Metals Exploration Plc

3^rd Floor,

22a St James Square, London, SW1Y 4JH

30 March 2026

METALS EXPLORATION PLC

La India Development Update

Metals Exploration plc (AIM: MTL) ("Metals Exploration", the "Company" or the "Group"), a gold production, development and exploration company with assets in the Philippines and Nicaragua, is pleased to provide an update on development and construction progress at its La India gold project in Nicaragua ("La India" or the "Project") since the last update on 9 December 2025.

Construction and development activities at La India continue to advance ahead of schedule, with overall Project progress standing at 40% complete against a planned 35% at mid-March 2026. The total Project budget has been revised to US$171 million and will continue to be funded by free cash flow from the Company's Runruno gold mine in the Philippines, supported by an undrawn US$30 million gold pre-pay facility. First gold production at La India remains on track for December 2026.

The Company's recently released construction progress video for La India remains available to view at: https://metalsexploration.com/progress-at-la-india-2/

HIGHLIGHTS:

·    Overall Construction Progress - Project construction is 40% complete at the mid-point of March 2026 against a planned 35%.

·    CAPEX - Total Project expenditure to the end of February 2026 of approximately US$80 million is tracking in line with forecast against a planned US$78 million. Total Project budget has increased from US$165 million to US$171 million due to revised electrical infrastructure costs as detailed below. Mining fleet expenditure currently stands at US$15 million, with total fleet costs projected to reach US$29 million. The Company is actively pursuing an equipment loan of US$20 million, to be secured against the fleet.

·    Processing Plant - Construction of the processing plant currently tracking at 13% complete, as planned. Plant foundations are 65% complete, with key concrete footing pours complete or near completion across the crushing, grinding, carbon-in-leach ("CIL") tank and thickener areas. The reclaim tunnel structure is complete. Local contractor Duroblock S.A ("Duroblock") has been awarded the structural, mechanical, piping and electrical installation ("SMPEI") contract alongside Degbed Company Limited ("Degbed") as the specialist mill installation contractor.

·    Electrical Infrastructure - The Company has agreed a collaborative arrangement with ENATREL, Nicaragua's national electricity transmission company, to construct the 138 kilovolt ("kV") substation at a total cost of US$6.2 million, representing a saving of US$6.2 million against ENATREL's turnkey proposal of US$12.4 million. Under the agreed structure, ENATREL will be responsible for engineering, design, equipment supply and commissioning of the 138kV substation and transmission line, with the Company undertaking civil works and electromechanical assembly. The total revised electrical infrastructure budget, inclusive of the La India 34.5kV substation (US$1.6 million) and processing plant switch-rooms (US$4.0 million), is US$11.8 million, an increase of US$5.6 million against the original budget, contributing to the revised total Project CAPEX of US$171 million.

·    Engineering - Overall engineering is 85% complete, with detailed civil and process designs being progressively issued for construction. Deliverables are now focused on structural, mechanical, piping and electrical installation packages.

·    Earthworks and Pre-stripping - Bulk earthworks for the processing plant and run of mine ("ROM") pad areas are 100% complete. Open pit pre-stripping has advanced to approximately 38% complete overall, with pit deforestation fully complete.

·    ROM Pad - Approximately 94,800 tonnes of low-grade commissioning ore is now stockpiled on the ROM pad, and this is continuing to build ahead of commissioning. Mine pre-stripping of waste stands at 728,000 tonnes from the two main starter pits of 2026: La India Phase 1 North and La India Phase 1 West.

·    Site Infrastructure - Non-process infrastructure is 77% complete, with multiple camp accommodation and administrative buildings now operational. The on-site laboratory building is complete, with Interteck Group plc ("Interteck") appointed to manage laboratory operations.

·    Tailings Storage Facility ("TSF") - TSF construction has commenced following contract award to Duroblock, with access road and earthworks activities ongoing.

·    Safety & Health - No lost time injuries since construction commenced. The Project recently achieved over 1.2 million hours worked without a lost time injury.

Darren Bowden, CEO of Metals Exploration, commented:

"We are pleased to report continued momentum at La India, where the Project is tracking ahead of schedule at 40% complete against a planned 35% at mid-March 2026. The team has delivered another quarter of excellent progress, with major civil foundations complete or near completion across the crushing, grinding, CIL and thickener areas. Following the continued strong performance of preferred local contractor Duroblock, the Company has awarded it the SMPEI contract, alongside specialist mill installation contractor Degbed. With over 90,000 tonnes of commissioning ore already stockpiled on the ROM pad and expenditure tracking in line with budget, we are in a strong position as we move into the most intensive phase of construction.

"We are particularly pleased to have reached an agreement with ENATREL that delivers the 138kV substation at a fraction of their original proposal, with a collaborative model that saves the Project US$6.2 million against the US$12.4 million turnkey cost. This is a strong outcome for the Company and reflects the constructive working relationship we have developed with the Nicaraguan authorities.

"The achievement of over one million hours worked without a lost time injury is a milestone the whole team is proud of, and it reflects the Group-wide safety culture we are fostering at La India. We remain confident in delivering first gold by December 2026 and look forward to providing further updates as construction accelerates."