Metals Exploration (MTL) Investor update summary

Strategic Growth, M&A Activity, and Acquisitions

• Achieved turnaround with production rising to 85,194 ounces in FY2023 and recovery rates improving to 88.7%.

• Became debt-free, except for a £5.5m bridging loan for the Condor Gold offer, enabling a focus on M&A, including the acquisition of Condor Gold and YMC Group.

• Condor Gold acquisition includes the La India project, a construction-ready asset with a 2.3 million ounce resource, fully permitted, and strong government support.

• Offer for Condor is 70% shares and 30% cash, with contingent value rights up to $28.8m tied to future resource discoveries and gold production.

• YMC Group acquisition provides access to highly prospective copper-gold tenements in the Abra District, supporting long-term growth.

Operational Performance and Financial Status

• Runruno mine forecasted to sustain strong performance through Q1 2027, with record FY2023 gold production and revenues of $167 million.

• Forecast production for 2024 is 82,500oz, with strong cash generation enabling funding for new projects.

• BIOX technology enables efficient processing of refractory ore, providing a competitive advantage.

• Rehabilitation is 90% complete ahead of mine closure, minimizing end-of-life costs.

• Multiple awards for safety, environmental stewardship, and operational excellence, including three consecutive President's Awards in the Philippines.

Exploration and Development Pipeline

• Abra tenement covers 16,200 hectares, with initial drilling at Manikbel (copper-rich, large-scale) and Domenglay (gold-rich, high arsenic anomalies) prospects planned.

• Manikbel prospect shows 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, and could extend Runruno’s mine life by 3–5 years if economic.

• All targets are drill-ready, with permitting processes underway.