# Interim Results Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc Original source: https://www.londonstockexchange.com/news-article/MTL/interim-results/17811625 Publisher: lse Original announcement: 2026-09-30T05:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T09:07:43.412Z Atlas analysis updated: 2026-09-30T09:07:43.412Z - Company: Metals Exploration plc - Ticker: MTL - Exchange: LSE - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Drill results, Production, Other, Metallurgy - Extracted: 2026-09-30 09:07:44 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Metals Exploration plc announced positive interim results for H1 2026, reporting $54.7 million in free cash flow and $55.9 million in EBITDA. The La India gold project in Nicaragua is 74.4% complete and remains on track for its first gold pour in December 2026, supported by a new $27 million equipment financing facility. While production at the Runruno mine in the Philippines saw a planned decline in grades and recoveries as operations wind down, the company is advancing new exploration projects, including the Batong Buhay Porphyry Copper-Gold Project. Reasoning: Metals Exploration plc reported positive interim financial results and significant progress on its key La India gold project, which is on track for first gold pour. While production at the Runruno mine is declining as planned, the company is advancing new exploration, and secured additional financing, indicating a positive outlook despite some cost and operational risks. - Positive factor: La India gold project development on track for first gold pour in December 2026 - Positive factor: La India project 74.4% complete as of report date - Positive factor: Positive free cash flow of US$54.7 million from operations - Positive factor: Secured US$27 million equipment financing facility - Positive factor: Strong safety record with no lost time injuries at La India and Runruno - Positive factor: New exploration tenements granted in La Crecia area with maiden drill program underway - Negative factor: Runruno production decline with lower grades and recoveries as operations wind down - Negative factor: La India project costs impacted by higher logistics expenses and import duties - Negative factor: Main-grid power transmission connection for La India remains a risk due to third-party delivery - Negative factor: Historical drill results for Batong Buhay are non-JORC compliant and lack metal equivalent assumptions Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 13 ## Classification and evidence **Low Recovery** Polarity: negative Story-specific tag Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The average overall gold recovery at Runruno in H1 2026 was 80.7%, which is below the weak band \(85%\) for mill\_cil processing and significantly lower than the 91.4% achieved in H1 2025. Evidence · text > Average overall gold recovery in H1 2026 was 80.7% \(H1 2025: 91.4%\). **Recovery Stagnant** Polarity: negative Story-specific tag Definition: No improvement across multiple test programs on comparable material. Why it applies: The recovery rate at Runruno declined from 91.4% in H1 2025 to 80.7% in H1 2026, indicating a negative trend rather than improvement. Evidence · text > Average overall gold recovery in H1 2026 was 80.7% \(H1 2025: 91.4%\). **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Batong Buhay project's resource is described as 'historical non-JORC compliant' and was drilled in the late 1970s. Evidence · text > Batong Buhay was drilled in the late 1970s via a 21-hole drilling programme. The main porphyry target, Dickson, has a historical non-JORC compliant resource of 86.9 million tonnes at 0.83% copper equivalent \(“CuEq”\) from surface. **Metal Equivalent Opaque** Polarity: negative Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: The historical resource for Batong Buhay reports a copper equivalent grade \(0.83% CuEq\) and individual drill intercepts also show CuEq, but no price, recovery, or payability assumptions are disclosed for its calculation. Evidence · text > historical non-JORC compliant resource of 86.9 million tonnes at 0.83% copper equivalent \(“CuEq”\) **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The Batong Buhay project is positioned by its proximity to the Runruno mine, being 'Located c. 200km north of Runruno'. Evidence · text > Located c. 200km north of Runruno, Batong Buhay was drilled in the late 1970s **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("BIOX"\) ## Extracted facts Stored fact records: 13. Some facts used in scoring do not have a stored record. ## Drill Results (10) ### DDH-6A [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-3) Batong Buhay Porphyry · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-6A - Project: Batong Buhay Porphyry - Commodity: copper - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.92 - Grade Unit: % - Intercept: 160.93 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.48 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong copper grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Strong copper grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > DDH-6A, 160.93m at 0.92% copper \(“Cu”\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-6A [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-4) Batong Buhay Porphyry · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-6A - Project: Batong Buhay Porphyry - Commodity: gold - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.6 - Grade Unit: g/t - Intercept: 160.93 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.48 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a moderate gold grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Moderate gold grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 0.60 g/t gold \(“Au”\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-10 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-5) Batong Buhay Porphyry · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-10 - Project: Batong Buhay Porphyry - Commodity: copper - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.73 - Grade Unit: % - Intercept: 182.88 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.06 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a moderate copper grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Moderate copper grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > DDH-10, 182.88m at 0.73% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-10 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-6) Batong Buhay Porphyry · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-10 - Project: Batong Buhay Porphyry - Commodity: gold - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.36 - Grade Unit: g/t - Intercept: 182.88 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.06 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a weak gold grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Weak gold grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 0.36 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-12 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-7) Batong Buhay Porphyry · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-12 - Project: Batong Buhay Porphyry - Commodity: copper - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.33 - Grade Unit: % - Intercept: 173.74 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.21 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a weak copper grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Weak copper grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > DDH-12, 173.74m at 0.33% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-12 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-8) Batong Buhay Porphyry · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-12 - Project: Batong Buhay Porphyry - Commodity: gold - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.95 - Grade Unit: g/t - Intercept: 173.74 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.21 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong gold grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Strong gold grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 0.95 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-02 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-9) Batong Buhay Porphyry · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-02 - Project: Batong Buhay Porphyry - Commodity: copper - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 1.15 - Grade Unit: % - Intercept: 198.12 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong copper grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Strong copper grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > DDH-02, 198.12m at 1.15% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-02 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-10) Batong Buhay Porphyry · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-02 - Project: Batong Buhay Porphyry - Commodity: gold - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.1 - Grade Unit: g/t - Intercept: 198.12 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 1.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a weak gold grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Significant intercept length - Negative factor: Weak gold grade for a porphyry deposit - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 0.10 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-01 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-11) Batong Buhay Porphyry · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-01 - Project: Batong Buhay Porphyry - Commodity: copper - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.76 - Grade Unit: % - Intercept: 134.36 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 0.91 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a moderate copper grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Moderate copper grade for a porphyry deposit - Positive factor: Significant intercept length - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > DDH-01, 134.36m at 0.76% Cu #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DDH-01 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-drill-facts-12) Batong Buhay Porphyry · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: DDH-01 - Project: Batong Buhay Porphyry - Commodity: gold - Region: philippines - Reported Region: philippines - Ticker: MTL #### Geometry - Grade: 0.16 - Grade Unit: g/t - Intercept: 134.36 m #### Classification - Deposit Type: porphyry - Program: exploration - Sample Type: drill #### QA/QC - QA/QC Methods: standards #### Metal Equivalent - Metal Eq. Grade: 0.91 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a weak gold grade over a significant length for a porphyry deposit, indicating potential, but its age and non-compliant nature reduce confidence and novelty. - Positive factor: Significant intercept length - Negative factor: Weak gold grade for a porphyry deposit - Negative factor: Historical data from late 1970s, non-JORC compliant - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 0.16 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Metallurgical Results (3) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-metallurgical-facts-0) Runruno · gold #### Identity - Project: Runruno - Commodity: gold - Ticker: MTL #### Recovery - Recovery: 80.7 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Production metrics for H1 2026 at Runruno show a decline in ore mined, grades, recovery, and gold produced/sold compared to H1 2025, which is a negative trend, though noted as part of a planned run-down to closure. - Negative factor: Lower mined grade compared to prior period - Negative factor: Lower milled grade compared to prior period - Negative factor: Lower recovery compared to prior period - Negative factor: Lower gold production compared to prior period - Negative factor: Lower gold sold compared to prior period Evidence · table > 566,049 Context: Ore Mined ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-metallurgical-facts-1) Runruno · gold #### Identity - Project: Runruno - Commodity: gold - Ticker: MTL #### Recovery - Recovery: 91.4 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical comparative figure for the Runruno project, providing context for the current period's performance. Evidence · table > 1,028,333 Context: Ore Mined ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results--e26a3f25-6b5c-4c5e-a905-62bbf594e2bc#fact-metallurgical-facts-2) Runruno · gold #### Identity - Project: Runruno - Commodity: gold - Ticker: MTL #### Recovery - Recovery: 88.4 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical comparative figure for the Runruno project, providing context for the current period's performance. Evidence · table > 2,142,187 Context: Ore Mined ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.