RNS4 Jun 2025 07:13
METALS EXPLORATION PLC
Exercise of Options and Warrants, PDMR Dealings and Total Voting Rights
Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), gold production, exploration and development company with assets in the Philippines and Nicaragua, announces that it has received notices of exercise in respect of options and warrants over new ordinary shares of £0.0001 each ("Ordinary Shares").
The notices of exercise, in aggregate, comprise: (i) options over 229,600,000 new Ordinary Shares at an exercise price equal to nominal value under the Metals Exploration plc Long Term Incentive Plan ("LTIP"); (ii) options over 11,122,524 new Ordinary Shares at an exercise price of £0.0725 each under the Condor Gold plc Employee Share Options scheme; and (iii) warrants over 9,889,058 new Ordinary Shares at an exercise price equal of £0.0605 each.
The options issued under the LTIP have met all performance vesting conditions, being the Metals Exploration volume-weighted average share price over a 30-day period exceeding: (i) 2.5 pence; (ii) 5 pence; and (iii) 7.5 pence, with each condition representing one third of the total number of options.
The options under the Condor Gold plc Employee Share Options scheme and the warrants were issued as result of the Company's acquisition of Condor Gold plc in January 2025, and have been exercised in accordance with their terms.
PDMR Dealings
Details of the option exercised by Darren Bowden are set out below, with further information being contained in the Appendix to this announcement:
Director/PDMR
Number of Ordinary Shares over which options were exercised under the LTIP scheme
Resulting number of Ordinary Shares held
% of enlarged share capital
Darren Bowden, Chief Executive Officer
180,000,000
199,309,250
6.83
Details of the Ordinary Shares sold by a director, Tim Livesey, to fund a tax liability arising as a result of a previous exercise of Metals Exploration options, are set out below, with further information being contained in the Appendix to this announcement:
Director/PDMR
Number of Ordinary Shares sold
Resulting number of Ordinary Shares held
% of enlarged share capital
Tim Livesey, Non-Executive Director
2,500,000
4,100,000
0.14
Admission and total voting rights
Application has been made to the London Stock Exchange plc for the admission of the new Ordinary Shares to trading on AIM ("Admission"), which is expected to take place at 8.00 a.m. on or around 6 June 2025.
Following Admission, the Company will have 3,216,050,370 Ordinary Shares in issue, of which 299,385,458 ordinary shares are held in treasury, and, accordingly, the total number of voting rights is 2,916,664,912. Therefore, this figure may be used by shareholders in the Company as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, t
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