Quarterly Update to 31 December 2025

• Record FY2025 positive free cash flow of US$115.3 million (FY2024: US$96.7 million).
• Record FY2025 gold revenue of US$208.4 million (FY2024: US$191.1 million).
• Q4 2025 positive pre-tax free cash flow of US$40 million (Q3 2025: US$4.5 million).
• Q4 2025 gold revenue of US$63.9 million (Q3 2025: US$25.5 million).
• Q4 2025 gold sales of 16,009 ounces ("oz") sold at an average realised gold price of US$3,995 per ounce ("/oz") (Q3 2025: 8,833 oz at an average US$2,889 /oz).

Runruno - Mining Operations

Runruno - Processing Operations

• Q4 2025 gold production of 15,156 oz (Q3 2025: 9,145 oz) recovered from 538 Kt at a head grade of 1.04 grammes per tonne ("g/t") (Q3 2025: 324 Kt at a head grade of 1.06 g/t).
• Q4 2025 all-in-sustaining-cost ("AISC") of US$1,584 /oz (Q3 2025: US$1,923 /oz).
• Q4 2025 gold recovery of 84.1% (Q3 2025: 83.3%).

FY2025/FY2026 Production Guidance

• FY2025 gold production of 65,287 ounces was at the lower end of the revised FY2025 lower guidance forecast at an AISC of US$1,368 /oz, which was above the upper FY2025 guidance forecast range of US$1,275 /oz due to the lower ounces sold.
• FY2026 gold production from Runruno forecast: 50,000 - 60,000 ounces.
• FY2026 AISC forecast for Runruno gold production: US$1,400 - US$1,650 /oz.
• No guidance is provided for the La India gold project which remains on track to commence gold production in Q4 2026.

Development - La India, Nicaragua

• Overall construction continues to be within the revised budget and ahead of schedule at 33% complete.
• Process plant foundations, general infrastructure and bulk earthworks are all progressing ahead of schedule.
• Stockpiling of ore has begun.

Exploration - Dupax, Philippines

• Drill programme continuing - limited drilling conducted during the Quarter with no near term production opportunity discovered to date.

Darren Bowden, CEO of Metals Exploration, commented:

"I am pleased to report a strong end to FY2025, culminating in record gold revenue for the year of US$208.4 million and record free cash flow of US$115.3 million. This record-breaking year was supported by the continued robust operational performance at Runruno, as well as the favourable gold price environment.

"In Nicaragua, we have seen excellent momentum in the development of the La India Gold Project towards production, which remains on track for first gold in Q4 2026. Overall construction is ahead of schedule at 33%, and I look forward to providing further updates on progress throughout 2026. With an annual production target of 145,000 oz of gold, La India will serve to replace cash flow from Runruno as mining operations cease there.

"At Runruno, we achieved FY2025 gold production of 65,287 oz, within the revised FY2025 lower guidance forecast of 65,000 oz. This revision came as a result of production delays due to the Q3 2025 BIOX cyanide contamination issue, which was subsequently resolved, and the impact of Super-typhoon Uwan in Q4 2025, where mains power was restored earlier than forecasted. Our production guidance for FY2026 at Runruno is 50,000 - 60,000 oz due to the mine approaching the end of its life with the mine plan scheduling lower grade material with slightly lower recovery performance, with AISC forecasted at US$1,400 - US$1,650 /oz, and we look forward to continuing to capitalise on the supportive gold price environment.

"Drilling at Dupax to date has indicated that the target ore zone is deeper than predicted. As a result, we have concluded that an economic resource at Dupax will not be able to be defined in time for Runruno's ore processing operations to be extended via the processing of Dupax ore. Accordingly, we are considering other options to repurpose the Runruno plant and will keep shareholders updated with any developments.

"Safety is at the heart of what we do, and I am pleased to report that the Company now has in excess of 2 million man-hours worked in the Philippines without an LTI. In Nicaragua, we have not recorded an LTI since Metals Exploration acquired La India.

"We finished FY2025 in a very strong position, with record revenue and free cash flow. The Company is debt free, and is targeting FY2026 gold production of 50,000 - 60,000 oz from Runruno. With La India due to start production in Q4 2026, I am optimistic about the Company's year ahead and look forward to updating shareholders with our progress."

Runruno Production and Finance Summary

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

Runruno Operations

In November 2025, processing operations were impacted by the loss of mains power to site due to damage to the National power grid caused by Super-typhoon Uwan. Production was paused for approximately seven days while repairs to the power grid were conducted in various parts of the Nueva Viscaya province. Back-up generators ensured no loss of BIOX bacteria. Mining operations were also suspended for two days. Mains power was restored to the site, with processing operations able to recommence, earlier than forecasted.

Annual gold production was 65,287 oz, at the lower end of the revised guidance of 65,000-70,000 oz, having been impacted by both production delays due to Super-typhoon Uwan and the Q3 2025 BIOX cyanide contamination issue.

Finance

FY2025 operations at Runruno produced record gold sales of US$208.4 million (FY2024: US$191.1 million) resulting in a record US$115.3 million pre-tax free cash flow (FY2024: US$96.7 million).

Q4 2025 recorded gold sales of US$63.9 million (Q3 2025: US$25.5 million), at an average realised gold price of US$3,995 /oz (Q3 2025: average gold price of US$2,889 /oz); producing positive free cash flow of US$40.0 million (Q3 2025: US$4.5 million).

The Company's cash holdings at 31 December 2025 were US$41.6 million (30 September 2025: US$28.3 million). The Group has no debt.

Mining Operations

Mining production of ore and waste for Q4 2025 was slightly below management's forecast at 2.79 Mt (Q3 2025: 1.99 Mt). During Q4 2025, a total of 710 Kt of ore was mined (Q3 2025: 404 Kt). The Company continues to forecast that mining operations will cease in Q3-2026 due to depletion of ore but processing will continue as detailed below.

Process Plant

Gold produced during Q4 2025 was 15,156 oz (Q3 2025: 9,145 oz) from ore milled in Q4 2025 of 538 Kt (Q3 2025: 324 Kt), at an AISC of US$1,584 /oz (Q3 2025: US$1,923 /oz). Head grade was lower than forecast at 1.04 g/t (Q3 2025: 1.06 g/t).

Average gold recovery rate for Q4 2025 was 84.1% (Q3 2025: 83.3%). Average recoveries for FY2026 are expected to be approximately 82% due to a lower average head grade and continued processing of lower recovery material. Gold processing activities are expected to cease in late-2026 or early 2027.

Residual Storage Impoundment ("RSI")

During the Quarter, the Runruno mine received higher than normal rainfall as numerous typhoons passed over/close to the mine site. Notwithstanding the high rainfall, the RSI dam water freeboard remains well above design minimum levels. Construction of the RSI final in-rock spillway continues.

Development

La India Gold Project

Progress of construction works at the La India mine site in Nicaragua has progressed very satisfactorily during the Quarter with overall construction remaining within the revised budget and slightly ahead of schedule, being 33% complete, being fully funded to date from the Runruno gold mine cash flow. The Company's ambition to produce gold during Q4 2026 remains intact. Highlights for the Quarter include:

• No lost time injuries ("LTI").
• The processing plant throughput capacity design has been upgraded to 1.8 million tonnes per annum ("mTpa") from 1.4 mTpa, in anticipation of future growth opportunities.
• The on-site laboratory building is nearing completion and is scheduled to be operational from February 2026.
• Bulk earthworks for the processing plant and technical services area are complete. Pre-stripping of the open pit mining area is on schedule, at approximately 19% complete.
• The run-of-mine ("ROM") pad is complete, and the first ore has commenced stockpiling.
• The tailings storage facility access is complete.
• Construction of key infrastructure is progressing ahead of schedule; with several camp accommodation buildings completed and operational.
• Exploration, geo-technical and infill resource extension drilling for the Quarter totalled 4,676 metres.

Exploration - Philippines

Dupax Project

Limited drilling was undertaken during Q4 2025 due to the impact of Super-typhoon Uwan combined with the Company managing local community access issues. Drilling to date has indicated that the target ore zone is significantly deeper than predicted, leading to the Company to conclude that an economic resource at Dupax will not be able to be defined within a time period such that the Runruno process plant can be converted to process Dupax ore. As a result, other options to re-purpose the Runruno plant are being considered.

Drilling results from this programme will be announced in due course.

Abra Project

Drill programmes on the Abra tenement remain on hold while the National Commission for Indigenous Peoples ('NCIP') further advances its consultation activities with the potentially impacted local communities. The Company's expectation remains that drilling in the Abra project area will commence later in FY2026.

ESG

Occupational Health & Safety

The Company completed the Quarter without an LTI. The Company now has in excess of 2 million man-hours worked in the Philippines without an LTI. The Company has recorded no LTI's at its operations in Nicaragua since commencing operations in country.

Environment & Compliance

Community & Government Relations

The Company continues to receive strong support from local communities and government agencies in both the Philippines and Nicaragua.