Metals Exploration Plc · LSE:MTL
Metals Exploration — Investor Presentation (November 2025)
33 slides from Metals Exploration's investor presentation, November 2025
Slide 1: Metals Exploration Corporate Presentation November 2025
Metals Exploration Corporate Presentation November 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, developer and explorer, with assets in the Philippines and Nicaragua. Producing c. 65,000 oz of gold per year at Runruno in the Philippines. Developing the La India Project in Nicaragua towards production. Evaluating further growth and M&A
Slide 4: Highlights
Highlights Focus on growth – La India Construction at La India on District and Philippine schedule – target gold exploration and development production Dec 2026 opportunities Record FY2024 numbers Runruno FY2025 production - Revenues US$191.1 million guidance of 65,000 – 70,000 - Positive free cashf
Slide 5: Metals Exploration Growth Strategy
Metals Exploration Growth Strategy Develop Tier 1 Cu/Au 10yrs Abra Targets - Manikbel, Growth Strategy Domenglay, Boliney Condor Gold 3-5yrs 2-4yrs • Expansion into Americas • Regional Opportunities • Target production Au (Asia pacific and the 145koz per annum Americas) • Low Capital Investment • Du
Slide 6: La India - Nicaragua
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Slide 7: 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 8: Key operational and financial highlights
Key operational and financial highlights Key operational and financial highlights Near term production (koz Au eq.)1 BFS 2022 (updated gold MTL January Production from La 154 Parameter Units price) 2025 Study India is forecast to come online in LoM Years 8.4 12.4 December 2026, 132 Open pit / coinci
Slide 9: La India site layout
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Slide 10: Project Achievements for 2025
Project Achievements for 2025 • Purchased Rock Creek plant • Commenced engineering, plant and tailings Q1 • Critical tenders: concrete, civil works, exploration • Commenced geotechnical and exploration drilling • Scoped and procured long lead items • Dismantled Rock Creek plant Q2 • Started civil ea
Slide 11: La India – Construction Timeline 2026
La India – Construction Timeline 2026 • Complete Primary Crusher Retaining Wall & foundation • Complete Reclaim Tunnel civil work • Mobilise SMP Contractor Q1 Q • Commence CIL tank installation • Complete Operations Camp • Install Primary Crusher & Reclaim Feeders • Commence Main Substation • Commen
Slide 12: Project Achievements
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Slide 13: Project Achievements
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Slide 14: La India process flowsheet
La India process flowsheet • Increase plant treatment capacity to 1.4mtpa from 866ktpa in the feasibility study • Change from single stage SAG milling to SABC configuration • Additional gravity recovery • Two leaching tanks followed by eight CIL tanks, no pre-aeration however optional oxygen injecti
Slide 15: Northern La India System Extension – Surface Sampling & Structural Mapping
Northern La India System Extension – Surface Sampling & Structural Mapping Phase 1 North 1. Drilling Program (High Priority) • Drill the NW continuity of the La India Potenial Pit structure to validate up to 300m Extension potential pit extension. • Test down-dip projection of high-grade intervals i
Slide 16: Exploration – Cacao Drilling CCRD042
Exploration – Cacao Drilling CCRD042 CCRD042 CCRD042 Main zone corresponds to a QzCa-breccia to stockwork. Qz% ranges between 10 to 20% (with colloform/banded textures). TW ~25m. 16
Slide 17: Exploration – Cacao Drilling CCRD042
Exploration – Cacao Drilling CCRD042 CCRD042 Quartz distribution and texture 17
Slide 18: Runruno - Turnaround Success Story
Runruno - Turnaround Success Story 18
Slide 19: Runruno
Runruno • Following key optimisations made to the process circuits, fixing many of the technical issues, the management team, led by Darren Bowden, turned Runruno from a loss-making operation into a success o FY2025 gold production guidance between 65,000oz – 70,000oz o Forecast record FY2025 gold r
Slide 20: Operational performance + 2025 forecast
Operational performance + 2025 forecast Production Au Ounces (‘000) Revenues (US$ millions) 85 83 210 191 72 73 67 166 130 124 Forecast 2021 2022 2023 2024 Forecast 2025 2021 2022 2023 2024 2025 Free Cashflows (US$ millions) All In Sustaining Costs (US$ per oz) 96 1,281 1,300 1,235 1,126 1,135 72 Fo
Slide 21: Recognition of our performance
Recognition of our performance 2025 • Presidential Mineral Industry Environmental Award in the Surface Mining Operation Category for the fourth year in a row, the highest government mining award attainable in the Philippines • A company employee won Best Safety Inspector in the Plant Category • The
Slide 22: Philippines Exploration and Development
Philippines Exploration and Development 22
Slide 23: Geology
Sampling and Geology Mapping of Dupax 23
Slide 24: Geophysics 3D Model
Geophysics 3D Model Iso-surface of chargeability at 15 mV/V (Pink) Iso-surface of chargeability at 15 mV/V (Pink) overlaid onto the Resistivity at 300 Ohm-m overlaid onto the Resistivity at 400 Ohm-m (light (Green). Green). Highlighted is the finger like resistive Highlighted is the thin resistive f
Slide 25: Hole Locations
) H ole Locations Google Earth 7mN eer 494m 2.56 ker meta|s®.. exploration
Slide 26: Dupax Del Norte
Dupax Del Norte DPX-005 Possible Feeder Zone 26
Slide 27: Abra Tenement
Abra Tenement • Abra covers 16,200 hectares on the island of Luzon, c. 200km north of Runruno, in the Cordillera region, a prolific gold belt in the Philippines, with proven mineral endowment in the area, having produced 40 Moz of gold historically • Drill-ready targets, the Manikbel prospect and Do
Slide 28: Manikbel Domenglay Boliney
Manikbel Domenglay Boliney • Large outcropping copper • Mapped 500m x 400m silica – • A 4x3km copper footprint semi- prospect clay alteration zone with vuggy coincident with zinc anomalies was texture delineated from a stream sediment • Initial drilling programme survey carried out by RP-Japan in pl
Slide 29: Planned Work
Planned Work • Drilling planned for Manikbel • Exploration work programmes planned for Domenglay and Boliney • Finalise 2,500m drilling programme at Dupax, where an IP ground geophysics survey took place and amended the drill programme accordingly • Review other opportunities when they Manikbel Dome
Slide 30: Metals Exploration - Summary
Metals Exploration - Summary
Slide 31: 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 32: Investment Case
Investment Case Delivering on Our Strategy Sustained cashflow Construction on schedule at generation as a result of La India, targeting production operational success at Q4 2026 Runruno Significant exploration Strong management team targets identified in with a track record of Nicaragua and the Phil
Slide 33: 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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