Metals Exploration (MTL) Mining Forum Americas 2026 summary

Strategic growth and operational highlights

• Focused on exploration and development 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 FY2026 Runruno production guidance of 40,000–48,000 oz.

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

• La India acquisition brings a low capex, high-grade asset with a projected 145,000 oz annual gold production and 12+ years mine life.

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

Project development and exploration pipeline

• La India’s construction is nearing completion, with major packages finished and electrical/piping works underway; 25-year mining concession renewed from January 2027.

• La Grecia prospect in Nicaragua completed maiden drilling in Q3 2026, returning high-grade gold and silver assays; further results expected mid-October 2026.

• Batong Buhay in the Philippines is a world-class porphyry copper-gold target, with historical resources and new agreements enabling fast-tracked development.

• Abra project in the Philippines holds two drill-ready porphyry targets, with initial drilling planned and high-grade copper samples recovered.

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

Financial and corporate overview

• Market capitalization stands at £503.1m with an enterprise value of £497.6m and £25.8m in cash as of August 2026.

• Top shareholders include Drachs Investments (20%), Candy Investments (19%), and several others with significant stakes.

• Share price performance has been strong, reflecting operational improvements and growth prospects.

• Broker coverage provided by Hannam & Partners and Panmure Liberum.