28th Sep 2026 13:49
Metals Exploration PLC - Philippines- and Nicaragua-focused Gold production, development and exploration company - Says first gold production at its La India project in Nicaragua remains on track for December 2026, with construction continuing to advance across the process plant. The company has fully drawn its USD27.0 million equipment financing facility, leaving it with cash of GBP25.8 million, or about USD34.5 million. Process plant works include completion of conveyor installation and grinding building structural steel, while the oxygen plant is installed and key semi-autogenous grinding mill components are in position. Lining of the tailings storage facility has also started.
Separately, maiden drilling at the La Grecia prospect, 50 kilometres northwest of La India, returns high-grade gold intercepts including 1.30 metres at 36.5 grammes per tonne gold and 1.90 metres at 6.03 grammes per tonne. Further assay results are expected in October, with follow-up drilling planned for the first quarter of 2027. Chief Executive Officer Darren Bowden says the initial scout drilling "has returned early but promising results."
Current stock price: 16.60 pence
12-month change: up 22%
By Niall Holden, Alliance News reporter
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