Metals Exploration PLC (AIM:MTL) told investors that its La India gold project in Nicaragua remains on track to produce first gold in December 2026, while a new US$27 million equipment financing facility has bolstered its cash position as construction advances.
The company has drawn an initial US$20.2 million from the five-year facility provided by Nicaragua-based Banco de America Central, reimbursing most of the capital already committed to its CAT mining fleet. The remaining US$6.8 million will be drawn as further equipment arrives in the country.
Process plant structural, mechanical, piping and electrical installation is around 50% complete, with the ball mill installed and the SAG mill ready to be lifted into position. CIL tank ring installation has reached 88%, while bulk earthworks and civil foundations are 93% and 92% complete respectively. Open-pit pre-stripping is 71% complete and roughly 244,000 tonnes of ore has been stockpiled ahead of commissioning.
Metals Exploration flagged delays to some imported equipment and materials due to disruption to international shipping linked to the conflict in Iran, although it said the impact has so far been managed within the overall construction programme.
Separately, production from its Runruno mine in the Philippines is forecast at the upper end of its 40,000-48,000 ounce guidance for 2026 as higher-grade Stage 5 ore is mined.
