Quarterly Update to 30 June 2025

Metals Exploration plc (AIM: MTL) ("Metals Exploration", the "Company" or the "Group"), a gold production, exploration, and development company with assets in the Philippines and Nicaragua, is pleased to announce its unaudited quarterly results for Q2 2025 (the "Quarter").

Finance

• Q2 2025 record positive pre-tax free cash flow of US$47.2 million (Q1 2025: US$23.5 million).
• Q2 2025 record gold revenue of US$70.5 million (Q1 2025: US$48.4 million).
• Q2 2025 gold sales of 23,021 ounces ("oz") sold at an average realised gold price of US$3,061 per ounce ("p/oz") (Q1 2025: 18,219 oz at an average US$2,661 p/oz).

Runruno - Mining Operations

• Q2 2025 mining production of ore and waste was 2.98 million tonnes ("Mt") (Q1 2025: 2.90Mt), with a total of 525 thousand tonnes ("Kt") of ore mined in Q2 2025 (Q1 2025: 503Kt).

Runruno - Processing Operations

• Q2 2025 gold production of 19,993 oz (Q1 2025: 20,992 oz) recovered from 504Kt at a head grade of 1.40 grammes per tonne ("g/t") (Q1 2025: 537Kt at a head grade of 1.34 g/t).
• Q2 2025 all-in-sustaining-cost ("AISC") of US$1,098 p/oz (Q1 2025: US$1,303 p/oz).
• Q2 2025 gold recovery of 92.1% (Q1 2025: 90.7%).

Development - La India, Nicaragua

• Ground-breaking ceremony held in May 2025.
• Rock Creek process plant being loaded onto ocean transport from Alaska with sailing to occur before the end of July 2025.
• Bulk earthworks are 30% complete.
• Drill rig was mobilised to site on 23 April 2025.
• Key major contracts awarded or issued for tender.

Exploration - Philippines

• Access negotiations are ongoing with indigenous communities in the Abra project area. Drilling is not expected to commence until Q1 2026.

Darren Bowden, CEO of Metals Exploration, commented:

"This has been a record-breaking quarter for the Company which has seen us take a significant step forward in our strategy to deliver sustainable value from both our producing and development assets. We are pleased to report our record pre-tax cash flow of US$47.2 million and record quarterly gold revenue of US$70.5 million, underpinned by strong, consistent operational performance at Runruno.

"At Runruno, we continue to demonstrate our operational discipline, achieving a gold recovery rate of 92.1% and reducing our AISC to US$1,098 p/oz. Importantly, the site recorded no lost time injuries during the Quarter, reaffirming our commitment to maintaining a strong safety culture.

"In Nicaragua, we are excited by the progress at La India, where construction activities are well underway. Following the successful ground-breaking ceremony in May, bulk earthworks are advancing well, and the construction of key site infrastructure is progressing on schedule. We are pleased with the strong support we continue to receive from the Nicaraguan government and local communities, which has been critical to maintaining project development momentum. We expect to commence a resource extension drill programme in Q3 2025, which will support the next phase of value creation at this highly prospective asset.

"We look forward to building on this momentum and updating stakeholders as we execute on our strategy in the second half of the year."

Runruno Production and Finance Summary

Note 1: AISC includes all UK Corporate costs, excluding costs directly related to the Nicaraguan assets.

Development

La India Gold Project

A 'ground-breaking' ceremony held at La India on 7 May 2025 attracted significant media interest in Nicaragua. The commencement of construction activities at La India has helped the Company build credibility with both government and community leaders in Nicaragua. It has also assisted in receiving ongoing government support for the Company's activities in Nicaragua.

Activities undertaken in Q2 2025 in relation to the Nicaraguan assets included:

• Commencement of site construction works in May 2025, with bulk earthworks 30% complete at quarter end.
• Commenced construction of various buildings, including construction office, camp and fuel storage facility.
• Commencement of geo-technical and infill drilling following the mobilisation of a drill rig to site on 23 April 2025.
• Disassembly of the purchased Rock Creek process plant is well advanced, with disassembled equipment parcels prepared for shipping and delivered to port. Activities are ahead of schedule to have the plant loaded for ocean transport departing Alaska before the end of July 2025.
• Most major contracts for the construction of the La India project have been awarded except for plant erection, and CIL tank fabrication, sewage treatment, and water treatment plants.
• A gold resource extension and verification drill programme has commenced.

Runruno Operations

During Q2 2025, operations at Runruno produced another set of strong results for the Company with record gold sales of US$70.5 million (Q1 2025: US$48.5 million), at an average realised gold price of US$3,061 p/oz (Q1 2025: average gold price of US$2,661 p/oz); producing a record positive free cash flow of US$47.2 million (Q1 2025: US$23.5 million).

Finance

The Company's cash holdings at 30 June 2025 were US$43.5 million (31 March 2025: US$20.7 million). The Group has no debt.

Mining Operations

Mining production of ore and waste for Q2 2025 was slightly above management's forecast at 2.98Mt (Q1 2025: 2.90Mt). During Q2 2025, a total of 525Kt of ore was mined (Q1 2025: 503Kt).

Process Plant

During Q2 2025, the process plant performed well, producing a quarter average recovery rate of 92.1% (Q1 2024: 90.7%).

Gold produced during Q2 2025 was 19,993 oz (Q1 2025: 20,992 oz) from ore milled in Q2 2025 of 504Kt (Q1 2025: 537Kt), at an AISC of US$1,098 p/oz (Q1 2025: US$1,303 p/oz). Head grade was slightly higher than forecast at 1.40 g/t (Q1 2025: 1.34 g/t).

Unscheduled downtime was within the Company's expectations and included Grinding-BIOX MCC interconnection power line replacement, switchyard power interruption, repairs to the return discharge line, the plant air-line and gland water seals, final tails line discharge pipe, and pumps changeover.

During Q3 2025 the majority of ore to be processed will be oxide material from both Stage 5 & 6 of the mine. Gold recovery from this oxide material is expected to drop with a resultant drop in the average gold recovery in Q3 2025 from approximately 90% to approximately 85%.

Residual Storage Impoundment ("RSI")

The RSI dam-wall is at its final height and the dam water freeboard remains well above design minimum levels. Construction of the RSI final in-rock spillway continues. Design revisions to alter final height and increase dam capacity are under review.

Occupational Health & Safety

Having experienced the Company's first lost time injury since December 2016 in March 2025, the Quarter was completed without a lost time injury.

Environment & Compliance

Community & Government Relations

The Company continues to receive strong support from local communities and government agencies.

Exploration - Philippines

Abra Project

Drill programmes remain on hold while the National Commission for Indigenous Peoples ('NCIP') further advance their consultation activities with the potentially impacted local communities. The Company now does not expect to commence drilling in the Abra project area until Q1 2026.

Dupax Project

Final government approvals for the Dupax exploration licence are expected to be received during Q3 2025. Geophysics and an initial drill programme will commence shortly after these are received.