Gold Processing Plant in Transit to Nicaragua

4 August 2025

METALS EXPLORATION PLC

Gold Processing Plant in Transit to Nicaragua

Metals Exploration plc (AIM: MTL) (the "Company", or together with its subsidiaries, the "Group"), a gold production, exploration, and development company with assets in the Philippines and Nicaragua, is pleased to announce that the Rock Creek process plant purchased in March 2025 (the "Rock Creek Plant") is in transit to Nicaragua after recently being fully disassembled and loaded upon an ocean freighter for transport.

The ocean freighter departed Nome, Alaska, on 31 July 2025, almost one month ahead of the original purchase completion timetable, and is expected to dock in Nicaragua in mid-August 2025. Land transport of the Rock Creek Plant to the Group's La India project area in Nicaragua is forecast to be completed during September 2025, ready for the commencement of plant erection activities now scheduled for late October 2025.

The Rock Creek Plant, a fit for purpose gold ore processing and concentrating plant (including crushers, conveyors, grinding ball mill, Sepro Falcon gravity circuit, carbon in leach (CIL) circuit, elution and smelting equipment and laboratory), and certain related assets, were acquired for a purchase price of US$9,700,000. The La India process flowsheet has been designed such that the Rock Creek Plant will be able to process up to 1.4 million tonnes ("Mt") per annum, with additional built-in potential capacity to be upgraded to 1.8Mt per annum.

Darren Bowden, CEO of Metals Exploration, commented:

"The ahead-of-schedule shipment of the Rock Creek Plant marks another important milestone in our fast-track development of the La India project. The efficient disassembly and early dispatch of the plant from Alaska is a testament to the commitment and capability of our team and partners. With delivery and reassembly now firmly scheduled, we remain confident in our timeline to commence plant erection in October and maintain our goal of first gold production in Q4 2026. Importantly, this continues to demonstrate our disciplined approach to capital deployment and reinforces our strategy to deliver near-term value while managing risk and cost."

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