METRO MINING LIMITED — Capital/Financing Update 2010

Nov 23, 2010

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ACN 117 763 443

ASX ANNOUNCEMENT

24 November 2010

METROCOAL SIGNS WICET FEASIBILITY FUNDING DEED

MetroCoal Limited (ASX-MTE) is pleased to announce that it has signed a Feasibility Funding Deed (FFD) for the Expansion Stage of the Wiggins Island Coal Export Terminal Project (WICET).

The signing of the FFD is a further step in MetroCoal’s strategy to advance the development of its Surat Basin coal projects. In signing the FFD, MetroCoal joins a number of other coal industry companies who are underwriting the cost of a full feasibility study for the next stage of the WICET expansion.

WICET recently announced that a number of coal producers would be participating in Stage 1 of WICET’s port expansion. When both Stage 1 and the Expansion Stage are completed, WICET is expected to deliver coal capacity of approximately 80 million tonnes per annum. This will entail the construction of a new coal export terminal, rail infrastructure and supporting infrastructure at Wiggins Island.

WICET sought Expressions of Interest from coal producers who seek to export coal in 2015/2016. MetroCoal’s development timetable is planned to allow it to participate in the Feasibility Stage and continue to negotiate for capacity after the completion of the Stage 2 Feasibility Study.

MetroCoal has requested a total tonnage of 12 Million tonne per annum (Mtpa) for its key Surat Basin Coal Project areas:

Columboola (EPC 1165 – Joint Venture with SinoCoal Resources Pty Ltd)* 7Mtpa Bundi (EPC 1164) 5Mtpa

WICET will proceed with the Feasibility Study for the Expansion Stage only when FFDs of at least 30Mtpa have been signed by coal companies. Final allocations for the Expansion Stage of WICET are subject to applicants signing Take or Pay Agreements and WICET reaching financial close which is scheduled for June 2012 and mechanical completion in 2015.

The signing of the FFD requires MetroCoal to provide funding to WICET for the 12Mt capacity sought in proportion to the total estimated cost of the Feasibility Funding. A bank guarantee of $2 million will be provided to WICET on or before 3 December 2010, although this amount is subject to review and adjustment depending upon the final number of participants who provide a FFD and bank guarantee to support the Feasibility Funding.

*see ASX Release 5 October 2010

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For further information, please contact: Mr Mike O’Brien Mr Theo Psaros Chief Executive Officer Chief Operating Officer and Company Secretary

Phone: +61 (7) 3249 3040 Fax: +61 (7) 3249 3041 Email: admin@metrocoal.com.au Postal Address: GPO Box 122, Brisbane QLD 4001

Further information on MetroCoal can be found on our website www.metrocoal.com.au