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METALS EXPLORATION PLC



QUARTERLY UPDATE TO 31 December 2024



Metals Exploration plc (AIM: MTL) ("Metals Exploration", the "Company" or the "Group"), a gold production, exploration, and development company with assets in the Philippines and Nicaragua, is pleased to announce its unaudited quarterly results for Q4 2024 (the "Quarter").



Corporate

·      Announcement of recommended offer to acquire 100% of Condor Gold plc ("Condor Gold") which was completed post period end on 15 January 2025.

·      Appointments of David Cather and Rob Marshall as Non-Executive Directors in November 2024.

Finance

·      Record FY2024 positive free cash flow of US$96.7 million (FY2023: US$72.3 million).

·      Record FY2024 gold revenue of US$191.1 million (FY2023: US$145.8 million).

·      Q4 2024 positive free cash flow of US$22.5 million (Q3 2024: US$27.9 million).

·      Q4 2024 gold revenue of US$47.5 million (Q3 2024: US$52.6 million).

·      Q4 2024 gold sales of 19,144 ounces sold at an average realised gold price of US$2,481 per ounce (Q3 2024: 21,943 ounces at an average US$2,396 per ounce).



Mining Operations

·      No lost time injuries occurred during the period - over 25 million hours worked without a  lost time injury.

·      Q4 2024 mining production of ore and waste was 2.70 million tonnes ("Mt") (Q3 2024: 2.63Mt), with a total of 284 thousand tonnes ("Kt") of ore mined in Q4 2024 (Q3 2024: 599Kt).



Processing Operations

·      Q4 2024 gold production of 18,829 ounces (Q3 2024: 22,533 ounces) recovered from 530Kt at a head grade of 1.17 grammes per tonne ("g/t") (Q3 2024: 521Kt at a head grade of 1.51 g/t).

·      Q4 2024 gold recovery of 94.5% (Q3 2024: 89.0%).

FY2024/FY2025 Production Guidance

·      FY2024 gold production of 83,897 ounces exceeded the FY2024 upper guidance forecast of 82,500 ounces at an AISC of US$1,135 per ounce which was slightly above the improved FY2024 lower guidance forecast of US$1,125 per ounce and significantly below the upper guidance forecast of US$1,275.

·      FY2025 gold production forecast: 70,000 - 75,000 ounces.

·      FY2025 AISC forecast: US$1,225 - US$1,325 per ounce.

Exploration

·      Interpretation of geophysics at the Abra project completed.

·      Government approval to commence exploration drilling approval received.

Darren Bowden, CEO of Metals Exploration, commented:



"This has been another strong quarter and a transformative period for the Company. We are delighted to have delivered record FY2024 free cash flow of US$96.7 million alongside record gold revenue of US$191.1 million, both of which were underpinned by robust operational performance at Runruno and sustained high gold prices. The Quarter also marked a significant strategic milestone - the announcement of our recommended offer to acquire Condor Gold - which brings a highly prospective asset portfolio in Nicaragua into our fold.



"At Runruno, our focus on operational efficiency continues to deliver results, with gold recovery rates reaching 94.5% for the Quarter, alongside maintaining our exceptional safety record of over 25 million hours worked without a reportable injury.



"This Quarter has also seen further progress being made on the initial geophysics and geochemical work at our Abra Project, ahead of an initial drilling programme, which is expected to begin during Q1 of this year.  



"Looking ahead, the acquisition of Condor Gold opens exciting new growth opportunities, starting with the La India gold project in Nicaragua. We are rapidly advancing plans to build an experienced in-country team, re-estimate the current resource base, and commence the design of a gold resource extension and verification drill programme. This positions us to unlock significant value from these assets whilst aiming to replicate the operational success we have demonstrated at Runruno.



"The Company enters 2025 with a strong balance sheet, record free cash flow, and exciting exploration prospects, which gives us confidence in our ability to deliver sustainable value to all our stakeholders. We look forward to providing further updates as we progress through this transformational year."
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