METRO MINING LIMITED — AGM Information 2023

May 29, 2023

==> picture [136 x 146] intentionally omitted <==

AGM Presentation

May 2023

==> picture [113 x 119] intentionally omitted <==

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 unlawful 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 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 Notes to the financial statements for CY 2022 published 28 February 2023.

==> picture [960 x 30] intentionally omitted <==

2 | ASX : MMI | May 2023 I

Bauxite - Essential to the Energy Transition Bauxite raw material for primary aluminium in transportation, EVs, renewables

==> picture [78 x 66] intentionally omitted <==

==> picture [165 x 122] intentionally omitted <==

==> picture [165 x 122] intentionally omitted <==

==> picture [166 x 122] intentionally omitted <==

==> picture [44 x 71] intentionally omitted <==

==> picture [44 x 71] intentionally omitted <==

==> picture [78 x 70] intentionally omitted <==

==> picture [75 x 68] intentionally omitted <==

High Grade Bauxite

Alumina

Aluminium

==> picture [57 x 55] intentionally omitted <==

==> picture [199 x 86] intentionally omitted <==

Lightweight transportation

==> picture [174 x 93] intentionally omitted <==

20% of EV battery

==> picture [104 x 134] intentionally omitted <==

Renewables manufacture

Source: AAI

3 | ASX : MMI | May 2023 I

Aluminium demand in structural growth phase

==> picture [53 x 55] intentionally omitted <==

Demand expected to rise 40% by 2030

Estimated Global Aluminium Demand by End Use Sector

An orderly net zero transition depends on aluminium

==> picture [359 x 323] intentionally omitted <==

==> picture [960 x 32] intentionally omitted <==

4 | ASX : MMI | May 2023 I

Traded Bauxite market growing strongly, ~8% pa to 2030

==> picture [53 x 55] intentionally omitted <==

Record demand plus Chinese domestic & Indonesia supply withdrawing

China Monthly Bauxite Imports by Country (Mar’21 to Mar‘23)

==> picture [396 x 254] intentionally omitted <==

 Imports now at ~140 Mt/a run rate (125 Mt record in 2022)

==> picture [74 x 99] intentionally omitted <==

Forecast Bauxite Consumption China (2021-2032)

==> picture [396 x 239] intentionally omitted <==

 70% forecast growth in China imports (10 yrs)

• 125 Mt record imports to China in 2022, up 17% on 2021

 Indonesia exits, Guinea growing, Australia holding share

• Growing demand from new alumina plants PLUS

• Imports take over from domestic bauxite

Sources: CM Group

• 5 | ASX : MMI | May 2023 I

==> picture [960 x 30] intentionally omitted <==

Aus Bauxite Pricing Recovering 22% since Jan ‘21

==> picture [53 x 55] intentionally omitted <==

Expansion perfect timing against backdrop of declining Chinese/Indonesian production

==> picture [443 x 275] intentionally omitted <==

==> picture [482 x 273] intentionally omitted <==

----- Start of picture text -----

Metro Contract Off-take by Customer
8
Mine & Trans-ship Capacity
7
6
Xiangsen LOI
5 Chifeng Qihui Chifeng Qihui
Xia…
4
3 Xiangsen LOI Xiangsen LOI
Xiangsen
Xiangsen Xinfa
2
Xinfa
1 Xinfa Xinfa Xinfa Xinfa
0
2021 2022 2023 2024 2025 2026
Million Wet Metric Tonnes
----- End of picture text -----

Graphs: CM Group

• Metro sales firm : 4.5 to 5 M WMT (CY 2023)

 Record bauxite imports to China in 2022 drive price recovery

• 2 base load customers underpin offtake until 2026

 Metro prices rising: through 2023 as contracts evolve.

 New refineries commissioned but domestic bauxite supply limited

• Indonesia implementing bauxite ban in 2023

==> picture [960 x 30] intentionally omitted <==

6 | ASX : MMI | May 2023 I

Simple High-Quality, Low-Cost, Bauxite Operation

Metro second significant exporter of “Weipa” bauxite

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

• 1963 COMALCO starts commercial production in Weipa

• 2008 First long-term Weipa bauxite contracts to China

• 2018, 100 km North of Weipa, Metro establish Bauxite Hills mine

==> picture [252 x 93] intentionally omitted <==

----- Start of picture text -----

Haul ore 5 – 22km to stockpile and barge loading
----- End of picture text -----

• Metro has 92 Mt Reserves plus 35 Mt Resources

• High alumina, direct shipping ore (no processing)

• Simple low-cost mining production process

==> picture [250 x 93] intentionally omitted <==

• Clear top-soil/overburden, mine 1.5-3 m, using FEL, rehab

• Road train 160t haul 5 to 22 km to port site

• Load and tow barge down river to ocean mooring

==> picture [178 x 37] intentionally omitted <==

----- Start of picture text -----

4 Load Large OGV’s with Floating Crane
----- End of picture text -----

• Trans-ship using high-capacity floating crane

Load bauxite on bulk carrier for transport to China

• Current capacity approx. 4 Mt/a; Expansion to 7 Mt/a underway

==> picture [58 x 55] intentionally omitted <==

==> picture [184 x 428] intentionally omitted <==

----- Start of picture text -----

RIO TINTO
----- End of picture text -----

==> picture [960 x 30] intentionally omitted <==

7 | ASX : MMI | May 2023 I

==> picture [53 x 55] intentionally omitted <==

Production Update: Good start to 2023, leveraging offseason work 1200 Screen Throughput (T/hr, operating time)hr, operating time) Focused upgrades improving throughput, 1100 2023

==> picture [314 x 450] intentionally omitted <==

----- Start of picture text -----

1200 Screen Throughput (T/hr, operating time)hr, operating time)
1100 2023
1000
900
800
700
600
500
400
300
1,400 BLF Throughput (T/hr, by barge incl.delays)
2023
1,200
1,000
800
600
400
200
Barge #
1100
2023
1000 FCB Throughput (T/hr, operating time)
900
800
700
600
500
400
04-Apr-22 18-Apr-22 02-May-22 16-May-22 30-May-22 13-Jun-22 27-Jun-22 11-Jul-22 25-Jul-22 08-Aug-22 22-Aug-22 05-Sep-22 19-Sep-22 03-Oct-22 17-Oct-22 31-Oct-22 14-Nov-22 28-Nov-22 12-Dec-22 26-Dec-22 14-Apr-23 28-Apr-23 12-May-23 26-May-23
7 37 67 97 127 157 187 217 247 277 307 337 367 397 427 457 487 517 547 577 35 65 95 125
12-Apr-22 26-Apr-22 10-May-22 24-May-22 07-Jun-22 21-Jun-22 05-Jul-22 19-Jul-22 02-Aug-22 16-Aug-22 30-Aug-22 13-Sep-22 27-Sep-22 11-Oct-22 25-Oct-22 08-Nov-22 22-Nov-22 06-Dec-22 20-Dec-22 12-Apr-23 26-Apr-23 10-May-23 24-May-23
----- End of picture text -----

Three offseason priorities: screens, Barge Loading Facility (BLF) and Floating Crane Barge (FCB)

• Screens : Major maintenance to improve reliability and throughput from grizzlies to stacker. 49% improvement same period y-o-y 2022

• BLF: 7 Mt/a expansion upgrades were completed with modification to sample station, chutes and belt motors. 76% improvement y-o-y

• FCB : MMI spent $1.2m on FCB upgrades, to reduce delays & increase productivity. Good start by TSA crew. 21% improvement y-o-y

• Mining: Below plan as new Scania prime movers delayed arrival and critical trailer part supply chain issues. Has been early bottleneck, but, 43% improvement y-o-y.

Last vessel loaded in record time of 10 days and 19 hours

Shipments above plan, EBITDA positive at site level in April 2023

==> picture [960 x 30] intentionally omitted <==

8 | ASX : MMI | May 2023 I

==> picture [53 x 55] intentionally omitted <==

7 Mt/a Expansion: Final Investment Decision, including financing

Capital Cost (A$m)	Capital Cost (A$m)	Capital Cost (A$m)	Capital Cost (A$m)	Capital Cost (A$m)	Capital Cost (A$m)	Capital Cost (A$m)	Capital Cost (A$m)	2nd FCB (2022 DFS)	2nd FCB (2022 DFS)	2nd FCB (2022 DFS)	2nd FCB (2022 DFS)	2nd FCB (2022 DFS)	OFT - Ikamba	OFT - Ikamba	OFT - Ikamba	OFT - Ikamba
Transhipper
Direct Cost								19.0					20.5
Commissioning & Project Management								2.1					2.1
Contingency								2.2					1.2
								23.3					23.8
Other
Upgrade Port & Barge Loading								3.5					6.8
Additional Trailers								1.1					-
Contingency								0.4					1.3
								28.3					31.9
Key Statistics
Capacity									M WM		T		7
Production rate										M WM	T		6
NPV										A$ M			405
	V
IRR										%			80
													80
Pa	y	back								Years				2
Ca	p	ital C	o	st						A$ M				31.	9
Re	se	rve								M WM	T			91.	6
Mi	n	e Life								Years				15
LO	M	Reve	n	ue						A$ Bn				4.	6
LO	M	EBITD	A							A$ Bn				1.	3
Av	g	Annu	al	R	e	venue				A$ M				29	6
Avg	g	Unit Si		e O	O	pex				A$/W				16.
AvgUnit Site Margin									A$/WMT				14.4

Low capex, low risk, brownfield expansion, payback under 2 years

• Board approved expansion of Bauxite Hills mine from 4 to 7 Mt/a capacity

• 6 M WMT pa DFS production/sales rate for a 15-year mine life

• Binding terms on a 2[nd] transhipment asset: Existing Offshore Floating Terminal

• Binding terms on a revised screen solution: Apron + Wobbler feeder

• Contracted sales ramp up to 5 Mt in 2023 and 6 Mt in 2024 plus spot opportunity

• Estimated capex is A$ 31.9 Million incl. contingency

• Outstanding economics, improved from DFS: Site EBITDA margin of A$ 14 /t at current pricing; IRR of 80%; NPV increment of $283M

• Wobbler and OFT increase capacity above previous case, provide enhanced weather resilience and provide cost saving

• Reduced demurrage risk, increased wet weather productivity, lower maintenance costs, reduced use of mobile equipment

• Upside capacity inherent in OFT and screen solution could underpin further expansion of BHM to 8 to 9 Mt/a subject to establishing performance / further study

• 9 | ASX : MMI | May 2023 I

==> picture [960 x 30] intentionally omitted <==

Expansion: Lower opex/resilient screening approach selected

==> picture [53 x 55] intentionally omitted <==

New apron/wobbler feeder of 1500 T/hr installed by April 2024

• One of MMI’s current vibrating screen lines will be replaced with an apron feeder and one 22-bar full combination pitch wobbler feeder line

• Expected capacity of 1,500 wmt/hr and peak of 1,800 wmt/hr with 89 mm scalp

• 1 existing vibrating screen line (750 to 1,000 wmt/hr) will be retained as back up and supplementary capacity

• Wobbler feeders are reliable and low cost; used in bauxite mines globally

• Self cleaning and resist clogging with wet sticky feeds. Every second bar continually cleans adjacent bar.

• Apron feeder design similar to current at BHM

• Wobbler is low speed, high availability and low maintenance. Requires less mobile machinery movements- saving on loader and handling costs

• Installation planned for Jan to Mar 2024

• Wobbler contract awarded to McLanahan Corporation Pty Ltd.

==> picture [301 x 127] intentionally omitted <==

==> picture [156 x 210] intentionally omitted <==

==> picture [276 x 66] intentionally omitted <==

==> picture [960 x 30] intentionally omitted <==

10 | ASX : MMI | May 2023 I

==> picture [53 x 55] intentionally omitted <==

Expansion: Offshore floating terminal (OFT)- “Ikamba”

==> picture [255 x 128] intentionally omitted <==

Existing large, high-capacity asset. Bauxite & weather resilience credentials

• Strategy pivot due to deterioration in FCB build budget / timeline. Opportunity identified to secure larger, existing OFT asset, coming off-contract.

• The OFT, (named ALM Tinka) almost identical to the transhipping solution studied in MMI’s original feasibility in 2019.

==> picture [254 x 154] intentionally omitted <==

• 132m in length, 28m width, non-propelled barge with 2 x 34 tonne safe working load hydraulic unloading cranes and a hopper, conveyor, ship loading system

• Built in 2011 to load magnetite in Australia. Modified to load bauxite. Sister vessel, Magdragon2, is currently employed at the Sino Iron Project in WA.

• Proven operating track record loading raw bauxite off the coast of Guinea for the last four years.

==> picture [254 x 158] intentionally omitted <==

• Thorough upgrade and maintenance programme scheduled before arrival in Q4

• Rated capacity up to 2,000 wmt/hr with potential to target 30,000 wmt/day of bauxite.

==> picture [960 x 30] intentionally omitted <==

11 | ASX : MMI | May 2023 I

50/50 JV with ALM Shipping (Louis Dreyfus Ports & Logistics)

==> picture [53 x 55] intentionally omitted <==

MMI 50% owner which will mobilize, dry dock and import the OFT to Australia

==> picture [150 x 83] intentionally omitted <==

• LD Ports & Logistics, a Louis Dreyfus Armateurs’ (LDA) subsidiary for all global Logistics and Port Operations

• Specializing in design and operation of complex maritime logistics projects

==> picture [307 x 172] intentionally omitted <==

• MMI and ALM are 50% JV owners of the OFT, estimated value of US$30 M

• Value includes OFT, estimated mobilisation and dry-docking costs

• LDPL managing the technical aspects of the vessel until authorization to operate in Australia received and providing a performance warranty.

==> picture [307 x 176] intentionally omitted <==

• When in Australia MMI will bareboat charter the OFT from JV Co. under a 10 year contract with buyout options.

• MMI then accountable for operating and maintenance costs

• Mobilisation will commence in early June with estimated arrival in Q4 2023

12 | ASX : MMI | May 2023 I

==> picture [960 x 30] intentionally omitted <==

Lowest Global Delivered Cash Cost Positioning Become worlds lowest cost global quality bauxite supplier into China

==> picture [57 x 55] intentionally omitted <==

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

==> picture [922 x 344] intentionally omitted <==

----- Start of picture text -----

1 [st] Quartile 2 [nd] Quartile 3 [rd] Quartile 4 [th] Quartile
2022
2026
----- End of picture text -----

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

Source: CM Group and Metro Mining Ltd

==> picture [960 x 30] intentionally omitted <==

13 | ASX : MMI | May 2023 I

Well Credentialed Board & Management

==> picture [53 x 55] intentionally omitted <==

Significant top-tier mining value chain experience delivering expansion & future shareholder value

Highly Experienced Resources Board

Capable Management Team

Douglas Ritchie Simon Wensley Non-Executive Chairman CEO & Managing Director Ex: Rio Tinto Ex: Rio Tinto, MineVeritas Fiona Murdoch Nathan Quinlin Non-Executive Director CFO Ex: MIM, AMCI, SEQ Water Ex: Glencore, EY Cherie Everett Mark Sawyer GM People & Culture Non-Executive Director Ex: Volvo, Cancer Council Ex. Xstrata, Glencore Gary Battensby Andy Lloyd GM Bauxite Hills/SSE Non-Executive Director Ex: Cape Flattery Silica Ex: Rio Tinto 14 | ASX : MMI | May 2023 I

==> picture [89 x 84] intentionally omitted <==

==> picture [94 x 77] intentionally omitted <==

==> picture [85 x 84] intentionally omitted <==

==> picture [79 x 90] intentionally omitted <==

==> picture [960 x 30] intentionally omitted <==

Exciting time to invest in Metro

==> picture [53 x 55] intentionally omitted <==

Existing operations de-risked, market strong, expansion locked in

• We have the Resource and Operating Mine

• We have the People

High-grade 15+ year reserve from the renowned Weipa bauxite province. Mine operating for 5 years.

Dedicated local workforce including 30% indigenous participation. Experienced & capable top-tier board and management

 We have the market and the customers

 We have the transformational expansion strategy

Record bauxite trade in 2022 and forecast to grow strongly @ 8% pa. Two large baseload customers underpin off-take until 2026

Low-cost A$ 32 M expansion to 7 Mt pa underway to deliver Q4 2023. Economies of scale utilize latent capacity to deliver 80% IRR

• We have the low-cost, low-risk business model

 We have the funding locked in

Simple low strip mine & flow-sheet, transshipping to Capesize vessels to market. At 7 Mt pa scale, costs will bottom of cost curve.

U$30 M two-tranche debt facility from Nebari Partners LLP.

==> picture [960 x 30] intentionally omitted <==

15 | ASX : MMI | May 2023 I

Metro Mining (MMI)- The only pure play ASX bauxite operator

==> picture [53 x 55] intentionally omitted <==

Market Cap

A$ 87.3 Million

• As at 29/05/23

• Shares on issue 4,364 Million

NPV of expansion

Share Price

A$ 0.0195

• As at 29/05/23

• 52 week high $0.026, low 0.007

NVP per share

==> picture [63 x 18] intentionally omitted <==

==> picture [35 x 18] intentionally omitted <==

==> picture [473 x 155] intentionally omitted <==

A$ 405 Million

A$ 0.07

• May ‘23 Expansion FID

• May ’23 Expansion FID

Top Shareholders	%
Greenstone Management LLC	19.1
Lambhill Pty Ltd /Willims	6.0
Balanced Property	5.6
Dadi Engineering	1.8

==> picture [960 x 30] intentionally omitted <==

16 | ASX : MMI | May 2023 I

==> picture [116 x 123] intentionally omitted <==

For Further Information Contact: Investor Relations: Peter Taylor Peter@nwrcommunications.com.au Ph: +61 (0) 4120 3631

Company Secretary: Robin Bates info@metromining.com.au Ph: +61 (0) 7 3009 8000 Postal Address: GPO Box 10955, Brisbane QLD 4000