defined a resource of 1.39 million ounces (Moz) of gold, and 25.6 million pounds (Mlb) of molybdenum with 1,050,000oz gold reporting to the Measured and Indicated categories and 900,000oz gold within the Mining Proven & Probable Reserve category.

Deal MTL Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

Metals Exploration

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Big picture - Why invest in Metals Exploration

Metals Exploration Snapshot


About Metals Exploration


  • 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 open pit 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.


Other projects



The Dupax EPA comprises two separate blocks – Dupax (5,042 hectares) and Solano (3,814 hectares) – totaling some 8,856 hectares in area. The EPA is located in Nueva Vizcaya Province, some 200km north of Manila.


The Dupax block contains a previously identified and partially open pit mined zinc-copper-gold massive sulphide deposit. The deposit occurs as a massive sulphide body in agglomerate and disseminated sulphide in silicified sediments, predominantly underlain by marine clastics intercalated with pillow basalts and pyroclastics. This package is intruded by dikes and sills of intermediate to basic composition.


Major structures strike northwest and grossly conform to the trend of the mineralized zones. Principal ore minerals are sphalerite, chalcopyrite, tennantite and secondary covellite. The best grades obtained from sampling of the outcrop are 45.7% zinc, 3.89% copper and ~4g/t gold.


Previous work focused on defining a restricted lens of high-grade, direct shipping massive sulphide zinc-copper ore which was partially mined out by open pit methods (ca 1960/70s). Previous production records are currently unknown.


Gossans and manganese mineralisation occurs along strike of the main fault structure and show potential for additional massive sulphide deposits in the area. Geological logs of tunnels excavated during the 1960s(?) describe a weathered and oxidized profile of 12 meters thickness, which would make surface prospecting for massive sulphides more difficult. Gossanous material at surface is the best indicator of sulphide mineralisation at depth.


The Dupax block is a poorly explored area which hosts economic grades of massive sulphide Zinc-Copper-Gold mineralization. There appears to be an obvious structural control on the mineralization.Little is known about the Solano block. Once the EPA has been granted, the Company intends to carry out detailed geological mapping, soil geochemistry, followed by geophysical surveys to determine favourable areas for drill testing.




The Sulong EPA covers some 6,963 hectares in area and is situated to the east of Solano, Nueva Vizcaya Province, approximately 220km north of Manila.


The area has previously been mined for manganese (ca 1970s) which, is interpreted as being the oxidised portion of an extensive vein-fault system, although there is little evidence of shipment of manganese ore.


During the early 1990s Climax conducted a regional geochemistry survey of the district, including the Sulong area. During the late 1990s, Placer Pacific Exploration Phils., Inc. (a subsidiary of Placer Dome), carried out stream sediment geochemistry and rock sampling of the Sulong area. Sampling of outcrop within the EPA area returned assay grades up to 0.64g/t gold.


The Company believes that the area comprises a large gold-bearing vein-fault system and potential for porphyry copper mineralisation. Once the EPA has been granted, the Company intends to carry out detailed geological mapping, soil geochemistry and geophysical surveys to determine favourable areas for drill testing.




Historical drilling in the 1970`s identified nickel laterite deposits of some 35Mt at grades of 1.5% Ni, 0.13% Co and 37% Fe within the area.


The Company believes there is potential to develop a sustainable short and medium term nickel operation in Waigeo. 

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.


Christopher Whitehouse – Non Executive Director

Chris qualified as a Chartered Accountant in Smith & Williamson’s audit practice in London. Since qualifying, Chris has held senior financial positions at privately owned and listed companies in financial services and real estate. Chris is currently Finance Director for a UK based Real Estate & Development Management Group and joined the Board as a Non-Executive Director on 31 August 2012.


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.


Craig Watkins – Country Manager

Craig has over 20 years experience in the mining industry and is responsible for company’s activities in the Philippines.  Craig’s experience covers all aspects of project development from feasibility study, design and construction management of mining, mineral processing and infrastructure projects.  He has a broad range of international experience that includes projects in South East Asian emerging markets along with Papua New Guinea, Australia and North America.  Craig holds a Bachelor of Engineering degree from the University of South Australia and a Masters in Project Management degree from Northwestern University, USA.  He is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM).


Chevy Albo – Finance and Administration

Chevy is a qualified accountant and has been working in the exploration/drilling business since 1997, and before that 5 years with US subsidiary company Fritz Philippines Inc., a freight forwarding company, and 4 years with Fiesta Motor Philippines. Chevy has also worked in liaison with offshore consulting accountant firms in Sweden, Malaysia and Australia. She fills the roles of Company Secretary and Treasurer in the Philippine subsidiary companies.


Agnes Goze – Environment and Permitting Manager

Agnes is an environmental specialist with over 10 years of experience with the Environmental Management Bureau of the Department of Environment and Natural Resources, Philippines.  More recently she has worked as a consultant in the field of environmental management, impact assessment, environmental quality sampling and monitoring; and wastewater treatment process and design.   Agnes was a key member during securing of the Environmental Compliance Certificate (ECC) for the Runruno Gold-Molybdenum Project.  Agnes has a Bachelor of Science degree in Chemical Engineering from Saint Louis University, Baguio City, Philippines; and a Master of Science in Environmental Science and Technology from the International Institute for Infrastructural, Hydraulics and Environmental Engineering (IHE), Delft, The Netherlands.


Information taken from Company website 24.02.2015

Registered Office

200 Strand London WC2R IDJ

Tel: (+44 20) 7539 7272 


United Kingdom

18th Floor

Portland House

Bressenden Place



United Kingdom

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





[email protected]

Nominated Adviser:

Westhouse Securities Limited

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 +44 (0) 207 601 6100



Kerman & Co

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Tel  +44 (0)20 7539 7272 



Nexia Smith & Williamson 

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Tel:  020 7131 4000


Public Investor Relations:

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S.P. Angel Corporate Finance LLP

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35-39 Maddox Street

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