Metals Exploration plc provide an update on the repayment of the Group's senior and mezzanine facilities, as follows: the Company's position is that the last payment due to the lenders under the Company's mezzanine debt facilities has been made on 25 March 2024, on the basis of the lower interest rate of 7% (as opposed to 15%) which the Company believes should apply under such facilities; the amount outstanding on the Group's senior facility as at 25 March 2024 stands at $2,629 of principal and accrued interest, with such a nominal amount having been left outstanding, with the agreement of the lenders, since November 2022, in order to maintain the security package while the elevation of the Group's mezzanine facilities was being negotiated and implemented; The mezzanine debt payment on 25 March 2024 brings the total debt (principal and interest) repaid by the Group since September 2020 to $171.3 million. As announced on 24 January 2024, the majority mezzanine lender, MTL (Luxembourg) S.à r.l. (Nick Candy's investment vehicle, holding 70.7% of the mezzanine debt) has confirmed its agreement to the applicable 7% rate. However, the Company has been unable to reach agreement as yet, with the minority 29.3% mezzanine debt lenders, Runruno Holdings Limited and D & A Holdings Limited (together the 'RHL Group'), that the applicable interest reductions applies.

RHL Group advisers have communicated RHL Group's belief that the higher 15% rate is applicable until repayment, which potentially amounts to an additional $1.9 million owed in interest payments to date. The Company disputes this figure and believes it has relevant documentation to support its position. Discussions on this matter with the RHL Group continue and further announcements will be made in due course, as required.