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METRO MINING LIMITED AGM Information 2026
65351_rns_2026-04-21_a0d6b035-b92b-4dcf-bf6d-20ee7f825bcf.pdf
AGM Information
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METRO MINING LTD
(ASX: MMI)
2026 ANNUAL GENERAL MEETING
MD'S PRESENTATION
METRO MINING
Disclosures
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 or 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 STATEMENTS
This presentation contains "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 dates 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 in this Presentation, and expressly disclaim all responsibility and liability for any loss or damage arising in respect of your reliance on the accuracy, fairness, sufficiency or completeness of the information contained in this Presentation, or any opinions or beliefs contained in this Presentation, and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Presentation, or any error or omission therefrom. The Company are under no obligation to update or keep the information contained in this Presentation current, or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in this Presentation are subject to change without notice.
COMPETENT PERSONS' STATEMENT
The information in this presentation that references Metro's resources and reserves was taken from the Bauxite Hills More Ore Reserve and Resource Update which was released to the market on 22 April 2026 (https://announcements.asx.com.au/axpdf/20260422/pdf/06yqms47kprzpd.pdf). Metro confirms that it is not aware of any new information or data that materially affects the information included in that report and, in the case of estimates of mineral resources or ore reserves, that all new material assumptions and technical parameters underpinning the estimates in that report continue to apply and have not materially changed.
KEY RISK FACTORS
Metro directs the reader to the comprehensive description of Key Risk Factors outlined in the Notes to the financial statements for CY 2025 published on 27 February 2026.
ASX·MM| 2026
Acknowledgement of Country
Metro Mining works on the land and waters of the Ankamuthi People at the Bauxite Hills Mine at Skardon River.
Metro Mining acknowledges the Traditional Custodians of Country throughout Australia and we recognise their continuing connection to lands, waters and communities.
We pay our respects to Aboriginal and Torres Strait Islander peoples and to Elders past, present and emerging.
3 | ASX · MMI | 2026
METRO
THE PROFESSIONAL
Highly Capable Board- Stable Management Team
BOARD
Douglas Ritchie
Independent NE Chair
- 40 years experience
- Bravus, Ex Rio Tinto
Simon Wensley
CEO & Managing Director
- 35 years experience
- Ex Rio Tinto, Kobe Steel
Nathan Quinlin
CFO
- 15 years experience
- Ex Glencore, EY
Troy McMillan
GM People and Culture
- 25 years experience
- Ex Orica, Rio Tinto
Dr Jennifer Purdie
Independent NED
- 38 years experience
- Ex Alcoa, Rio Tinto, BHP
Robin Bates
CoSec and General Counsel
- 20 years experience
- Ex Gladstone Water, CQU
Matt Graham
GM Technical, Projects & Improvement
- 20 years experience
- Ex Anglo American
Norman Ting
GM Sales & Marketing (HK)
- 40 years experience
- Ex Rio Tinto, Wogen, Traxys
Hon Paul Lucas
Independent NED
- 30 years experience
- Ex CRR Delivery Authority, Powerlink
Andrew Lloyd
Independent NED
- 35 years experience
- Ex Rio Tinto, Nabalco
Paul Green
EGM Bauxite Hills Operations
- 30 years experience
- Ex Rio Tinto, BHP, Ensham
Vincenzo De Falco
GM Marine Supply Chain
- 15 years experience
- Ex Coeclerici, IMC, Louis Dreyfus
ASX·MMI
2026
METRO MINING
2025 Record shipments and margins
2025 Highlights
- Record Shipments
- Record Underlying EBITDA
- NPAT up $164.3M
- $23.3 M debt principal repaid
- Yr end debt $58.9M vs Cash $58M
- Foreign currency gain $35.4M
- Improved Safety & Environmental performance
ASX: MMI Share Price (April 2025 to April 2026) vs ASX All Ords
ASX:MMI | 2026
Bauxite inside
METRO
MINING
The Essential Energy Transition Mineral
Bauxite: the raw material to make primary aluminium
EVs
High Grade Bauxite
Alumina
Aluminium
EVs
Batteries
Renewables
Recyclable Packaging
Electricity Transmission
Source: AAI
ASX·MM1 | 2026
METRO
MINING
Volatile industry outlook, Aluminium will pull through alumina demand
ALUMINIUM
| 2025 | - US Tariff Impact short-lived |
|---|---|
| - China pumped renewables | |
| - Copper price drives substitution | |
| - Prices and regional premia up | |
| - New smelter investment Indonesia | |
| 2026 | - Demand strong, 2 Mt global shortage |
| - Gulf war affects 6 Mt/a smelting | |
| - Indonesia building but not enough | |
| - Price to $4000 /T? | |
| - China breach 45 Mt/a cap? |
Aluminium Price (LME 3 mth US$/T)
Sources: LME, CM Group, SHFE, CRU
ALUMINA
| 2025 | - 2024 price highs incentive new capacity |
|---|---|
| - New capacity fast tracked: China & Indo | |
| - Refineries installing high temp technology to treat wide range of bauxites | |
| - Reduced caustic & bauxite prices keep refineries alive | |
| 2026 | - Oversupply drives price below RMB 2,500/T |
| - Many older refineries losing money | |
| - Inland/domestic bauxite refinery shake out | |
| - Indo refining cap likely: preserve bauxite? |
Alumina Price (spot China RMB/T)
ASX·MMI | 2026
METRO MINING
Record bauxite trade, further disruption in Guinea likely
- Continuing record traded bauxite demand in Asia. 201 Million DMT imported to China in CY2025, 26% increase YoY as refinery capacity grew and domestic bauxite production dropped. A further 30 M DMT is consumed in other parts of Asia.
- Oversupply has caused prices to drop- bottom reached in Feb 2026 with Guinea @ US$ 62/DMT, when cost curve pressure became evident.
- Gulf war has added US$ 8 to 10/DMT to Guinea freight rates. ~80% of Metro's freight (inc. fuel) has been fixed for 2026/27.
- Guinea Government continues to insert itself into the Bauxite industry. It has taken over mining capacity and will enforce production quotas in 2026 as well as requiring bauxite miners to use Guinea flagged ships. This creates a volatile environment but ultimately good for sustained pricing.
Source: China Import forecast CM Group. Market data from 3 January 2024 to 15 April 2026 (CM Group)
Traded Bauxite Price (US$/DMT, CIF Chinese Port)
Forward Freight Estimates (US$/DMT, CIF Chinese Port)
ASX·MM|2026
METRO MINING
Industry structure is evolving in Metro's favour as West African delivered costs increase over time
China Seaborne Bauxite Supply and Costs 2022, 2025 and 2030¹
Source: (1) CM Group 2026
Note: Cost curves are used to rank producers by unit cost to define the industry's marginal supply, helping explain how long-term commodity prices tend to be set by the cost of the marginal producer required to balance supply and demand
ASX·MM1 | 2026
METRO MINING
MMI 7 Mt/a expansion provides pathway to lowest global delivered cost supplier to China
China Seaborne Bauxite Supply and Costs 2022, 2025 and 2030¹
Source: (1) CM Group 2026
Note: Cost curves are used to rank producers by unit cost to define the industry's marginal supply, helping explain how long-term commodity prices tend to be set by the cost of the marginal producer required to balance supply and demand; Metro cost are: 2026 MMI forecast of A$44 /WMT site cost CIF inc. royalties x 0.70 exchange rate; 2022 MMI actual approximation shown for graphical purposes
ASX·MMI | 2026
METRO MINING
Metro Mining: Low-cost, High-grade, Australian bauxite producer
- Remove overburden
- Mine & Haul ore to port stockpile
- Screen bauxite <100mm
- Load barges with barge loader
- Tow barges to offshore anchorage
- Load OGVs using transhippers
☑ High quality Direct Shipping Ore (DSO)
☑ Well-known "Weipa" style bauxite from Cape York plateau
☑ High alumina – no upgrading required
☑ Double digit mine life & extensive lease holding
☑ 10 yrs Reserves plus potential 5 yrs Resources¹ (107 M DMT total)
☑ Very low strip ratio, short haul
☑ Topsoil/overburden only 0.5m, no blasting
☑ Average only 9 km haul distances to port (LOM)
☑ Simple flow sheet
☑ Surface mining using simple equipment
☑ Simple & resilient screening circuit
☑ Low cost & scalable transhipping model
☑ Heading down the cost curve to be lowest cost operator
☑ Economies of scale at 7 Mt/a capacity
☑ Shipping in large Capesize vessels
All the pre-requisites of a successful bulk commodity operation
(1) As at 31 December 2025.
See ASX Release dated 22 April 2026: https://announcements.asx.com.au/asxpdf/20260422/pdf/06yqms47kprpd.pdf
11 | ASX · MMI | 2026
METRO
MINING
Since 2021 MMI has executed a simple sound strategy…
Recapitalise & Fund the Business
New Team & Turnaround Operations
Market Reposition & Increase Offtake Quality
Increased Control & De-risk Logistics Supply Chain
Increase Resilience of the Operation to Weather
Fast-track Expansion for Economies of Scale
Safe, Efficient, Lowest Cost Traded Bauxite Supplier
Note: 2026F range represents production guidance of 6.6 to 7.1 million
Source: MMI Results
ASX·MMI | 2026
METRO MINING
Capital allocation framework
Unlock value with capital discipline
| Secure | Invest | Grow | Deliver |
|---|---|---|---|
| • Balance sheet strengthened following $23m of debt repaid and a restructured payment profile adding new flexibility | |||
| • Strong cash flow generation – 5-year outlook of >A$300m of cash available for allocation, net of debt servicing | |||
| • Maintain reserve and resource life through exploration and beneficiation | • Prioritise organic growth with rapid payback to achieve A$1bn net asset value in 2026 | ||
| • Continue to increase capacity towards 8MT p.a. | |||
| • Investigate materials handling benefits via beneficiation to maximise the operating season | • Identify synergistic M&A projects that leverages core competencies and provides an unlevered IRR of > 20% | ||
| • Disciplined boundary conditions established, limited to 20% of market cap where product or jurisdiction is non-core | • Deliver value to shareholders via dividends of at least 20% of free cash flow, net of debt servicing, from 2026 | ||
| • Approval of 2026 buy-back program to capture additional shareholder value | |||
| • Seeking approval for share consolidation |
ASX·MMI | 2026
14 | ASX · MMI | 2026
Secure and Invest - 2025 targets update
Maximise value at Skardon River with organic growth
- Lean, safe, productive lowest delivered cost producer
- Resilient assets/business model mitigate wet season
- Optimal product and market positioning
- Further leverage logistics & supply chain
- Low capex debottlenecking and opex studies
- Exploration and beneficiation to extend reserve life
- Bolt on opportunities
2026 Targeted Value Drivers
| Opex < US$30 /DMT CIF China |
|---|
| 8 Mt/a Production |
| Increased mine life |
| Zero net debt, dividend paid |
| Q1 Cash positive |
Progress
2026 Budget Target
Debottleneck 2027-2028
On track: Exploration + Screening
Within $1.5M 2025 Buyback underway
Not achieved 2025 Plans in place
METRO MINING
METRO MINING
Resource & Reserve Expansion
Multi Focused priority 2026/27
Build on ~70 Million WMT Reserve
A: Resources & Reserves: Adding and conversion
Bauxite Hills Mine Resources
Included in R&R statement
- ~52 M WMT in-situ bauxite
- Adjacent to current reserves / pits
- Likely requires beneficiation
Pisolite Hills Exploration (EPM15278)
Historical Cape Alumina Resource not included in R&R statement
- In-situ mineable bauxite remains
- DFS completed by Cape Alumina
- Satellite mine option for MMI
- Likely requires beneficiation
- DFS refresh / stakeholder review underway
B: Exploration
Early Stage Exploration
Prospectivity uncertain
- Vrilya Point
- North Skardon
- Skardon fringe
- East Amrun
- Coastal Aurukun
ASX·MMI | 2026
METRO MINING
Resource & Reserve Expansion
Trials completed on Wet Screening and Dry Screening; plans for demonstration plant in 2026
- More detailed mineralogical review of resources to take advantage of Metro’s relatively advantageous reactive silica levels
- Proven methodology to upgrade resources by removing the finer material (less than 1.2mm)
- Focus on both wet and dry processes that have different benefits according to operating methodologies and approaches
- Metro strategy is to develop a flexible modular system for rapid set up, relocation and duplication as required
- Integrated project that intersects technical, operational, environmental and regulator stakeholders
Measurements and Trial Results
Dry Plant Trial
Wet Plant Trial
Modular Plant Design
ASX·MMI | 2026
METRO MINING
Beyond Skardon River- Inorganic Growth
Progressed from "where" to "how" to grow...
- Earn the right, demonstrate responsible stewardship
-
Stakeholder trust: Operational reliability, balance sheet strength, social license
-
Expansion within proven arenas
- Natural synergy with current business
- Familiar environmental, community, regulatory frameworks
-
Jurisdiction risk jump to other opportunities
-
Selective entry: minerals with long term essentiality & resilience
- High quality, scalable resource
- Bulk orientation, low process complexity
- Aligned with MMI core competencies
-
Market & seasonality diversity from Bauxite Hills
-
Governed stage-gate process with defined thresholds
- Consideration less than 20% of market cap
- ~2 years to positive cash flow
- Structured, high quality partnerships to risk-share
-
Seek exposure to low risk cash flows within supply chain
-
Balanced resilient pipeline with clear prioritisation
- Sequence & pace balanced with organisational capacity
ASX·MMI | 2024
METRO MINING
Metro's Core Competencies
Disciplined Asset Development
Capital efficiency & optimisation
Reliable Responsible Execution
Safe, proven delivery shared stakeholder trust
Partnerships underpin value chain optimisation & growth
Optimise capital, share expertise, accelerate options
Margin Focused Route to Market
Value-added marketing & customer alignment
Specialist Logistics Capability
Marine transshipment & bulk freight
Experienced Capable Management Team
Execution Certainty
Repeatable Model
18 | ASX · MMI | 2024
MSM METRO MINING
ESG Framework
Strong ESG, Stronger Metro Mining:
- Build a workplace people are proud of
- Drive efficient, reliable operations
- Maximise benefits for local stakeholders
Structure that Drives Results:
- Leverage Metro Mining's current successes
- Focus on meaningful impact for Cape York Communities
- Integrate current activities with forward-looking strategies
- Establish clear responsibility for delivery
Driving Sustainable Performance:
- Maximise water efficiency
- Minimise fuel use and carbon footprint
- Empower local communities and females for employment
- Fortify cyber security
- Improve sustainability reporting
- Ensure processes comply with emerging legislation
ASX·MM1 | 2024
METRO
MINING
Focus on Indigenous Employment Levels & Community Support
$46.9m
North Queensland and Cape York regional suppliers
2024: $34.7M ↑ 35%
$8.2m
Benefits to Indigenous landowners and Native Title parties
2024: $5.7M ↑ 44%
$1.7m
Procurement activities with Indigenous businesses
2024: $740,000 ↑ 135%
$73,600
Community initiatives
2024: $63,500 ↑ 16%
$189,000
Local seed collectors
2024: $188,000 ↑ 29%
Source: MMI 2025 Annual Report
Taking action to boost local employment:
- Family friendly roster and dedicated flights to FNQ communities
- 180 direct employees based in FNQ region (63% total employee workforce)
- $23.1m FNQ salaries for direct employees
- Launch of the Indigenous Employment Strategy in 2026
- Current Aboriginal and Torres Strait Islander diversity representation of 18% (BHM) as we strive towards achieving 30% multi-generational Indigenous employment levels
Focused on Effective Community Impact:
- Received the National Community Contribution Award (AMEC)
- Continued delivery of Reflect Reconciliation Action Plan commitments
- Delivery of JTBelieve program at Ama Mary Eseli Injinoo Junior School
- Strengthened and expanded Community Partnership Program
- Record participation in Community Seed Collection Program
20 | ASX · MMI | 2026
METRO MINING
Ikamba completed docking and en-route to Skardon River
Offshore Floating Terminal : Ikamba
- A strategic asset for Metro
- Demonstrated resilience to waves & swell over other options
- Has peak loading rates over 3000 Tph
- 2 million litre’s diesel bunker capacity
Ikamba dry dock
- Batam Indonesia- high quality ship yard
- Main tasks achieved
- Crane slew bearing replacement
- Boom loader pin replacement
- Stainless steel hopper lining replacement
- Accommodation upgrade
- Electrical / safety upgrade
- Total budget ~A$6 Million
Re-integration to operation on schedule before end of April
- Arrived Darwin 19 April
- Customs, biosecurity, AMSA permission to enter & operate granted
- Arrival due at Skardon River 29 April
ASX·MM1 | 2024
METRO
MINING
For Further Information Contact:
Investor Relations: Peter Taylor
Ph: +61 (0) 4120 3631
Company Secretary: Robin Bates
Ph: +61 (0) 7 3009 8000
Postal Address: GPO Box 10955, Brisbane
QLD 4000