Metals Exploration completes equipment drawdown and advances La India build

Metals Exploration ($MTL) has fully drawn its $27 million equipment financing for the La India gold project after taking the final $6.8 million. Cash following the drawdown was approximately $34.5 million. The five-year facility finances the mining fleet, carries six-month Term SOFR plus 3.15%, and is secured on the equipment with a parent-company guarantee.

Construction milestones include completed process-plant conveyors, grinding-building structural steel and oxygen-plant installation. Management still targets first gold in December; production has not started. The company also reported initial La Grecia drilling intersections including 1.30 meters at 36.5 grams of gold per tonne, with further assays pending. These early exploration results are not a mineral-resource estimate or proof of economic extraction. The financing and installation progress reduce immediate execution constraints but leave commissioning and geological risks.

Sources:

• Metals Exploration company announcement, via London South East