METRO MINING LIMITED — Capital/Financing Update 2021

Sep 7, 2021

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FLOATING CRANE UPDATE AND COMPLETION OF EQUITY RAISE FINAL

Metro Mining Limited (ASX: MMI) (Metro) is pleased to announce that, further to the announcement made on 26 July 2021 ( Capability to Load Capesize Vessels ), the Floating Crane barge procured with barging and transhipping partner, Transhipment Services Australia (TSA), has completed final dry-docking, commissioning and certification in Shanghai. It has departed under tow and, weather permitting, is due to arrive in Australia by the end of September. Following regulatory clearances, we expect it to be operational on site at Skardon River in October 2021. Metro will then be the only Australian bauxite supplier capable of serving its customers in Capesize vessels (180,000 metric tonnes) which will substantially address the current high freight rate environment. As a result, we forecast a return to positive cash margins coinciding with a full sales book for the last quarter of calendar year 2021.

In further good news, Metro announces that it has completed the final phase of the $25.5 M equity raising announced on 25 June 2021. As noted in prior announcements, a combination of a placement and a 1 for 1 non-renounceable offer raised A$ 16.9 M Million by 15 July 2021. The rights to 540,257,843 shares not taken up by existing shareholders were made available to institutional and professional investors. This final phase was over-subscribed and has closed, raising the remaining $8.6 M, predominantly with existing shareholders and strategic investors. This will further strengthen Metro’s balance sheet and working capital position moving forward.

ASX: MMI | ACN 117 763 443

Further Info: P : +61 (0) 7 3009 8000 | E : info@metromining.com.au |W: www.metromining.com.au Contact: Simon Wensley, Managing Director & CEO | Mitchell Petrie, Co Secretary & CFO Address: Level 2, 247 Adelaide St, Brisbane | GPO Box 10955, Brisbane Q 4000

Legal Advisers: Baker McKenzie are acting as Metro's legal advisors on the Equity Raising This ASX Announcement has been authorised by, Metro Mining Director, Simon Wensley.

IMPORTANT INFORMATION : This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933 (US Securities Act), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, to any person in the United States or any person acting for the account or benefit of a person in the United States, unless the securities have been registered under the US Securities Act or are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any applicable US state securities laws.

This announcement may not be distributed or released in the United States.

FORWARD LOOKING STATEMENT This announcement contains certain ‘forward-looking statements’ within the meaning of the securities laws of applicable jurisdictions. Forward- looking statements can generally be identified by the use of forward-looking words such as ‘may,’ ‘should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology. Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Metro does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.

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