METRO MINING LIMITED — AGM Information 2024

May 20, 2024

Metro Mining Limited ASX Announcement 21 May 2024

2024 Annual General Meeting – Chairman’s Address to Shareholders

2023 was a pivotal year for the transformation of our company. It is no secret that during the last few years Metro has endured significant challenges and setbacks which has threatened our financial viability and continued operations. COVID-19, unprecedented ocean freight rates, cyclones and massive rainfall events to name just a few. Most recently, in December, Tropical Cyclone Jasper and its aftermath resulted in the suspension of transhipping operations for 10 days at a time when we were otherwise on-track to ship 5 million tonnes for the production year. Despite these adverse circumstances, our personnel and contractors persevered, and because of their hard work and dedication we were able to achieve production guidance for 2023, shipping a total of 4.57 million wet metric tonnes to our customers. This is a production record for Metro and one that my fellow directors and I are extremely proud of.

The expansion of our operations to provide the capacity to produce and ship 7 million tonnes per annum has been the core strategy for Metro. We believe this is a key component to achieve our vision, to be the premier bauxite supplier and this strategy has been executed in a deliberate and considered manner under Simon’s leadership. Simon recognised that the transformation of the company needed to be underpinned by high-performing and agile leadership team which he has successfully curated over the past 18 months. The senior management team you see here today possess the expertise, experience and capability to ensure the long-term success of the company.

In 2023 we made significant progress with the expansion project. We secured funding through a debt facility with Nebari which facilitated the acquisition of a 50% interest in a large offshore floating terminal, Ikamba. Ikamba has now been commissioned and operating in tandem with TSA’s single floating crane. A revised concept for the expansion of screening capacity was approved by the Board in conjunction with our Final Investment Decision on the expansion. Comprising an apron and wobbler feeder, this screening technology, together with one existing screen, has a nameplate capacity of approximately 2,500 tonnes per hour and will not only provide an increased throughput rate for production but greater resiliency in our operations due to its ability to handle wet product.

We completed upgrade works to the Barge Loading Facility which resulted in an 80% improvement to our loading rates, as compared with the rates achieved in Quarter 4 of 2022. In partnership with our major equipment contractor, Blake Machinery Group, we procured six new high-efficiency Scania trucks which were delivered to site incrementally over the course of the year. We also initiated quad trailer configuration trials, enabling us to transport up to 230 tonnes from pit to port per cycle, a 40% increase when compared to a triple configuration.

Pleasingly, our operations in 2023 generated $235 million in revenue. This is a 33% increase on our 2022 revenue. We are not immune from inflationary pressures and our costs in 2023 were higher than that in 2022. In that respect, however, a 6% increase in costs is only marginally higher than the inflation rate and provides reassurance that economies of scale can be realised as we increase our production output. To this point, from Q2 onwards we saw improved positive margins and we finished the year with a gross profit of $13 million, as compared to a $31 million loss in 2022.

From a commercial perspective, and Simon will touch upon this further in his presentation, we finalised contractual arrangements with Shangdong Lubei Chemical Group during the year who joins our longstanding baseload customers Xinfa Group and Xiangsen Aluminum.

During 2023 we made progress in developing Metro’s ESG Roadmap, which will measure our broader sustainability position and set evidence-based targets. Target setting requires a firm foundation on how those targets are to be achieved and work is currently continuing in that regard.

Level 4, 135 Wickham Tce, Brisbane Q 4000 www.metromining.com.au

07 3009 8000

ABN 45 117 763 443

On behalf of the Board, I would like to acknowledge and thank Simon and his team for their tireless efforts. 2023 was a transformative year for the company, with 2024 shaping up to be another exciting year for us. I would also like to thank our shareholders for your continued support of the company.

I will now pass over to Simon who will provide an update on the business.

This announcement has been approved by the Board of Directors.

ENDS.

For more information contact:

CEO & Managing Director Investor Relations Simon Wensley Peter Taylor info@metromining.com.au Peter@nwrcommunications.com.au +61 7 3009 8000 +61 (0)412 036231

About Bauxite and Metro Mining

Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition. Metro Mining is an independent bauxite producer and explorer, with its 100% owned Bauxite Hills Mine operating on the Weipa bauxite plateau approximately 95 kilometres north of Weipa, near the coast on the Skardon River. Metro Mining produces a high alumina bauxite, shipping direct to customers in very large ore carriers. Metro Mining recognises and has productive agreements with the Traditional Owners of the land on which it operates and is proud of its high percentage of indigenous employees and the economic impact it has in Cape York and Far North Queensland.

Forward-Looking Statements

This announcement may contain ‘forward looking statements’ concerning the financial conditions, results of operations and business of the Company. All statements other than statements of fact are or may be deemed to be ‘forward looking statements’. Often, but not always, ‘forward looking statements’ can be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, ‘outlook’, and ‘guidance’ or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement date and expected costs, resources and reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions, but known and unknown risks and uncertainties could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to, price fluctuations, actual demand, currency fluctuations, drilling and production results, resource and reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Disclaimer

To the maximum extent permitted by law, Metro and their respective affiliates, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, fairness, sufficiency or completeness of the information contained in this announcement and expressly disclaim all responsibility and liability for any loss or damage arising in respect of any reliance of the accuracy, fairness, sufficiency or completeness of the information contained in this announcement, or any opinions or beliefs contained in this document. The Company is under no obligation to update or keep the information contained in this announcement current, or to correct any inaccuracy or omission

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which may become apparent, or to furnish any person with any further information.

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