METRO MINING LIMITED — AGM Information 2010

Nov 17, 2010

MetroCoal Limited – Annual General Meeting Brisbane 18 November 2010 Mike O’Brien Chief Executive Officer

Disclaimer

• Statements and material contained in this Presentation, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of MetroCoal Ltd, 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.

• MetroCoal is at an early exploration stage and 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 presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

• Technical information on MetroCoal Limited coal projects in this report had been compiled by Mr Neil Mackenzie-Forbes, Exploration Manager of MetroCoal. Mr Mackenzie-Forbes, member of the Australian Institute of Geoscientists (AIG), is a competent person and has relevant experience to the mineralisation being reported on to qualify as a Competent Person as defined by the Australasian Code for Reporting of Minerals Resources and Reserves. The resource information in this report has been released to the Australian Stock Exchange.

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MetroCoal Limited

ABN: 45 117 763 443 ASX Code: MTE www.metrocoal.com.au

Share rice 15 November 2010 $0.31 p

Shares on Issue

162.9M

$50.5M

Market Ca p Cash 30 October 2010

$12.8M

Substantial Shareholders

• Metallica Minerals Limited 49.1%

• JP Morgan Nominees Australia 6.2%

• National Nominees Limited 2.9%

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Two Pronged Development Strategy Reconfirmed by Drilling Results

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• MetroCoal’s vision is to build a substantial export thermal coal and cleaner energy business based on:-

 Conventional underground mining and, where possible, opencast mining; and

 Underground Coal Gasification (UCG) with an integrated gas synthesis process producing syngas fueled power generation, and later high quality, clean liquid fuel

• Exploration Target of 2.5 – 3.5 billion tonnes by end 2011

**  709 Mt Resource (686Mt Inferred, 23Mt Indicated) identified since May 2009.**

* _The potential quantity and quality is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource or Ore Reserve and it is uncertain if further exploration will result in the determination of a Mineral Resource or Ore Reserve.**_

**See ASX – MTE releases 18 October & 19 October 2010

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Surat Basin – Australia's next coal producing region

Coal Production

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• Xstrata receives conditional approval from Queensland Co-Ordinator General

• Cockatoo Coal acquires Anglo Coal Surat Basin assets

• New Hope announces takeover offer for NEC

• Cameby Downs commenced to production

• MetroCoal JV venture with China Coal moves ahead

Infrastructure

• Wiggins Island Stage 1 announced,

• Wiggins Island Stage 2 process commences with 2015 completion date

• Surat Basin Rail Joint Venture on track

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Achievements in 2010

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Since listing on 4 December 2009 MTE has achieved an impressive number of major milestones

$30 million Joint Venture with major Chinese coal company, China Coal, on EPC 1165 Columboola Underground coal mining resource of 537Mt established (see table slide 8)

Co-development Agreement with Arrow Energy put in place. Discussions underway with other major CSG players

$10.5 million raised through placement of 35 million shares at $0.30 per share to fund additional exploration and participation in infrastructure

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Columboola Joint Venture – China Coal 51% MetroCoal 49%

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China Coal – MetroCoal Joint Venture

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• JV provides initial $30 million to explore and develop Columboola

• First Joint Venture Management Committee held in early October

• Exploration plan and budget agreed.

• Discussions include longer term infrastructure opportunities

• Geos Mining appointed to manage field exploration

• Drilling contractors appointed. Drilling to commence in November weather permitting

• Investment covers 12% (by area) of MetroCoal’s current EPC portfolio

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Resources

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	Juandah (UCG)*	Bundi (Underground)**	Norwood (Underground)*	Total (UCG and Underground)
Inferred	149Mt	381Mt	156Mt	686Mt
Indicated	23Mt			23Mt
Total	172Mt	381Mt	156Mt	709Mt

• See ASX – MTE release 18 October 2010

• ** See ASX – MTE release 19 October 2010

Norwood-Bundi Resource Areas

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_*_ Bundi Project – 381Mt Inferred**

 Resource area prospective for underground mining

 Seam correlation and continuity confirmed by all drilling to date.

• Mining horizon approx 2.5m and 4.5m thick.

• High level desktop study completed by Mining Consultancy Services

• (MCS).

 Key statistics in study:-

Annual ROM production: 6.3 – 6.9 Mt Pithead operating costs: $17 - $20 per tonne

 Underground mining appearing increasingly more attractive

• Coal quality advantages due to

• selective mining of coal plies.

• Smaller surface footprint mitigates many environmental issues

• See ASX – MTE release 19 October 2010

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Surat Basin Infrastructure

 Port Capacity - Wiggins Island

• Stage 1 announced

• Stage 2 process commenced

• MetroCoal participating in Stage 2

 Rail Capacity

• EOI submitted to Surat Basin Rail

• JV

• Opportunities for cooperation with

• proposed neighbouring operations

 Timing

• Completion of Stage 2 in line with

• MetroCoal development time frame.

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Juandah Project - UCG

• Juandah Project JORC resource of * . 172Mt (inferred and indicated)

• Upper Macalister seam only

• Depths 150m to 250m

• No overlapping gas tenure

• MetroCoal’s focus is on exploration and resource definition

• Identify a UCG resource of at least a 100Mt supporting initial small scale power generation leading to UCG – GTL operations producing high grade, clean liquid fuels.

• See ASX – MTE release 18 October 2010

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Indonesia

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• MetroCoal has identified an opportunity to enter the Indonesian thermal coal export market via very low cost, low risk sub bituminous acquisitions.

• with Australian a

• Agreement signed company holding controlling interest in Indonesian coal project areas

• After Initial investment of $130,000 MetroCoal holds 20% of this company with the option to increase this interest to 51%.

• Due diligence progressing

What’s Planned in 2011?

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• MetroCoal is well funded with some $45M available

• $16M in cash plus the $30M in the Columboola JV.

 Exploration

• Continue broad spaced exploration in our Surat tenements.

• Commence close spaced drilling in Bundi project – 80 holes.

• Complete initial exploration in Columboola

• Identify target areas for further drilling

 Infrastructure

• Participate in Wiggins Island stage 2 study

• Secure capacity in Surat Basin Rail

 Studies

• Mining scoping studies

• Base line environmental studies

• Indonesia – development is subject to the satisfactory outcome of our due diligence process.

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MetroCoal Limited

Contact:

Mike O’Brien – Chief Executive Officer Email: mobrien@metrocoal.com.au

Theo Psaros – Chief Operating Officer Email: tpsaros@metrocoal.com.au Office: +61 7 3249 3040 Web: www.metrocoal.com.au