Metals Exploration (MTL) Investor update summary

Operational and financial performance

• FY2024 gold production at Runruno reached 83,897oz, exceeding guidance, with revenues of $191.1m and free cashflow of $96.7m.

• FY2025 production guidance is 70,000–75,000oz, with revenue guidance at $226m and expectations to reach the upper end of the range.

• All-in sustaining costs for 2024 were $1,126/oz, forecast at $1,135/oz for 2025, with costs stable for five years.

• Free cash generation is strong, supported by high gold prices and limited hedging exposure.

• No further equity dilution is planned; future funding needs will be addressed through debt facilities.

Growth strategy and project development

• Strategic focus is on internal execution, not M&A or dilution, aiming to surpass $1 billion in value within 2–4 years.

• Debt-free status enables growth, including acquisition of La India District in Nicaragua and Abra tenements in the Philippines.

• Construction at La India is underway, with first gold pour targeted for Q4 2026 and ramp-up by year-end.

• Major equipment for La India is purchased; bulk earthworks and camp construction are progressing on schedule.

• Dupax in the Philippines is a key near-term target, with drilling expected to start soon pending final regulatory clearance.

Portfolio and resource outlook

• Nicaragua resource base is 2.2–2.4Moz, with production targets of 140,000–150,000oz annually by 2028.

• La India project has initial annual production targeted at 145,000oz and NPV (6%) estimated at $882m, IRR 54%.

• Exploration data suggests potential to discover an additional 5Moz gold within La India land package.

• Philippines operations are winding down, but new projects like Dupax and Abra offer significant copper, zinc, and gold potential.

• Abra tenement covers 16,200ha with drill-ready targets at Manikbel and Domenglay; drilling to start late Q2/Q3 2025.