METRO MINING LIMITED — Capital/Financing Update 2021

Jul 19, 2021

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Completion of Retail Entitlement Offer

HIGHLIGHTS

• Retail Entitlement Offer completed, raising approximately A$6.48 Million

• New Shares subscribed for under the Retail Entitlement Offer are expected to be issued on 22 July 2021

• On 25 June 2021, Metro Mining Limited (ASX: MMI) ( Metro ) announced an equity raising of up to approximately A$25.5 Million ( Equity Raising ), comprising a:

  • Placement to raise approximately A$3.3 Million utilising Metro’s ASX Listing Rule 7.1 placement capacity ( Placement ); and

  • A 1 for 1 pro-rata accelerated non-renounceable entitlement offer to raise up to approximately A$22.2 Million ( Entitlement Offer ).

The Entitlement Offer comprises an accelerated institutional component ( Institutional Entitlement Offer ) and a retail component ( Retail Entitlement Offer ).

A condition of the Equity Raising was that a minimum of A$10 Million was raised under the Placement and the Institutional Entitlement Offer ( Minimum Raise Condition ). Metro announced on 28 June 2021 that the Minimum Raise Condition had been satisfied, with the Placement and the Institutional Entitlement Offer settling successfully on 5 July 2021, raising a total of A$10.45 Million.

Metro today announces that the Retail Entitlement Offer closed at 5.00pm (Sydney time) on 15 July 2021, raising approximately A$6.48 Million (including applications under the top-up facility). Approximately 405.26 Million new fully paid ordinary shares in Metro ( New Shares ) will be issued under the Retail Entitlement Offer on 22 July 2021.

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Metro received strong support under the Retail Entitlement Offer from its existing eligible retail shareholders ( Eligible Retail Shareholders ). Applications from Eligible Retail Shareholders (excluding those under the top-up facility) totalled approximately A$4.20 million (approximately 262.40 Million New Shares), with additional applications under the top-up facility totalling approximately A$2.29 million (approximately 142.87 million New Shares). Each Eligible Retail Shareholder that subscribed for additional New Shares under the top-up facility will receive the full allocation of additional New Shares for which they applied, subject to compliance with applicable laws.

There was a shortfall under the Entitlement Offer of approximately A$8.64 Million (approximately 540.26 million New Shares) between the total number of New Shares subscribed for by eligible shareholders of Metro and the number of New Shares offered under the Entitlement Offer ( Shortfall Shares ), which will be the subject of a shortfall offer (as set out in sections 4.11 and 4.12 of Metro's prospectus dated 28 June 2021 ( Prospectus ). As set out in section 4.12 of the Prospectus, Metro's Board of Directors presently intends to allocate Shortfall Shares to sophisticated or professional investors, with a preference to long-term holders who are likely to be in a position to contribute further capital, which may include parties that are not currently shareholders of Metro. Further details in relation to the proposed allocation of Shortfall Shares are set out in section 4.12 of the Prospectus.

New Shares issued under the Retail Entitlement Offer are expected to commence trading on ASX on 23 July 2021.

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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