Can MetalsTech Turn Strong Economics into Shareholder Value at Sturec?

Capital Raising and Financial Position

MetalsTech Limited (ASX, MTC) has successfully completed two tranches of strategic placements, raising a total of A$3.3 million before costs. The first tranche, completed during the June quarter, brought in A$1.3 million, followed by a second tranche of A$2.0 million post-quarter. These funds are earmarked for strengthening the balance sheet, supporting working capital, and advancing the Pre-Feasibility Study (PFS) for the company’s 100% owned Sturec Gold Mine in Slovakia.

Importantly, MetalsTech has also repaid its redeemable notes, including accrued interest, in full after the quarter ended, reflecting a cleaner capital structure. The company’s cash and cash equivalents stood at A$1.6 million at the end of June 2025, providing a solid financial footing as it progresses its development plans.

Project Development and Economic Outlook

The Sturec Gold Mine remains the flagship asset for MetalsTech, boasting a JORC-compliant resource of approximately 2.7 million ounces of gold and 22.2 million ounces of silver. An updated scoping study released in December 2024 demonstrated robust project economics, with a pre-tax net present value (NPV) at an 8% discount rate of US$768 million and an internal rate of return (IRR) of 162%. These figures underscore the potential value embedded in the project’s underground-only mining operation.

MetalsTech is advancing its PFS under the guidance of Mining One, focusing on detailed mine planning, process plant design, and infrastructure development. Additional metallurgical testwork is underway to validate and enhance historical data, with particular attention on ore sorting technologies that promise to improve recovery rates and concentrate grades. This technological edge could significantly boost the project’s economic metrics.

Strategic Positioning and Market Interest

The company is operating within the Western Tethys Gold Belt, a prolific region hosting several tier-1 gold projects managed by established operators such as Zijin Mining and Eldorado Gold. MetalsTech’s Sturec project is positioned as a “mine ready” opportunity with exploration upside and growth potential, attracting significant inbound interest driven by historically high gold and silver prices.

Completion of the PFS, expected by late Q3 2025, is a critical milestone that will refine the project’s development pathway and open doors to a broader range of strategic partners and potential buyers. MetalsTech is also exploring additional opportunities within the gold sector to diversify and enhance shareholder value.

Operational and Corporate Updates

During the quarter, MetalsTech incurred operating cash outflows of approximately A$700,000, covering administrative, corporate, and exploration-related costs. Investing activities, including site exploration and metallurgical testing, accounted for A$168,000 in cash outflows. The company also addressed outstanding director fees, some of which had been unpaid for over a year, reflecting a commitment to corporate governance and transparency.

With a strengthened balance sheet and ongoing technical progress, MetalsTech is well-positioned to unlock the substantial value of the Sturec Gold Mine, leveraging both its resource base and technological advancements to enhance project economics.