REG - Metals Exploration - La India Exploration Update – Extension to Pit

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RNS Number : 3511J  Metals Exploration PLC  28 November 2025

28 November 2025

 

METALS EXPLORATION PLC

 

La India Exploration Update - Extension to Initial Pit

 

Metals Exploration plc (AIM: MTL) ("Metals Exploration", the "Company" or the
"Group"), a gold production, development and exploration company with assets
in the Philippines and Nicaragua, is pleased to provide an update on
exploration at its La India gold project in Nicaragua ("La India" or the
"Project").

 

Highlights

 

·      Channel sampling has outlined an extension to the initial Phase 1
North pit at La India of a minimum of 100 metres up to potentially 300 metres.

·      Newly exposed high-grade mineralisation at the La India-Teresa
intersection confirms a significant structural target for further drilling.

·      Continuity of the N-S La India trend supported by recent
breccia-vein contacts indicate potential for further pit enlargement.

·      Near-surface mineralisation along the NW extension offers
low-cost, high-impact expansion opportunities for Phase 1 mining.

·      High-priority drill programme planned to validate and confirm the
extent of the pit extension and test deeper high-grade projections.

Darren Bowden, CEO of Metals Exploration, commented:

 

"We are extremely pleased with these initial results, which highlight the
strong potential to grow the Phase 1 North pit both along strike and at depth.
The discovery of additional near-surface mineralisation provides an immediate
opportunity to enhance recoverable ounces and potentially improve Phase 1
economics. Our forthcoming drilling programme is designed to rapidly test
these new zones and unlock further value from what is shaping up to be a
highly prospective epithermal system."

 

Channel Sample Results

 

The construction of new access roads to the Phase 1 North pit area exposed
fresh mineralised outcrops enabling systematic channel sampling at the
northernmost extent of the presently outlined La India system. This enabled
sampling across two structural zones.

 

The first zone tested was at the intersection of the La India and Teresa
systems. The sampled sequence along a NW-SE trend, consistent with the La
India structure includes a 2.0 metre massive quartz vein underlain by 5.08
metre hydrothermal breccia, defining a 7.08 metre wide mineralised interval @
3.08 grammes of gold per tonne ("g/t Au").

 

The highest grades coincide with the intersection of the La India and Teresa
mineralised systems, confirming this structural node as a priority target.
Sampling of an NNW-oriented hydrothermal breccia (CHN-016) suggests an
additional structural control on mineralisation.

 

The second zone tested the continuity of the La India N-S trend. Here CHN-019
exposed a hydrothermal breccia in contact with a massive quartz vein,
correlated with CHN-018 upslope and previous trench results to the north.

 

The combined data defines a 5.14 metre interval @ 0.94 g/t Au, supporting the
continuity of the N-S La India mineralised trend further north. The structural
contact between tectonic and hydrothermal breccias marks the lateral boundary
of mineralisation at this point.

 Pit Design Implications

 

The surface sampling campaign has confirmed new near-surface mineralisation
along the NW extension of the La India structure, representing an immediate
opportunity to expand the Phase 1 North pit by approximately 100 metres.

 

If drilling confirms continuity of the La India system at depth and along NW
strike, additional expansions of the final mining area are possible.

 

Future Works

 

A high priority drill programme will be conducted to test the continuity of
the newly exposed veins. The objective will be to test the continuity of the
La India structure to validate the extent of the pit extension, and to test
down-dip projection of high-grade intervals identified in this zone.
Additional drilling following the CHN-018/019 correlations will test the
extent of the N-S La India trend. These results will be combined with the
historical trench results from the nearby La Mora and El Escondido alignments.

 

In addition, the Company will undertake detailed structural mapping around the
La India-Teresa intersection zone to refine targets, and to map the
NNW-trending breccia system (CHN-016) to determine its role as a secondary
conduit.

 

The Company will update the Phase 1 North pit shell incorporating the NW extension scenario, while running sensitivity scenarios assuming successful additional drilling results.

 

Figure 1: Channel sampling and structural interpretation map for the La India
project, showing areas of newly identified mineralisation.

 

END

 

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
 Joint Broker:                                   HANNAM & PARTNERS
 Matt Hasson, Franck Nganou                      +44 (0) 207 907 8500

 Joint Broker                                    PANMURE LIBERUM

 Amrit Mahbubani, Scott Mathieson, Zak Wadud     +44 (0) 20 3100 2000

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

metalsexploration@blytheray.com

 

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)

 

Competent Person's Statement

 

Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, a member of the
Australasian Institute of Mining and Metallurgy (No 111470) and employee of
the Company, has compiled, read and approved the technical disclosure in
relation to the exploration projects in this regulatory announcement in
accordance with the AIM Rules - Note for Mining and Oil & Gas Companies.

 

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.

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