Metals Exploration Plc (LON:MTL) says it expects the first export of gold doré bars from its Philippines mine to take place in early October.
It came as the firm, which operates the Runruno project, posted results to end June, which also said that debt restructuring discussions were ongoing with lenders - the Hongkong and Shanghai Banking Corporation Limited and BNP Paribas.
In August, Metals, whose progress has been hampered by delays in getting its Runruno mine up to full speed, said gold was being poured on a weekly basis.
The project declared that it had started commercial operations on September 9, taking the mine from development to operating stage.
The Mines and Geosciences Bureau is now reviewing that declaration and it is expected that the first export of gold will take place in early October this year with revenues received shortly after, the group said.
Comnstruction of part of the project was suspended in 2015 due to Typhoon Lando but conditions attached to lifting the 2015 Residual Storage Impoundment (RSI) partial suspension order are expected to be completed also during this October.
Mining operations and the gold processing and recovery circuits are in the ramp up phase which is expected to be completed by the end of November 2016, the group added.
As at June 30, the group had outstanding capital commitments of £157,000 and it is expected a further £2.75 million (US$3.7 million) will be required to complete the enhancement works in the RSI.
This will mean the total capital spend on the construction of the project to date is around US$206.7mln.
Metals shares eased 2% to stand at 6.125p each.