Metals Exploration PLC Operations Update - Publication of Annual Report (6706R)
July 01 2020 - 1:15AM
UK Regulatory
TIDMMTL
RNS Number : 6706R
Metals Exploration PLC
01 July 2020
1 July 2020
METALS EXPLORATION PLC
("Metals Exploration" or the "Company")
Operations Update - Publication of 2019 Annual Report and
Accounts - 2019 AGM - AIM Suspension
Metals Exploration Plc (AIM: MTL), the natural resources
exploration and development company with assets in the Pacific Rim
region, provides an operational update on matters relating to the
operations of its Runruno gold project in the Philippines, the
publication of the Group's Annual Report and Accounts for the year
ended 31 December 2019, the Company's 2019 annual general meeting
("AGM") and the ongoing suspension from trading on the AIM market
of the London Stock Exchange ("AIM").
Operations
As previously announced, in March 2020, the Philippine
government imposed various directives designed to contain the
spread of COVID-19 in the country. These directives included
various measures restricting the flow of people and goods in and
out of the country, particularly in and around Manila. The Company
continues to comply with these measures, however, travel
restrictions have resulted in a number of senior personnel being
unable to return to site; notably key maintenance and process
managers. Nonetheless, the Company continues to operate and,
although not without continuing logistical challenges, it continues
to sell gold dore.
Interruptions to the Company's supply chain of operational
consumables and spare parts have occurred. Of particular concern
has been a significant increase in power outages at the mine site.
Increased power outages, combined with some back-up system failures
and the inability to move specialist maintenance personnel to site
continues to negatively impact production and in particular the
performance of the BIOX process, which has not operated in a stable
manner for much of the June quarter. The net impact to production
of all COVID-19 related matters is expected to be an approximate
10% drop in gold production compared to the March quarter.
2019 Annual Report and Accounts
Restrictions, on both international and domestic Philippine
travel, caused by the COVID-19 pandemic have given rise to delays
to the Group's audit timetable. In addition, the Company remains in
negotiations with its lenders with the aim to secure a debt
restructure that provides a stable financial platform for the
Group., This has given rise to extended discussions surrounding the
accounting treatment of the Company's debt position, which has
caused further delays.
As a result, the Company will be unable to publish its annual
audited accounts for the year ended 31 December 2019 ("2019 Annual
Report and Accounts") by the 30 June deadline pursuant to AIM Rule
19. The Company will publish the 2019 Annual Report and Accounts as
soon as practicable.
Annual General Meeting ("AGM")
The Company notes recent UK legislation that has extended the
time within which to hold its AGM until 30 September 2020. The
Company intends to follow these new laws but will endeavour to hold
its AGM as soon as practicable, following the publication of the
2019 Annual Report and Accounts.
AIM Suspension
The Company confirms that the suspension in the trading of its
Ordinary Shares on AIM remains in place and is expected to do so
until the Company, inter alia, completes a debt restructuring that
removes its current financial uncertainty and allows the Company to
resume trading. The delay in release of the 2019 Annual Report and
Accounts would ordinarily lead to a suspension of trading in itself
and therefore the publication of the 2019 Annual Report and
Accounts will also be required before trading is resumed.
A further announcement will be made in due course, as and when
appropriate.
This Announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). Upon
the publication of this Announcement, this inside information is
now considered to be in the public domain.
For further information please visit or contact
www.metalsexploration.com
Darren Bowden Chief Executive Officer +63 908 8500 051
Michael Langoulant Chief Financial Officer +44 (0)7899 249990
------------------------- -------------------
Nominated & Financial Adviser STRAND HANSON LIMITED
& Broker:
James Spinney, James Dance +44 (0) 207 409 3494
----------------------
Public Relations: TAVISTOCK
----------------------
Jos Simson, Barnaby Hayward +44 (0)207 920 3150
----------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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