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Gold producer operating the Runruno open-pit mine in the Philippines, now expanding into Nicaragua via its Condor Gold acquisition.
Gold producer operating the Runruno open-pit mine in the Philippines, now expanding into Nicaragua via its Condor Gold acquisition.
Sells gold from the Runruno mine in the Philippines at market prices, but that mine is nearing the end of its planned life, so the company is using the Condor Gold takeover to line up a replacement project in Nicaragua that has to be built and financed before it earns anything.
In one line: A small Philippines/Nicaragua-focused junior gold miner.
Moat: none (installed base). Single ageing mine nearing end of life with a new development project not yet in production.
Headquarters: London, UK (mine in Philippines)
Size Metals Exploration (MTL.L) is a United Kingdom Materials company (Precious Metals) with a market value of $617M, the 271st largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £14.90 on 6 Nov 2026.
Performance Over six months the shares gained 17.3%, against -4.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 16.6% over the last twelve months (peer median +79.5%); the operating margin is 31.9% (peer median 20.9%).
Valuation It trades at 13.3× forward earnings against a peer median of 9.8× (4th most expensive of 10).
Capital Return on invested capital runs 6.6 points above its cost of capital (10.0% WACC).
Next results Next results expected around 19 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £141M | £158M | £150M | £134M | £101M |
| Revenue growth | — | +6% | +12% | +33% | — |
| Gross profit | £55.7M | £55.4M | £48.9M | £30.0M | £26.6M |
| EBITDA | £77.6M | £79.9M | £76.2M | £62.7M | £38.2M |
| Net income | £25.7M | £21.9M | £20.0M | £95.9M | £7.11M |
| Free cash flow | -£34.5M | £22.1M | £59.7M | £51.7M | £24.3M |
| Capital expenditure | £95.7M | £60.4M | £4.74M | £8.25M | £6.68M |
| Total debt | n/a | £0 | £5.50M | £18.7M | £68.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Metals Exploration MTL.L | $617M | +17% | -17% | 32% | 13.3× | n/a |
| OceanaGold OGC.TO | $6.27B | -5% | +56% | 44% | 7.1× | -5.4% |
| B2Gold BTO.TO | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% |
| Hudbay Minerals HBM.TO | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTL.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.2% | -8.1% | 9th lowest of 21 |
| 6-month return | +17.3% | -4.1% | 6th highest of 20 |
| Distance from 52-week high | -22.4% | -31.5% | 6th highest of 21 |
| Revenue growth (TTM) | -16.6% | +79.5% | 2nd lowest of 10 |
| Operating margin | 31.9% | 20.9% | 5th highest of 13 |
| Forward P/E | 13.3× | 9.8× | 4th most expensive of 10 |
| ROIC minus cost of capital | +6.6 pp | -16.7 pp | 6th highest of 19 |
| EV / EBITDA | 5.8× | 4.4× | 4th most expensive of 8 |
| Net debt / EBITDA | -0.1× | -0.2× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Metals Exploration MTL.L | United Kingdom | $617M | +17% | -17% | 32% | 13.3× | n/a | n/a |
| Troilus Mining TLG.TO | Canada | $611M | -8% | n/a | n/a | n/a | n/a | n/a |
| St. Barbara SBM.AX | Australia | $629M | +5% | -76% | -935% | 14.7× | n/a | n/a |
| Anglo Asian Mining AAZ.L | United Kingdom | $590M | +30% | +220% | 48% | 6.5× | -8.5% | +3.2% |
| Galiano Gold GAU.TO | Canada | $653M | +2% | +91% | 44% | 3.7× | -13.8% | +51.1% |
| Amaroq AMRQ.L | United Kingdom | $657M | 0% | +2,134% | 12% | n/a | n/a | n/a |
| New Found Gold NFGC.TO | Canada | $662M | -16% | n/a | -233% | n/a | n/a | n/a |
| First Mining Gold FF.TO | Canada | $670M | +33% | n/a | n/a | n/a | n/a | n/a |
| Gold Reserve GRZ.V | Canada | $560M | -19% | n/a | n/a | n/a | n/a | n/a |
| Andean Precious Metals APM.TO | Canada | $555M | -20% | +63% | 32% | 5.0× | -7.2% | +52.9% |
| Banyan Gold BYN.V | Canada | $554M | +18% | n/a | n/a | n/a | n/a | n/a |
| Tungsten West TUN.L | United Kingdom | $694M | -18% | n/a | -1,558% | 106.7× | n/a | n/a |
| Forrestania Resources FRS.AX | Australia | $547M | -33% | n/a | -4,833% | 8.9× | n/a | n/a |
| Goldsky Resources GSKR.V | Canada | $543M | -28% | n/a | n/a | n/a | n/a | n/a |
| Brightstar Resources BTR.AX | Australia | $542M | +68% | +91% | -116% | n/a | n/a | n/a |
| IperionX IPX | United States | $540M | -66% | n/a | n/a | n/a | n/a | n/a |
| Turaco Gold TCG.AX | Australia | $540M | +29% | n/a | n/a | n/a | n/a | n/a |
| Santacruz Silver Mining SCZ.TO | Canada | $707M | n/a | +38% | 30% | 9.8× | 7.1% | +59.3% |
| Griffin Mining GFM.L | United Kingdom | $711M | -4% | +29% | 30% | 20.3× | 13.2% | +12.2% |
| Mako Mining MKO.V | Canada | $712M | +7% | +79% | 41% | 10.5× | 1.5% | +156.3% |
| WIA Gold WIA.AX | Australia | $533M | -22% | n/a | n/a | n/a | n/a | n/a |