REG - Metals Exploration - Drill Rig Mobilised to La India Project

Metals ExplorationAnnouncement

Mon 07:00

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RNS Number : 3127G  Metals Exploration PLC  28 April 2025

28 April 2025

METALS EXPLORATION PLC

Drill Rig Mobilised to La India Project

Metals Exploration plc (AIM: MTL) (the "Company"), a gold production,
exploration, and development company with assets in the Philippines and
Nicaragua, is pleased to announce that a drill rig was mobilised to the La
India project in Nicaragua and arrived at site on 23 April 2025.

Initially, this rig will commence a programme of drilling geotechnical holes
required to advance mine development studies. It will then move onto
exploration drilling to test resource extensions, north of the current
proposed open pit.

As part of the consideration under the Scheme of Arrangement pursuant to which
the Company acquired 100% of the issued share capital of Condor Gold plc
("Condor Gold"), Condor Gold shareholders were issued contingent value rights
("CVRs"), which enable the CVR holders to receive their pro rate share of
certain potential deferred consideration, provided that certain defined events
occur in the 5-year period following the mobilisation of a suitable drill rig
to the La India project site (the "Mobilisation Date"). Accordingly, the
Company is pleased to announce that the Mobilisation Date (for the purpose of
the deed poll constituting the CVRs dated 4 December 2024 (the "CVR Deed") is
23 April 2025 and, accordingly, the 5-year period referred to above expires on
22 April 2030.

For further information in relation to the CVRs, please refer to the Company's
announcement dated 4 December 2024 and the scheme document dated 11 December
2024 and CVR Deed, which are available on the Company's website.

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For further information, please contact or visit:

 Metals Exploration PLC
 Via BlytheRay                            +44 (0) 207 138 3204

 Nominated & Financial Adviser:           STRAND HANSON LIMITED
 James Spinney, James Dance, Rob Patrick  +44 (0) 207 409 3494
 Broker:                                  HANNAM & PARTNERS
 Matt Hasson, Franck Nganou               +44 (0) 207 907 8500

 Public Relations:                        BLYTHERAY
 Megan Ray, Said Izagaren                 +44 (0) 207 138 3204

 

Web:                www.metalsexploration.com
(http://www.metalsexploration.com)

X:                     @MTLexploration
(https://twitter.com/MTLexploration)

LinkedIn:           Metals Exploration
(https://www.linkedin.com/company/metals-exploration-plc)

 

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