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Overview

Metals Exploration is the 100% owner of the La India Project in Nicaragua, following the acquisition of Condor Gold, which completed on 15 January 2025. Metals Exploration has acquired Condor Gold’s extensive suite of mining concessions that cover 587 sq km, with key assets in the La India Gold Mining District.

There is a clear development path to production at La India, which will be funded by utilising the Company’s existing and future cash reserves from production at Runruno, leveraging the Company’s proven track record as a mine builder and operator.

Production target of 120-150 Koz pa. Replacing cashflow from Runruno as it approaches end of life of mine in 2027.

Significant upside potential – 2 Moz of gold outlined and potential for further 2 Moz.

Key Points
  • Metals Exploration acquired the La India Project in Nicaragua, following the acquisition of Condor Gold.
  • La India is fully permitted and construction ready. Construction of the plant will be fast-tracked, with the Company targeting to have the project running prior to the finalisation of production at the Runruno mine.
  • Darren Bowden has over 15 years’ experience working in Central/South America and is a fluent Spanish speaker. He has various contacts in the region, and will quickly assemble a team of experienced Spanish speaking professions to add to the Nicaraguan team.
  • Numerous parallel gold structures indicating more than the Company’s holdings have the potential to become a 5 Moz Gold District.
  • M&I resource grade of 3.6 g/t Au, which is high by industry standards.
  • Production target of 120 Koz gold per year under base case, with the potential to upsize to 150 Koz per year.
La India - Strong Economics:
  • NPV (6%) @2,500/oz Au of US$882m and IRR of 54%
  • 2025 internal study for La India project (open pits and underground) estimates:
    • Production averages 145,000 oz gold per annum for the 12.4 years
    • IRR of 54% and a post-tax NPV (6%) @2,500 of US$882m, low initial capital requirement of approx. US$122m
    • Low average Life of Mine All-in Sustaining cash costs US$1,176/oz
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