METRO MINING LIMITED — AGM Information 2022

May 30, 2022

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AGM Presentation Simon Wensley 31 May 2022

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IMPORTANT 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, transmitted 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 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 this ASX Presentation (including data used in 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.

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 this report to that relates to the “Metro Mining – Bauxite Hills” Reserves is based on information compiled by MEC Mining and reviewed by Edward Bolton, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Edward Bolton is a full-time employee of MEC Mining Pty Ltd. Edward Bolton 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’. Edward Bolton consents to the inclusion in the report of the matters 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.

2 | ASX : MMI | May 2022 I

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Metro Mining: Recovery to Resilience STRATEGY: Execute urgent recovery building blocks in 2021

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• ❖ 2021 Strong headwinds: Poor financial outcomes

• ❖ COVID-19 driven market weakness

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Floating
Crane
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• ❖ Bulk freight rates rise dramatically

• ✓ New Floating Crane : Rapid execution of Capesize trans-shipping interface.

• ✓ Second baseload customer established: New segment established inland China to boost scale to 4 Mt/a run rate: key drivers have been logistics partner, price and technical service. 2.8 M WMT delivered in 2021.

✓ Productivity & cost reduction: Restructured roster 2021, maintenance re-focus, cash cost reduction, $6 M by end of 2021.

✓ Recapitalize : $25 M capital raise completed Sept ‘21. Debt restructured into 2023 and 2024. $5 M short term bridging facility drawn.

• ❖ Difficult 2022 restart: Extended wet season through May and input cost inflation

• ❖ 2 weeks / 1 vessel behind.

• ❖ Fuel costs, spot freight/procurement and COVID impacting delivered costs

Calculated from Baltic freight indices

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3 | ASX : MMI | May 2022 I

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Metro Mining: Recovery to Resilience STRATEGY: De-risk 4 Million WMT/annum scale and then deliver in 2022

• ✓ New Board & Management : Strong bauxite/bulk commodity expertise: Sales, operations, finance, logistics, contracts

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• ✓ ex- Rio Tinto, Glencore, McMahon Contracting, Armour Energy, Cokal

• ✓ Floating Crane & freight strategy : Switch all customers to Capesize and execute forward contracting at below spot freight rates

• ✓ Adjust market positioning: Negotiated additional offtake with Xinfa, a portion FOB. Extended Xiangsen LOI to 3 years, binding terms for 2022. 3.8 M WMT total sales

MMI Board undergoing cultural heritage training with Tracey Ludwick and Jaeme Davey, BHM Community Engagement & Development Supt

• ✓ Productivity & cost reduction: Execute quad trailers. Larger floating crane grab. Further $6 M cost reduction in 2022.

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• ✓ Expect to return to CF positive in June and catch up Q2 tonnage in Q3

• ✓ Revitalize expansion : DFS optimized. Completion June 2022. Sales negotiation to underpin rapid investment decision underway. Target investment decision July 2022.

• ✓ Refinance & Expansion Financing : Discussing extension of NAIF facility for expansion funding. Commencing refinance process for existing debt.

• ✓ Identify organic value growth/de-risk options : 12-month operation/beneficiation scoping study underway and further initiatives, TBA

4 | ASX : MMI | May 2022 I

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Market Update- Tight Bauxite Market, Sales Firm STRATEGY: Balance sales security with contract structure and tenor to optimize risk and price

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✓ Record bauxite imports: March (11.7 Mt), April (11.1 Mt)

✓ New Chinese refineries commissioned

✓ Domestic bauxite & transport impacted by COVID

• ✓ Indonesia implementing bauxite ban by 2023

• ❖ Headwind: Aluminium/alumina weakening, RMB exchange rates

✓ Delivered China prices trending upwards : back to mid-cycle levels

✓ Spot and 2022 forward freight still elevated

• ❖ Low spot volume from Australia hampers rapid price reaction

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Bauxite Prices CIF China (US$/DMT)
70
65
60
55
50
45
40
35
30
8-May-20 4-Jun-20 3-Jul-20 6-Aug-20 4-Sep-20 8-Oct-20 6-Nov-20 4-Dec-20 8-Jan-21 5-Feb-21 5-Mar-21 8-Apr-21 6-May-21 4-Jun-21 8-Jul-21 6-Aug-21 3-Sep-21 8-Oct-21 5-Nov-21 3-Dec-21 7-Jan-22 10-Feb-22 4-Mar-22 7-Apr-22 9-May-22
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✓ Metro sales firm : On track for 3.8 M WMT as customers confirming deliveries ✓ No apparent impact from COVID, domestic mines more affected ✓ Receiving enquiries for cargos for this year and 2023

✓ Metro prices rising: through 2[nd] half 2022 as contract structure and markets evolve. In a good position for new volume and price given location.

5 | ASX : MMI | May 2022 I

Graphs: CM Group

Australia HT Guinea LT Indonesia LT

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Crane Update: TSA Skardon at target capacity

STRATEGY: transform 4 Mt delivered cost base; exploit geographical advantage over West Africa

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• ✓ Low risk design : Damen (NL) barge with Liebherr 35t Crane option studied in 2019 expansion BFS- rapidly procured and commissioned October 2021

• ✓ Perfect for current scale : Designed to load 180 kt Capesize at 16 to 18.5 k WMT per day. Annual capacity (Metro operating season) 3.7 to 4.3 WMT/a

• ✓ Rapid Execution : Purchase 80% funded by contractor (TSA) with incremental increase to fixed and variable costs of A$2-3 /WMT

• ✓ “Game-changer”: Immediate A$15 /t relief from 2021 geared Ultraclass freight rates. Significant $10 to 15 /t benefit remains in 2022 with Ukraine crisis driving up time charter rates and bunker (fuel) costs

• ✓ Competitive Advantage: Freight differential with Guinea offsets quality disadvantage. Only Capesize bauxite supplier out of Australia.

• ✓ 100% nameplate capacit y: 16 kt per working day equivalent in May 2022 with demonstrated operating load rates and reduced delays. New $100 k grab with 10% more capacity fitted in late May- payback weeks!

• ✓ Freight locked in: Metro has locked in approx. 80% freight cover for 2022 significantly below current spot and forward

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TSA Skardon loading, new grab (inset)

6 | ASX : MMI | May 2022 I

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Operational Update: Recovering from slow start

STRATEGY: Address maintenance debt, drive productivity, increase reliability

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✓ Operations ramping up : After “Late Wet” season in North Queensland

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• ❖ Pit access and product handling impacted by wet ore ✓ All pits now open and rates improving to plan in May

✓ Screen/barge loading maintenance : Paying dividends

• ✓ Wet season screen upgrade: 50% increase with wet ore from Jan/Feb

• ✓ Conveyor drum and belt replacement program almost complete

✓ Additional hauling equipment procured : Quad trailer strategy

1[st] BMG prime-mover hauling quad trailer

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• ❖ Despite additional maintenance, current aging fleet decreasing reliability and proved unable to haul quad trailers effectively

• ✓ Additional prime mover sourced from mining dry hire partner, Blake Machinery Group: 90% availability contract, successfully hauling quad trailers. Positive cost benefit analysis; no additional capex.

• ✓ 4 further BMG prime-movers arrive end of May

✓ New higher power Scania Fleet ordered and due end of the year

7 | ASX : MMI | May 2022 I

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Expansion DFS refresh completes June 2022

STRATEGY: Use current floating crane to pivot to rapid, lower capex, lower risk expansion option

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2 options Both studied to DFS level

3 to 4 Mt/a scale

4 to 6+ Mt/a scale

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2023

2 x Floating Crane Capesize Vessel (180 kt) Capex ~A$ 25 M*

Q3 2021 Self Loading geared Ultraclass Vessel (60 kt)

Current 2022 1 x Floating Crane Capesize Vessel (180 kt)

• ✓ Metro expansion DFS refresh due for completion June 2022

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• ✓ First floating crane has lowered the hurdle to an expansion above 4 Mt/a if a second Floating crane is procured

2023

1 x Large Floating Terminal Capesize Vessel (180 kt) Capex ~A$ 60 M**

• ✓ Metro in discussions with NAIF on preferred expansion option and to extend the sunset clause for infrastructure loan, credit approval and draw down until 31 December 2022.

Dual floating crane and Floating Terminal pictures are illustrative Subject to completion of the revised DFS *Includes termination payment for floating crane.

8 | ASX : MMI | May 2022 I

Site Expansion Upgrade- Staged, low capex

• Phase 1: 5 Mt/a - Screen / belt realignment x 2

• • Conveyor speed up x 4
• • Oversize crush automation

• Phase 2: 6+ Mt/a - Additional screen & conveyors

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Expansion Economics are Compelling

STRATEGY: 4 Mt/a now a resilient scale for Metro. Outsized returns available at 6 Mt/a scale

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2.8Mt 4.0Mt 5.0Mt 6.0Mt
Site Unit Costs FY 2021 FY 2022 FY 2023 FY 2024
Revenue Range1 AUD/wmt
4
Royalties1 AUD/wmt
30
5
6
6
15
Ocean Freight2 AUD/wmt 13 12
26
22
18 16
Site Costs AUD/wmt
Site Operating Margin3 AUD/wmt -5 5+ 14+ 17+
Expansion Funding4 AUD m - 5 20 -
Notes
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Annual site EBITDA/tonne figures, not including corporate costs. All financials for 2023 and 2024 are subject to approval and execution of expansion

1. Revenue, and royalties, based on combination of booked contracts and 3[rd] party forecast

2. Ocean freight based on combination of booked freight and FFA/forward rates (Braemar)

3. Operating margins are not forecasts but estimates based on the combination of booked and 3[rd] party forecasts

4. Expansion funding amount is subject to completion of the revised DFS in June 2022. Expectation to be predominantly NAIF funded.

10 | ASX : MMI | May 2022 I

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Lowest Global Delivered Cash Cost Positioning

STRATEGY: Become worlds lowest cost global quality bauxite supplier into China

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Independent consultant, CM Group, places Metro, at 6 Mt/a scale, as No 1 on the 2026 delivered China seaborne cost curve

	1st Quartile	2nd Quartile		3rd Quartile		4th Quartile
2026	2022

China Seaborne Bauxite Supply and Costs 2022 and 2026 (Source: CM Group 2021)

11 | ASX : MMI | May 2022 I

Source: CM Group and Metro Mining Ltd

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Metro significant contributor to Cape York

STRATEGY: A respectful, sustainable and valued member of the Cape York Community

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✓ Prioritize and Grow Indigenous Engagement and benefits

• ✓ 30% of Metro’s workforce are of Indigenous heritage from Far North QLD region

• ✓ $2.9 M[2] in benefits to indigenous partners and third parties

• ✓ Indigenous business development prioritized in 2022- target $0.6 M in new contracts

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✓ Metro’s ripple effect focused on Queensland economy

• ✓ $12.5 M[2] in state royalty liabilities

• ✓ $14.2 M[1] in wages, 85% to North Queensland plus $377 k payroll tax

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• ✓ $47 M[1] annual spend in Queensland, incl. $22 M[1] in Far North QLD

✓ A low impact operator

• ✓ Small foot-print operation; environmental protection a core value

• ✓ De-carbonization pathways being explored as part of ESG initiatives Notes

• 12 | ASX : MMI | May 2022 I

• 2021 Actual

• 2022 Estimates

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Metro Investment Thesis

High quality operating mine with post COVID recovery underway and pathway to growth

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✓ 100 Mt reserve, 17-year life bauxite mine. World class Weipa bauxite province. Current capacity ~4 Mt pa ✓ Expansion to ~6 Mt/a when additional offtake locked in, projected costs to market lowest in the world ✓ Market growth likely as Chinese domestic bauxite production reduces quality / volume. ✓ Competitor bauxite environment uncertain: Indonesia exports banned by 2023. Guinea under Military Coup ✓ Simple low-cost mining, strip ratio effectively zero, barge / trans-ship to large bulk vessels; ✓ Costs and productivity improved under new management

✓ Freight costs reduced and de-risked with procurement of new floating crane, freight contracts & FOB sales ✓ Capital for expansion: Refreshed DFS due June ~A$25 Million including ship-loading and site upgrade ✓ EBITDA margins recovering: @ 4 Mt pa circa. A$ 25 M for 2022; @ 6 Mt/a rate circa. A$ 90 M pa ✓ Broker price target 0.07 /shr (A$ 210 M market cap); Broker NPV $0.14 /shr (A$ 420 M market cap)

• ✓ Deep value proposition given current market cap: approx. A$ 69 M (@share price $0.023 /shr)**

• Source: A. Hines, Shaw & Partners Equity Analysis Report 25/11/21 ** 27/05/22

13 | ASX : MMI | May 2022 I

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Explore | Define | Mine

For Further Information Contact:

Simon Wensley CEO & MD | Peter Harding-Smith Co.Sec Ph: +61 (0) 7 3009 8000 | L2, 247 Adelaide St, Brisbane Postal Address: GPO Box 10955, Brisbane Q 4000