Panmure Liberum said Metals Exploration (AIM:MTL)'s La India project in Nicaragua remains on track for first gold in December, even after delivery delays tied to the US-Iran conflict that the company had already flagged in its second-quarter update.
Metals Exploration is progressing construction across its La India and Runruno gold operations, the latter in the Philippines.
Panmure Liberum reiterates its Buy rating on the stock with an unchanged price target of 32p, according to analyst Duncan Hay.
The broker points to plant construction now 50% complete, the tailings storage facility at 60%, and bulk earthworks, civils and site infrastructure all above 90%.
Metals Exploration has secured US$27 million of local debt to finish construction at La India, funding Panmure Liberum flags as key to closing out the build.
At Runruno, higher ore grades mean 2026 output should land at the upper end of the company's 40,000 to 48,000 ounce guidance range, the broker notes.
The next marker for the stock is first gold production at La India, targeted for December.
