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Metals Ex loses Nomad

Struggling miner Metals Exploration (AIM:MTL) is looking for a new nominated adviser (Nomad) after Canaccord Genuity quit on Thursday.
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Aiming for a result: Metals Ex already has $35 million to find for overdue loan repayments and now needs a new Nomad

Staff reporter

Metals Ex revealed last month previous management had wildly overstated the recoveries at the Runruno gold mine in the Philippines. 

At the start of 2019, Darren Bowden came in as the new CEO, replacing Ian Holzberger.

The company has remained in financial peril since the change. 

There is now US$44 million due at the end of March, although the company has asked lenders HSBC and BNP Paribas for a "standstill" on debt repayments. 

Metals Ex said it was in "advanced talks" with a potential new Nomad. 

The company's share price was down 18% on the news to 45p, and is down 70% since February 1.