Metals Exploration Advances La India Gold Project Towards Q4 2026 Production Target

• Processing plant transportation from Philippines to Nicaragua completed in September 2025, with installation activities scheduled to begin in late October
• Targeted first production scheduled for Q4 2026, maintaining development momentum since acquisition in early 2025
• Project demonstrates attractive economics with 80,000 ounces annual gold production under base case scenario and potential to scale to 145,000 ounces
• High-grade mineral resource at 3.6 g/t Au, significantly above industry standards
• Strong project fundamentals with IRR of 54% and post-tax NPV of US$882 million

Metals Exploration Plc (LSE: MTL) is a gold mining company focused on developing and operating precious metals projects across the Asia-Pacific region and Central America. The company has established itself as a responsible mining operator with proven expertise in bringing projects from development through to commercial production.

The company maintains a strong commitment to environmental, social, and governance (ESG) practices, including award-winning mine rehabilitation programmes and significant investment in local community development. With operations spanning multiple jurisdictions, Metals Exploration has demonstrated its ability to navigate complex regulatory environments whilst delivering value to shareholders and stakeholders alike.

Processing Plant Delivery and Installation Progress

The successful transportation of the Rock Creek processing plant represents a significant milestone in the La India development programme. The purpose-built gold ore processing facility has completed its ocean freight journey from the Philippines, arriving ahead of the originally projected timeline. This early delivery demonstrates effective project management and logistical coordination across international boundaries.

The ocean freighter departed on 31 July, nearly a month earlier than expected, arriving in Nicaragua by mid-August. This accelerated timeline provides additional buffer for the subsequent phases of the development programme. The early arrival of critical processing equipment reduces execution risk and provides greater flexibility in the installation schedule.

Overland transport to the La India project site was completed during September 2025, with plant erection activities now scheduled to commence in late October. The successful completion of this complex logistical operation positions the project well for the next phase of development. The company's experience in similar plant relocations and installations across its portfolio provides confidence in execution capabilities.

Site Development and Infrastructure Completion

Site preparation activities have progressed in parallel with the plant transportation programme, ensuring readiness for equipment installation upon arrival. The La India project benefits from existing infrastructure and regulatory approvals, which significantly reduces development complexity compared to greenfield projects. La India is fully permitted and construction ready, with the company fast-tracking construction activities.

Local infrastructure development has focused on creating the necessary foundations and support systems for the processing plant installation. The company has leveraged its established relationships and operational expertise in the region to ensure efficient site preparation. Community engagement and local employment initiatives have been integrated into the development programme, supporting sustainable operations.

The project's strategic location provides access to established transportation networks and utilities, reducing capital expenditure requirements for infrastructure development. The company's commitment to developing community facilities including bridges, electricity provision and water distribution demonstrates its long-term approach to sustainable mining operations. These infrastructure investments support both operational requirements and community development objectives.

Development Timeline Adherence and Production Target

The La India project remains on track to achieve its targeted production commencement by the end of 2026. Metals Exploration is targeting the commencement of production at La India by the end of 2026, with the company in final negotiations to purchase additional equipment to match the project's upside performance potential. This timeline represents an accelerated development programme that leverages existing infrastructure and regulatory approvals.

Project economics support the development timeline, with base case production of 80,000 ounces gold per year, and potential to upsize to 145,000 ounces per year. The high-grade nature of the deposit, with measured and indicated resources grading 3.6 g/t Au, provides operational flexibility and supports robust project economics even in varying market conditions.

The company's strong financial position, supported by record free cash flow from existing operations, provides the necessary funding capacity to complete the La India development programme. The integration with existing operations and management expertise reduces execution risk and supports the aggressive development timeline. Production timing aligns with the company's broader portfolio optimisation strategy.

Conclusion and Next Steps

The La India development programme has achieved several key milestones with the successful completion of plant transportation and site preparation activities. Plant erection activities scheduled for late October 2025 represent the next critical phase in achieving the Q4 2026 production target. The project's strong economics, established infrastructure, and experienced management team position it well for successful development and operation. Investors should monitor progress on plant installation activities and any updates to the production timeline as the project advances through its final development phases.