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Nicaragua
Following the acquisition of Condor Gold, Metals Exploration owns an extensive suite of mining concessions covering 1,222 km² in Nicaragua, including the flagship La India gold project in the La India Gold Mining District.
Construction at La India is approximately 50% complete, on schedule and on budget for first gold pour in December 2026. The project targets average production of 145,000 oz gold per annum – once fully ramped up – over a 12+ year mine life (open pit and underground), for low initial capital of US$177m.
Total Indicated and Inferred resources across the district stand at 2.3 Moz at 3.9 g/t Au, with multiple high-priority exploration targets still to be tested. MTL has also secured a 25-year renewal of the La India mining concession, effective January 2027.
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.
US$208.4m
FY2025 revenue — a record year for the Company (FY2025 Audited Accounts).
US$115.3m
FY2025 free cashflow, up 19.2% year-on-year, with net debt reduced to US$Nil.
40,000-48,000oz
FY2026 Runruno production guidance.
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 2025 Metals Exploration was again recognised by the Philippine Government, receiving the Presidential Mineral Industry Environmental Award (PMIEA) in the Surface Mining Operation Category for the fourth consecutive year — the highest government mining award attainable in the Philippines.
These awards recognise outstanding levels of dedication, initiative and innovation in environmental protection, health & safety management, and social/community development.
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.
