Metals Exploration (MTL) Mining Forum Americas 2026 summary

Operational highlights and transition

• Philippine gold operations are winding down in 2026, with final mining in November and milling in January 2027, after a decade of production and $115.3 million in free cash last year.

• Transitioning focus to Nicaragua, where the Condor Gold/La India acquisition is construction-ready and set for first gold in December 2026, targeting 145,000 ounces annually and a 12+ year mine life.

• Philippine assets shift toward copper, with significant tenement holdings and exploration plans for large copper-gold projects, including Batong Buhay and Abra.

• Runruno operational turnaround led to full debt repayment and continued cash flow to fund growth.

• Achieved record FY2025 revenue of $208.4m and FY2026 Runruno production guidance of 40,000–48,000 oz.

Nicaragua project development and expansion

• Condor Gold's La India project holds 2.3 million ounces at 3.9 grams, with three main veins and extensive exploration potential targeting 5 million ounces.

• Plant capacity expanded from 800,000 to 1.8 million tons per year, supporting future production increases and a hub-and-spoke model for high-grade satellite deposits.

• Production profile aims for 100,000 ounces in 2027, rising to 145,000 ounces from 2029 as underground and additional open pits come online.

• All-in sustaining costs estimated at GBP 1,200–$1,500 per ounce, with initial higher costs due to capital investments.

• Construction at La India remains on schedule for first gold production in December 2026, supported by $27m in secured financing.

Exploration and growth strategy

• Aggressive exploration in Nicaragua, including the historic La Grecia mine with surface samples averaging 18 grams, and maiden drilling completed in Q3 2026.

• Expansion of land package in Nicaragua from 550 to 1,200 sq km, with multiple high-grade targets identified.

• Potential to increase annual gold output to 200,000 ounces by integrating high-grade satellite ore.

• Exploration concessions expanded in April 2026, including La Grecia, supporting a robust pipeline.

• Further results from La Grecia expected mid-October 2026.