Metals Exploration (AIM:MTL), the gold production, development and exploration company with assets in the Philippines and Nicaragua, said first gold production at its La India project in Nicaragua remains on track for December.
The company drew down the remaining $6.8 million of its $27 million equipment loan from Banco de America Central on 23 September, fully utilising the facility secured against its Caterpillar mining fleet.
Cash stood at £25.8 million, roughly $34.5 million, after the drawdown.
"Construction at La India continues to advance at pace across the process plant," said chief executive Darren Bowden, noting the equipment financing leaves the company "in a strong cash position, supported by continued cash flow from Runruno."
The five-year loan carries an initial rate of 7.00%, floored at 6.85%, with a 12-month interest-only grace period before principal repayments begin, part of the funding package Metals Exploration first drew on in August.
CIL tank ring fit-out is complete, the SAG mill's head ends, trunnions and middle shell are in final position, and the ball mill's girth gear is being prepared for installation.
Lining of the tailings storage facility has begun.
At La Grecia, a prospect 50 kilometres northwest of La India previously explored by Newcrest, a maiden 2,450-metre drill programme returned assays including 1.30 metres at 36.5 grammes per tonne gold and 1.90 metres at 6.03 g/t gold.
Results from the remainder of the programme are due in October, with a follow-up drill campaign planned for the first quarter of 2027.