Exercise of Warrants and Options
Metals Exploration PLC has announced the exercise of warrants and options, raising £218,540.64 through the issuance of 3,334,556 new ordinary shares. Additionally, 1,182,210 new ordinary shares were issued at £0.1543 each under the 2025 Management Incentive Programme, totaling £182,420.03. These issuances, along with awards to senior management including the CEO and CFO, will result in 4,516,766 new ordinary shares being admitted to trading on AIM on or around March 3, 2026. Following admission, the company will have 2,978,852,176 total voting rights.
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Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), a gold producer, exploration, and development company with assets in the Philippines and Nicaragua, announces that it has received notices of exercise in respect of, in aggregate, 3,334,556 new ordinary shares of £0.0001 each ("Ordinary Shares") in relation to (i) 2,584,556 warrants with an exercise price of £0.0605 each, raising £156,365.64; and (ii) the exercise of an option for 750,000 Ordinary Shares with an option price of £0.0829 each, raising £62,175.
Issue of Incentive Shares under the Management Incentive Programme ("MIP")
Additionally, the Company has issued a total of 1,182,210 new Ordinary Shares at an issue price of £0.1543 to members of the senior management team, in accordance with the 2025 MIP.
Details of the awards to PDMRs are set out below, with further information being contained in the Appendix to this announcement:
| PDMR | Number of new Ordinary Shares issued under MIP | Number of Ordinary Shares held post-award | % of total voting rights |
|---|---|---|---|
| Darren Bowden (CEO) | 450,383 | 199,759,633 | 6.71% |
| Michael Langoulant (CFO) | 281,473 | 6,651,879 | 0.22% |
Admission and Total Voting Rights
Application has been made to the London Stock Exchange plc for the admission of 4,516,766 new Ordinary Shares to trading on AIM ("Admission"), which is expected to take place at 8.00 a.m. on or around 3 March 2026.
Following Admission, the Company will have 3,278,237,634 Ordinary Shares in issue, of which 299,385,458 ordinary shares are held in treasury, and, accordingly, the total number of voting rights is 2,978,852,176. Therefore, this figure may be used by shareholders in the Company as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
| a) | Name | METALS EXPLORATION PLC |
| b) | LEI | 2138006CFXWG2OPRV987 |
| a) | Description of the Financial instrument, type of instrument | Ordinary Shares of £0.0001 each in the Company |
| Identification code | ISIN for Ordinary Shares: GB00B0394F60 | |
| b) | Nature of the Transaction | Ordinary Shares Issued |
| c) | Price(s) and volume(s) | Price(s) Volume(s) 1. £0.1543 2. £0.1543 1. 450,383 2. 281,473 |
| d) | Aggregated information Aggregated volume Price | Price: £0.1543 each Volume: 731,856 |
| e) | Date of the transaction | 25 February 2026 |
| f) | Place of the transaction | AIM |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.