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Maybe the deal could be a purchase using part cash, part share allocation and maybe a payment schedule in 2027, or take a loan from the larger shareholders for any shortfall, the incomes from La India will be twice the size of anything we have had for the last 9 years, and so the possibilities to pay are not a problem, if we find another La India style resource, as in shovel ready but no cash or skill to produce, MTL have a lot of negotiating prowess, with both skills, cash incomes and a proven track record, very enticing for a company that can’t continue on its own.

Patience as usual.

By Anna Leah Gonzales

The Department of Energy (DOE) said on Monday April 27th 2026 that diesel and kerosene prices will decline this week and the Philippines still has sufficient fuel supply.

In an online briefing, Energy Secretary Sharon Garin said that as of April 24th, the country has an average of 54 days worth of fuel supply.

DOE data showed that gasoline supply remained adequate for 53.01 days; diesel, 54.61 days; kerosene, 168.74 days; jet fuel, 70.83 days; fuel oil, 67.55 days; and liquified petroleum gas (LPG), 38.44 days.

"These are good numbers. LPG is slowly increasing, especially since we have ordered already a consolidated order with some of our oil companies from a supplier in the U.S. So we have an order coming in May," Garin said.

In a separate statement, the DOE said all four diesel shipments secured under the government’s Emergency Energy Security Program have arrived, delivering a total of 178.33 million liters of diesel to help strengthen the country’s buffer amid continued volatility in the global oil market and ongoing developments in the Middle East.

The DOE said the shipments marked a concrete result of the government’s fuel security efforts under Executive Order No. 110, issued by President Ferdinand R. Marcos Jr., which directed urgent and targeted measures to safeguard domestic energy supply amid heightened geopolitical uncertainty.

The first shipment, consisting of 142,531.23 barrels or 22.66 million liters of diesel from Japan, arrived in Batangas on 26 March 2026.

The second shipment, consisting of 329,650 barrels or 52.41 million liters, arrived in Subic.

This was followed by the third shipment, consisting of 319,576 barrels or 50.8 million liters, also delivered to Subic, and the fourth shipment, consisting of 329,918 barrels or 52.4 million liters, which arrived in Davao City.

“The arrival of all four diesel shipments shows that the government is acting with urgency to protect the country’s fuel supply. As the Middle East conflict continues, our priority is to ensure that the Philippines remains prepared, adequately supplied, and able to respond swiftly to developments that may affect fuel availability and market stability," Garin said.

Oil price reduction

During the briefing, Garin said diesel and kerosene prices are scheduled for rollback this week.

This is where my mindset differs, I’m more interested in the business, and others focus on the shareprice number, if it’s 14p tonight or 12p what difference does it make? If you buying, it’s costing you more to own MTL at 14p, if your holding it makes no difference, the La India build is not effected by Iran/USA restricting oil, the costs obviously increase to do anything with high oil prices, across the board, that has an effect, it’s not stopping La India coming on line in December, and that’s all that matters to me, this war is just accelerating the demise of the dollars value, and as such golds longer term fundamentals are strengthened.

Gold sold for an average of over $4700 in April, all were cheering on this board in December about MTLs position, the build on time and 12 months to wait, gold was $300 dollar lower than current and the build has progressed another 5 months since, on time, Runruno added nearly $30 million to the pot keeps us financially sound and why we still had $36.5 million in the bank, we are set to repeat those numbers this quarter, sellers running for the door has no effect on my investment strategy, because I’m here for MTL to grow, La India is phase 2 in a long term MTL holding for me.

The months are passing, we’ve seen 18 pass from an offer to take over La India, 12 months of mine building behind us, and only 6 months to begin testing this mine, not long boys and girls for those massive $$$$ to come rolling in.

I was not aiming at all ex Condor share holders Sakura, I know many are very happy, and some not so happy but holding tight, but Mellon selling did have a huge effect, it’s created a lot move elsewhere, and it’s been mentioned by those who did, they tell us all the time.

The point is MTL are currently the best value in 6 months as proven by the post showing others growth and the lack of ours, with just 7 months to wait starting this Friday (May)

So it’s not a time to sell, it’s a time to hold and of course add if you can afford, huge moves to come this year iMHO

I think what’s different for MTL is the way we purchased Condor Gold, we took on the existing shareholders and offered them both shares and cash, the origional MTL holders may have more attachment as they have followed MTLs journey through Runruno, and as such I think origional MTL holders have a little more loyalty to the company, Condor holders had a sour taste in their mouths because they felt MTL paid less than what they expected for Condor Gold, and it was felt early on with large scale selling of the newly acquired MTL shares.

That hangover has been present ever since, Jim Mellon one proven major seller, and it’s knocked confidence in share price appreciation, along side no particular loyalty from new private investors to their new MTL shares.

So that’s my reasoning for the stall in shareprice growth, but it’s also shows we are now behind the curve, and that the next year shows both huge potential if plans go smoothly, but also a coiled spring effect in the shareprice, ready to move significantly higher when results speak and the unknowns become knowns.

Don’t mistake a low shareprice for a bad quality investment, the head winds will evaporate as La India becomes a producer, other Q&As will be another tail wind, next week is May and it’s clear December is not long to wait IMHO

“Now with real yields on 10 year treasuries rising gold is losing its lustre”

Major that comment shows you don’t understand the economics, the yield is rising because there is less interest in buying treasuries, and so they offer a higher yield to get entities to buy them, and why is it getting harder to get those entities to buy the Treasuries? Because the smart money knows inflation that’s coming (money printing) will chew away at their investment for the years locked away, and the returned money will buy less in 10 years than it does today, Treasuries are a shocking investment and gold is slowly replacing it, this bull run is not even half way when comparing with previous gold bull run cycles, USA get $5 trillion in tax receipts and this year looks set to see $1.3 trillion in interest payments, they can’t run the country on $5 trillion as history has proven, and yet they only have $3.7 trillion to run the states, it’s not sustainable and it’s getting out of control, they can’t raise rates, they can’t stop deficit spending, they can’t raise taxes, they are in a spiral of collapse and will continue to print their way out of it, and gold will follow the printing higher, as each note loses more value.

17 months ago MTL just found La India, with a 24 months wait to see it produce, gold at $2600 and many said it’s another jam tomorrow promise, not waiting that long and sold out in the 5p to 6p range.

Today gold is $4600, the wait is 7 to 8 months and everything is on time or ahead of schedule, and yet we still have can’t wait that long comments, the sky is falling in rhetorics, in that 17 months we have found more gold in La India, doubled the mining life span, doubled the potential gold margins when it flows, and all I hear is whinging noise from the same people.

It’s all looking solid to those with a glass half full outlook, yet I doubt we hear from those, it’s taken up by a whinging and fear.

Rant over.

Well it was a case of no news is good news when we heard about La India, trust me there was no inclination what so ever, no warning, POW! BAM! It was mentioned and it was a done deal, and why would the next one not will be the same, it will come out of no where.

Darren said H1 so let him have the time he quoted, before we accuse him of doing nothing.

The fear created in the quiet moments is why most never stay the course, but nothing has changed for the fundamentals for gold, its rise in this bull run is in the early stages, the global debts are rising at the fastest rate ever and gold reflects that, we hold many $billions of gold in La India and it’s on target for processing by December 2026, we have billionaire investor backing and we have zero debt, our future is so immense and we are valued at few percent of the future incomes, is it worth waiting for? Or do you panic and run?

The 20 years some have been in MTL and Condor, the realisation of our wait is just months away, hold your nerve.

Since the takeover of Condor Gold, MTL have had 6 quarters results leaving us just 2 more to look forward to before La India is expected to produce sometime in December this year.

Here are the MTL FCF results for those 6 quarters:

Q4 2024 $22.5 million

Q1 2025 $23.5 million

Q2 2025 $47.2 million

Q3 2025 $4.5 million (cyanide contamination)

Q4 2025 $40.0 million

Q1 2026 $29.4 million (part cyanide contamination)

The total 6 quarters FCF being $167.1 million total.

The average being $27.85 million per quarter.

I just thought it may give perspective to what to expect from Runruno, Q1 2026 actually beat the average.

2026 Q2 and 2026 Q3 are expecting similar FCF numbers to our average assuming we achieve 2 more 11k ounces gold sales as estimated on the very recent 2026 gold prediction numbers of 40k to 48k ounces.

Just for perspective, hope it helps.

Pour not poor.

Sakura, we have 9 months production in Runruno before it’s dry, we can’t move the processing plant until it’s finished the resource, we don’t have the cash to start second build until La India is paid for and runs and produces cash flow, so for now the purchase of a new asset is the next step, it’s only a few months since Dupax was dropped, and Darren said H1 2026 we should have some news, H1 is still with us, if we get to July and heard nothing, then he’s let you down, at the moment he is managing what cards are played to him, he didn’t poison the earth, he can’t be blamed for local opposition to mining, he just has to deal with what’s in front of him, and that’s all any human can do.

Surrey, you wanted to see La India to production after along suffering wait with Condor, and now we are 8 months away, fully funded and on schedule as planed from day 1.

You wasn’t bothered about Dupax, you have never had an ounce of interest in Runruno, and yet all I here is complaints, about what, the share price, that’s it, yet it makes no difference to the outcome, if it was 20p would you be selling before La India produces? If the answer is No? What difference does it make?

All is on schedule and you can’t get any better than that, the cash is still coming in to build it, the Major shareholders are still holding and expanded holdings during your period with MTL, just ignore the noise created by others and stop adding to it yourself, it’s all going as planed, better than planed, we just doubled the licence and drill results are coming in, looking good grades too, let the share price run where it runs, it’s only important when adding of selling, I think you have enough and why sell a share before we see La India poor?

Patience will prosper.

What’s he done:

Half build a new mine including sourcing and purchasing all parts and skilled construction teams.

Run a working mine near end of life suffering cyanide contamination in the soil, yet still making $30 to $40 million FCF every quarter, bar one.

Drill La India with great early results.

Double the life of the La India mining licence.

Secure a loan of $30 million reserve not used.

Bought and paid for Condor gold.

Accumulate $36.5 million cash in the bank to date.

Looking for new aquisitions.

Oh I see your point Surrey, looks like he’s slacking ;-)

The $5 to $10 billion in La India’s grounds not worth hanging around for, I wonder if Darren has the money to expand beyond La India? God knows how he will afford it when he does decide? 🤔

Good to hear guys, thanks for your support.

Yesterday we had great news in a doubling of La India mine life and high gold grade finds, with a mild sting with a drop in our last years production at Runruno, which side of that news was more important? If you think the 3k ounce drop is a disaster then you really are in the wrong share, like those who sell on $100 dollar gold swings, you won’t make the finish line, that’s just how it is, I have been around 9 years and had a hundred reasons to reduce or sell, and ignored them all, and if it’s annoying for others, I think that’s their problem.

And me…just saying ;-)

Major…have you got MTL shares at 0.5p? No you haven’t, have I been correct about buying those and more at higher prices and holding my 8 million shares? have I been right about La India coming to fruition on time when Condor holders sold out sub 6p, have I been right about gold going to $5k? When you said it was in a bubble at $3300.

I may have had an effect to keep many invested, but I’m not ashamed of that, those many have shared my success, and if you think I have even the remotest inclination to sell now, you would be massively mistaken, the wait is about to come to fruition.

We all have risk levels, my point is myself and others have seen real troubles, real near financial ruin and nearly 2 years when Runruno had 2g per ton gold reserves still losing $5 million a quarter, and yet I and others bought more shares.

Why? For me, it was simple, billionaire Nick Candy owned a huge chunk of MTL, he had most to lose, so he funded the refinance, he bought out the bank, and I relied on that being the case, Nick Candy found and hired Darren Bowden and that 0.5p grew slowly at first, but sure enough we survived and thrived.

So forgive me for not having fear over $30 million FCF quarters, Nick Candy and Darren Bowden are still here, and they both have 850 million shares on the line, I don’t give a monkey about Joe bloggs letting go of his 1 million shares because he can’t stomach not knowing what’s going on, those who matter to MTLs prosperity know, and are holding and working hard to prove success from building a future, La India is on target, and Runruno has ran for the last 6 years at constant profits, the last three quarter won’t change that record, and if for any reason it did, Candy and Drachs would step in, this time gold is not $1500 when Candy did the last time.

My advice is stop worrying about the few millions here and there, and start thinking about the billions we know is in La India, because you scare yourselves out of a blindingly good future, it’s not years away, it’s 8 months away, my 9 years here is becoming all worth the wait, the big moves are literally around the corner, whether Joe

Bloggs can stomach the wait is not my problem, it’s theirs.

Yesterdays report didn’t show an increase in the risk of La India flowing, it’s reassured you it’s on time and is now set to get much bigger, the length to produce doubled, the only fly in the ointment is Runruno will make an average if 11k ounces less than envisaged 3 months ago.

The negativity over that 11k ounces is understandable, but are investors making a decision on that basis, oh my, it’s a drop in the ocean, MTL produced nearly $30 million FCF from the dying phase of the mine, and is predicted with more recent accurate assessment to repeat that for the last few quarters.

The many here from 0.5p days saw MTL lose $5 million a quarter for many quarters, we had a mountain of $133 million in different debts at 20% interest to find and no answers, Darren Bowden was that answer, he turned Runruno around, and we are just 8 months from the next mine that’s 2.5 times longer in life, 2 times the output of gold, and has been funded by Runrunos success.

It’s a completely different ball game to 2017, it a breeze in the park by comparison, and gold isn’t $1200 like it was when Runruno made its first nugget.

We are financially secure, we have a loan facility of $30 million and we have treasury shares of $40 million value, and 3 more quarters that happen to be 3 k ounce less than planned at the start of the year, it’s annoying, it’s not stopping La India, get real, come back in October and you will pay a lot more for that reassurance IMHO

The total cost of the mine build is a revised $171 million and we had spent $80 million as of the end of Feb, so that leaves $91 million capex to complete the build, where do you get $103 million from Major? We have 3 quarters FCF to come, that’s nearer $90 million, we have the $36.5 million banked and the $30 million loan facility if required, plus the $40 million in treasury shares (savings)

I don’t see why Darren’s statement that we remain fully funded is in question? La India is coming to pour gold this year.