Metals Exploration (MTL) Investor update summary

Strategic growth and acquisitions

• Completed acquisition of Condor Gold, adding significant Nicaraguan gold assets and expanding into new jurisdictions.

• Acquired YMC, securing exploration tenements in Abra, Philippines, for long-term growth.

• Four-pillar strategy focuses on operational performance, cash flow, asset transformation, and tier-one exploration.

• M&A remains a future option if value creation aligns with shareholder interests.

Operational and financial performance

• Achieved record production at Runruno: 83,900oz gold, exceeding guidance and 90% recovery.

• Generated $190 million in revenue and nearly $97 million in free cash, becoming debt-free by Q1 2024.

• Maintained strong cost control, with all-in sustaining costs stable despite inflationary pressures.

• Safety record reached 25 million man-hours LTI-free, with strong community engagement and diversity.

La India project development

• La India project in Nicaragua targets 145,000oz annual production over 10-14 years, with 2.3Moz resources and potential to reach 5Moz.

• Construction to be funded internally, aiming for production by end of 2026 using a second-hand plant to accelerate timeline.

• Key risks addressed: new tailings facility location and upgraded power infrastructure.

• $122 million initial capital budget, with ongoing engineering and drilling to expand resources.