Metals Exploration PLC - Philippines-focused mineral resources firm - Highlights estimates from internal studies conducted on the La India gold project in Nicaragua. Compared to a bankable feasibility study from 2022, life of mine estimate improves to 12.4 years from 8.4 years. Estimated annual production surges to 145,000 ounces of gold from just 71,600. Estimated gold grade increases to 3.53 grammes of gold per tonne, from 2.56 g/t. All-in sustaining cost estimate increases by 11% to $1,176 per ounce from $1,058/oz.

The company expects exploration drilling and definition drilling to start in April, with civil works set to begin in May.

Metals Exploration on Wednesday completed the acquisition of Condor Gold PLC, valuing the latter at £67.5 million. Condor Gold owns a concession package covering 98% of the historic La India gold mining district.

Current stock price: 6.10 pence each, down 1.0% on Friday morning in London

12-month change: up from 3.00p each on January 17, 2024

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