- Metals Exploration
- 09 December 2025 12:48:47
Source: Sharecast
The AIM-traded company reported that the project was 24% complete at the end of November, compared with a forecast of 20%, and remained fully funded from expected 2026 cash flows at its Runruno mine in the Philippines.
It said it had upgraded the design capacity of La India’s processing plant to 1.8 million tonnes per annum from 1.4 million tonnes to accommodate future expansion.
The enhancement required the acquisition of a new elution circuit and gold room, increasing total capital expenditure by $5m to $165m, though the development remained within budget and fully funded.
Metals Exploration said the Rock Creek plant acquired earlier this year had now arrived on site, with key components unpacked and foundations 30% complete.
Plant commissioning was scheduled for October next year, with grid power expected to be connected in the second half of next year.
Earthworks for the processing plant, run-of-mine pad, and other technical areas were either finished or progressing well.
Around 17% of pre-stripping at the northern phase of the open pit had been completed, and early ore feed had started stockpiling, with 2,045 tonnes at an average grade of 1.14 grams of gold per tonne already on the ROM pad.
The site laboratory was nearing completion and was set to become operational in February, which the company said would significantly reduce assay turnaround times.
Metals Exploration said it had also advanced its tailings storage facility, securing required land, completing 90% of the access road and submitting final design documents for permitting.
Construction tenders had been issued, and approvals were expected imminently.
The company reported improving community relations, saying it has reached an agreement with artisanal miners to acquire land rights from the local Cooperativa.
All artisanal miners had now vacated the proposed open pit area.
Metals Exploration said it was continuing to fund health, water and social infrastructure programmes in surrounding communities.
“We are extremely pleased with the continued momentum at La India, where development and construction activities are progressing on or ahead of schedule,” said chief executive Darren Bowden.
“Major earthworks have been completed, key infrastructure is taking shape, and concrete foundations are well advanced in the crushing, grinding and CIL tank areas.
“We have already begun stockpiling early ore feed on the ROM pad.”
He added that La India was “advancing safely and quickly, underpinned by a strengthened local management team, improved community partnerships, and the dedication of our workforce and contractors,” and said the achievements gave the company “increasing confidence in delivering first gold during the fourth quarter of 2026.”
Metals Exploration said it expected to issue a detailed exploration update in February as drilling expanded into prospective areas around La India.
At 1226 GMT, shares in Metals Exploration were up 0.08% at 13.01p.
Reporting by Josh White for Sharecast.com.