Member Info for Ridgeld

Yup, it was in the RNS.

"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."

"The results of this survey have been interpreted and the follow-up 2,500 metre drill programme has been amended according to the targets which the survey outlined. The IP results confirmed that the first two drill holes were drilled off the main mineralised structure."

Sounds like the gold is there, just not quite where they thought it was. Or perhaps not quite as extensive as they thought it was.

If it was Drachs buying all these shares, surely we would have seen another RNS by now.

Zoom out on the chart. We are up 130% in the last 6 months, 620% in the last 2 years.

Smashed through $4050 now, doesn't look like slowing down any time soon!

Also very interesting that he said he sees the long term future of Metals in the Philippines and that La India is just a way to generate the cash needed for that future. Darren himself was also in the Philippines doing the interview, may indicate that's where his focus is rather than on the construction work in Nic.

Just watched again, his words were ‘probably’ on the finance ‘because we can’. All sounds extremely positive on Dupax though if he’s already considering how to speed up getting it online.

Few things I picked up on first scan of the interview.

The cyanide incident at Runruno is very sad with about 5 people dying. Not that it’s MTLs fault or anything but that can’t be nice to deal with. Especially given that they seamed to be people who used to live on the land but were moved off for the mine. Doesn’t sit well with me.

2 drills on site at Dupax with results expected early 2026 (may have got that wrong, need to watch again). 3rd drill on its way. DB seams very confident that it’s a go’er.

Financing likely to be needed but the options are there to do it so that converting the plant at Runruno doesn’t impact La India. My guess would be another loan from Drax at favourable terms.

I’m no expert in building mines, but I am an architect by profession so understand how construction projects often go. The highest risk of delays to a project is in getting it out of the ground. Having 95% of the earthworks completed ahead of schedule is a monumental step forwards. The only real risk of delay I see to the construction from here is if elements of the plant were damaged during disassembly or transport or if there is some unforeseen compatibility issues with local utilities but I highly doubt the team would have overlooked something like that.

If DB needed short term cash he would just borrow it from Drax at a favourable rate like he has done in the past. Odds of a raise are extremely slim.

This is the equivalent of parish councillor getting upset about your house extension because his great aunty lives next door and she doesn’t like builders.

The very worst case scenario is a two week delay as they hold the meeting that they already had but have it under a different heading on the agenda. The only requirement it to consult with the village council, they have no power to stop the exploration or anything as the licence has already been granted. MTL just need to tell the council what they are doing, which they did, but the council are being stubborn and claiming that the meeting they already had wasn’t a formal consultation.

My original point was that the Artisanal / illegal miners are what caused the contamination problem (in the Philippines) outlined in todays RNS and the company have already taken steps in Nicaragua to address the issue of artisanal / illegal miners to stop a similar (albeit technically different) thing from happening there. What the other posters were getting at is that the process of extracting the gold from the ore is different so the exact same contamination wouldn’t be possible in Nicaragua as BIOX isn’t a part of the process. My observation was that the company are solving the issue of illegal mining before it even has a chance to cause any unforeseen disruption at La India.

Not the exact same issue no, but I believe the small scale guys in Nic use Mercury as part of their processes which is also very polluting. Besides, the cause of the issue here is local artisanal / illegal miners. The knock on effect in this instance was the BIOX tanks downstream being contaminated. If we address the cause of the issue by giving the locals a way to process their ore in a safe way that is profitable to them and the company as is the case in Nic then you solve any issues before they arise.

Todays RNS makes the one a couple of weeks ago about the deal with the Nicaraguan 'artisans' all the more pertinent and impressive. If something similar had been in place at Runruno this hiccup (and that's all it is) might have been avoided. Re-reading that RNS today is interesting as they make it very clear that the Nicaraguans had been mining legally whereas todays RNS highlights the illegality of the small scale miners at Runruno. Great to see that the company are clearly putting systems in place early to stop this kind of thing happening again.

RNS basically says "we ran into an issue and have sorted it". Very competent management as always.

I seam to remember DB talking about a deal where the artisanal guys sell their stuff to MTL who then process it for them, so its a win win. We get more gold and the locals aren’t trying to process it themselves with unsafe practices using things like mercury.

We can clearly see what Panmure Liberum have been brought in to do. PR via RNS's has been great this week!

Don't get me wrong, the permit is good news and a good step forwards. I just think it was already largely priced in. Like when you're at a wedding, nobody is surprised when you hear the I do's.

The way these permits (usually) work is that there is a team of planners, consultants and all sorts of other professionals involved in making the decision, which is actually formally a recommendation. The final signature is a formality and the recommendation often known by those involved before the final signature on the dotted line by the big wig. Very rare for things to go awry at the stage we knew we had gotten to.

I'm not that surprised the news from Dupax hasn't moved the needle yet. We all already knew the permit would be coming soon, so did everyone else. We're up 30% from the interview that DB did where he all but confirmed the permit was imminent and the likes of Drax would have known sooner than that, hence all the buying they've been doing.

Anyone that's been here a while knows that DB doesn't say things unless he's extremely confident / almost certain of it. Very much of the under promise over deliver school of thought. And that should make us all very excited based on what he's been saying.

The market seams to like the boat news! I wonder if we will start getting more frequent updates similar to this with Panmure Liberum on board. Not just strictly necessary RNS's but little bits of good operational news.