Metro Mining : Investor Presentation Expansion Highlights

ersonal use only

Metro Investor

Presentation

Expansion Highlights

21 July 2022

onlyIMPORTANT INFORMATION

The purpose of this presentation is to provide general information about Metro Mining Limited (Metro or the Company) and its subsidiaries and business.

NO OFFER OF SECURITIES

This presentation is for information purposes only and does not constitute or form any part of any offer, invitation or advertisement to sell or issue securities or other financial products in any jurisdiction. It is not a prospectus, disclosure document, product disclosure statement of other document or contract under Australian Law or any other law. This presentation and its content must not be distributed,

usetransmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlaqwful under the securities or other laws of that or any other jurisdiction.

FORWARD LOOKING STATEMENT

Statements and material contained in this Presentation, particularly those regarding possible or ass med future performance, production levels or rates, commodity prices, resources or potential growth of Metro Mining Limited, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Graphs used in this ASX Presentation (including data used

ersonalin the graphs) may be sourced from third parties and Metro Mining has not independently verified the information. Although reasonable care has been taken to ensure that the facts stated in this

Presentation are accurate and or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this ASX Presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

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COMPETENT PERSON'S STATEMENT

Any information in this report that relates to the Bauxite Hills Mine Mineral Resource is based on information compiled by Ed Radley who is a consultant to Metro Mining and a Member of the Australian Institute of Mining and Metallurgy (MAusIMM). Mr Ed Radley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

Mr Ed Radley has consented in writing for inclusion in this Report the matters based on the information in the form and context it appears

COMPETENT PERSON'S STATEMENT

Any information in tis report that relates to the Metro Mining Bauxite Hills Reserves is based on information compiled by MEC Mining and reviewed by Grant Malcolm, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Grant Malcolm is a full-time employee of MEC Mining Pty Ltd. Grant Malcolm has sufficient experience that is relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Grant Malcolm consents to the inclusion in the report of the matter based on his information in the form and context in which it appears.

COMPETENT PERSON'S STATEMENT

Any information in this report that relates to Exploration Results is based on information compiled by Neil McLean who is a consultant to Metro Mining and a Fellow of the Australian Institute of Mining and Metallurgy (F.Ausimm). Mr McLean has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr McLean consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

KEY RISK FACTORS

Whilst some changes to operating plans have been outlined in this presentation, Metro directs the reader to the comprehensive description of Key Risk Factors outlined in the in the Equity Raising Presentation of 25 June 2021.

Simple High-Quality Bauxite Operation

Metro second significant exporter of "Weipa" bauxite

	1963 COMALCO starts commercial production in Weipa
only
	2008 First long term contracts from Weipa to China

 2018, 100 km North of Weipa, Metro Mining establishes Bauxite Hills mine as second significant producer

 Metro has 93 Mt Reserves plus 35 Mt Resources

use
 High alumina, direct shipping ore (no processing)
 Simple low-cost mining production process
ersonal	 Clear top-soil/overburden, mine 1.5-3 m, using FEL, rehab
 Road train 160 t haul 5 to 22 km to port site

 Load and tow barge down river to ocean mooring  Trans-shipusing high-capacityfloating crane

 Current run rate 3.8 Mt, capacity 4 Mt/a

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Clear vegetation &	Return overburden & replace
remove overburden	topsoil - then revegetate

Overburden (~0.5m)

DSO Bauxite Horizon (1.5-3m)

Ironstone

Mottled Zone

Haul ore 5 - 22km to stockpile and barge loading

RIO TINTO

Tranship ore down Skardon River

4 Load Large OGV's withLoad bauxiteFloatingon bulkCranecarrier for

transport to China

Approved expansion transforms Metro's margins

Low capex, low risk, brownfield 75% expansion delivering payback in less than 2 years



only use ersonal4

MMI Board has approved expansion of Bauxite Hills mine from 4 to 7 Mt/a capacity by 2024

• Procure a 2nd floating crane barge & upgrade fixed & mobile plant
• 6 M WMT pa DFS production/sales rate for a 15 year mine life

Contracted ramp up sales tonnage with Xinfa Al. Total oft-take 5 Mt in 2023 and 6 Mt in 2024

• Mix of FOB and CIF- a portion of additional tonnage is high silica blend Total incremental capex is A$ 28.3 Million
• NAIF facility sunset extended until December 2022
• Short term facility with Greenstone and Lambhill increased by $4.5 M to enable design work to complete, establish EPCM/owners team and put deposit on Liebherr crane.
• Process to refinance existing project debt commenced with tier 1 banks / institutions

Outstanding economics: IRR of 78 %; NPV10 of expanded business is A$ 370 M

• Site EBITDA margin at current pricing expect to be A$ 14 /t
• Expansion capex has less than 2 year payback

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Expansion DFS: Key Statistics

Capacity	M WMT	7.0
Production rate	M WMT	6.0
NPV	A$ M	372
IRR	%	78
Payback	Years	2
Capital Cost	A$ M	28.3
Reserve	M WMT	92.9
Mine Life	Years	15
LOM Revenue	A$ Bn	4.6
LOM EBITDA	A$ Bn	1.3
Avg Annual Revenue	A$ M	292
Avg Unit Site Opex	A$/WMT	16.4
Avg Unit Site Margin	A$/WMT	13.7

Well Credentialed Board & Management

Revitalised Board & Management to deliver Stage 2 Expansion and future shareholder value

Highly Experienced Resources Board
only		Fiona Murdoch
Douglas Ritchie
Non-Executive Chairman		Non-Executive Director
	 30+ yrs resources
 40 yrs in metals and
mining		and infrastructure;
 27 yrs: Rio Tinto,		Australia and
useformerly a member of		overseas.
Rio's Executive		 Senior operating
Committee &		roles with AMCI
ersonal		Investments, MIM
Chairman of the Coal
Industry Advisory Board		Holdings, and
to the International		Xtsrata Queensland
E ergy Agency		 NED of ASX-listed
 NED of ASX-listed		Ramelius Resources
Neometals		& NRW Holdings

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Mark Sawyer

Non-Executive Director

• Senior Partner at
  Greenstone Capital LLP and co-founderof Greenstone Resources LP private equity fund
• 24+ years in mining and metals sector, including co-head of group business development at Xstrata plc and senior roles at Rio Tinto and
  Cutfield Freeman & Co

Andy Lloyd

Non-Executive Director

• 30+ years experience in the resources industry
• Independent Chair of Jabiru
  Kabolkmakmen Ltd
• Former NED of
  Developing East Arnhem
• 12 yrs Rio Tinto Energy
• 5 yrs Nabalco Gove Alumina refinery

Capable Management Team

Simon Wensley

CEO & Managing Director

• 20 years with Rio Tinto bulk commodities including CCO Energy & leading the bauxite alumina commercial team
• Former Chairman of Queensland Alumina Ltd
• Co-founderMineVeritas Pty Ltd, resource sector advisory

Nathan Quinlin

CFO

• 1 yr: GM Commercial at Metro, Promoted to CFO 2022
• 10 yrs: Ernst & Young tier 1 ASX and NYSE resources Cos.
• 4 yrs: Glencore Commercial and Finance Manager

Mitchell Petrie

Company Secretary

• Former Partner of KPMG. Led the QLD Risk Advisory practice.
• Director of public and private sector companies
• Significant experience in corporate governance, risk management and assurance.