METRO MINING LIMITED — Capital/Financing Update 2012

Mar 6, 2012

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ACN 117 763 443

ASX ANNOUNCEMENT

7 March 2012

METROCOAL WELCOMES 3TL DEVELOPMENT MILESTONES

Highlights

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• Tenement to Terminal (3TL) submits Initial Advice Statement to the Queensland Government

• 3TL seeks approval for a terminal of up to 50 million tonnes per annum

• Engineering and environmental reports on Project Definition Phase confirm the project’s potential

• 3TL will now commence the Project Development Phase.

MetroCoal Limited (ASX: MTE) has welcomed the significant development milestones announced today by Tenement to Terminal (3TL), an infrastructure project providing a key path to port capacity for the company’s Bundi and Columboola JV projects.

[Refer to attached media release from 3TL]

Availability of port capacity is critical for MetroCoal’s development plans. 3TL’s proposed port construction and commissioning timetable fits very well with MetroCoal’s plans and will provide the Company with the necessary export capacity. 3TL expect the Final Investment Decision to be made by December, 2014 leading to construction of the first stage of the terminal, which will handle up to 25 million tonnes per annum. Commissioning of Stage 1 is planned for the first quarter of 2017.

MetroCoal announced in August 2011 that it had executed a Capacity Priority Agreement and an Investment Agreement with Tenement to Terminal Limited (3TL), an unlisted Australian public company. Under the Capacity Priority Agreement MetroCoal will have priority access for up to 11.47 million tonnes of capacity per annum at the proposed new coal terminal in the Port of Gladstone. This priority right is subject to MetroCoal meeting various capacity commitment criteria.

MetroCoal Chief Executive Officer Mike O’Brien said the company was excited by today’s announcements which included 3TL lodging an Initial Advice Statement (IAS) to the Queensland Government, seeking approval for a terminal of up to 50Mtpa and completing engineering and environmental consultants’ reports with positive outcomes from the Project Definition Phase.

“These announcements are a significant step forward for the economic viability of MetroCoal’s Surat Basin project areas, which will be enhanced via the construction of planned rail and port infrastructure,’’ Mr O’Brien said.

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In addition to 3TL, MetroCoal remains committed to the Wiggins Island Coal Export Terminal (WICET) development project. MetroCoal has applied for capacity of 12 Mtpa for its Surat Basin projects and is participating in the Stage 2 feasibility study.

“MetroCoal will continue to work closely with key infrastructure providers including the Surat Basin Rail JV, WICET and 3TL to ensure optimal outcomes in the coal supply chain,’’ Mr O’Brien said.

For further information, please contact: Mr Mike O’Brien Chief Executive Officer

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

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Tuesday, March 06, 2012

YARWUN COAL TERMINAL AT GLADSTONE REACHES DEVELOPMENT MILESTONE

Tenement to Terminal Ltd (3TL), a privately owned Brisbane based infrastructure development company, last year contracted to acquire from the State Government 134 hectares of waterfront land at Yarwun in the Port of Gladstone for the purpose of building a coal export terminal.

The company announced today that it recently submitted its Initial Advice Statement, (IAS) to the Queensland Government and has completed its Project Definition Phase. Based on the IAS, the Coordinator-General may declare the project a “Significant Project” and require a detailed environmental impact assessment to be completed. Preparations are also underway to complete a referral to the Department of Sustainability, Environment, Water, Population and Communities in accordance with the Environment Protection and Biodiversity Conservation Act to commence the Commonwealth Government approvals process. 3TL has decided to seek approval for a terminal with a capacity of up to 50 million tonnes per annum; however the site will have area remaining for further expansion beyond that capacity.

The company’s engineering and environmental consultants have completed a range of reports on the proposal. Given the positive outcomes of the Project Definition Phase, 3TL has decided to commence the Project Development Phase as this will enable a Final Investment Decision to be made by December, 2014 and will involve expenditure of 35 million dollars. It is planned that the first stage of the terminal, which will handle up to 25 million tonnes per annum, will open in the first quarter of 2017. Included in the scope of the first stage is 20km of rail line, inloading and outloading conveyors, stacker/reclaimer machines, outloading trestle, shiploader, wharf and dredging.

3TL has invited coal companies to negotiate capacity commitments at the terminal. Applications closed on 20 February, 2012 and negotiations with potential customers are continuing.

The Directors of 3TL are Everald Compton (Chairman), Michael Schaumburg (Managing Director), Tim Crommelin, Brett Heading and Michael Hansel. Metro Coal Ltd holds a 20% shareholding in 3TL and intends being a customer of the terminal.

For further information call Everald Compton on 0407 721 710.

(Attached is a layout of the proposed coal export terminal based on a capacity of 50mtpa.)

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Fisherman's Landing
Proposed 3TL Berths
Future
GPN Wharves
WICET
Wharves
Preferred Approach
Jetty Alignment
Proposed Stockpile Location
Hanson Rd
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Tenement to Terminal Ltd Yarwun Coal Terminal Project

Stockpile Area, Approach Jetty and Berth Locations