Metals Exploration Plc · LSE:MTL
Metals Exploration — Investor Presentation (February 2025)
32 slides from Metals Exploration's investor presentation, February 2025
Slide 1: Metals Exploration Corporate Presentation
Metals Exploration Corporate Presentation February 2025 1
Slide 2: Disclaimer
Disclaimer These presentation slides and the accompanying verbal presentation (the “Presentation”) are confidential, have been prepared by Metals Exploration Plc (the “Company”) for information purposes only and are made available subject to the terms of the disclaimer set out below. It should be re
Slide 3: Introduction to Metals Exploration
Introduction to Metals Exploration AIM-quoted gold producer, producing c. 80,000oz of gold per year at Runruno in the Philippines. Recently completed the acquisition of Condor Gold, as part of its strategy of pursuing M&A and other growth opportunities to replace Runruno as it approaches the end of
Slide 4: 2024 Highlights
2024 Highlights Record FY2024 numbers Focus on growth – acquisition Runruno FY2024 production - Revenues US$191.1 million of Condor Gold and YMC of 83,897 ounces exceeding - Positive free cashflow US$96.7 million Group guidance Note, unaudited Safety achievements with 25 Debt repaid early in Q1 2024
Slide 5: Metals Exploration Growth Strategy
Metals Exploration Growth Strategy YMC Develop Tier 1 Cu Target 10yrs Manikbel project Growth Strategy 3-5yrs Condor Gold 2-4yrs • Regional Opportunities (Asia pacific and the • Expansion into Americas Americas) • Target production Au • Dupax Project 145koz per annum • Repurpose of existing • Low Ca
Slide 6: Creation of a global gold mining champion
Creation of a global gold mining champion 2 2 6 >70-150kozpa Identified Continuous cash Jurisdictions Core assets exploration targets flow1 Runruno La India >12 years 1.1Moz 2.8Moz >5Moz Exploration Combined LoM2 Reserves Total resource potential Notes:1Combined Runruno and potential La India produc
Slide 7: Acquisition of Condor Gold
meta|s@ exploration Acquisition of Condor Gold
Slide 8: Transaction highlights
Transaction highlights Creation of a geographically diverse >100kozpa gold producer ✓ • The combined company will operate across two continents with two key projects, potentially adding + 145kozpa from La India to >70kozpa from Runruno, with several exploration opportunities already identified Clear
Slide 9: Acquisition of Condor Gold - Rationale
Acquisition of Condor Gold - Rationale • Clear development path to production utilising our existing and future cash reserves. Leveraging our proven track record as a mine builder and operator • La India is fully permitted and construction ready. Construction to start now the deal is complete, targe
Slide 10: Condor Gold
Condor Gold • Condor Gold was a dual listed AIM-TSX (AIM:CNR, TSX:COG) silver and gold metals exploration and development company with properties in Nicaragua. Condor had an extensive concession package of 587 sq km, with key assets in the La India Gold Mining District • Numerous parallel gold struc
Slide 11: La India overview
La India overview • La India is located in the mining-friendly region of western Nicaragua, part of the highly prospective "Golden Triangle" within the Central America gold belt • The La India project is well-served by infrastructure, including paved roads, access to grid power, and proximity to loc
Slide 12: Geology and Exploration
Geology and Exploration Geology • The La India epithermal gold system is near the southwestern margin of a broad belt of Tertiary-aged volcanic rocks that forms the Central Highlands of Nicaragua. • Gold mineralisation occurs in quartz veins, often with a component of adularia and rarely calcite. Th
Slide 13: Production Studies and Construction Timing
Production Studies and Construction Timing Key operational and Financial Highlights Promising geology – District scale opportunity Significant upside potential proving a 5 million gold district conceptual – BFS 2022 Copper porphyry style mineralization (updated gold MTL 2025 Parameter Units price) S
Slide 14: Geographically diverse gold producer set for accelerated growth
Geographically diverse gold producer set for accelerated growth Near term production (koz Au eq.)1 Reserves and resources (Moz Au)2 Production from La 154 India is forecast to Condor will add come online in 2027, 2.4Moz of resource, coinciding with the providing significant 132 planned shutdown of 1
Slide 15: Significant re-rating potential
Significant re-rating potential Market capitalisation (US$m) EV/prod ’24 (US$/oz Au) P/NAV EQX 2,678 ORL 13,533 WES 1.20x NEW 2,301 CAL 9,113 NEW 0.96x ORL 1,964 NEW 8,693 ORL 0.92x TRX 1,819 WES 8,276 AUR 0.75x CAL 1,505 EQX 6,623 TRX 0.69x WES 1,483 AUR 5,576 CAL 0.65x CEN 1,292 MAK 5,379 CEN 0.58
Slide 16: Condor Gold – >5Moz exploration potential
Condor Gold – >5Moz exploration potential La India • In addition to the existing 2.4M oz gold MRE, exploration data suggests that there is the potential to discover an additional 5Moz gold within the La India Project through a combination of expansion of existing MREs and new discoveries Rio Luna •
Slide 17: Runruno - Turnaround Success Story
Runruno - Turnaround Success Story 17
Slide 18: Runruno
Runruno • Following key optimisations made to the BIOX process, fixing many of the technical issues, the management team, led by Darren Bowden, turned Runruno into a success o FY2024 gold production of 83,897oz, exceeding the upper guidance forecast of 82,500oz o Record FY2024 gold revenue of $191.1
Slide 19: Five Years of Operational Performance
Five Years of Operational Performance Production Au Ounces (‘000) Revenues (US$ millions) 85 83 191 73 73 68 166 130 124 122 2020 2021 2022 2023 2024* 2020 2021 2022 2023 2024* Free Cashflows (US$ millions) All In Sustaining Costs (US$) 1,259 1,281 1,235 96 1,126 1,135 72 38 36 33 2020 2021 2022 202
Slide 20: Processing
Processing • Mostly finely grained gold in pyrite • Gold recovery by separation followed by leaching with bio-oxidation pre-treatment of flotation concentrate • Average mill throughout 2.1Mtpa above 1.75Mtpa design capacity • Overall plant recovery is running at approx. 90% Bio-Oxidation (BIOX) Hydr
Slide 21: Progressive Mine Rehabilitation
Progressive Mine Rehabilitation Tayab Dumpsite Tayab Dumpsite Tayab Dumpsite 2015 2022 2024 Malibbeg Dumpsite Malilibeg Dumpsite Maililbeg Dumpsite 2015 2022 2024 Tulingan Dumpsite Tulingan Dumpsite Tulingan Dumpsite 2015 2022 2024 21
Slide 22: Recognition of Our Performance
Recognition of Our Performance 2024 • Presidential Mineral Industry Environmental Award in the Surface Mining Operation Category in 2024, for the third year in a row, the highest government mining award attainable in the Philippines • Safest Surface Mining Operation Award for 2024 2023 • Presidentia
Slide 23: Acquisition of YMC Group
meta|s@ : exploration Acquisition of YMC Group
Slide 24: Abra Tenement
Abra Tenement • In August 2024, Metals Exploration completed the acquisition of the YMC Group, which held an extensive exploration tenement in the prospective Abra area of the Philippines • Abra covers 16,200 hectares on the island of Luzon, c. 200km north of Runruno, in the Cordillera region, a pro
Slide 25: Abra Drill Targets
Abra Drill Targets • Located on the Western belt of the Central Domenglay Cordillera, a prospective gold belt • Priority 1 - Manikabel • Priority 2 - Domenglay Manikabel • Priority 3 - Dupax • Potential for further Runruno regional exploration Significant surface geochemisty ABRA PROJECT anomaly, ma
Slide 26: Manikbel
Manikbel • Large outcropping copper prospect • Initial drilling program planned on a 200m x 200m grid for 24 holes • Identified mineralised zone is 1,500m x 800m at > 700ppm Cu • Rock samples of over 10% copper recovered from outcrop sampling • Manikbel has the highest intensity copper geochemical s
Slide 27: Domenglay
Domenglay • Significant Arsenic Anomaly • Gold values over 30g/t on surface • High copper values also obtained in the area • Arsenic overlays a Mag high • The key target approx. 600m in diameters sits within a caldera 27
Slide 28: Dupax
Dupax • Within 20Km of Runruno • VMS target, 20km south of RR with grades of up to 15.47 g/t Au and 7% Cu • Target size 10 to 20 MT • Surface mapping of main outcrop is 700m x 100m • Key target of the extension of Runruno operations Replace with your footer here 28
Slide 29: Metals Exploration - Summary
Metals Exploration - Summary
Slide 30: Sustainability
Sustainability Metals Exploration’s priority is to create a net-positive impact for its stakeholders and local communities through the advancement of a number of environmental, sustainability and social programmes. The company strives to be accountable, transparent, and responsible in its corporate
Slide 31: Investment Case
Investment Case Delivering on Our Strategy Acquisition of Condor Gold - Acquisition of Abra - construction ready with Cashflow generative significant exploration significant upside potential targets identified Strong management team Continuing to focus on Operational success at with a track record o
Slide 32: For any further enquires, contact BlytheRay
For any further enquires, contact BlytheRay: metalsexploration@blytheray.com @MTLexploration Metals www.metalsexploration.com Exploration Plc
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