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Nicaragua
Following the acquisition of Condor Gold, Metals Exploration has acquired an extensive suite of mining concessions covering 587 sq km in Nicaragua.
The key asset is the La India gold project in the La India Gold Mining District.
There is a clear development path to production at La India, utilising the Company’s existing and future cash reserves. La India is fully permitted and construction ready. The Company is targeting to have the La India gold project in production prior to the finalisation of the Runruno mine.
At La India, there is a production target of 120-150 Koz pa gold. The Company also believes there is the significant upside potential, with 2 Moz of gold outlined and the potential for a further 2 Moz.
Philippines
Runruno Gold Mine
The Runruno gold mine is located in the mineral rich province of Nueva Viscaya on the island of Luzon, which is the largest and most populous island in the Philippines. The project lies immediately downstream from the village of Runruno.
The mine has been in production since 2016 and is currently the second largest operating gold mine in the Philippines.
It is estimated that a further approx. 150,000 ounces of gold will be produced at Runruno prior to its expected closure in 2027.
Abra Exploration Projects
In August 2024, the Company completed the acquisition of the YMC Group, which holds an extensive exploration tenement in the prospective Abra area of the Philippines. The Abra tenement covers 16,200 hectares on the island of Luzon, c. 200km north of Runruno, in the Cordillera region, a prolific gold belt in the Philippines, with proven mineral endowment in the area, having produced 40 Moz of gold historically.
At a glance
Metals Exploration owns and operates the low cost Runruno Gold Mine in the mineral rich province of Nueva Vizcaya, Philippines, which it developed from greenfield to production.
220,000oz
Runruno gold reserves total 5.14Mt at 1.35 g/t, or 220,000 ounces at a 0.53g/t cut-off.
98%
Fully permitted, world class environmental standards, 98% Filipino workforce of which 28% are female.
US$300m
US$300m invested to date.
US$191m
FY2024 revenue of US$191m.
Recent Company News
Environment and Social Sustainability
Runruno has been producing gold without any community or government enforced stoppages since 2016 which illustrates the strong local relationships that Metals Exploration has built over the years in region. 98% of the workforce at the mine are Filipinos with 28% of the workforce being women, many as higher paid supervisors and equipment operators. Prior to Runruno, the region had no formal employment sector, and thus the mine operation has significantly increased the average standard of living in the region. Runruno’s environmental performance has been recognised with numerous awards.
In November 2024 Metals Exploration was awarded the following Philippine Government awards:
- for the third year in a row, the Presidential Mineral Industry Environmental Award in the Surface Mining Operation Category in 2024, the highest government mining award attainable in the Philippines.
- the Safest Surface Mining Operation Award for 2024.
These awards are given to mining companies in recognition of outstanding levels of dedication, initiatives and innovations in the pursuit of excellence in environmental protection, health & safety management and social/community development.
Winning the Presidential award is the highest government mining award attainable in the Philippines.
The Company aims to replicate its world-class ESG activities in the Philippines in its new project areas in Nicaragua.
Employment
High levels of local employment in Barangay which previously had no formal employment sector.
Economy
1.5% of direct mining and processing operating costs committed annually to Community Relations office.
Health and Education
Improved health and educational outcomes via health initiatives and learning programmes.
Infrastructure
Development of community facilities including bridges, electricity provision and water distribution.
Environment
Award winning mine rehabilitation and impact mitigation programmes.
