Metals Exploration (MTL) Investor update summary

Strategic Growth and Operational Highlights

• Achieved FY2024 gold production of 83,897oz at Runruno, exceeding guidance, with revenues of $191.1m and free cashflow of $96.7m; FY2025 guidance is 70,000–75,000oz and $226m revenue, with stable costs and strong cash generation expected.

• Targeting growth to surpass $1 billion valuation through internal execution, aiming for production increase to 145,000oz per annum by 2027, with a two- to four-year plan focused on completing construction and starting production in Nicaragua, and expanding in both the Philippines and Nicaragua.

• Debt-free status enables focus on growth, including the acquisition of La India District in Nicaragua and Abra tenements in the Philippines, with no plans for further equity dilution; any additional funding needs will be met through debt facilities if required.

• Ongoing exploration and expansion efforts in both countries, with new tenement applications in Nicaragua and advanced exploration at Dupax and Abra in the Philippines, aiming for two operating mines by 2028.

• Flexibility in project pipeline allows shifting focus between countries to maintain growth momentum.

La India Project Development

• La India project in Nicaragua has 2.2Moz gold reserves, with initial annual production targeted at 145,000oz; bulk earthworks 20% complete, major equipment purchased, and first gold pour targeted for Q4 2026, with production ramp-up expected in late 2026.

• Infrastructure construction commenced, with key engineering and management appointments and procurement of a second-hand processing plant; project milestones for 2025 include plant purchase, engineering, civil works, and plant erection.

• Internal studies confirm infrastructure costs of $120m and mine pre-development costs of $40m.

• Exploration data suggests potential to discover an additional 5Moz gold within the La India land package.

• Purchased Rock Creek plant for $9.7m, with $3m for disassembly and shipping to Nicaragua; plant upgrade to 1.4mtpa capacity, with process flowsheet enhancements for improved recovery.

Operational Performance and Financial Outlook

• Runruno delivered record gold recovery of 90.5% in FY2024 and maintained strong community engagement.

• All-in sustaining costs for 2024 were $1,126/oz, with 2025 forecast at $1,135/oz.

• NPV (6%) for La India project estimated at $882m, with IRR of 54%.

• Cashflow from Runruno will fund La India’s construction, supporting a seamless transition as Runruno’s LoM ends in 2027.

• Share price is expected to reach GBP 0.20-0.25 based on La India alone, with potential to double if Dupax is successful; long-term goal is to become a multibillion-dollar company.