METRO MINING LIMITED — Capital/Financing Update 2009

Nov 30, 2009

MetroCoal Limited

Program and Budget

	Maximum Subscription \$10,000,000
INFLOWS	Year 1	Year 2	Total
Funds Raised IPO	10,000,000		10,000,000
Interest	300,000	100,000	400,000
TOTAL INFLOW	10,300,000	100,000	10.400.000
EXPENDITURE
Exploration Activities	Year 1	Year 2	Total
Drilling & Exploration	2,531,000	2,152,800	4,683,800
Seismic Surveys	225.000	235,000	460,000
Environmental, Stakeholder	514.000	420,000	934,000
& Cultural Heritage
Management
Total Exploration	3.270.000	2807.800	6,077,800
Expenditure
Geological modelling.	320,000	419,000	739,000
scoping and feasibility
studies
Tenement Management &	340,000	200,000	540,000
Field Administration
Working Capital &	890,000	739,950	1.629.950
Administration
Offer costs	1,013,250	nil	1,013,250
TOTAL EXPENDITURE	5,833,250	4,166,750	10,000,000

The table below shows exploration expenditure delineated into MetroCoal's project areas split by tenement -expenditure as shown excludes tenement management and geological modelling.

Tenement	Project
		Maximum Subscription
		\$10,000,000
		Year 1	Year 2	Total
EPC 1164, 1251 &	Wandoan West	1.050.000	878,900	1928,900
MDL(A) 406
EPC 1165 & MDL(A)	Columboola	790,000	658.900	1448.900
s 417, 418 & 419
EPC 1166	Dalby West	470.000	390,000	860.000
EPC 1167	Roma North	740,000	560,000	1.300,000
EPC 1152	Lodger Valley	110,000	160.000	270,000
EPC 1159	Injune Creek	110,000	160.000	270.000
Total Exploration
Expenditure		3,270,000	2.807.800	6.077.800

The planned exploration expenditure program may vary as new results are received and new information is generated. Funds allocated as presented could be redirected if deemed appropriate by the Board.

The table above refers to certain tenements which are still at application stage, however the commitments noted above are in respect of the underlying granted tenements as noted below:

• MDL(A) 406 (Wandoan West project) the underlying granted tenement are EPC 1164 and EPC 1251; $\ddot{\bullet}$
• MDL(A)s 417, 418 and 419 the underlying granted tenement is EPC 1165. $\bullet$