Metals Exploration Plc

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Oct 2011 · Philippines DENR approved FCF Minerals' (Metals Exploration's subsidiary) Declaration of Mining Project Feasibility (DMPF) for Runruno -- the final permit necessary to move ahead with the project's construction phase, following the 2010 environmental compliance certificate. · Source
2. Construction decision (FID)

   Dec 2011 · Following the October 20, 2011 DMPF approval, FCF Minerals' Board approved commencement of a program of early construction works at the Runruno site, effective December 1, 2011. · Source
3. Construction start

   Dec 2011 · Early construction works at the Runruno site began, per the Board's December 1, 2011 approval (same event as the CONSTRUCTION_DECISION row above). · Source
4. First pour / production

   Reached — date not disclosed · Runruno produced first gold in 2016 (after a partial suspension order following Typhoon Lando damage in 2015 was lifted in April 2016), with a 500oz production target achieved in H2 2016 as part of debt-restructuring conditions and full commercial operation declared before year-end. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached with a clean single-asset story, but only month/year precision was found in every source checked (no specific day): Metals Exploration's Runruno gold-molybdenum mine (Philippines) achieved commercial production in November 2016, and remains the company's confirmed sole current producing asset (La India, Nicaragua, is a development-stage project targeting Q4 2026 first production, not yet producing). Rather than guess a specific day, achievedDate is left null (matching the Bellevue Gold precedent, batch4). This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.