Metals Exploration PLC (GB:MTL)
LSE:MTL
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Metals Exploration
(LSE:MTL)
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Rating:72Outperform
Price Target:
15.00 p
▲(5.63% Upside)
Action:Reiterated
Date:05/24/26
The score is driven primarily by strong financial performance (growth, solid margins, and a de-risked zero-debt balance sheet). Valuation is supportive with a low P/E, but technical indicators are neutral-to-weak (negative MACD and trading below key longer-term moving averages), which caps the overall rating.
Positive Factors
Zero net debt / de-risked balance sheet
Zero reported debt in 2025 materially reduces default and refinancing risk, giving management durable financial flexibility to fund sustaining capex, exploration or opportunistic M&A without relying on external leverage. This strengthens resilience across metal-price cycles and supports long-term investment optionality.
Negative Factors
Sharp free cash flow decline in 2025
A ~53% drop in free cash flow reduces discretionary resources for dividends, buybacks, debt paydown or project funding. If this reflects higher sustaining capex, working-capital pressure, or lower conversion, persistent FCF weakness could erode the recent balance-sheet gains and constrain strategic options over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero net debt / de-risked balance sheet
Zero reported debt in 2025 materially reduces default and refinancing risk, giving management durable financial flexibility to fund sustaining capex, exploration or opportunistic M&A without relying on external leverage. This strengthens resilience across metal-price cycles and supports long-term investment optionality.
Read all positive factors
Metals Exploration (MTL) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£396.56M
Dividend YieldN/A
Average Volume (3M)5.20M
Price to Earnings (P/E)17.2
Beta (1Y)0.65
Revenue Growth6.02%
EPS Growth1.37%
CountryUK
Employees786
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.01
Shares Outstanding2,986,169,700
10 Day Avg. Volume6,323,093
30 Day Avg. Volume5,201,041
Financial Highlights & Ratios
PEG Ratio-1.07
Price to Book (P/B)2.23
Price to Sales (P/S)2.65
P/FCF Ratio18.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£150.51M
Metals Exploration Business Overview & Revenue Model
Company Description
Metals Exploration plc is a company focused on the discovery, acquisition, exploration, and development of mineral deposits throughout the Western Pacific Rim. Its primary endeavors involve uncovering reserves of both precious and base metals. Not...
How the Company Makes Money
Metals Exploration makes money primarily by producing and selling metal from its mining operations. Revenue is generated when ore is mined and processed to produce saleable metal (typically as doré or concentrate) that is sold to third-party offta...
Metals Exploration Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 212.79M | 191.15M | 166.68M | 124.41M | 129.84M |
| Gross Profit | 74.59M | 62.52M | 37.26M | 32.74M | 37.87M |
| EBITDA | 107.56M | 90.25M | 181.78M | 44.60M | 45.71M |
| Net Income | 29.50M | 25.59M | 119.25M | 8.75M | 11.29M |
Balance Sheet | |||||
| Total Assets | 323.27M | 174.29M | 181.48M | 120.61M | 129.65M |
| Cash, Cash Equivalents and Short-Term Investments | 41.19M | 4.05M | 340.00K | 861.07K | 4.74M |
| Total Debt | 0.00 | 6.89M | 23.90M | 81.98M | 102.69M |
| Total Liabilities | 70.39M | 40.74M | 47.55M | 102.84M | 120.12M |
| Stockholders Equity | 252.76M | 133.15M | 133.93M | 17.76M | 9.52M |
Cash Flow | |||||
| Free Cash Flow | 29.79M | 79.42M | 64.31M | 29.96M | 34.59M |
| Operating Cash Flow | 111.08M | 85.47M | 74.56M | 38.19M | 46.52M |
| Investing Cash Flow | -103.34M | -8.90M | -10.25M | -8.23M | -11.87M |
| Financing Cash Flow | 4.26M | -45.69M | -64.80M | -33.82M | -39.67M |
Metals Exploration Technical Analysis
Negative
14.20
Price Trends
13.60
Negative
14.12
Negative
13.83
Negative
Market Momentum
-0.05
Negative
48.90
Neutral
76.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MTL, the sentiment is Negative. The current price of 14.2 is above the 20-day moving average (MA) of 13.21, above the 50-day MA of 13.60, and above the 200-day MA of 13.83, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 48.90 is Neutral, neither overbought nor oversold. The STOCH value of 76.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:MTL.
Metals Exploration Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | £246.09M | 4.86 | 37.38% | ― | 67.11% | 91.17% | |
73 Outperform | £272.78M | 6.43 | 43.19% | ― | 75.97% | 127.98% | |
72 Outperform | £396.56M | 17.25 | 12.27% | ― | 6.02% | 1.37% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | £450.98M | 33.51 | 22.56% | ― | 200.18% | ― | |
46 Neutral | £48.43M | -2.97 | -28.28% | ― | ― | -458.82% | |
44 Neutral | £156.31M | -10.00 | -20.68% | ― | ― | ― |
* Basic Materials Sector Average
GB:MTL
Metals Exploration
13.20
2.70
25.71%
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Metals Exploration Corporate Events
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Metals Exploration Publishes 2025 Annual Report and Sets June AGM
Neutral
May 22, 2026
Metals Exploration has published its Annual Report and Accounts for the year ended 31 December 2025, along with the Notice of Annual General Meeting and proxy form, making them available to shareholders in hard copy where requested and via the com...
Business Operations and StrategyFinancial Disclosures
Metals Exploration to brief investors on 2025 results via live online presentation
Positive
May 22, 2026
Metals Exploration has announced that chief executive Darren Bowden will host a live online investor presentation and QA on 27 May 2026 via the Investor Meet Company platform. The session, open to existing and prospective shareholders, will cover ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Metals Exploration Posts Record Results as La India Build Accelerates
Positive
May 22, 2026
Metals Exploration reported record financial results for 2025, with revenue rising to $208.4 million and free cash flow climbing to $115.3 million, despite a 22% drop in gold output at its Runruno mine due to processing issues and a super-typhoon....
Business Operations and StrategyFinancial Disclosures
Metals Exploration trims Runruno outlook as La India build surges ahead
Positive
Apr 23, 2026
Metals Exploration reported unaudited Q1 2026 pre‑tax free cash flow of US$29.4 million on gold revenue of US$52.9 million from Runruno, despite lower production, higher all‑in sustaining costs of US$2,067/oz and reduced sales volumes ...
Business Operations and Strategy
Metals Exploration Secures Four New Concessions Around Nicaragua’s La India Project
Positive
Apr 10, 2026
Metals Exploration has secured four new exploration concessions totalling about 64,400 hectares adjacent to its La India Gold Project in Nicaragua, on 25-year terms with a 3% gross royalty and escalating surface fees. The ground includes historica...
Business Operations and StrategyFinancial Disclosures
Metals Exploration Reports Strong Sustainability Gains Ahead of Runruno Closure
Positive
Apr 9, 2026
Metals Exploration has published the sixth sustainability report for its Runruno gold project in the Philippines, detailing 2025 performance across economic, social and environmental metrics. The report underscores the group’s focus on respo...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Metals Exploration’s La India Gold Project Runs Ahead of Schedule as Budget Rises
Positive
Mar 30, 2026
Metals Exploration reported that construction at its La India gold project in Nicaragua has reached 40% completion by mid-March 2026, ahead of the planned 35%, with total spending of about US$80 million broadly in line with forecasts. The overall ...
Business Operations and StrategyRegulatory Filings and Compliance
Metals Exploration Sets New Share Admission Date and Updates Voting Rights
Neutral
Mar 3, 2026
Metals Exploration PLC has updated the timetable for the admission of 1,182,210 new ordinary shares being issued under its 2025 Management Incentive Plan, with trading in the shares now expected to commence around 6 March 2026. Following admission...
Private Placements and FinancingRegulatory Filings and Compliance
Metals Exploration Issues New Shares Following Option Exercise
Neutral
Mar 3, 2026
Metals Exploration PLC has issued 1,218,396 new ordinary shares following the exercise of an option at an exercise price of £0.0829, raising gross proceeds of £101,005. The new shares are expected to be admitted to trading on AIM around ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Metals Exploration Raises Capital and Issues Incentive Shares as Voting Rights Increase
Positive
Feb 27, 2026
Metals Exploration has strengthened its balance sheet and adjusted its capital structure through the exercise of 3,334,556 warrants and options, raising a combined £218,541. The newly issued ordinary shares reflect continued investor particip...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.