Metals Exploration Plc · LSE:MTL
Metals Exploration — Investor Presentation (February 2026)
29 slides from Metals Exploration's investor presentation, February 2026
Slide 1: Corporate Presentation February 2026
Corporate Presentation February 2026
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. 55,000 oz p.a. of gold at Runruno in the Philippines. Developing the 145,000 oz p.a La India Project in Nicaragua towards production. Evaluating further gro
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 FY20251 numbers: Runruno FY2026 production Revenues: US$208.4m guidance of 50,000 – 60,000 Free Cashflow: US$115.3m ou
Slide 5: Metals Exploration Growth Strategy
Metals Exploration Growth Strategy Develop Tier 1 Cu/Au 10yrs Abra Targets - Manikbel, Domenglay, Boliney Condor Gold 2-4yrs Growth Strategy • Expansion into Americas 3-5yrs • Target production Au 145koz per annum • Regional Opportunities • Low Capital Investment (Asia pacific and the (US$165m Infra
Slide 6: Metals Exploration Leadership
Metals Exploration Leadership Board of Directors Management Team Site Teams Steven Smith Ben Burgess Darren Bowden Non-Executive Chairman GM Operations CEO & Board Director Nicaragua Timothy Livesey Michael Wockner Independent Non- Mike Langoulant VP Projects Executive Director CFO Nicaragua Aiser S
Slide 7: Metals Exploration Snapshot
Metals Exploration Snapshot Market Cap: £444.1m | EV: £402.5m | Cash: £41.6m | Shares: 2.96bn Top Shareholders1 12 month share price performance GBp #mm # Investor Name % Outstanding Broker target price: 34p per share 20 200 1 Candy Investments 22% 15 150 2 Drachs Investments No3 Limited 20% 10 100
Slide 8: Demonstrated Operational & Corporate Success
Demonstrated Operational & Corporate Success Runruno Operational Turnaround & Debt Repayment Condor Acquisition GBp #mm 20.00 200 18.00 180 FY2018 FY2020 2022 FY2024 May 2025 Gold production of Gold production 67,552 Completed capital re- Gold production of Construction of 48,053 oz at 57.9% 16.00 o
Slide 9: La India - Nicaragua
metal|s@ . exploration La India - Nicaragua
Slide 10: La India Overview
La India Overview • Epithermal gold deposit located in Nicaragua within the “Golden Triangle” of the Central American gold belt: Total MI&I Inventory: 2.3 Moz Au Tonnage: 9.85 Million Tonnes (Mt) Average Grade: 3.9 g/t Au 12.5 year LoM, Open Pit & Underground • Construction is ~33% complete
Slide 11: La India Resources
La India Resources 1 Includes inferred resources 11
Slide 12: La India – Highly Attractive Economics
La India – Highly Attractive Economics La India was an attractive and construction ready acquisition bringing a low capex-intensity, high-grade asset with proven scale and expected average gold production of ~145,000 oz per annum BFS 2022 Parameter Units MTL January 2025 Study (updated gold price) A
Slide 13: Peer Group Analysis
Peer Group Analysis Capital Intensity US$/oz1 Resource grade Au g/t2 AISC US$/t Gramalote 4,181 Soto Norte 5.6 Cerro del Gallo 1,390 Toroparu 3,489 Ana Paula 5.4 Toroparu 1,289 Loma Larga 3,428 La India 3.6 Fenix 1,237 Ana Paula 2,970 Loma Larga 2.9 El Tigre 1,214 Oko West 2,777 Oko West 2.4 La Indi
Slide 14: 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 Q2 • Dismantled Rock Creek plant • Started civil ea
Slide 15: La India – Construction Timeline 2026
La India – Construction Timeline 2026 • Laboratory completed and certified • Complete Primary Crusher Retaining Wall & foundation • Complete Reclaim Tunnel civil work Q1 Q • Mobilise SMP Contractor • Commence CIL tank installation • Complete Operations Camp • Install Primary Crusher & Reclaim Feeder
Slide 16: Project Achievements
-— Project Achievements metals®,. exploration
Slide 17: Project Achievements
-— Project Achievements metals®,. exploration
Slide 18: 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 19: Northern La India System Extension drilling programme
Northern La India System Extension Phase 1 North 1. Drilling Programme (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 identified in Zone 1. • Drill the N–S L
Slide 20: Exploration – Cacao Drilling
Exploration – Cacao Drilling CCRD046 10.3m @ 0.39g/t Au CCRD044 CCRD047 10.66m @ 1.92g/t Au 6.98m @ 1.02g/t Au Including 0.52m @ 21.3 g/t Au CCRD045 10.9m @ 1.58g/t Au CCRD042 9.86m @ 0.10g/t Au 20
Slide 21: Exploration – Cacao Drilling CCRD044
Exploration – Cacao Drilling CCRD044 CCRD044 0.52m @ 21.3 g/t Au (240.26m – 240.78m) 21
Slide 22: Philippines – Exploration and Development
Philippines – Exploration and Development 22
Slide 23: 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 24: 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 25: Summary
metal|s@ . exploration Summary
Slide 26: 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 27: Sustainability at La India
Sustainability at La India Community Support • Regular delivery of clean drinking water to local communities and work areas • Senior women’s artisan programme generating local income (piñata production) Education & Youth Development • 140+ children attending weekly arts, English, and literacy classe
Slide 28: 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 29: For any further enquires, contact BlytheRay
For any further enquires, contact BlytheRay: metalsexploration@blytheray.com @MTLexploration Metals Exploration www.metalsexploration.com Plc
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