Metals Exploration (MTL) Investor update summary

Strategic Growth, M&A Activity, and Deal Structure

• Achieved turnaround with production rising from 50,000 to 85,194 ounces annually, supporting debt reduction and enabling M&A activity.

• Acquired YMC Group in August 2024, securing Abra tenements with drill-ready targets and government approval for exploration.

• Proposed acquisition of Condor Gold, including the La India project in Nicaragua, aligns with a four-pillar growth strategy and offers a clear development path with significant upside potential.

• Condor Gold deal structured as 70% shares and 30% cash, with a 4-to-1 share swap, contingent value rights up to $28.8m tied to resource discoveries, and incentives for new resource additions.

• Board and major shareholders of both companies unanimously support the Condor Gold acquisition, with finalization expected by mid-January and Jim Mellon joining as a non-executive director.

Operational Performance and Financial Status

• Runruno mine achieved record FY2023 gold production of 85,194oz, revenues of $167 million, and 88.7% recovery, with strong cash flows projected through 2027.

• Forecast production for 2024 is 82,500oz, with mine life expected to end in Q1 2027, though efforts are underway to extend operations.

• Achieved debt-free status except for a £5.5m bridging loan related to the Condor Gold offer.

• BIOX technology enables efficient processing of refractory ore bodies, running at 20% above design capacity.

• Progressive rehabilitation means 90% of end-of-life costs are already addressed, with major facilities fully rehabilitated.

Exploration and Development Pipeline

• Abra tenement covers 16,200 hectares in a prolific gold belt, with initial drilling at Manikbel and Domenglay prospects planned.

• Manikbel prospect shows large copper mineralisation, with rock samples over 10% copper and a 1,500m x 800m mineralised zone.

• Domenglay features significant arsenic and gold anomalies, with surface gold values over 30g/t.

• Dupax target, 20km from Runruno, has VMS potential with grades up to 15.47g/t Au and 7% Cu.

• Drilling programs are ready to commence, pending final government approvals, offering a 5- to 10-year growth platform.