Metals Exploration Regulatory News (MTL)

9 September 2025

METALS EXPLORATION PLC

La India Development Update

Metals Exploration plc (AIM: MTL) ("Metals Exploration", the "Company" or the "Group"), a gold production, exploration, and development company with assets in the Philippines and Nicaragua, is pleased to announce that development and construction activities at the La India project in Nicaragua are progressing to schedule.

Further to the Company's announcement of 4 August 2025, the Rock Creek gold processing plant arrived ahead of schedule at the port in Nicaragua. Unloading is now complete, and delivery of equipment to the La India site is well advanced. The commencement of plant erection activities remains on schedule for October 2025.

Mine development earthworks associated with the processing facility and the mine industrial area are now approximately 95% complete, with the run-of-mine ("ROM") pad currently being finalised. The construction of site buildings and infrastructure is well underway following the orderly and agreed decamping of all artisanal miners from the project site and pit area.

A video of progress at La India can be found on the Company's website by following the below link:

https://metalsexploration.com/news/company-media/

Darren Bowden, CEO of Metals Exploration, commented: "We are delighted with the progress being made at La India as we continue to advance our development programme. I recently visited the La India site and was pleased to see the project coming to life, with earthworks being completed in the mine industrial area and mine pre-strip activities well under way, following the fair and constructive agreement being reached with the artisanal miners to vacate the mining areas. Excitingly, the Rock Creek plant has now been unloaded at the port in Nicaragua, and all components already delivered to site, in preparation for assembly, on schedule, in October 2025.

"The current progress reinforces our target of gold production commencing by Q4 2026. I look forward to visiting the site again soon and providing further updates as work advances."

Figure 1: Ocean freighter carrying the Rock Creek plant berthed in Nicaragua

Figure 2: Unloading of Rock Creek plant

Figure 3: Rock Creek plant arriving at La India site

Figure 4: Process plant site earthworks

Figure 5: Building construction

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Web: www.metalsexploration.com

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Forward Looking Statements

Certain statements relating to the estimated or expected future production, operating results, cash flows and costs and financial condition of Metals Explorations, planned work at the Company's projects and the expected results of such work contained herein are forward-looking statementswhich are based on current expectations, estimates and projections about the potential returns of the Group, industry and markets in which the Group operates in, the Directors' beliefs and assumptions made by the Directors. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: "expects", "plans", "anticipates", "forecasts", "believes", "intends", "estimates", "projects", "assumes", "potential" or variations of such words and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

These statements are not guarantees of future performance or the ability to identify and consummate investments and involve certain risks, uncertainties and assumptions that are difficult to predict, qualify or quantify. Among the factors that could cause actual results or projections to differ materially include, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfil projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the AIM Rules.