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Metals Exploration PLC on Friday said it had been granted four new mining concessions near its existing Nicaraguan gold mine. The London-based mining company operates Runruno, a gold and polybdenum mine near Manila, as well as La India in Nicaragua, which it acquired from former AIM listing Condor Gold PLC early last year. Metals Exploration has secured four new La India concessions covering about 64,400 hectares, and valid for 25 years. The concessions are subject to a gross government royalty of 3% and annual surface rights payments, starting at $0.25 per hectare in year one and rising to $12.00 per hectare from year 11 onward. Included in the four concessions are ‘four high priority targets’, namely San Cristobal, Dos Hermanos, Las Cruces and La Grecia. Historical samples from the latter have returned gold grades of 97.42 grammes per tonne, and silver grades of 695 g/t. Certain Dos Hermanos samples have graded at 62.6 g/t of gold. Metals Exploration Chief Executive Darren Bowden commented on Friday said the new concessions shore up the company’s ‘position within the historical La India mining district’, noting ‘encouraging historical results indicating the potential for future gold resources’. Bowden continued: ‘While these new licences provide further exploration prospects for the company, our focus remains on advancing the La India Gold Project towards production, with first gold expected by December 2026. By prioritising near-term development and continuing to build a strong exploration portfolio, we aim to deliver on our immediate objectives while also supporting future resource growth.’ Metals Exploration on Thursday released an update on its Runruno project in the Philippines. Wholly-owned subsidiary FCF Minerals Corp, which operates Runruno, estimated that the project had generated economic value of around ₱11.98 billion, or $197 million in 2025, up from ₱10.97 billion in 2024. It added that ‘habitat restoration’ at the site is ongoing. Metals Exploration CEO Bowden added: ‘As 2026 will likely mark our final year of operations at Runruno, our focus is on delivering a closure plan that leaves a lasting, positive legacy, ensuring the community is well positioned to build on the progress achieved by the FCF team.’ Shares in Metals Exploration rose 2.9% to 14.40 pence on Friday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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