Metals Exploration (MTL) Investor update summary

Strategic growth and acquisitions

• Expanded through acquisition of Condor Gold and YMC, diversifying assets into Nicaragua and Abra, Philippines.

• Four-pillar strategy focuses on operational performance, cash flow, asset transformation, and long-term exploration.

• Runruno exceeded production guidance in 2024 with 83,900 ounces and 90% recovery.

• Record revenues of $190 million and nearly $97 million in free cash, achieving debt-free status by Q1 2024.

• Ongoing focus on M&A for value creation and shareholder benefit.

Condor Gold acquisition and La India project

• Condor Gold acquisition provides a fully permitted, high-grade project in Nicaragua, targeting 145,000 ounces/year over 10-14 years.

• Internal cash flow to fund construction, avoiding equity raises.

• Plant designed for future expansion, with 2.3 million ounces in resources and potential to reach 5 million ounces.

• Exploration and drilling programs to expand resources and reserves, focusing on La India and satellite deposits.

• Initial capital budget of $122 million, leveraging a secondhand plant to accelerate construction and reduce lead times.

Operational performance and future outlook

• Runruno continues strong production and cash flow, with guidance tapering as mine life progresses.

• All-in sustaining costs maintained despite rising cost base, supporting robust financials.

• Exploration at Dupax and Abra aims to extend mine life and unlock new resources.

• Small-scale mining remains a strategic focus for community and environmental benefits.

• No immediate plans for further acquisitions; focus is on consolidating and delivering current projects.