Metals Exploration (MTL) investor relations material

Operational performance and growth

• Produces approximately 55,000 oz gold annually at Runruno, Philippines, with strong cash generation and no debt.

• La India project in Nicaragua targets 145,000 oz gold per year, with construction on schedule for first gold pour in Q4 2026.

• FY2025 revenues reached $208.4m and free cash flow $115.3m; FY2026 Runruno production guidance is 50,000–60,000 oz.

• Cash flows from Runruno are funding La India’s $165m development, with the company maintaining a market cap of £444m as of January 2026.

Project development and exploration

• La India’s construction is ~33% complete, with major civil works and equipment procurement advanced.

• The project has a 2.3 Moz gold resource at 3.9 g/t, 12.5-year mine life, and upgraded plant capacity to 1.8 Mtpa.

• Exploration continues at La India and the Abra tenements in the Philippines, with drill-ready copper and gold targets.

• Cacao and other satellite targets at La India show promising drill results, supporting resource expansion.

Financial and corporate highlights

• Enterprise value stands at £402.5m, with £41.6m cash and no debt.

• Top shareholders include Candy Investments (22%) and Drachs Investments (20%).

• Broker target price is 34p per share.

• Operational turnaround at Runruno led to full debt repayment and improved gold recovery to 90.5% by FY2024.