Metals Exploration plc (LSE:MTL) has confirmed to the UK Takeover Panel that it has met its stated post-offer intentions following the recommended acquisition of Condor Gold plc, which was completed through a scheme of arrangement on 15 January 2025 in line with the City Code on Takeovers and Mergers.
The company highlighted a single variance from its original plans relating to the Manikbel prospect within the Abra tenement. A previously outlined 6,000-metre drilling programme and initial mineral resource estimate have been deferred to accommodate a formal consultation process with indigenous communities. As a result, drilling is now expected to commence in the first half of 2026, with the initial resource estimate targeted for the fourth quarter of 2026. This adjustment may extend the timeframe for unlocking value from the Manikbel exploration asset.
From a market standpoint, Metals Exploration’s outlook continues to benefit from solid financial performance and constructive corporate developments, including progress on project expansion and the resumption of operations. These positives are partly offset by valuation constraints linked to a negative price-to-earnings ratio and a recent revision to production guidance following external disruptions. Technical indicators point to moderate momentum, broadly consistent with a cautious overall assessment.
More about Metals Exploration
Metals Exploration plc is a gold producer, developer and explorer with assets in the Philippines and Nicaragua. The group focuses on advancing gold projects through exploration, resource definition and mine development across its portfolio in these jurisdictions.
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