Slides
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Denver Gold – September 2026
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These presentation slides and the accompanying verbal presentation (the “Presentation”) have been prepared by Metals Exploration Plc (the “Company”) for information purposes only and are made available subject to the terms of the disclaimer set out below. It should be read in conjunction with information provided on the Company’s website at www.metalsexploration.com. The Presentation must not be copied, reproduced, distributed or passed to others at any time. The information set out in this Presentation is based on the Company’s information and internally developed data. Where any opinion is expressed in this Presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only which may be subject to material updating, revision and further amendment. No warranties or representations are made as to the origin, validity, accuracy, completeness, currency or reliability of the information and opinions contained in this Presentation and no reliance should be placed on such information or opinions. The Company expressly disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it. Accordingly, none of the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. This Presentation may contain certain “forward-looking statements” with respect to certain plans, goals and expectations relating to the Company’s future financial condition, performance and results. These forward-looking statements are statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, the Company’s results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, all forward looking statements involve risk and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward looking statements because they relate to future events and circumstances which are beyond the Company’s control including among other things, global economic business conditions, market related risks such as fluctuations in gold prices, interest rates and exchange rates, initial operational risks, changes in the economic, political or legal regime of any relevant jurisdictions, volatility of prices, environmental factors, equipment failure, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which the Company and its affiliates operate. As a result, the Company’s actual future financial condition, developments, performance and results may differ materially from those expressed or implied by these statements. These forward-looking statements speak only as of the date of this Presentation and the Company undertakes no obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this Presentation or update the forward-looking statements contained in this Presentation or any other forward looking statements that it may make. No statement in this presentation is intended as a profit forecast, profit estimate or quantified financial benefits statement for any period. The information contained in this presentation of a scientific or technical nature relating to the La India Project of Condor Gold has been summarised or extracted from the technical report by SRK Consulting (UK) Limited issued on 25 October 2022 and with an effective date of 28 February 2022 (the “Technical Report”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the Canadian Institute of Mining, Metallurgical and Petroleum “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. Any such information contained herein is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full details of the Technical Report which has been filed with the applicable regulatory authorities and is available on the profile for Condor Gold at www.sedar.com. Mr Maxwell Donald Tuesley, BSc (Hons) Economic Geology, a member of the Australasian Institute of Mining and Metallurgy (No 111470 and employee of the Company, has compiled, read and approved the technical disclosure in relation to the exploration projects in this regulatory announcement in accordance with the AIM Rules - Note for Mining and Oil & Gas Companies. The content of the Presentation has not been approved or verified by an authorised person within the meaning of the UK Financial Services and Markets Act 2000, as amended (“FSMA”) or by any regulatory body or competent authority of any other jurisdiction. The distribution of the Presentation may be restricted by the applicable laws of any jurisdiction and persons into whose possession the Presentation comes should inform themselves about and observe any such restrictions. In particular, the Presentation should not be distributed, directly or indirectly, by any means (including electronic transmission) to any persons in Canada, Australia, Japan, New Zealand, the United States or any other jurisdiction where to do so may breach applicable securities laws. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute, or form part of, any offer or invitation, or the solicitation of any offer, to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000 (as amended). Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such independent legal, investment, tax and other advice as they may deem necessary. In particular, any estimates, projections or opinions contained herein involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. Financial and operating results presented may not be audited. Disclaimer 2
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Highlights Operator, Developer & Explorer Nicaragua and Philippines exploration and development opportunities La India On Schedule Construction at La India on target for gold production in December 2026 Record FY20251 US$208.4m Revenue US$115.3m Free Cashflow FY2026 Guidance 40,000 – 48,000 oz Runruno Production Target Delivering on growth strategy with targeted production at La India in Dec 2026 3 1. FY2025 Audited Accounts
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4 Growth Strategy Philippines Runruno - Production Flagship operation in the Philippines with cashflows continuing to fund La India Nationally recognised for outstanding community support programmes Batong Buhay - Exploration Historical copper/gold mine with non-JORC resource of 86.7Mt at 0.60% Cu and 0.25 g/t Au Abra - Exploration 162km 2 exploration package c.200km north of Runruno, in the Cordillera region, with several high-grade outcropping Cu/Au porphyry targets across the tenement Nicaragua La India - Construction Target production Au 145koz pa Low CAPEX: US$177m 12+ years of potential mine life (Open pit & underground) NPV6: US$882m at US$2,500 gold NPV6: US$1,378m at US$4,000 gold La Grecia - Exploration Historical gold mine previously explored by Newcrest, who assayed 80 rock chip samples averaging 18.84 g/t Au. Initial drilling commenced Q3 2026
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#mmGBp 5 Demonstrated Operational & Corporate Success Source: Company materials, Cap IQ as of 24/09/2026 -- 20 40 60 80 100 120 140 160 180 200 -- 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Ax is Title Ax is Title Chart Title Volume (RHS) Share Price (LHS) FY2024 Gold production of 83,897 oz at 90.5% recovery for an operating profit of US$53.5m Debt Fully Repaid Offer for Condor Gold accepted May 2025 Construction of 145koz pa La India commences FY2022 Completed capital re-organisation Updated Mineral Resource Increase gold recovery by 16% FY2020 Gold production 67,552 oz at 80% recovery for an operating profit of US$29m New Management Team US$137m debt restructuring & restoration of listing FY2018 Gold production of 48,053 oz at 57.9% recovery & a pre-tax loss of US$177.9m Apr 2026 Four exploration concessions granted including La Grecia Aug 2026 La India on track for first gold Dec 2026, US$27m financing secured Runruno Operational Turnaround & Debt Repayment La India Acquisition
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6 49% 20% 19% 12% Retail & other free float Corporate Private Equity Directors & PDMRs -- 10.0 20.0 30.0 10.0 12.0 14.0 16.0 18.0 20.0 Aug-25 Nov-25 Feb-26 May-26 Aug-26 Volume (RHS) Share Price (LHS) Metals Exploration Snapshot # Investor Name % Outstanding 1 Drachs Investments No3 Limited 20% 2 Candy Investments 19% 3 Interactive Investor 7% 4 Hargreaves Lansdown, stockbrokers 7% 5 Mr Darren Bowden 7% 6 Other 40% Top Shareholders Capitalisation Share price GBp 16.45 Shares outstanding #mm 3,058.5 Market capitalisation £mm 503.1 Cash1 £mm 25.8 Debt1 £mm 20.3 Enterprise value £mm 497.6 Market Cap: £503.1m | EV: £497.6m | Cash: £25.8m1 | Shares: 3.1bn Broker coverage 12-month share price performance GBp #mm Source: Company materials, Bloomberg, Cap IQ as of 28/08/2026 Notes: 1As of 23-Sep-26, GBP:USD 1.33, Debt = Long Term Liabilities – BAC $27.0 million 5-year term loan at SOFR + 3.15% (minimum floor rate of 6.85% per annum)
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7 La India - Nicaragua
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8 La India Overview • Epithermal gold deposit located in Nicaragua within the “Golden Triangle” of the Central American gold belt: • Construction remains on schedule and on budget for first gold pour in Dec 2026: • Major construction packages near completion with electrical and piping works underway • Land package extended to 1,222km2 with numerous high-priority exploration targets beyond the main La India deposit including La Grecia & Cacao • MTL received a 25-year renewal of La India mining concession effective from January 2027 Category Cut-off Tonnes (kt) Au Grade (g/t) Contained Au (koz) Indicated 0.5 g/t (OP) 206 9.9 66 0.65 g/t (OP) 8,487 3.0 827 2.0 g/t (UG) 979 6.2 194 Subtotal Indicated 9,672 3.5 1,088 Inferred 0.5 g/t (OP) 1,939 3.3 208 0.65 g/t (OP) 1,087 2.4 84 2.0 g/t (UG) 5,616 5.0 898 Subtotal Inferred 8,642 4.3 1,190 Total Indicated + Inferred 18,314 3.9 2,278
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9 La India Resources Includes inferred resources
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10Source: Company materials Feasibility Study Demonstrates Highly Attractive Economics Parameter Units BFS 2022 (updated gold price) MTL January 2025 Study Annual Production (Au) Oz 71,600 145,000 Initial Capex US$mm 116 165 Capital Intensity US$/Oz 1,620 1,138 10 Year Production + AISC Forecast La India was an attractive and construction ready acquisition bringing a low capex-intensity, high-grade asset with proven scale and expected average gold production of ~145,000 oz per annum Koz US$/oz 97 121 146 123 136 151 138 172 139 139 -- 500 1,000 1,500 2,000 -- 50 100 150 200 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Gold Production (koz) Gold Production (koz) AISC (US$)
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11 Construction Timeline Laboratory Primary crusher retaining wall & foundation Reclaim tunnel civil work SMP contractor mobilized Operations camp completed Primary crusher installed Main substation civil foundations started Industrial buildings operational Mill installation commenced Gold room construction started Structural steel erection CIL tank installation Conveyors installed Grinding structural steel complete Oxygen Plant installed Thickener installation ongoing Commenced tray installation for piping & electrical works Commenced lining of TSF • Main substation complete • Elution plant installation • TSF ready for tailings • Mechanical completion • Commissioning • First gold Q1 Q2 Q3 Q4
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12 Construction Progress
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13 6020 Excavators on-site Mine Fleet Build Out Drill & Blast Load & Haul Lab & Stores Tailings Storage Facility Operational Readiness
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14 La Grecia Prospect Historical gold mine previously explored by Newcrest, who assayed 80 rock chip samples averaging 18.84 g/t Au. Initial drilling commenced Q3 2026. • The La Grecia Prospect is strategically located 50km northwest of the La India Operation • The known mineralisation at La Grecia consists of low-sulphidation epithermal quartz veins mapped over an area of 1.5 km by 0.5 km • The mineralisation discovered displays classic boiling zone textures including crustiform-colloform bands and in some areas the mineral forming process has resulted in hydrothermal brecciation of host rock producing cockade textures and concentric bands surrounding fragments of wall rocks • From 1895 to 1909, the area was Nicaragua’s largest mining district, featuring an extensive system of underground tunnels. The main entrance was 500 m long, 3.0 m high, and 3.0 m wide, while seven other smaller tunnels have been identified and surround various sides and depths at the project site
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15 La Grecia Prospect • Maiden drilling program completed at La Grecia for 2,450m • Assays returned from LGDD-004: • 1.30 m @ 36.5 g/t Au and 165.78 g/t Ag from 155.4 m, including 0.7 m @ 67.4 g/t Au from 156.0 m • 1.90 m @ 6.03 g/t Au and 106.65 g/t Ag from 164.7 m, including 0.5 m @ 20.7 g/t Au from 164.7 m • Void encountered 158.9m to 160.1m (1.2m), which is presumed to be historical mine workings • Additional assay results are pending with results expected mid October 2026
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16 Philippines – Exploration and Development
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17 Growing The Pipeline Batong Buhay A world-class and well-advanced porphyry copper-gold target in the Philippines High Quality Mineral Endowment Two historically drill tested porphyries within the tenement named Dickson and Maalinao North, alongside a high sulphidation quartz- enargite gold vein system, named Level 5 State and Indigenous Buy-In Via a series trilateral agreements, Metals Exploration has achieved Free Prior and Informed Consent from Indigenous Peoples and has overcome foreign ownership issues of mining permits via a binding Joint Operating Agreement with the Government owned Philippine Mining Development Corporation. This enables the project development to be fast tracked
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18 Two Porphyries, One Gold Vein System Dickson Porphyry Mined from 1979 to 1984, Dickson has a historical non-JORC compliant resource of 86.9Mt at 0.60% Cu and 0.26 g/t Au (0.83% CuEq) with a higher-grade core Drill Intercepts: DDH-6A: 161m @ 1.48% CuEq DDH-10: 183m @ 1.06% CuEq DDH-12: 174m @ 1.21% CuEq Maalinao North Porphyry Located 500m south-east of Dickson, Maalinao North has been tested by only 4 historical drill holes, further drilling will assess whether the two centres form a single, coalescing mineralised system Drill Intercepts: DDH-02: 198m @ 1.24% CuEq DDH-01: 134m @ 0.91% CuEq high sulphidation quartz- enargite gold vein system identified CuEq figures have been calculated using metal prices of US$3,500/oz Au and US$5.50/lb Cu, with 100% metallurgical recovery assumed for both metals. CuEq is used for comparative purposes only and is not necessarily indicative of future recoveries or economic outcomes.
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19 21 Historical Drill Holes & Grab Samples Maalinao North Dickson Level 5 Dickson: 2.25% Cu, 4.12 g/t Au Maalinao N: 0.73% Cu, 1.99 g/t Au Level 5: 14.50 g/t Au, 121 g/t Ag
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20 Growing The Pipeline Batong Buhay (Exploration) Abra (Exploration) Abra Project 162 km2 licence with two drill ready porphyry targets: Manikbel and Boliney. Awaiting indigenous people agreements Manikabel Prospect Large copper in soil Geochem anomaly alongside high grade grab samples on surface of up to 3% Cu and up to 16% Cu in veins (secondary copper)
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21 Manikbel • Large outcropping copper prospect • Initial drilling programme planned on a 200m x 200m grid for 24 holes. Identified mineralised zone is 2,500m x 1,500m at > 300ppm Cu; including 1,500m x 800m zone > 700ppm • Rock samples primary sulphide of over 3% copper recovered from outcropping porphyry and over 16% copper from high grade vein outcrops (secondary copper) Domenglay • Mapped 500m x 400m silica – clay alteration zone with vuggy texture • Moderate Cu/Au geochemical anomaly • Samples from old workings up to 34.6g/t Au • Eastern Magnetic High: o 1.5km x 1km o Overlies a geochemical As high >150ppm o Within a caldera structure o Bounded by Zinc and Lead veining • A 4x3km copper footprint semi-coincident with zinc anomalies was delineated from a stream sediment survey carried out by RP- Japan in the 1970’s. Kilongolao Porphyry Copper Deposit: 5,951 meters of drilling by Marcopper Mining Corporation during the early 1970’s • A resource of 50Mt grading about 0.4% Cu (not JORC/NI 43-101) was calculated. Mineralisation is open in all directions and at depth • The drilled area sits within a 3 km X 1.5 km soil anomaly grading greater than 500 ppm Cu Boliney
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22 22 Sustainability
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23 ESG Credentials Metals Exploration’s priority is to create a net-positive impact for its stakeholders and local communities through the advancement of a number of environmental, sustainability and social programmes • PMIEA winner four years running (2022–2025): the Philippines' highest government mining award, Surface Mine Category, plus Mining Forest Program recognition every year from 2018 to 2023, including outright winner in 2018 and 2019 • Philippine representative at the ASEAN Mineral Awards in 2023 and 2025: 1st Runner-up, Best Practices in Mineral Processing (Metallic), 2025; first Philippine company selected in both Mining and Processing categories, 2023 • Eight years lost-time-injury free (Dec 2016 – Mar 2025), with over 2 million hours worked LTI-free since; national winner of the overall Safest Mining Operation and Safest Surface Mining Operation awards in 2024 and 2021 • PHP 92.6m community investment and PHP 229.2m local sourcing in 2025, a 7.2% reduction in GHG emissions, and a workforce of 878 that is 98% Filipino and 26% women
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24 Investment Case Cashflow Generation Sustained cashflow generation as a result of operational success at Runruno On Schedule Construction on schedule at La India, targeting production Dec 2026 Exploration Upside Significant exploration targets identified in Nicaragua and the Philippines Proven Team Strong management team with a track record of delivery Construction advancing at La India supported by continued strong performance at Runruno
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25Replace with your footer here25 For any further enquires, contact BlytheRay: metalsexploration@blytheray.com www.metalsexploration.com @MTLexploration Metals Exploration Plc