Metals Exploration (MTL) Corporate presentation summary

Strategic overview and growth focus

• Produces approximately 65,000 oz of gold annually at Runruno in the Philippines and is developing the La India Project in Nicaragua, targeting production by end of 2026.

• Debt-free status and strong cash generation from Runruno are funding growth and development projects.

• Growth strategy includes expanding into the Americas, targeting 145,000 oz annual gold production at La India, and pursuing further M&A and exploration opportunities.

• Exploration licenses and drilling programs are underway at Dupax and Abra, with potential to extend mine life and resource base.

Operational and financial performance

• Achieved record FY2024 revenues of $191.1 million and positive free cash flow of $96.7 million.

• FY2025 gold production guidance for Runruno is 65,000–70,000 oz, with forecast revenue of $210 million.

• All-in sustaining costs have decreased to $1,135/oz in 2024, reflecting operational efficiencies.

• Runruno mine life expected to finish in 2027, with La India production ramping up to replace cash flow.

La India project development

• La India has 2.2 Moz gold reserves, with an initial annual production target of 145,000 oz and a 12+ year mine life.

• Construction is on schedule, with key milestones in 2025 including plant procurement, civil works, and relocation agreements.

• Initial capex for La India is $160 million, with NPV (6%) of $882 million at a $2,500/oz gold price.

• Plant capacity increased to 1.4 Mtpa, with process flowsheet optimized for higher recovery and efficiency.

• Exploration at La India targets an additional 5 Moz gold potential beyond current resources.