Collins Stewart and Ambrian Capital released updates on their buy stance on Metals Exploration after the Company announced a 90% increases in indicated resource at its Runruno gold deposit in the Philippines and a 6% increase in grade from 2.27 grams per tonne gold to 2.41 grams per tonne gold.
Ambrian reiterated its buy stance, and said Metals Exploration was "one of the cheapest +1 million ounce gold plays on the market in terms of market capitalisation per resources ounce".
Collins Stewart was also positive, maintaining its buy stance and 63 pence share price target after noting that the 6% increase in the grade of the resource equated to a 20% increase in the NPV.