REG - Metals Exploration - Rule 19.6(b) update and Rule 19.6(c) confirmation

Metals ExplorationAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260115:nRSO9492Oa&default-theme=true

RNS Number : 9492O  Metals Exploration PLC  15 January 2026

The following announcement is being made pursuant to the requirements of Rule
19.6(C) of the City Code on Takeovers and Mergers (the "Code"), which, inter
alia, REQUIRES A PARTY TO AN OFFER TO MAKE AN ANNOUNCEMENT AT THE END OF A
PERIOD OF 12 MONTHS FROM THE DATE ON WHICH THE OFFER PERIOD ENDED CONFIRMING
WHETHER IT HAS TAKEN, OR NOT TAKEN, THE COURSE OF ACTION SET OUT IN ITS STATED
INTENTIONS.

For immediate release

 

15 January 2026

 

METALS EXPLORATION PLC

 

Rule 19.6(b) update and Rule 19.6(c) confirmation with respect to the stated
post-offer intentions made with regard to Condor Gold plc

 

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), a
gold producer, development and exploration company with assets in the
Philippines and Nicaragua, announces that further to the completion of its
recommended acquisition of the entire issued and to be issued ordinary share
capital of Condor Gold plc ("Condor Gold"), which was effected by way of a
scheme of arrangement under Part 26 of the Companies Act 2006 on 15 January
2025 (the "Acquisition"), its board of directors has duly confirmed in writing
to The Panel on Takeovers and Mergers, in accordance with the requirements of
Rule 19.6(c) of the Code, that, subject to the matters detailed below, the
Company has complied with its post-offer statements of intent made pursuant to
Rules 2.7(c)(viii) and 24.2 of the Code.

 

Such post-offer intention statements were originally detailed in the Company's
announcement of 4 December 2024 and the scheme document published on 11
December 2024 (the "Scheme Document") and were subsequently updated by way of
the Company's announcement dated 21 March 2025.

 

The Scheme Document further stated that the Company's Manikbel prospect at the
southern end of the Abra tenement was drill-ready, with all approvals in
place, and that Metals Exploration intended to undertake an initial 6,000m
drilling campaign with the aim of completing such work before the end of Q2
2025, with the objective of compiling an initial mineral resource estimate by
Q3 2025. Drilling at the Manikbel prospect has not yet commenced in order to
allow for an indigenous peoples' consultation process to take place.
Accordingly, the Company now expects to commence such initial 6,000m drilling
campaign in H1 2026 with a view to compiling an initial mineral resource
estimate by Q4 2026.

 

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

 

 

Strand Hanson Limited, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting exclusively as financial adviser
to Metals Exploration and no-one else in connection with the matter set out in
this announcement and will not be responsible to anyone other than Metals
Exploration for providing the protections afforded to clients of Strand Hanson
Limited nor for providing advice in relation to the matter referred to herein.
Neither Strand Hanson Limited nor any of its subsidiaries, branches or
affiliates owes or accepts any duty, liability or responsibility whatsoever
(whether direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Strand Hanson Limited in
connection with this announcement, any statement contained herein or
otherwise.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  OUPGPURWGUPQGMC



            Copyright 2019 Regulatory News Service, all rights reserved