Metals Exploration Revises Annual Gold Production Guidance Following Typhoon

• Super-typhoon Uwan made landfall on 9 November 2025, causing damage to access roads, river crossings, and buildings at the Runruno mine with no injuries to staff or contractors.
• Processing operations halted for approximately seven days due to loss of main grid power, whilst mining operations resumed on 11 November 2025.
• Annual gold production guidance revised from 70,000-75,000 ounces to 65,000-70,000 ounces due to the power interruption, mine schedule changes, and September 2025 cyanide contamination.
• The mine, process plant, and Residual Storage Impoundment sustained no material damage, with the impoundment maintaining over four metres of freeboard during peak rainfall.
• Alternative access routes established following damage to a nearby bridge, with the company providing equipment and personnel to assist local community clean-up efforts.

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 and holds exploration projects in the Philippines, whilst progressing construction at the La India project in Nicaragua.

Super-typhoon Uwan Impact on Operations and Infrastructure

Super-typhoon Uwan made landfall on Luzon island on the evening of 9 November 2025, bringing heavy rainfall and severe winds to the Runruno mine site. The storm was one of several typhoons to recently affect the Philippines, causing significant damage and loss of life across the country. The company reported no injuries to staff or contractors at the site.

Damage at the project site included loss of river crossings, damage to access roads, loss of roofing and subsequent water damage in administration and maintenance buildings, and minor land slips in the pit area and around the site. At the Dupax project, drill pads suffered damage, temporarily setting back the drilling programme. Drilling at Dupax is expected to resume within two weeks.

The company stated that damage to the mine, process plant, and other site infrastructure is not material, with clean-up works well advanced. Main grid power was lost as electrical poles were downed near the mine and throughout Nueva Viscaya province. Back-up generators prevented loss of BIOX bacteria. The Residual Storage Impoundment maintained integrity with over four metres of freeboard at peak rainwater inflow.

Production Interruption and Revised Annual Guidance

Mains power to the site is expected to be re-established within days of the 14 November announcement, resulting in a processing operations pause of approximately seven days. Mining operations recommenced on 11 November 2025.

The power and processing interruption, combined with mine schedule changes from pit area clean-up and the September 2025 cyanide contamination, led to revised annual gold production guidance from 70,000-75,000 ounces to 65,000-70,000 ounces.

CEO Darren Bowden stated:

"Whilst it is disappointing to revise our annual production guidance downwards, our focus for the rest of the year will be on maximising value generation from our mining and processing operations at Runruno, whilst continuing to provide meaningful support to the local community during this challenging period; as well as progressing the construction at La India in Nicaragua."

Community Support and Operational Recovery

Local community infrastructure sustained damage, including a nearby bridge used to access the Runruno project area. The company developed alternative access routes to ensure no interruption to delivery of fuel and consumable supplies to the site. Where possible, the company provided equipment and personnel to assist the local community with clean-up efforts.

Bowden commented:

"Our thoughts are with all of those across the country who have lost loved ones and been affected not only by Uwan but the other serious typhoons that have impacted the Philippines this typhoon season. We are relieved that there were no injuries at Runruno, and that there was no material damage to the mine, process plant or other site infrastructure."

Next Steps

The company's immediate focus is on restoring full processing operations at Runruno following the re-establishment of mains power. Clean-up works at the pit areas continue, with mining operations already resumed. The Dupax drilling programme is expected to restart within two weeks. The company will continue construction activities at the La India project in Nicaragua whilst working to meet the revised 2025 production guidance of 65,000-70,000 ounces at Runruno.

‍