Member Info for HarryTheCat

Https://malaya.com.ph/business/denr-to-offer-50-idle-mining-assets-for-competitive-bidding/

They were, but they were moved on by the Police after a Judge ruled that it was illegal to block access. The drilling contractor said they were blocked on a few occasions on the 6th and 7th Oct, so drilling is ongoing. I wonder if a certain Director saw the cores, pre assay?

DB in his recent interview said that there were 1,200 jobs and lives at risk at Runruno. Obviously a lot more jobs that ripple out from those salaries.

Dupax is a Government backed project; part of it's drive to increase Mining and self reliance on metals for the Green revolution, but only responsible mining. This was laid out by the President this week, during a two day conference on expanding Mining : https://www.youtube.com/watch?v=NXAn8pclYH4

The indigenous people will be compensated for the temporary use of their land, but MTL will need to also explain the additional social, health and Infrastructure benefits that they will receive, as well as monetary ones. The same social and health benefits are being deployed at La India, as can be seen on Facebook.

The Runruno pit is actually going to be left with more vegetation than before, as FCF have been planting a lot of indigenous trees.

It's natural for them to be worried, like any local people would be in the rest of the world when an Infrastructure project is nearby. Any Dupax Open Pit will only impact on a very small area of the 3,101 hectares, although the locals are naturally worried about the extent.

At least a week after a Director buys shares?

Lack of liquidity in the market with all online brokers that use OTP down all morning, due to AWS issue. Only biometric access available, or by phone deal if you could get through!!! Guess some existing stops were triggered; same with other stocks.

Last paragraph contains some nice words like full, major and will.

"The TRO will enable Woggle and FCF Corp. to determine the full potential of mineral resources that can be developed as a major economic driver that will benefit the province of Nueva Vizcaya."

https://tribune.net.ph/2025/10/17/court-orders-police-to-enforce-tro-in-mining-dispute

For their valuation (8% discount) they're using Au prices of

2025 : 3,274

2026 : 3,250

2027 : 3,000

2028 -> not listed

Metals Exploration (“MTL”) has announced Q3 gold sales of 8.83koz, compared to our estimate of 6.6koz during a period when operations were impacted by cyanide contamination of the BIOX circuit resulting in an extended period of downtime.

Revenues for the period were US$25.5m (H&Pe US$22.8m), with All In Sustaining Costs (“AISC”) for the period of US$1,923/oz (+70% YoY) due to the impact of lower production. Revenues per ounce were below our expectation due to the impact of

3,900oz being delivered into the hedge book at US$2,235/oz with the final delivery of 1,300oz being delivered in October at US$2,234/oz. MTL is now hedge and debt free with cash of US$28.3m. Guidance of 70koz-75koz is unchanged but management has flagged production should be at the lower end of the range. Key catalysts should be exploration results from Dupax and Abra, hitting 2025 guidance at Runruno, and maintaining construction progress at La India. Our updated valuation is GBp26/sh.

Runruno should return to normal operations in Q4

In August, MTL announced the BIOX circuit had been impacted by cyanide poisoning associated with runoff from illegal mining operations upstream of Runruno and from small scale artisanal tunnels within the operation. These were resolved in late September with operations restarting. During Q3, 403kt of ore was mined at the operation at a grade of 1.05g/t with 1,590kt of waste mined. The plant processed 323kt at an average grade of 1.06g/t and recoveries of 83.3% to produce 9.1koz. This was impacted by the flagged six week shutdown of processing operations while the BIOX circuit was re-established. This was clearly a challenging quarter, however, throughput was above our expectation of 200kt, although this was partially offset by average grade being below the 1.21g/t we expected. For the year we expect production of 72koz at an AISC of US$1,276/oz at the lower end of the guidance range. For 2026 we expect production of 70koz at an AISC of US$1,200/oz. Drilling is ongoing at the Dupax Volcanogenic Massive Sulphide target near to Runruno with exploration work still guided to start at the Abra project in H1 2026 once the National Commission for Indigenous Peoples has completed its consultation with local communities.

La India progress continues with plant construction commencing this month

The plant for La India was shipped from Alaska in August arriving in Nicaragua in early September with construction starting in October. The plant has a capacity of 1.4Mt/year which should be upgraded to 1.8Mt/year. During the quarter the bulk

earthworks were completed for the process plant terrace and are nearing completion at the magazine platform and ROM pad. The tailings dam is 25% complete and the development of the offices, camp, and fuel storage facilities are ahead of schedule. La India, with a resource of 2.28Moz, is on track to enter production in late 2026 with production of 145koz/year at an AISC of US$1,176/oz over an initial 12.5 year mine life. MTL completed almost 2,000m of drilling in the quarter focused on geotechnical and infill drilling as well as exploration.

Valuation: GBp26/share, 86% upside potential

Our DCF-based SOTP valuation is GBp26/share, offering 92% 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. La India should enter production in late 2026. We use a 0.75x P/NAV for La India, valuing the project at US$596m. We have rolled our NAV estimates forward from YE 2025 to YE 2026 which drives the increase in target valuation from GBp25.

Beats what House Broker Hannam and Partners were predicting. I'll post new note when it arrives.

Today :

Q3 Production was 9,145 oz

24 Sept :

"Following this period of extended downtime, we expect production of 6.6koz during Q3 with revenues of US$22.8m,"

"Given the low level of gold sold in the Quarter, the average sales price received for the Quarter was impacted by the maturing historical 3,900 oz gold hedges that realised an average sales price of US$2,235 per oz. The final historic 1,300oz US$2,234 per oz gold hedge was filled in early October 2025. As normal operations have resumed and with the current gold prices the average sales price the Company expects to receive in Q4 2025 should be significantly higher than that achieved in Q3 2025."

And 20:50

LB from 06:15, 12:18 and 24:10

https://www.youtube.com/watch?v=KVxzo742eKY

The contaminated Ore an Oxide Ore doesn't require the BIOX tanks, so that'll be proccesed in the 3 months from sep 26, WHEN they take them down. Clever Mgmt

The first Rig is scout drilling, the second rig is target drilling, based on IP survey results. The first rig appears to have hit the Pyrite Halo, DB was being careful with his words, although a big grin on his face, whilst he plans for production.

Https://www.youtube.com/watch?v=63IyiXk4qeo

"Key catalysts should be exploration results from Dupax and Abra, hitting 2025 guidance at Runruno, and maintaining construction progress at La India. Our unchanged valuation is GBp25/sh. "

A bit bold of one of the House Brokers, or not, come up with numbers on Dupax

"Exploration to date is limited and we currently attribute no value to Dupax. We have, however, evaluated a 2.5Mt/year open pit with pre-production capex of US$30m and an additional US$30m in year three of production. On a gold equivalent basis the project would produce 230koz at a cash cost of US$750/oz and an AISC of US$980/oz with a mine life of 10 years. This would generate an NPV10 of US$2bn if Dupax were to be developed on this basis. "

Yes, they didn't need to say it from the prior RNS about the downtime.

However in fairness, in the subsequent Interims DB did say the following

"I look forward to providing further updates on the status of development at La India, mining operations at Runruno, and the exploration campaign at Dupax."

So next should be Dupax results.