Metals Exploration Quarterly Update - 30 September 2025

• Runruno processing operations resumed in September after six-week pause due to cyanide contamination, with annual production forecast unchanged at 70,000 to 75,000 ounces
• La India construction progressing ahead of schedule with process plant delivered to site and bulk earthworks at process plant terrace 100% complete
• Dupax exploration licence awarded in August covering 3,100 hectares, with 2,500 metre drilling programme underway following geophysics survey
• Quarter generated US$4.5 million positive free cash flow with cash holdings of US$28.3 million and zero debt
• Final historical gold hedge of 1,300 ounces at US$2,234 per ounce completed in early October 2025

Metals Exploration PLC (AIM: MTL) is a gold production, development and exploration company with assets in the Philippines and Nicaragua. The company's operating asset is the Runruno gold mine in the Philippines, which processes refractory ore using biological oxidation technology. The company is developing the La India gold project in Nicaragua, targeting first production in the fourth quarter of 2026. The exploration portfolio includes the Dupax project, located approximately 20 kilometres from the Runruno processing facility, and the Abra project in the Philippines.

Runruno Operations and Processing Resumption

The Runruno mine experienced a cyanide contamination of the biological oxidation circuit during the third quarter, requiring a six-week pause in gold processing operations. The contamination source was identified as residual cyanide material in illegal mining tunnels within Stages 5 and 6 of the mine. The operational response involved emptying and cleaning all biological oxidation tanks before refilling with new material.

The company implemented new process monitoring and production procedures following the investigation. Ore from contaminated areas will be stockpiled separately for processing towards the end of Runruno's operational life, after the biological oxidation circuit is decommissioned. The mining schedule was modified as a result of these findings.

Processing operations resumed during the second half of September. Quarter three production totalled 9,145 ounces at an all-in sustaining cost of US$1,923 per ounce, compared to 19,993 ounces at US$1,098 per ounce in the prior quarter.

The company stated:

"At this point, no change to the Company's annual production guidance is required, albeit the final production outcome is expected to be at the lower range of the original guidance numbers of 70,000 - 75,000 oz."

Gold recovery for the quarter was 83.3% compared to 92.1% in the second quarter, with head grade at 1.06 grammes per tonne compared to 1.40 grammes per tonne previously.

La India Development Project Construction Progress

Construction at the La India gold project in Nicaragua continued during the quarter, with work reported as slightly ahead of schedule. The Rock Creek process plant arrived at port ahead of schedule in August 2025, cleared customs, and has been delivered to the La India site. Plant erection is scheduled to commence in October 2025.

Bulk earthworks at the process plant terrace reached 100% completion during the quarter. The run-of-mine pad and magazine platform bulk earthworks stood at 81% and 95% complete respectively at quarter end. Tailings storage facility access earthworks were approximately 25% complete. Construction of office buildings, mine camp and fuel storage facility continued during the period.

The project recorded no lost time injuries during the quarter. Exploration, geotechnical and infill resource extension drilling totalled 1,980 metres. Chief Executive Officer

Darren Bowden commented:

"Construction is currently slightly ahead of schedule, and on budget. Our goal to reach first production of gold at La India during Q4 2026 remains firmly on track."

Dupax Exploration Licence Award and Drilling Programme

The Dupax exploration licence was issued in August 2025, covering approximately 3,100 hectares approximately 20 kilometres southwest of the Runruno ore processing facility. Following the licence grant, the company conducted an Induced Polarisation ground geophysics survey. The survey results were interpreted and led to amendments to the follow-up 2,500 metre drill programme.

The geophysics results indicated that the first two drill holes were drilled off the main mineralised structure. The drilling programme targets were adjusted according to the survey findings. The drill programme is currently underway, with results to be announced when available.

The company's separate Abra project drill programmes remain on hold whilst the National Commission for Indigenous Peoples advances consultation activities with local communities. The company expects drilling in the Abra project area will commence in the first half of 2026.

Next Steps

The company anticipates normal processing operations at Runruno in the fourth quarter. With the completion of the final historical gold hedge in early October, the company will no longer have hedging arrangements limiting gold price exposure. Construction activities continue at La India towards the fourth quarter 2026 production target. Drilling results from the Dupax exploration programme will be reported as they become available. At 30 September 2025, the company held cash of US$28.3 million with no debt.

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