Member Info for Dunston

Let’s be real, this is a cop out by DB and he’s downplaying the role of the local resistance. How was he going to get the LGUs onside in time for mining permit this year? Wasn’t happening, even with positive exploration results. That being said, I wouldn’t give credit to the local resistance either in the RNS as that could have a galvanising effect on the movement.

I don’t want to hear DB gushing over company maker tenements that he’s acquired for nothing going forward. Abra in the same boat.

Feels like a cop out to me, and the local resistance playing a bigger part than Hes letting on. The way Darren was talking about Dupax in interviews, hopefully a lesson for him. Abra pushed out also.

Artisinal miners keep getting mentioned but I've seen no evidence of that. Seems to be genuine environmental concerns and local farmers. Would be happy to be proven otherwise. MTL have a decent environmental background but locals are associating the 2020 Runruno landslide which killed 9 people with our mining activities and other miners like OceanaGold in the area have been found to have contaminated rivers etc.

The Cordillera region (Abra) has the same issues, community resistance halted Olympus exploration in 2007. Perhaps why these tenements, although world class potentially, are being picked up for nothing by MTL. Consultations with local communities has already delayed drilling there so hopefully Darren has a positive update in store. He certainly has his work cut out managing these projects.

Do those saying that too much focus is being put on Dupax protests realise that the same community successfully stopped Royalco Resources from mining Dupax back in 2010? They admitted defeat with sunk costs and ongoing legal battles. Even with positive exploration results there will still be big hurdles to overcome in getting the locals onside and obtaining a social license. The protests are going properly viral on social media and I don't see the ridicule at calling it a national issue. 100,000+ reactions on anything shared on FB and its all anti mining

Is he trustworthy?

There's no evidence of artisanal miners in Dupax.

Gemini: The movement is led by formal institutions that are traditionally anti-mining, i.e. The church led by local bishop, local government unit (The League of Municipalities of the Philippines (LMP) – Nueva Vizcaya Chapter, Indigenous Groups and farmers. In fact they are calling specifically for a 50-year total moratorium on both large-scale and small-scale mining in the province to protect its status as a critical watershed and top rice and corn producer. If the opposition were artisanal (small-scale) miners, they would typically lobby for "Minahang Bayan" (People's Small-Scale Mining Areas).

Economic viability alone is not enough to guarantee a mining permit. Woggle must legally prove social acceptability and obtain LGU endorsements. If the local government continues to withhold its approval based on specific environmental risks, the company may be legally barred from moving beyond the exploration phase.

Someone correct me if wrong but I haven’t seen any reference to artisanal miners currently operating in Dupax. The anti mining group is composed of local residents, farmers & environmentalists. They have the support of members of congress at national level. This is going to be a long slog and drawn out process

We should be able to command a premium to Mineros given 75% of their Hemco production comes from ore purchased from Artisanal miners. Their AISC rises ever quarter in line with the price of gold, will be over $2k AISC for Q4 so a much different model

Https://nordis.net/2025/12/15/article/news/groups-decry-attacks-against-nueva-vizcaya-anti-mining-barricade/ some truly outlandish claims here, women forced to strip! All with no basis as per Woggle's statement

Https://manilastandard.net/business/314680725/nueva-vizcaya-miner-denies-harassment-claims-cites-illegal-barricades-by-anti-mining-group.html

Https://journalnews.com.ph/arson-attack-eyed-on-heavy-equipment-in-n-vizcaya/#gsc.tab=0

Looks like those new holes after 1&2 are all placed along the edge of that IP anomaly red area on the chart, intentional I presume to target the high potential contact zone between two rock types

La India demonstrates epithermal system upside; channel sampling indicates pit extension potential Metals Exploration (“MTL”) is constructing the La India project in Nicaragua with plant erection and CIL tank fabrication starting this quarter. La India currently has a mine life of 12.5 years, however the latest channel samples from outside of the pit shell show the initial Phase 1 North pit could be extended by 100m to 300m, potentially extending this mine life. At the northwest-southeast trend, sampling showed a 2m massive quartz vein with a 5.1m hydrothermal breccia beneath. In total, the 7.1m graded 3.08g/t Au. Follow up drilling is required to confirm continuity at depth and along the northwest strike. The second structural zone tested was the continuity of the north-south trend with a 5.14m interval at 0.94g/t Au identified. MTL has 710m of planned drilling to follow up on the open pit extension and 826m of trenching. As well as results from these programmes, further key catalysts are maintaining construction progress at La India, exploration results from Dupax and Abra, and hitting revised 2025 guidance at Runruno. We maintain our valuation of GBp25/sh, offering 125% upside to the current share price. Possible pit extension of 100m-300m with follow up drill testing planned As the access roads to the Phase 1 North pit were being built, an area of fresh mineralised outcrops was exposed which allowed MTL to complete a systematic channel sampling outside of the current pit shell. With grades of 3.08g/t over 7.08m, this delivers strong potential to add material into the open pit if planned follow-up drilling confirms continuity at depth. MTL estimates the pit could be extended by 100m-300m. These results demonstrate that low-hanging fruit around La India could deliver mine life extensions, or even bring higher-grade material forward in the mine plan. With a 578km2 tenement area, we believe there is significant potential to be tested, funded by operational cash flow. La India continuing to progress, first production late 2026 The construction of the plant at La India should have commenced last month following its arrival in the country in September and subsequent transport to site. The plant has a capacity of 1.4Mt/year which should be upgraded to 1.8Mt/year. The bulk earthworks at the project should be completed with progress also being made at the tailings dam, offices, camp, and fuel storage facilities. La India hosts a resource of 2.28Moz and we anticipate first production in late 2026 with production of 157koz in 2027 at an AISC of US$1,216/oz and average production of 145koz/year at an AISC of US$1,176/oz over an initial 12.5 year mine life. Valuation: GBp25/share, 125% upside potential Our DCF-based SOTP valuation is GBp25/share, offering 125% upside from the current share price. This is based on 1x NAV for Runruno, where we assume operations cease in 2027 following the depletion of the reserve.

Former CFO? That Gerry?

Congrats to anyone that could get through that, tried my best. I can normally consume anything MTL

It’s Darren’s credibility which will take a knock if Dupax turns out to be a dud. He’s been vocal and public attributing more free cash flow from Dupax v La India in 2028 projections. I do expect it to come good though as he hasn’t let us down previously. Something out of his control like the local opposition and government approvals would be more likely to cause an issue.

I had the same thoughts, may not be the best environment currently for releasing positive drill results. I'd imagine when they are released, it will have to coincide with some commitments to social endeavors with the local community, and that might be getting worked on also. There are rules against withholding information but this is AIM! I still surprised the first two holes were blank, given Darren's perceived knowledge of the ore body, previous mining there and the extensive samples taken.

tweets from a philippine star reporter, reference to the dupax road:

the town council of dupax del norte is asking the denr to file a criminal complaint against woggle corp and its workers for illegal tree cutting, violating pd 705 (revised forestry code of the philippines).

@philippinestar @philstarnews @bworldph @pilstarn***on @onenewsph

the environment department found illegal tree cutting in sitio keon, bitnong, dupax del norte in nueva vizcaya, allegedly part of an ongoing road project by foreign mining firm woogle corp.

there’s footage of the clashes with police on x. darren’s diplomacy skills will be needed again here.

I emailed Don a few months ago to see if MTL was on his radar. Got this response a few hours later:

“ I only have 1 exploration stock, which is really an optionality play, on my favorites list of 83 stocks.

I’m focused on producers and developers, which have better risk-reward in a bull market.”

It made me laugh, his loss! Does make you wonder how the likes of him, Eric Sprott, Rick Rule and their legions of followers don’t know about us, yet.

"Or perhaps not quite as extensive as they thought it was" Hopefully not! I'm sure they didn't want to blank on the first two drill holes though. Hopefully a better understanding of the deposit now and the next holes need to be a hit