Metals Exploration (MTL) Corporate presentation summary

Strategic overview and operational highlights

• Focused on gold exploration, development, and production in Nicaragua and the Philippines, with La India and Runruno as key assets.

• Achieved record FY2025 revenue of $208.4m and free cash flow of $115.3m, with net debt reduced to zero.

• Construction at La India is on schedule, targeting first gold production in December 2026.

• Runruno continues to generate strong cash flows, supporting growth and funding La India development.

• Acquisition of Condor Gold plc completed, expanding the resource base and project pipeline.

Project development and resources

• La India project in Nicaragua has a 12+ year mine life, targeting 145,000 oz gold per annum at low capex ($171m).

• Feasibility study shows NPV6 of $882m at $2,500/oz gold and $1,378m at $4,000/oz gold.

• Construction is 50% complete, with major infrastructure and equipment procurement advanced.

• Land package expanded to 1,222km², with multiple high-priority exploration targets including La Grecia and Cacao.

• Runruno in the Philippines remains the flagship operation, with ongoing exploration at Batong Buhay and Abra.

Financial and corporate performance

• FY2025 gold production was 65,287 oz, down 22% from FY2024, but revenue and free cash flow increased by 9% and 19% respectively.

• Market capitalization stands at £429.1m, with £27.4m in cash and no debt as of May 2026.

• Share price performance has been strong, supported by operational turnaround and debt repayment.

• Top shareholders include Candy Investments and Drachs Investments, with significant director ownership.