METRO MINING LIMITED — Capital/Financing Update 2016

Jan 3, 2016

4 January 2016

Metro Mining receives final payment for Hey Point sale

Metro Mining Limited (ASX: MMI) ( Metro ) has received the final cash instalment of A$550,000 for the sale of its Hey Point tenements to Green Coast Resources Pty Limited ( GCR ). Total consideration for the sale was A$1,075,000 and the right to receive royalties of 3 – 4% of gross proceeds from all bauxite sold from the tenements.

The original agreement for the sale of the Hey Point tenements was settled by Cape Alumina Limited (a wholly owned subsidiary of Metro) in June 2013 and the terms were subsequently modified in June 2015.

GCR has obtained all necessary permits and licences and has commenced mining bauxite from the Hey Point tenements.

To give some idea of the quantum of royalties that could be paid, Metro could receive a total royalty of up to A$5.8 million over the life of the mine. This is calculated based on an assumed sale price of A$55/t (refer to ASX announcement on 22 October 2015) and also assuming 3.5 million tonnes in total is sold by GCR.

==> picture [56 x 53] intentionally omitted <==

For further Information Contact: CEO Mr Simon Finnis |Company Sec Mr Scott Waddell T: +61 (0) 7 3009 8000 F: +61 (0) 7 3221 4811 | E: info@metromining.com.au W: www.metromining.com.au ASX : MMI Registered Office Lvl 8, 300 Adelaide St, Brisbane PO Box 10955, Adelaide St, Brisbane Q 400

DISCLAIMER : Statements and material contained in this Announcement, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of Metro Mining Limited, industry growth or other trend projections are, or may be, forward looking statements . Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Graphs used in the Announcement (including data used in the graphs) are sourced from third parties and Metro Mining has not independently verified the information. Metro Mining is at an early development stage and while it does not currently have an operating bauxite mine it is taking early and preliminary steps (such as but not limited to Feasibility studies etc.) that are intended to ultimately result in the building and construction of an operating mine at its project areas. Although reasonable care has been taken to ensure that the facts stated in this Announcement are accurate and or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this Announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

==> picture [554 x 61] intentionally omitted <==

==> picture [555 x 25] intentionally omitted <==

ASX Announcement | 4 January 2016 | Page 1