METRO MINING LIMITED — AGM Information 2015

Nov 23, 2015

2015 Annual General Meeting

2015|The Year That Was

MMI Share Price (A$)

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0.140
0.120
0.100
DSO Inferred
0.080
Resource
doubles (47Mt)
China
$5.6M
0.060 Marketing Placement
Merger PFS Expert ToR
Completed Completed Appointed & Rights Issue Lodged
0.040 EIS
Fourfold Decision
Increase in
0.020 Ore Reserve Off-take DFS
MoU Completed
-
Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
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– METRO MINING OUR PORTFOLIO

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Commodities in the Portfolio include Bauxite & Coal

– DSO Bauxite Resources in Cape York 53.6 Million tonnes[1 ] (Measured Indicated & Inferred)

– Thermal Coal Resources in Surat Basin 4.5 Billion tonnes[2]

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 Reserves of 48.2Mt
 50.2% total Al2O3
 38.4% THA
 6.4% RxSi
 Product quality
comparable to
Weipa
 Compact site – short
haulage
 Dry season only
operation
 Positive community
engagement
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PFS and DFS*

PFS Financial Metrics (Real) on 2Mtpa**

**on 2Mtpa **
NPV (15%) after tax	A$197m
IRR (100% Equity)	88%
Construction Capex	A$27.4m
Sustaining Capex (LOM)	A$18.1m
Average Operating Cost (FOB)	A$26.7/t
Average Price Received (FOB)	A$55.3/t
Average Cash Margin (FOB)	A$28.6/t
Average Annual NPAT	A$37.9m
Capital Payback from 1st production	1.1 years

DFS Financial Metrics**	(Real)
**on 1.95Mtpa **
NPV (15%) after tax	A$235m
IRR (100% Equity)	148%
Construction Capex	A$33.9m
Sustaining Capex (LOM)	A$4.9m
Average Operating Cost (FOB)	A$29.75/t
Average Price Received (FOB)	A$58.48/t
Average Cash Margin (FOB)	A$28.73/t
Average Annual NPAT	A$37.3m
Capital Payback from 1st production	1.1 years

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• Definitive Feasibility Study for 2Mtpa mine completed & released to market 5 Nov 2015

• DFS identified opportunities to increase production - development plan is now to commence mining at 2Mtpa and expand to a 4 or 5 Mtpa operation.

• A Scoping Study to determine optimum tonnage is underway and will result in:

• A New Mine Plan

• Review of operating strategy

• Review of capital and operating costs

• It is anticipated that the Scoping Study will:

  • Delineate the optimal annual mining rate

  • Improve capital intensity

  • Lower OPEX due to economies of scale

• A larger tonnage project means:

  • More significance in the bauxite market

  • Better margins

  • Greater financial returns

• Updated financial outcomes

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High Margin Development Opportunity

 Simple Construction and operation

 Low CAPEX and OPEX

 DFS demonstrates robust economics with post-tax NPV[15%] of A$235 M and 148% IRR*

 25+ years** mine life following recent Reserve increase

 1.95Mtpa** Direct Shipping Ore (DSO) operation targeting Q3 2017 production

 4-5 million tonne per annum Scoping Study on schedule to complete Q1 2016  Positive Market Fundamentals with increasing demand and positive outlook

 High quality product with third party and customer confirmation of DSO product suitability

 Strong community support from Cape York stakeholders with Native Title almost complete

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Environmental Impact Statement Process

|Activity | 2015|Date|Activity | 2016|Date|
|---|---|---|---|
|EIS Decision|21 Sept 2015|Final Terms of Reference|11 March 2016|
|Department of the Environment confirm the
bilateral process|10 Nov 2015|EIS Public Consultation|3 May – 13 June 2016|
|Draft Terms of Reference lodged|11 Nov 2015|DEHP Approval|21 Sept 2016|
|||DOTE Approval|02 Nov 2016|
|||Environmental Authority|Granted Q4 2016|

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Native Title Pathway

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 Preferred Right to Negotiate process with Traditional Owners has worked well

• Good faith negotiations on both sides

• Process is in its final stages

 Facilitation of wider community and stakeholder engagement.

• Continued positive local community engagement and support

• On schedule to conclude Q4 2015

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Product Quality & Marketing

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Off-take Discussions and Marketing Strategy Progressing Well

• Marketability studies undertaken by industry consultants CM Group

• Bauxite Hills is product suitable for low temperature refining process used in over 80% of China’s current refining capacity – confirmed by customers

• Off-take discussions with major shareholder Xinfa other Chinese consumers continue to progress well

• MOU (non-binding) with Xinfa

• Appointment of China bauxite marketing expert Norman Ting has been successful and is resulting in strong advances in off-take negotiations with other bauxite consumers.

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Activity	2015	2016	2016	2016	2016					2017	2017	2017
	Q4	Q1		Q2		Q3	Q4		Q1		Q2		Q3	Q4
1.95Mtpa DFS Completed
Native Title Agreements
EIS Approvals
4-5Mtpa Scoping Study
4-5Mtpa DFS
Financing
Mining Lease Grant
Mine Construction									. . . .
Mine Production*
First Shipment

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• Bauxite Market Historical Overview

• Right Commodity – Demand Increases

– Right Commodity Steadily increasing value

• Bauxite demand has outstripped supply due to Indonesian ban on raw material export.

• High CIF Bauxite Price spike in 2009 shows the volatility of shipping costs.

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$70
Average price of Chinese bauxite imports
US$/tonne CIF China
$60
$50
$40
$30
$20
Jan 06 Jan 08 Jan 10 Jan 12 Jan 14
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Source: ABX Quarterly Report June 2014

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• Over past decade there’s been change in the global 3rd party bauxite market due to Chinese alumina refineries processing imported bauxite

• Since Indonesia ban on raw material export, Chinese refineries developing new global bauxite sources in Fiji, Australia, Guinea, Malaysia and other countries

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 China imported 22.7 Mt of bauxite in first half of 2015. Approx 75% of imports are low temp bauxite

 Malaysia could export up to 15-20Mt in 2015 however Malaysia bauxite resources are unknown.

• Indonesian bauxite ban still in place

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120.0
100.0
Shanxi
80.0 Inner Mongolia
Henan
60.0 Guizhou
Chongqing
40.0 Shandong
20.0
-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Million Tonne
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Future Opportunities

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Bauxite Tenements in Cape York 1,300sq kilometres of exploration permits in a region well known for its high-quality, export grade bauxite.

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Continued Exploration programmes planned

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Opportunity to Increase production by replicating the Bauxite Hills model

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Company Summary

Bauxite Hills

Metro Mining

• Favourable Location

• Good quality, Low temperature, saleable bauxite  Excellent fundamentals  Simple DSO Project  Low Capital and operating costs  Long mine life  Increasing demand for bauxite in China  Compelling economics  Excellent relationship with local communities and stakeholders  Good progress in 2015  Merger completed and fully implemented  Well funded  Bauxite Hills project well advanced despite EIS decision  Well placed to capitalise on strong foundation





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EXECUTIVE MANAGEMENT TEAM

Mr Simon Finnis | Chief Executive Officer Mr Scott Waddell | CFO & Company Sec Mr Mike O’Brien | Project Director

REGISTERED OFFICE AND HEAD OFFICE

Level 8, 300 Adelaide St, Brisbane Q 4000 PO Box 10955, Adelaide St, Brisbane Q 4000 Tel: +61 (0) 3009 8000 F: +61 (0) 7 3221 4811 Email: info@metromining.com.au Website: www.metromining.com.au

BOARD OF DIRECTORS

Mr Stephen Everett | Independent Non-Executive Chairman Mr Jijun Liu | Non-Executive Director Mr Dongping Wang | Non-Executive Director Mr Ken Xiao | Alternate NED to Mr Liu Mr Xiaoming Yuan | Alternate NED to Mr Wang Mr Philip Hennessy | Independent Non-Executive Director Mr George Lloyd | Independent Non-Executive Director Mr Lindsay Ward | Independent Non-Executive Director

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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 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 the presentation (including data used in the graphs) are sourced from third parties and Metro Mining has not independently verified the information. Metro Mining is at an early development stage and while it does not currently have a operating bauxite mine it is taking early and preliminary steps (such as but not limited to Feasibility studies etc.) that are intended to ultimately result in the building and construction of an operating mine at its project areas. 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 about the Bauxite Hills Project.

The 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.

The information in this report that relates to Mining and Reserves is based on information compiled by MEC Mining and reviewed by Maria Joyce, a Competent Person who is a Chartered Engineer of the Australasian Institute of Mining and Metallurgy. The information in this report to which this statement is attached that relates to the “Metro Mining – Bauxite Hills” Reserve Estimate based on information compiled by Maria Joyce, a consultant to Metro Mining and a Competent Person who is a Chartered Engineer of the Australasian Institute of Mining and Metallurgy. Maria Joyce is the head of the Technical Services division and full-time employee of MEC Mining Pty Ltd. Maria Joyce 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 for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Maria Joyce consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

With reference to resources in the Metro Mining Thermal Coal Resource in the Surat Basin.

The information in this Announcement that relates to the Compilation of existing data and Exploration Results is based on information compiled by Mr Ed Radley who is a Member of the Australian Institute of Mining and Metallurgy (MAusIMM) (Membership No 300512). Mr Ed Radley is an independent Geological Resource Consultant retained by Metro Mining Limited. 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 2004 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 announcement the matters based on the information in the form and context it appears. The JORC Code 2004 Information has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

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