Metals Exploration locks in $27M as La India first gold nears
New financing strengthens the junior’s cash position as construction advances despite international shipping delays.
Metals Exploration has secured $27 million in equipment financing to support its La India gold project in Nicaragua, which is on track to reach first production by December 2026. The financing comes as the company has already borrowed $20.2 million from Banco de America Central to purchase its mining fleet. The remaining $6.8 million will be used to acquire additional equipment.
CEO Darren Bowden noted strong progress in construction, with the process plant installation progressing, the ball mill nearing completion, and the CIL tank fit-out almost finished. Approximately 50% of the structural, mechanical, piping, and electrical installations are completed at La India. The grinding building is now structurally finished, and the ball mill is in its final position.
The SAG mill is being prepared for installation. The carbon-in-leach tank rings are 88% complete, the leach tanks 80% complete, and the detox tanks 70% complete. Mining operations at La India are expected to produce near the upper end of its 40,000-48,000-oz. 2026 guidance due to higher-grade ore from the Stage 5 pit. Shipping risks have arisen from tensions in Iran, delaying some imported equipment and materials, but Metals Exploration manages the impact within its budget.
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