Metals Exploration (LSE:MTL) has fully drawn a US$27 million equipment financing facility from Banco de America Central to fund the initial mining fleet for its La India gold project in Nicaragua.
The financing is being used for CAT mining equipment as the company progresses construction towards its target of first gold production in December 2026.
Following the drawdown, Metals Exploration reported a cash balance of approximately £25.8 million.
La India Construction Progresses Towards First Gold
Construction work at La India continued across several areas of the processing operation.
The company completed conveyors and structural steel installation for the grinding building, while work on the carbon-in-leach tanks progressed with the fitting of tank rings.
Installation of the oxygen plant was also completed, while key components of the SAG mill were put in place and preparation of the ball mill girth gear advanced.
Metals Exploration has also started lining the project’s tailings storage facility.
The company continues to target December 2026 for first gold production. This remains a company target and is subject to completion of the remaining construction and commissioning activities.
La Grecia Drilling Returns High-Grade Gold Intercepts
Alongside development of La India, Metals Exploration completed a maiden 2,450-metre drilling programme at the La Grecia prospect, approximately 50 kilometres northwest of La India.
Reported drilling results included an intersection of 1.30 metres grading 36.5 grams per tonne of gold and another of 1.90 metres grading 6.03 grams per tonne of gold.
Additional assay results from the programme are expected during October 2026.
The drilling programme is intended to provide further information on the mineralisation at La Grecia as the company evaluates its exploration potential.
Metals Exploration Expands Nicaragua Activities
Metals Exploration is developing La India alongside its existing Runruno operations.
The company is also carrying out exploration work as it assesses the potential to expand its resource base and establish additional production opportunities in Nicaragua.
The outcome and potential economic significance of the La Grecia exploration programme will depend on further drilling, assay results and subsequent technical evaluation.
About Metals Exploration
Metals Exploration is an AIM-listed gold production, development and exploration company with assets in the Philippines and Nicaragua.
Its portfolio includes the producing Runruno operation and the La India gold project, which is currently under construction, alongside exploration assets including La Grecia.
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