Member Info for leehardcastle

The storage of the equipment is for obvious reasons, even if we had a deal tomorrow, you don’t need the processing plant for at least another year, building a mine takes 18 months and the processing plant wouldn’t be required for a significant time after the close of Runruno, and as it needs moving you have to pack and store it till that time it’s required.

The next project is in progress, don’t doubt that for a second.

2.4 million ounces proved at La India starting to be mined Dec 2026, expectations of 5 million ounces with further drilling, La Grecia expectations and drilling in progress, Runrunos income expected to match last years FCF, the new aquisition in discussion to reuse Runruno processing equipment, Abra Tenament drilling to start H2 2026.

When the market realises we are valued at a few percent of future incomes, expect your rerate, its in sight so make hay whilst you can, its coming, have no doubt, or don't and you may have a few regrets.

Major….you are as usual talking from your back side, your doom and gloom predictions haven’t come off, all you talk about is risk and your one whose agenda puts new investors off this share, I put down real facts and you put down what might happen, one is factual and the other is doom mongering, your 75% reduction in your holding says what you believe about MTL.

I know it hurts, but La India in on target, cash flow from Runruno is stable and vast, another mining target is in progress, gold is $200 dollars up on the year to date, and $1900 up since you was made aware you were about to become a MTL shareholder, other targets are being drilled and all looks positive, you call that ramping, I just state it as facts.

Have a great weekend all.

We literally just had every single question that investors had answered, a criticism that’s constantly thrown at MTLs management is they don’t keep us in the loop, and yet we still have negativity, it’s utterly unjust and yes it needs taking to task when we still have silly statements, what more can a company do, it’s transparent where it can be and all is running to plan in a difficult world, what’s to moan about? Nothing MTL are doing wrong as far as I can see.

That interview put most minds at rest and answered a lot of questions, and somehow we still have folks painting it as flat and uninspiring.

Question that had many worried like:

Will we struggle to obtain diesel? No problem and the price increase only affects us by $3m per annum.

Are we still on track for December? Yes.

Is the finance reserve a good deal? Unused to date and 4.5% ticket.

Are we looking for a second jurisdiction? Definitely and in progress.

Do we have enough cash income to complete La India? Yes.

Why did Candy sell some shares? To keep his holding under 30% to attract institutional investment.

Are we drilling and expanding resources? Yes.

Why is the analysts AISC higher than the companies estimate? Because it’s there opinion and not ours, MTL the company still estimated at $1200.

Will the first pour CVRs be paid? Definitely in Q3 2027.

Is Nicaragua on board with mining? Certainly and up for deals.

All that info and somehow the next 5 months are still being assessed as unsure, it’s crazy to say at this point MTL don’t know how to build a mine, when you have a company that’s built and run one for a decade already, and 50% built the second ahead of schedule.

This is the quiet before the storm, and the few posts we see this week are 1% of the ones holding hard and fast, 2.9 billion shares that are not for sale, 2028 will see this company at 4 times today’s price, and the dividends rolling, sit back and wait, ignore the noise and buy the dips. IMHO

I do like his videos, he’s a confident speaker, and instills confidence, best of luck with your other investment

Well Sakura, you can’t say your not committed already, what’s your thoughts to where you may put that £half million?

Well I’m extremely happy with today’s reassurances and direction, and I actually believe the vast majority can see the futures bright, and the risks many have had worry about are in check, let’s all get along and enjoy the next 6 months to 3 years at the very minimum, it’s becoming clearer by the month La India is coming and so is the next jurisdiction, we really are at the start line, I believe 50p by 2028/29 is realistic when 2 mines are flowing, dividends are paid and we hit the FTSE 250, don’t be left short as these prices are going to be like 5p a year and a half back, a time you should have filled your boots, and 13p is the same now, beckoning a break out in the next few months IMHO

Majors forecasting was hilarious, taking bets last year that gold would lower than $3500 at Christmas, when it hit over $4300 at that time, the fact it hit $5500 soon after just cemented his lack of understanding, even $4500 gold is 30% higher than his predictions.

As for where it goes next, the next leg up is soon, and I will say we will be at new all time highs before the year is out, 6 months to go on that prediction, perfect for La India production.

Major you will wish you hadn’t sold 75% of your holding, I will predict that for you too 🤣

What’s your thoughts about Solibon Metals Harry?

(Cut short last post) a second mine for 2028, it’s always been the plan and today just cemented the companies plans.

I think the fact the brokers assessment was a 30 odd pence shareprice with $1900 AISC takes the pressure off Darren, his $1200 AISC is the companies assessment and so if MTL are correct, then that will elevate that 30 odd shareprice pence by some margin.

I think Darren has seen making any promise gets investors expectations too high, and being a little vague is easier on him.

I’m pleased he has 100% nailed it to the sign post that we are getting a secong

Darren mentioned the next phase for the Runruno plant to be announced in the next 3 to 6 months, he’s in talks and has expressed he won’t predict a date to when it’s something he can announce, but reassures MTL have a goal to be producing from 2 mines in 2028.

AISC question answered, MTL believe $1200 and two analysts say $1900, so we can expect any number in between the three.

Interesting the effect of oil costs doubling have an effect of $0.25 million per month or $3 million a year, no shortages of supply, that effect is smaller than some including myself was expecting, it’s an extra $30 an ounce on 100k ounces, and about $70 dollars an ounce on Runrunos current production, no big deal, the important fact is supply is stable, and Runrunos cash generation is ensured.

No one on earth can tell you what the cost of fuel will be in 2 years, the cost of an ounce of gold in 2 years, the cost of inflationary rises in labour etc etc, so little charts and comparing one with the other is a pointless task, the amount of gold is already calculated from drilling, and the labour rates in Nicaragua are about a $300 a month for a skilled operator, so we know our labour costs are a fraction of miners in the likes of Canada and Australia.

All miners will see a higher cost in fuel currently, but no one knows what that effect will be in 2 years.

As long as La India produces on time, the rest will happily fall into place IMHO.

I like the statement made in the latest annual results:

GROUP VISION & MISSION STATEMENT

The Group’s vision is to be the most admired mining company in the Philippines and Nicaragua. Our mission

is to enhance the lives of our people and local communities through the responsible management of our natural resources, to build a MULTI-PROJECT business and to deliver performance that stakeholders are proud of.

Just incase we still have ambigutity to what’s coming, it’s nicely spelt out for us, where and when is the big question?

Let’s see what the presentation tomorrow can tells us.

Were still in H1 are we not?

Panmure-

2025 was a big year for MTL. Runruno produced record cashflows and the La India gold project in Nicaragua was secured via the acquisition of Condor Gold plc. Development there is being fast-tracked using MTL’s balance sheet and construction remains on track for first gold in Dec 2026 (when Runruno ends). Unaudited production, revenue, earnings and cash flows for 2025 were all released on 28 Jan. BUY maintained, TP unchanged at 30p. Record cash flows in 2025 Production, revenue, earnings and cash flows for 2025 were all released on 28 Jan. US$115m of pre-tax cash flow was a record, despite Runruno production being at the lower end of revised guidance due to contamination issues in the BIOX circuit and the impact of Super typhoon Uwan. Mining will be completed there in H2 2026, and processing by the end of the year, and although 2026 production has been revised lower to 40-48koz due to ongoing toxicity issues and some lost ounces in the new geological model, 2026 cashflows are expected to be similar to 2025. 2026 production of 44koz is -33% vs 2025, PLe for 2026 gold price is US$4366/oz vs 2025’s average of US$3436/oz (+27%). La India – first gold will be a catalyst Construction at La India is tracking ahead of schedule, and is currently c. 50% complete (was 40% in mid-March vs 35% target). Commissioning is expected from Dec 2026 (=key catalyst), with an initial gold pour then too. Commercial production is expected to be declared in Q1 2027 (this is newly confirmed). Bulk earthworks for the plant are complete, as is the ROM pad and first ore has been stockpiled (100kt of 500kt pre-commissioning target as of 23 April). Construction of key infrastructure is ahead of schedule (camp is operational) and MTL’s on site lab should be up and running by the end of Q2 2026. The elution plant is expected on-site in Q3 2026 and is one of the project’s key critical path items … MTL expects a two-month installation period for that. BUY maintained, TP unchanged at 30p.

In short the last 50% of La India build is funded by matching FCF expectations to 2025, build on time and for those doubters, La India is coming, and what a beauty she will be, I’m a very happy investor, I don’t doubt for a second a few will pick holes but your wasting your time IMHO, a fantastic read for me.

This uptick for MTL is more of a realisation only 5 months remains till La India flows and we are way cheaper than we should have been at $4500 gold and the build on time.

How long do investors play chicken waiting for a lower price? Try to save a penny and miss out on god knows what when we pour gold, the timescale for La India was 2 years from inception, one and a half of those has passed without fault, La India is really close to becoming reality.

Lots of positive news is possible at any point, and the 2025 annual report will be good reading, the consistent weak hands selling action dries up at some point, you can’t sell again what you already sold, and those left holding are stronger hands, and as such we should start to see some steady climb, war or no war IMHO