METRO MINING LIMITED — Capital/Financing Update 2010

Nov 23, 2010

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24 November 2010

ASX Announcement

SECTION 708A NOTICE

MetroCoal Limited (“the Company”) hereby provides Notice to the ASX under Section 708A(5)(e) of the Corporations Act 2001 (“the Act”) that the Company has issued to institutional and sophisticated investors an additional 13,747,451 ordinary shares, each fully paid, without disclosure to investors under Part 6D.2 of the Act, on 22 October 2010. The shares are part of a class of securities quoted on the ASX (code: MTE).

As at the date of this Notice the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company and with section 674 of the Act.

The Company is not aware of any excluded information for the purposes of Section 708A(6)(e) of the Act as at the date of this Notice.

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Theo Psaros Company Secretary