Metals Exploration Regulatory News (MTL)

3 June 2025

METALS EXPLORATION PLC

Exercise of Options and Warrants, PDMR Dealings and Total Voting Rights

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), gold production, exploration and development company with assets in the Philippines and Nicaragua, announces that it has received notices of exercise in respect of options and warrants over new ordinary shares of £0.0001 each ("Ordinary Shares").

The notices of exercise, in aggregate, comprise: (i) options over 229,600,000 new Ordinary Shares at an exercise price equal to nominal value under the Metals Exploration plc Long Term Incentive Plan ("LTIP"); (ii) options over 11,122,524 new Ordinary Shares at an exercise price of £0.0725 each under the Condor Gold plc Employee Share Options scheme; and (iii) warrants over 9,889,058 new Ordinary Shares at an exercise price equal of £0.0605 each.

The options issued under the LTIP have met all performance vesting conditions, being the Metals Exploration volume-weighted average share price over a 30-day period exceeding: (i) 2.5 pence; (ii) 5 pence; and (iii) 7.5 pence, with each condition representing one third of the total number of options.

The options under the Condor Gold plc Employee Share Options scheme and the warrants were issued as result of the Company's acquisition of Condor Gold plc in January 2025, and have been exercised in accordance with their terms.

PDMR Dealings

Details of the option exercised by Darren Bowden are set out below, with further information being contained in the Appendix to this announcement:

Details of the Ordinary Shares sold by a director, Tim Livesey, to fund a tax liability arising as a result of a previous exercise of Metals Exploration options, are set out below, with further information being contained in the Appendix to this announcement:

Admission and total voting rights

Application has been made to the London Stock Exchange plc for the admission of the new Ordinary Shares to trading on AIM ("Admission"), which is expected to take place at 8.00 a.m. on or around 6 June 2025.

Following Admission, the Company will have 3,216,050,370 Ordinary Shares in issue, of which 299,385,458 ordinary shares are held in treasury, and, accordingly, the total number of voting rights is 2,916,664,912. Therefore, this figure may be used by shareholders in the Company as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Change of Significant Shareholders' Interests

Upon the completion of the above share issues the Company is aware of the following significant shareholders and their respective interests on Admission:

Notes:

* - Nick Candy has an interest in 653,000,000 Ordinary Shares, comprising: Candy Investments S.a.r.l with 650,000,000 Ordinary Shares, Candy Ventures S.a.r.l with 2,000,000 Ordinary Shares, and MTL (Luxembourg) S.a.r.l with 1,000,000 Ordinary Shares. Candy Investments S.a.r.l, Candy Ventures S.a.r.l and MTL (Luxembourg) S.a.r.l are each wholly owned by Nick Candy, save for Candy Ventures S.a.r.l, in which he holds a 90% interest, with Steven Smith owning 10%.

** - 16,449139 Ordinary Shares held directly in Mr Mellon's own name and 203,491,571 Ordinary Shares held by Galloway Limited, a company indirectly wholly owned by Mr Mellon.

For further information please visit or contact:

Web: www.metalsexploration.com

X: @MTLexploration

LinkedIn: Metals Exploration

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.