METRO MINING LIMITED — AGM Information 2025

May 22, 2025

Metro Mining Limited ASX Announcement 23 May 2025

2025 Annual General Meeting – Chairman’s Address to Shareholders

2024 has been an exciting and positive year for Metro. Through the hard work and dedication of our people Metro significantly built on its achievements of 2023 to advance our core strategy of being the world’s lowest cost bauxite producer. New capacity commissioning, ramp-up, economies of scale and market conditions combined to deliver record margins.

A significant milestone for Metro was the completion of its $36 million expansion project during Q2 of 2024. This was complemented by additional spend on assets by our contract partners Transhipment Services Australia and Blake Machinery Group to take the total spend to over $50 million. The expanded capacity derives from new ore haulage fleet, upgraded loading capacity at pit and port, a new high-capacity wobbler screening circuit, two additional tugs and the commissioning of our Offshore Floating Terminal, Ikamba.

Delivery of this expanded capacity enabled Metro during Q4 to consistently operate at the project target rate of 7 million WMT per annum, culminating in total shipped production of 5.7 million WMT, a 24% year-on-year increase. Consequently, production and shipment guidance for 2025 has been set at 6.5 million to 7 million WMT.

Metro’s balance sheet was also a key focus in 2024. An equity raise with institutional and retail investors for $45 million was completed in May, $39 million of junior debt was repaid during the year and in November 2024 Metro completed a refinance of its senior debt and private royalty held by Nebari entities, achieving a lower interest rate on borrowed funds and increased borrowing capacity.

The dedication of Simon and his management team, in delivering these important initiatives, and a favourable price environment, contributed to a 30% year-on-year revenue increase to $307 million. Site EBITDA margins improved to $13.8/WMT and $174/WMT in Q3 and Q4 respectively, resulting in underlying annual EBITDA to $37 million.

As a result, a significant outcome for shareholders was the increase in Metro’s market capitilisation, up 300% to $364 million by year end.

The Board is extremely proud that Metro’s improved financial performance was matched by our ongoing commitment to deliver stakeholder value through the execution of our operations in a safe, environmentally responsible, and socially accountable manner. Pleasingly, in 2024 Metro significantly reduced the number of environmental incidents on site and published our ESG Strategy and Roadmap, which details our broader sustainability initiatives. The company also received national recognition for one of our rehabilitation projects, winning the Association of Mining and Exploration Companies 2024 National Environment Award for the work associated with the restoration of an old kaolin mine at the Bauxite Hills Mine.

Health, safety and wellbeing remained a core focus of the Company with an elevated focus on critical risks and High Potential Incidents. This diligence and focus resulted in a marked reduction in our High Potential Incident Frequency Rate at the Bauxite Hills Mine, from 22.8 in 2023 to 11.4 in 2024. Two audits of the Ikamba Safety Management System and an independent safety audit of our transhipment operations were also commissioned during 2024 to verify the safety of our operations throughout the value chain.

Throughout 2024 we continued to work collaboratively with our stakeholder communities. The Board is proud of the progress made through our Reflect Reconciliation Action Plan and we are excited to have begun preparatory work on our Innovate Reconciliation Action Plan.

Level 4, 135 Wickham Tce, Brisbane Q 4000

www.metromining.com.au

07 3009 8000

ABN 45 117 763 443

The year, however, was not without its challenges. Periods of inclement weather continued to cause some disruption whilst global economic uncertainty was also a cause for concern and will likely increase during 2025. The speed of regulatory

change remains unabated, with the Company currently focused on ensuring we are ready for the implementation of the Australian Sustainability Reporting Standards.

Before passing over to Simon, I wanted to provide shareholders with some additional information in respect of the one-off Management Performance Incentive that the Board approved for implementation in December last year and the remuneration framework for the Executive Leadership Team.

With respect to remuneration, the Board commissioned an external review of the remuneration structure for the Executive Leadership Team in late 2024 which identified that current remuneration packages are generally below market benchmarks. The review also highlighted that Metro operates at a higher level of complexity than many of its peer companies and that this needs to be considered in greater detail within the remuneration framework.

In response to these findings, the Board has commissioned a review and re-design of the remuneration framework in order to ensure that it is fit for purpose, competitive with its peers and helps to retain critical talent, with the outcome of this review to be implemented later this year.

To address the current retention risk, and taking into account also the above factors I have already mentioned, and upon taking advice from an external remuneration consultant, the Board also decided to implement the MPI for not only Simon and the Executive Leadership Team, but for other key roles across the business, with its design to have both a reward component for effort as well as a retention element.

The Board is confident that Simon and his team have the expertise and perseverance to meet these challenges head on, and to further grow and mature the company.

To that end, Simon will detail Metro’s first capital management policy and outline some strategic directions and principles for growth in his presentation.

On behalf of the Board, I would like to acknowledge and thank Simon and his team for their tireless efforts during 2024. 2024 was a challenging but rewarding year and the Board is looking forward to a successful 2025.

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.

ENDS.

For more information contact:

CEO & Managing Director Simon Wensley info@metromining.com.au +61 7 3009 8000

Investor Relations Peter Taylor Peter@nwrcommunications.com.au +61 (0)412 036231

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

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