Member Info for leehardcastle

Major still justifying your halving of your holding, we just mentioned a possible doubling of gold incomes, that’s multi billions extra income, as you focus about the next 9 months where $90 million FCF is still the scheduled income from Runruno, any shortfall covered by a loan IF required, business as usual for MTL, 7 months to testing will fly.

It’s a mixed bag of news today, upside we have more gold and twice the time to mine at La India and the build is running on or ahead of schedule, downside news, Runruno has and will produce 3k ounces less per quarter than hoped for at the beginning of the year, Dupax and Abra same situation at last update.

No one seems to acknowledge we have only spent $5.5 million from our cash reserves with the less than 11k ounce sales this quarter, that tells you 11k ounces is enough per quarter to get us over the line and pay for upcoming build costs, the $30 million is a buffer loan unused to date because we have $36.5 million banked as of 23 days ago.

Even if the loan reserve is required it’s not share dilutive and is a drop in the ocean compared to upcoming La India incomes, focus on the fact La India is coming and relax, Runruno has enough juice in the tank to do its job.

I’m sorry, maybe I misread this in the update this morning.

Abra Project:

Drill programmes on the Abra tenement remain on hold while the National Commission for Indigenous Peoples further advances its consultation activities with the potentially impacted local communities. The Company's expectation remains that drilling in the Abra project area will commence later in H2 2026.

It’s not dead, it’s sleeping ;-)

Runruno has achieved its duties, its bought and paying for a 25 year high output gold producing mine in Nicaragua without debt, that’s an amazing deal, KEFI is another mine builder some here are part of, they have taken on $350 million in debt with god knows how much interest and won’t produce till 2028 if all goes well, that’s the reality starting from fresh, I’m not saying it’s not a good investment, I’m just comparing our fortunes with theirs, all thanks to Darren, his team and Runruno incomes.

Abra is not dead, he’s still mentioned expectations of drilling this year in the report.

As for pocket maths on the budget, let me put it a simple way, we had $42 million banked Jan 1st and now we have $36.5 million banked 1st April, so accumulating nearly $30 million FCF this quarter shows we spent that and another $5.5 million ($35.5 million total spent Q1)

If we achieve $30 million FCF incomes as predicted for Q2 and spend at the same rate on La India, our banked funds would drop to $31 million at 1st of July.

That burn rate if consistent shows we have the funds required to finish La India….simple.

He’s given an average AISC of $1850 for the year, that’s increased because of the lower gold recoveries at the end stages, the average gold guidance for 2026 is 44k ounces so 3 more quarters like Q1.

With $36.5 million banked and 3 more quarters income, a $30 million loan reserve and $40 million in treasury shares, it’s more than enough to finish La India, hence why Darren stated it in this report.

We lost a few thousand ounces because of cyanide contamination, an issue suffered because of Runrunos BIOX processing system, it’s not Darrens fault, the BIOX is operating again and only has its uses till September, as it’s planed to be dismantled then, so just 2 more quarters and it will be a system of the past, La India doesn’t use a BIOX system.

He’s building the new mine perfectly and has just told us La India drilling is going well, whilst running Runruno and looking for a new acquisition, give him a break for heavens sake.

As said, La India is looking like a 25 year project, Runruno has another 30k to 38k ounces to give over the next 3 quarters, that’s 10k to 12.5k ounce expectations per quarter, around another $90 million FCF.

As said, Runruno is just a means to fund La India now, its processing plant and equipment to find another home, all eyes are on getting our mine operating in Dec.

It’s not a binary risk, that’s saying it will produce or not produce, La India will produce, it’s if it’s on time and on budget is the question, the budget is not game ending if it increases because we have financial security with 2 billionaire major investors and such financial backing if it was required, of which it’s not whilst Runruno ticks on and gold stays relatively high, as for producing on time, again it’s not ideal if it’s late, but again it’s not a game ending scenario, it just delays incomes.

Major you need to stop over egging the risk, La India is coming and gold levels are currently massively higher than required to make this project a massive earner.

You justify selling half your holding to make you feel better, those who have held and increased will benefit the most, it’s just a small wait to see this through to success, it’s not MTLs first attempt, the first attempt has proved itself already IMHO

Q1 results tomorrow with a little luck, should bring both cheer and reassurance.

I do laugh at how $50 dollars movement in gold sways investors to buy or sell, it's like $3000 dollar margins could give a toss about $50 dollar either way, I noticed other miners achieved $4700 average per ounce gold sales for Q1, 14k ounces for us at those levels would be very nice.

Shorters in-still fear to shake perfectly rational investors and investments to sell in order for the shorter to gain a profit, there is nothing noble about that, and it’s pure gambling, the most we can lose is our investment, the shorter has no limit to there losses, they gain from investors pain, I think it’s lower than a snakes belly, hope he learns a lesson.

My cheeky 50k Buy at 10.37am was also reported as Sell for context. Q1 next week may calm a few here.

There will be no RNS because it’s not effected MTL, this idea we must report every event that hasn’t effected us is plain silly, this is just another day that shows how weak some hands are, reacting at every touch is going to cost you long term, La India will produce in Dec and and all the noise will be history. IMHO

I had a cheeky 50000 shares too, thank you very much, I find it crazy behaviour, very few will make this journey, selling at every touch on news that may effect us, but actually hasn’t and won’t, we are a honest and properly managed company and do not get involved in corrupt dealings.

Those 3 x 1m buys could be Drachs on the move, she has been happy paying 16p in the past, with Nicaragua offerings getting bigger, why wouldn’t she?

Wise trading, looks very positive, was that you Sakura? or partly you? you did mention £500k to invest when the time was right.

Let us look at what we do know: Darrens aspirations, he has made it clear many times on previous interviews, he has mentioned a $2 billion market cap for MTLs future, so its not exactly unexpected for him to purchase another asset, it is the only way he will achieve the $2 billion market cap aspiration.

We know we have a 2 mtpa processing rig, 10 years old and fully paid for to re-deploy, we know it can produce 100k ounces gold per annum on another asset, we know we can build mines, we are half way through our second, we know we have the cash to complete the second, we know we have $45 million in treasury shares, we know we had $42 million banked as of the beginning of the year, we know we have 4 quarters income from Runruno and a $30 million loan reserve if required, we know we have 2 billionaire major shareholders, we know Drachs was happy to pay 16p for a chunk of her holding.

Darren is also aware of the one jurisdiction risk, so it's also more likely he looks to add the next mine to another jurisdiction, we know he has a wish for it to be in the Philippines as he lives there with his Philippine wife and children, so it's still most likely that will be our next target, but it will have to be shovel ready as we can see it's not easy obtaining approval.

We know he said his plan would be brought to our attention in the H1 of 2026, a strange comment if he had not already targeted or at least discussed the next target, we know Darren had been approached many times before by other entities, but had chosen to target Dupax first for obvious reasons, local and cheap, we know he has abandoned that idea and it's clear he has to look else where.

Q1 next week will be very interesting, we can hope to get some snippets maybe, I will predict $45 million FCF, any other takers on a FCF number? Just for fun, need a little I think.

Yes I will, $1 billion plus annual FCF from 2 processing plants in tandem, I’m sure Darren worked those numbers too.

The Runruno processing plant will find a new home, that’s 100% certain, we know it’s not staying in its current position, we also knew it was not for the Abra tenament as that is the long term prospect, so where we send it remains a mystery for now, but Darren has promised us an update in H1 of 2026, and that’s a date mentioned for a reason, maybe it’s because we have started something in the Philippines? Or maybe it’s heading to Nicaragua? As we now know we have other assets to explore near our La India project, or maybe we know we can double up on La India? The bigger power line may be a tell.

Q1 RNS next week will be very interesting.

Key Information Types Published on RNS:

Inside Information: Under UK MAR Article 17, information likely to affect the share price must be disclosed "as soon as possible," including acquisitions, disposals, or major contractual changes.

Financial Results: Half-year reports, preliminary results, and annual reports.

Corporate Governance & Personnel: Management appointments (CEO/CFO changes) and resignations.

Director/Major Dealings: Notice of directors buying/selling shares (MAR Article 19) and notifications of major changes in voting rights (DTR 5).

Corporate Actions: Dividend announcements, share issues, and Tender offers.

Non-Regulatory Updates: While not always mandatory, firms use RNS for AGM results and investor presentations.

The results on an application to start drilling on a reserve to be mined 5 to 10 years away is not part of that list, and is perfectly normal to be in a mention on the quarterly update.