Metals Exploration (MTL) Corporate presentation summary

Strategic growth and acquisitions

• Achieved debt-free status (excluding a bridging loan) and focused on growth through M&A, acquiring Condor Gold and YMC Group in 2024 to replace Runruno as it nears end of mine life in 2027.

• Runruno’s strong cash generation and operational turnaround have funded acquisitions and future development.

• YMC Group acquisition brings the Abra tenements in the Philippines, with drill-ready copper-gold targets and government approval for exploration.

Operational and financial performance

• FY2024 gold production at Runruno reached 83,897oz, exceeding guidance, with revenues of $191.1 million and free cash flow of $96.7 million (unaudited).

• Runruno’s processing plant is fully optimized, achieving 90.5% gold recovery and maintaining above-design mill throughput.

• Five-year operational record shows consistent production, revenue growth, and declining all-in sustaining costs.

La India project and Condor Gold acquisition

• La India, acquired via Condor Gold, is fully permitted, construction-ready, and targets 145koz gold per annum with a 12+ year mine life and $122m capex.

• NPV (6%) for La India estimated at $882m with IRR of 54% at $2,500/oz gold price; production targeted for end-2026.

• Significant exploration upside with potential to expand resources to over 5Moz gold.