Investor Presentation – December 2024

Metals Exploration

Investor Presentation

December 2024

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Introduction to Metals Exploration

AIM-quoted gold producer, producing c. 80,000oz of gold per year at Runruno in the Philippines. Pursuing M&A and other growth opportunities to replace Runruno as it approaches the end of its life of mine in 2026.

Proven Operator

• Turnaround of Runruno resulted in strong cash generation. Company is now debt-free* and focused on growth opportunities

M&A Activity

• Proposed acquisition of Condor Gold, including the La India gold project in Nicaragua - clear development path to production and significant upside potential
• Acquisition of YMC group in August 2024, acquiring the Abra tenements. Drill ready targets defined and government approval for drilling received.

ESG & Health and Safety

• Strong ESG focus in order to create net-positive impact for stakeholders and local communities
• Health and Safety is fundamental. Over 24 million man-hours recorded with no lost time incidents occurring
• • MTL is debt free, save for the £5.5m unsecured bridging loan facility secured from
    Drachs in connection with the company's offer for Condor Gold.

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2024 has seen us begin to deliver on our strategy of pursuing M&A opportunities to

ensure the continuation of cashflow and further growth post-Runruno

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• MTL is debt free, save for the £5.5m unsecured bridging loan facility secured from
  Drachs in connection with the company's offer for Condor Gold.

Deal Structure

• Under the terms of the Offer, each Condor Gold Shareholder shall be entitled to the Fixed Consideration of 4.0526 new MTL shares and 9.9p in cash for each Condor Gold Share held

• 1. The Fixed Consideration values Condor Gold's issued ordinary share capital at £67.5m, representing approximately 33.0p per Condor Gold Share
• In addition, each Condor Gold Shareholder will be entitled to one Contingent Value Right ("CVR") which entitles them to their pro rata share of:
• 1. US$14.4 million (paid in £) following the first gold pour (as confirmed by the independent CVR representative), subject to the pour occurring within 5 years from the earlier of drill mobilisation and 6-months after completion of the transaction (the "CVR Commencement Date"), to be settled by way of loan notes; and

1. up to an aggregate of US$14.4 million, on the basis of US$18 per ounce (to be paid in £) of additional contained gold JORC Mineral Resource discovered in excess of 3.158 Moz total resource at the Condor Group's La India, Rio Luna and Estrella projects (subject to a cap of 800,000 ounces above the 3.158Moz hurdle), over the five-year period following the CVR Commencement Date, settled by the issue new MTL shares and/or unsecured loan notes at MTL's sole election, following the third and fifth anniversary of the CVR Commencement Date

• 1. The maximum potential CVR consideration payable pursuant to the transaction therefore amounts to US$28.8m (c. £22.6m, representing 11.1p per Condor Gold Share)
• It is intended that Jim Mellon, Condor's Chair will be appointed to the board of Metals Exploration on completion as a non-executive director, subject to the usual regulatory approval process
• The Boards of Metals Exploration and Condor Gold both unanimously recommend that their respective shareholders vote in favour of the transaction
• Metals Exploration's largest two shareholders, representing 56.0% of its issued share capital, have irrevocably undertaken to vote in favour of the transaction
• Condor Gold's largest shareholder and Chair, Jim Mellon (through Galloway Limited) and its directors, representing 28.8% of Condor Gold's issued share capital, has irrevocably undertaken to vote in favour of the transaction

The terms of the Offer set out herein are a summary only. Full details of terms are detailed in MTL's Rule 2.7 announcement of 4 December 2024

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