Metals Exploration Outlines Potential Pit Extension at La India Gold Project

• Channel sampling outlines extension to Phase 1 North pit of minimum 100 metres up to potentially 300 metres
• High-grade mineralisation exposed at La India-Teresa structural intersection, with 7.08 metre interval grading 3.08 grammes per tonne gold
• Continuity of north-south La India trend supported by recent breccia-vein contacts
• Near-surface mineralisation along northwest extension identified
• Drill programme planned to validate pit extension and test deeper projections

Metals Exploration PLC (AIM: MTL) is a gold production, development and exploration company with assets in the Philippines and Nicaragua. The company operates the Runruno gold mine in the Philippines and owns the fully permitted La India gold project in Nicaragua. Following the acquisition of Condor Gold, the company's asset base includes exploration concessions across both jurisdictions.

Channel Sampling Results at Phase 1 North Pit Extension

Construction of access roads to the Phase 1 North pit area exposed fresh mineralised outcrops, enabling channel sampling at the northern extent of the La India system. The programme tested two structural zones, with results defining mineralisation that extends beyond the current pit outline.

The first zone sampled was at the intersection of the La India and Teresa systems. The sequence along a northwest-southeast trend included a 2.0 metre massive quartz vein underlain by 5.08 metre hydrothermal breccia, defining a 7.08 metre mineralised interval grading 3.08 grammes of gold per tonne. The highest grades occurred at the intersection of the La India and Teresa systems.

The second zone tested the continuity of the La India north-south trend. Channel sample CHN-019 exposed hydrothermal breccia in contact with massive quartz vein, correlated with CHN-018 and previous trench results. The combined data defines a 5.14 metre interval grading 0.94 grammes per tonne gold, supporting continuity of the north-south La India trend.

Structural Intersection and Mineralisation Controls

Sampling at the La India-Teresa intersection confirmed this structural node as a priority target. An additional north-northwest oriented hydrothermal breccia (CHN-016) suggests a secondary structural control on mineralisation. The structural contact between tectonic and hydrothermal breccias marks the lateral boundary of mineralisation in this area.

The sampling campaign confirmed near-surface mineralisation along the northwest extension of the La India structure.

According to CEO Darren Bowden,

"the discovery of additional near-surface mineralisation provides an immediate opportunity to enhance recoverable ounces and potentially improve Phase 1 economics."

If drilling confirms continuity of the La India system at depth and along northwest strike, additional expansions to the mining area are possible. The surface sampling represents an opportunity to expand the Phase 1 North pit by approximately 100 metres.

Planned Drilling Programme and Pit Shell Update

A drill programme will test the continuity of the newly exposed veins. The objectives include validating the extent of the pit extension and testing down-dip projection of high-grade intervals. Additional drilling will test the extent of the north-south La India trend, with results to be combined with historical trench data from La Mora and El Escondido alignments.

The company will undertake detailed structural mapping around the La India-Teresa intersection zone to refine targets and map the north-northwest trending breccia system (CHN-016) to determine its role as a secondary conduit.

Mr Bowden stated,

"Our forthcoming drilling programme is designed to rapidly test these new zones and unlock further value from what is shaping up to be a highly prospective epithermal system."

Metals Exploration will update the Phase 1 North pit shell incorporating the northwest extension scenario and run sensitivity scenarios assuming successful drilling results. The work programme aims to define the extent of mineralisation and support updated mine planning.

Next Steps

The immediate focus is executing the planned drilling programme to test the identified mineralised extensions and confirm continuity at depth. Structural mapping work will refine drill targets and improve understanding of mineralisation controls. Following completion of drilling and analysis of results, the company will update the Phase 1 pit design to incorporate confirmed extensions.

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