Metals Exploration (MTL): La India construction

This situation live

MTL Metals Exploration

£516m · 16.2p · +30% since the first step

14 Nov 2025 · Construction progressing · +6% until the next step as well as progressing the construction at La India in Nicaragua.

9 Dec 2025 · 24% complete, ahead of schedule; first gold Q4 2026 · +32% until the next step The on-site laboratory building is nearing completion and is scheduled to be operative from February 2026, with Interteck having been selected as the preferred supplier to manage the on-site laborator

28 Jan 2026 · 33% complete, ahead of schedule, within revised budget · −27% until the next step Overall construction continues to be within the revised budget and ahead of schedule at 33% complete.

30 Mar 2026 · 40% complete, ahead of schedule, budget raised · +11% until the next step First gold production at La India remains on track for December 2026.

23 Apr 2026 · 40% complete, ahead of schedule, mining concession renewed · −2% until the next step Overall construction continues to be within the revised budget and ahead of schedule at 40% complete.

22 May 2026 · About 50% complete, ahead of schedule · −1% until the next step Development of the La India project has continued to progress post-Period end, with construction now approximately 50% complete and tracking ahead of schedule.

15 Jun 2026 · Agreements signed; exploration starting · +2% until the next step Initial exploration work to begin immediately, followed by a drill programme anticipated to commence in H2 2026.

16 Jul 2026 · 56% complete, on track; budget raised to US$177m · +12% until the next step Overall construction is 56% complete, with first gold pour remaining on track for December 2026.

21 Aug 2026 · Construction advancing; equipment loan drawn · +8% until the next step First gold – first gold production at La India remains on track for December 2026.

28 Sep 2026 · Plant installation advancing; loan fully drawn · +0% until the next step First gold – first gold production at La India remains on track for December 2026.

30 Sep 2026 · Pre-drilling underway; drilling expected Q4 2026 · −2% since The total Project budget has marginally increased to c.US$180 million due to unforeseen logistics costs and new import duties imposed on certain imported goods. The first gold pour at La India remains

Project milestones

La India construction

Pre-drilling underway; drilling expected Q4 2026

Next: Drilling campaign expected to commence

Every step · 11

14 Nov 2025 Construction progressing – as well as progressing the construction at La India in Nicaragua. ↗
9 Dec 2025 24% complete, ahead of schedule; first gold Q4 2026 – The on-site laboratory building is nearing completion and is scheduled to be operative from February 2026, with Interteck having been selected as the... ↗
28 Jan 2026 33% complete, ahead of schedule, within revised budget – Overall construction continues to be within the revised budget and ahead of schedule at 33% complete. ↗
30 Mar 2026 40% complete, ahead of schedule, budget raised – First gold production at La India remains on track for December 2026. ↗
23 Apr 2026 40% complete, ahead of schedule, mining concession renewed – Overall construction continues to be within the revised budget and ahead of schedule at 40% complete. ↗
22 May 2026 About 50% complete, ahead of schedule – Development of the La India project has continued to progress post-Period end, with construction now approximately 50% complete and tracking ahead of schedule. ↗
15 Jun 2026 Agreements signed; exploration starting – Initial exploration work to begin immediately, followed by a drill programme anticipated to commence in H2 2026. ↗
16 Jul 2026 56% complete, on track; budget raised to US$177m – Overall construction is 56% complete, with first gold pour remaining on track for December 2026. ↗
21 Aug 2026 Construction advancing; equipment loan drawn – First gold – first gold production at La India remains on track for December 2026. ↗
28 Sep 2026 Plant installation advancing; loan fully drawn – First gold – first gold production at La India remains on track for December 2026. ↗
30 Sep 2026 Pre-drilling underway; drilling expected Q4 2026 – The total Project budget has marginally increased to c.US$180 million due to unforeseen logistics costs and new import duties imposed on certain imported... ↗

What is happening

Metals Exploration: La India construction – Pre-drilling underway; drilling expected Q4 2026. ['Pre-drilling underway; drilling expected Q4 2026']

In short: On 15 June 2026 MTL announced agreements giving it exclusive rights to explore Batong Buhay, a porphyry copper-gold project in the Philippines, as a possible successor to Runruno. Pre-drilling began by 16 July 2026. The 30 Sep 2026 interims narrow the drilling start to Q4 2026 from H2 2026.
Announced: 14 Nov 2025 · Construction progressing
Latest: 30 Sep 2026 · 74.4% complete; first gold on track December 2026
Next milestone: Drilling campaign expected to commence Q4 2026
Ownership: MTL subsidiary 80% of FEMC; Balatoc (Kalinga) Tribe 20% free carried
Minimum spend: Year 1 PHP 30m (~US$0.5m); Year 2 PHP 60m (~US$1m); five-year total PHP 1bn (~US$16m)
Government payments: PMDC: PHP 50m (~US$0.8m) signing fee, annual PHP 10m commitment fee, 2% NSR rising to 3% after 10 years
Historical resource: Dickson non-JORC 86.9Mt at 0.83% CuEq from surface
Pending: PMDC to finalise Exploration Permit EXPA-079 with the MGB
Location: c. 200km north of Runruno

What comes next

Drilling campaign expected to commence.

From the company's own announcements. Not investment advice.

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