METRO MINING LIMITED - Capital/Financing Update 2021

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ASX ANNOUNCEMENT
31 March 2021
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Bauxite Hills Mine Reserve & Resource Update

KEY POINTS

7.3% decrease in Reserve estimate from 109.5Mt to 101.5Mt
Decrease in Reserve due to Bauxite ore mined to date and ore not recovered due to blending decisions to date
Current Resource base of 131.2Mt

Metro Mining Limited (ASX:MMI) (“Metro”) is pleased to provide an update with respect to its JORC reserves and resources for the Bauxite Hills mine.

Following completion of its third year of mining at Bauxite Hills, Metro has undertaken an update of its JORC Reserve and Resource to the end of December 2020. The results are displayed in the table below:

Reserves	Direct Shipping Ore (“DSO”) Wet Tonnes (Mt)	Al2O3%	SiO2%
Proved	69.4	49.2	12.7
Probable	32.1	47.7	14.3
Total	101.5	48.7	13.2

Resources	Dry Tonnes (Mt)	Al2O3%	SiO2%
Measured	71.1	50.1	12.4
Indicated	40.3	49.2	14.4
Inferred	19.8	45.5	16.6
Total	131.2	49.1	13.7

Note: Refer to JORC Tables in Appendix

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Reserves

The total Reserve estimate for Bauxite Hills is now 101.5Mt (wet) and takes into account depletion to February 2021. The overall decrease in Reserve (taking into account depletion by mining) is 8.0Mt or 7.3% from that published in July 2019 (see ASX Announcement 17 July 2019). The Reserve published in July 2019 was based on a survey and reconciliation as of the end of mining 2018.

The decrease in Reserve is largely due to:

Bauxite ore mined since 2018 and ore not recovered due to blending decisions to date;
No additional conversion of resource to reserve.

Resources

The total Resource for Bauxite Hills is now 131.2Mt (dry), representing a decrease of 5.1% from July 2019 (see ASX Announcement 17 July 2019). The change is due to:

Bauxite ore mined since 2018 and ore not recovered due to blending decisions to date;
The addition of more Inferred tonnes around the fringes of the deposits due to a reinterpretation of the model.

The total Measured Resource is now 71.1Mt (dry), representing a 9.0% decrease of the Measured category from that published in July 2019. 0.5Mt of the Inferred Resource has been converted to the Indicated Resource and there are minor fluctuations in the alumina and silica grades. The resource converted from Inferred to Indicated has not been included in the Reserve tonnages.

Metro’s Managing Director and Chief Executive Officer Simon Finnis said:

“This Reserve/Resource update re-iterates that Bauxite Hills has a significant mine life and improves our confidence in the total Resource. There has been strong reconciliation from the results of mining to date and the Resource and Reserve model. The depletion through mining is a natural occurence and the depletion due to blending decisions reflects the difficult market conditions we face at the moment.”

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ASX: MMI | ACN 117 763 443

For Further Info: P : +61 (0) 7 3009 8000 | E : [email protected] | W : www.metromining.com.au Contact: Simon Finnis, MD & CEO | Mitchell Petrie: Company Secretary | Duane Woodbury : CFO Registered Office & Head Office: Lvl 2, 247 Adelaide St, Brisbane | GPO Box 10955, Brisbane Q 4000

Competent Person Statement:

The information in this report that relates to Exploration Results is based on information compiled by Neil McLean who is a consultant to Metro Mining and a Fellow of the Australian Institute of Mining and Metallurgy (F.AusIMM). Mr McLean has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McLean consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

Competent Person Statement:

The information in this report that relates to Mineral Resources is based on information compiled by Ed Radley who is a consultant to Metro Mining and a Member of the Australasian Institute of Mining and Metallurgy (M.AusIMM)). Mr Radley sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Radley has consented in writing for inclusion in this announcement the matters based on the information in the form and context it appears.

Competent Person Statement:

The information in this report that relates to Metro Reserves is based on information compiled by MEC Mining and reviewed by Edward Bolton, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (M.AusIMM)). Mr Bolton is a full-time employee of MEC Mining Pty Ltd. Mr Bolton has sufficient experience that is relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Bolton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statement : Statements and material contained in this ASX Release, 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 presentation (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 Prefeasibility 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 Presentation 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 Presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

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APPENDIX 1 – JORC CODE 2012 EDITION – TABLE 1 REPORT

BAUXITE HILLS MINE – DECEMBER 2020 MINERAL RESOURCE AND ORE RESERVE ESTIMATE

SECTION 1 SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation - DSO (“Direct Shipping Ore”)
*Sampling*	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard
*Techniques*	measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or
	handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of
	sampling.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of
	any measurement tools or systems used.
	• Aspects of the determination of mineralisation that are Material to the Public Report.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse
	circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases more explanation may be required, such as where there is coarse
	gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine
	nodules) may warrant disclosure of detailed information.
	*Commentary*
	Drilling undertaken by Cape Alumina Limited on its tenements prior to its acquisition by Metro Mining Limited.
	BH1, BH2 and BH6 Reverse Circulation (RC) aircore drill hole samples were collected in plastic bags over 0.25
	m intervals through a cyclone. All the material within the interval was collected. All samples were geologically
	logged at time of collection to determine 1) the type of bauxite material, 2) when to stop the hole, 3) which
	samples to retain for analyses and 4) which samples to composite over 0.5 m intervals.
	Samples were composited, at the time of collection, over 0.5 m intervals where the geologically logged
	material was similar. All other samples were collected over 0.25 m samples.
	The entire sample was collected to ensure, as much as possible, the representivity of the drilled material.
	Sample weights were between 2 and 5 kg depending on whether they were composited at the time of
	collection.
	Samples that contained pisolites, in any volume, were assumed to be bauxitic and were retained for analyses.
	Drilling undertaken by Gulf Alumina Limited on its tenements prior to its acquisition by Metro Mining Limited
	Both sonic and aircore drilling methods were used in several drilling programs between 2005 and 2017.
	The sampling method employed for the aircore drilling was similar to that adopted by Cape Alumina Limited
	as described above with the exception that samples were not composited over 0.5 m intervals.
	For the Sonic drilling method sampling was carried out in 0.25 m intervals. Samples were collected within a
	custom designed ‘sausage’ bag that is inserted into the barrel. The sample was retrieved after completing the
	drilling run which varied from 0.5 m to 1.5 m. The ‘sausage’ was laid out on a table then the length measured
	and compared to the actual down hole depth. The sample was then divided into equal lengths of 0.25 m,
	immediately logged then placed into airtight clear plastic bags and sealed with cable ties to retain moisture.
	Bulk density determinations were carried out where there was no observable damage to the ‘sausage’ bags.
	The diameter of the ‘sausage’ was measured with a Vernier scale and once the sample was placed into
	airtight plastic bags it was weighed with allowance for the weight of the bag. Field measurements of wet bulk

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Criteria	JORC Code explanation - DSO (“Direct Shipping Ore”)
	density were made but most samples were also weighed wet and dry in the laboratory to obtain more
	accurate dry bulk density values. Some samples were dried prior to wet weighing and in these cases, field
	measurements have been used.
	Drilling undertaken by Metro Mining in 2018.
	A small program of drilling using the vacuum method was completed in 2018. Samples were collected at 0.25
	m intervals within the vacuum flask attached to the tractor-mounted drill rig. All the material from the interval
	was collected, geologically logged and bagged. No compositing of intervals was undertaken.
*Drilling*	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.)
*Techniques*	and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what method, etc.).
	*Commentary*
	The majority of the resource evaluation drilling was carried out by Wallis Drilling Pty Ltd using a Mantis 100
	Reverse Circulation aircore drill rig mounted on a light 4x4 truck. Shallow (4-6 m) holes were drilled vertically
	using HQ rods with an aircore drill bit with an outside diameter of 96 mm.
	Drilling to collect samples for bulk density and moisture determinations was undertaken by GeoSonic Drilling
	Pty Ltd using a small trailer-mounted sonic drill rig with an internal bit diameter of 65 mm.
	Vacuum drilling was undertaken by Yearlong Contracting using a tractor-mounted drill rig. The bit diameter
	was 48 mm.
*Drill*	• Method of recording and assessing core and chip sample recoveries and results assessed.
*Sample* *Recovery*	• Measures taken to maximise sample recovery and ensure representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have
	occurred due to preferential loss/gain of fine/coarse material.
	*Commentary*
	Reverse Circulation aircore drilling and vacuum drilling were used because of their proven reliability in
	producing high sample recoveries and accurate interval depths in bauxite exploration. No formal method of
	measuring and recording recoveries was adopted.
	To ensure representivity of the material being drilled the entire sample was collected from the drill hole.
	The aircore and vacuum drilling methods were used to ensure collection of as representative a sample as
	possible.
	Sonic samples were collected at the rig through an inner plastic ‘sausage’ bag. The entire sample was
	recovered by this method. The sonic drilling method was used to collect samples for bulk density
	determinations as it is a proven method of collecting continuous and intact samples that can be measured to
	determine volumes and weighed to determine densities.
*Logging*	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to
	support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
	• The total length and percentage of the relevant intersections logged.
	*Commentary*
	All drilled intervals were geologically logged at 0.25 m intervals. The logging was done in a qualitative manner
	and focused on documenting the amount of pisolitic material, soil, clays and ironstone. In the field the
	bauxitic horizons were defined by the presence of pisolites and the absence of ferricrete. Data were recorded
	on field sheets or on a field portable laptop.

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Criteria	JORC Code explanation - DSO (“Direct Shipping Ore”)	JORC Code explanation - DSO (“Direct Shipping Ore”)
*Sub-*	•	If core, whether cut or sawn and whether quarter, half or all core taken.
*Sampling* *Techniques*	•	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
*and*	•	For all sample types, the nature, quality and appropriateness of the sample preparation technique.
*Sample* *Preparation*	•	Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples.
	•	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for
		instance results for field duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the grain size of the material being sampled.
	*Commentary*
	No	sub-sampling of material was undertaken at the time of collection. The entire sample was collected over
	0.25 m intervals directly from the cyclone on the drill rig. The samples did not require any drying prior to
	bagging.
	For the analyses of DSO bauxite two sample preparation protocols were used as follows:
	1.	For samples from drill holes on a nominal 320 m by 320 m grid that were previously screened (+1. 2 mm)
		and analysed in 2011:
		• Create a composite sample (or samples) over the bauxite interval in each hole using all the material
		in unscreened (raw) sample splits retained from the initial analyses of screened (beneficiated)
		samples (undertaken either under the supervision of the company or at ALS’s Virginia laboratory in
		Brisbane).
		• Report weight of received sample.
		• Riffle split each sample down to an acceptable size for pulverizing and return split to original bag for
		storage (undertaken by ALS’s Virginia laboratory in Brisbane).
		• Pulverise the smaller portion of the split to a nominal 85% passing 75 microns (undertaken by ALS’s
		Virginia laboratory in Brisbane).
	2.	For samples from in-fill drill holes on nominal 160 m by 160 m and 80 m by 80 m grids that had not been
		previously prepared or analysed:
		• Report weight of received sample.
		• Riffle split each sample down to an acceptable size for pulverising and return split to original bag for
		storage (undertaken by ALS’s Virginia laboratory in Brisbane)
		• Pulverise the smaller portion of the split to a nominal 85% passing 75 microns (undertaken by ALS’s
		Virginia laboratory in Brisbane).
		• Approximately 15% of the samples are composite samples that have been prepared in the laboratory
		by riffle splitting and combining. The composites do not include more than two samples.
	These preparations are regarded as being appropriate for bauxite analyses.
	As the entire sample was collected in the field no duplicate sampling was possible or deemed necessary.
	Gulf Alumina’s sonic drilling samples were collected in full directly from the ‘sausage’ bag and varied from 0.9
	kg	to 1.8 kg in weight when collected. Duplicate samples were collected every 20 samples by cone and
	quarter method in the field at the time of drilling.
*Quality of*	•	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the
*Assay Data*		technique is considered partial or total.
& *Laboratory* *Tests*	•	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

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Criteria	JORC Code explanation - DSO (“Direct Shipping Ore”)
	• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory
	checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been
	established.
	*Commentary*
	For both Metro Mining and Gulf Alumina sample analyses for total oxides were undertaken by ALS at its
	Stafford laboratory in Brisbane. Available alumina and reactive silica analyses were undertaken by ALS for
	Metro Mining and SGS for Gulf Alumina.
	The analytical methods applied to the pulverised sample were as follows:
	• Total oxides by XRF (ALS code ME-XRF13b). Al2O3, BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, Na2O, P2O5,
	SiO2, SO3, SrO, TiO2, V2O5, Zn, ZrO20.
	• H2O/LOI by TGA furnace (ALS code ME-GRA05)
	• Available alumina by ALS method Al-LICP01 (1500C) (Metro Mining)
	• Reactive silica by ALS method Si-LICP01 (1500C) (Metro Mining)
	• Available alumina by SGS method ICP05 (1480C) (Gulf Alumina)
	• Reactive silica by SGS method ICP05 (1480C) (Gulf Alumina)
	Two standard reference samples for bauxite were obtained from Geostats Pty Ltd, renumbered, and provided
	to the laboratory to insert in each batch. One of each sample was inserted approximately every twenty (20)
	samples. This was regarded as a measure of the accuracy of the laboratory. The results were all within one
	standard deviation of the certified values indicating no significant bias between sample batches.
	No field duplicate samples were collected as the total sample was submitted for analysis.
	In the laboratory as a Quality Control measure, every 10thsample was completed in duplicate and four
	laboratory standards and one blank were run in conjunction with the samples and data reported to the
	company.
*Verification*	• The verification of significant intersections by either independent or alternative company personnel.
of *Sampling*	• The use of twinned holes.
*and*	• Documentation of primary data, data entry procedures, data verification, data storage (physical and
*Assaying*	electronic) protocols.
	• Discuss any adjustment to assay data.
	*Commentary*
	In the laboratory every 10th sample was completed in duplicate as described above.
	Analyses from 21 twinned drill holes were undertaken. Duplicate holes had very high correlation coefficients
	for the total silica, reactive silica, total alumina and available alumina grades that signified no inherent
	problems in the sampling or laboratory protocol.
	Analytical data were provided by the laboratory in csv and pdf formats. The data were compiled by the
	company into Excel spreadsheets and merged with drill hole location data, geological logs and sample
	intervals.
	The Gulf Alumina data was viewed by S. Border of Geos Mining and W. Zhang of Gulf Alumina. The 2014
	drilling program included some close spaced drilling to determine local variations in bauxite thickness and
	cementation. Data was entered into one single database from which all estimation work is carried out. There
	is no duplication of tables. The database was then exported from Access and merged with the Metro Mining
	BH6 database.
*Location of*	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine
*Data Points*	workings and other locations used in Mineral Resource estimation.

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Criteria	JORC Code explanation - DSO (“Direct Shipping Ore”)
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
	*Commentary*
	Metro Mining Limited.RC aircore drill hole collar positions from the 2011 drilling program were surveyed by
	Fugro Spatial Solutions Pty Ltd using Trimble RTK GPS units. Three units were used; one base station and two
	rovers. Easting and Northing co-ordinates were quoted to three decimal places based on datum GDA94 using
	zone 54. Elevation was quoted to two decimal places using an adopted AHD from Ausgeoid’09. Vacuum drill
	hole collars from the 2018 drilling program were surveyed by the qualified surveyor at the bauxite Hills mine
	using an RTK GPS unit.
	Gulf Alumina Limited.Hole collars were surveyed using a differential GPS with a horizontal accuracy of ± 40
	cm. Vertical accuracy is lower at ~80 cm. Data was collected with reference to the GDA94 datum and
	recorded as Zone 54 metric coordinates.
	In late 2014 LiDAR data was acquired by both companies which provided more accurate elevation data. This
	data has been used in the resource modelling by registering drill hole collars onto the LiDAR based
	topography surface.
*Data*	• Data spacing for reporting of Exploration Results.
*Spacing &* *Distribution*	• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• Whether sample compositing has been applied.
	*Commentary*
	In the BH1 area 1,482 holes were drilled on a nominal 80 m x 80 m north-south, east-west grid. In the BH2 area
	142 holes were drilled on a nominal 160 m x 160 m north-south, east-west grid. In the BH6 area 505 holes were
	completed on a 160 m x 160 m grid. Gulf Alumina’s drill hole spacing was variable being from 80 m x 80 m to
	400 m x 400 m. In 2018 Metro Mining drilled an additional 221 holes in the BH6 area on a 160 m x 160 m grid.
	Samples were submitted for analyses from all drill holes either as individual samples or composites.
	Approximately 15% of the samples from Metro Mining’s 160 m x 160 m drilling were composites prepared in the
	laboratory by riffle splitting and combining a maximum of two samples. All other samples were the original 0.25
	m or 0.5 m samples.
	In February 2015 the sonic drilling program established a series of holes through the area allowing the certainty
	to assign Measured Resource within 800 m of the dry bulk density analysis.
*Orientation*	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to
*of Data in*	which this is known, considering the deposit type.
*Relation to* *Geological* *Structure*	• If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
	*Commentary*
	All drill holes are vertical and intersect the mineralisation at an approximate 900angle. The mineralisation is
	known to be near horizontal with a tabular attitude. This is typical of bauxite deposits in the Weipa area. There
	is therefore no sampling bias resulting from the orientation of the drilling and that of the mineralised body.
*Sample*	• The measures taken to ensure sample security.
*Security*	*Commentary*
	The samples were collected in large plastic sample bags on site which were secured with industrial quality
	duct tape and then placed, along with other samples from the drill hole, in large polyweave bags which were
	secured with cable ties.

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Criteria	JORC Code explanation - DSO (“Direct Shipping Ore”)
	Due to the nature of bauxite mineralisation there is little opportunity to tamper with or otherwise modify the
	sample.
	The samples used in the DSO bauxite Mineral Resource estimates were stored in secure containers in a locked
	shed in a secured industrial estate in Raceview, Ipswich, Queensland.
*Audits or*	• The results of any audits or reviews of sampling techniques and data
*reviews*	*Commentary*
	No independent audits of the aircore drilling and sampling procedures have been undertaken. Geos Mining
	reviewed the data and modelling methodology and provided recommendations to enable sign off as a
	Competent Person for the Mineral Resources at both BH1 and BH6 deposits in 2015. The BH2 drilling, including
	RC and sonic, were carried out in the same manner as part of the same programmes that gathered the BH1
	and BH6 data.
	A review of the bulk density determinations derived from the sonic drilling program was undertaken by Xstract
	Mining Consultants Pty Ltd. They supported the idea of applying an average Relative Density to a block based
	on the samples. In practice the Relative Density has been modelled to improve definition of the estimation.
	With regard to the data generated by Gulf Alumina Geos Mining state that in house auditing of QC has
	shown no irregularities although it is noted that:
	• There is a moderate variability in bauxite thickness (relating to silica abundance)
	• There is a marked variation in recoveries of samples from which assays are measured
	• There is a bias in the measurement of samples for bulk density where cemented material causes rupturing
	of the sample ‘sausage.’

SECTION 2 REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)	JORC Code explanation – DSO (“Direct Shipping Ore”)
*Mineral*	•	Type, reference name/number, location and ownership including agreements or material issues with
*Tenement*		third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,
*and Land*		wilderness or national park and environmental settings.
*Tenure Status*	•	The security of the tenure held at the time of reporting along with any known impediments to obtaining
		a licence to operate in the area.
	*Commentary*
	The Bauxite Hills Mine Mineral Resources and associated infrastructure are located within the following
	granted tenements:
		• ML 6025 (Gulf Alumina Pty Ltd)
		• ML 20676 (Aldoga Minerals Pty Ltd (99%) and Cape Alumina Pty Ltd (1%))
		• ML 20688 (Aldoga Minerals Pty Ltd (99%) and Cape Alumina Pty Ltd (1%))
		• ML 20689 (Aldoga Minerals Pty Ltd (99%) and Cape Alumina Pty Ltd (1%))
		• ML 40069 (Gulf Alumina Pty Ltd)
		• ML 40082 (Gulf Alumina Pty Ltd)
		• ML 100130 (Aldoga Minerals Pty Ltd (99%) and Cape Alumina Pty Ltd (1%))
		• MDL 423 (Gulf Alumina Pty Ltd)
		• MDL 425 (Gulf Alumina Pty Ltd)

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Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
	• EPM 15376 (Cape Alumina Pty Ltd)
	• EPM 16899 (Cape Alumina Pty Ltd)
	• EPM 18242 (Gulf Alumina Pty Ltd)
	• EPM 26198 (Gulf Alumina Pty Ltd)
	All the tenement titleholders are wholly-owned subsidiaries of Metro Mining Limited.
	The underlying tenements are in good standing.
	The tenements lie within the Old Mapoon DOGIT with which the company has a Conduct and
	Compensation agreement. The company has an Ancillary Agreement with the Native Title parties and the
	Trustees of the Land.
*Exploration*	• Acknowledgment and appraisal of exploration by other parties.
*Done by* *Other Parties*	*Commentary*
	An appraisal has been undertaken of previous exploration for bauxite. Although some widespread
	sampling existed there was no evidence of systematic, grid-based drilling. Early exploration of the area
	was undertaken by Comalco for bauxite. Other companies explored to the north of Skardon River
	(Pacminex for bauxite in the early 1970s) or to the south of Mapoon (Shell and Comalco explored the
	Pennefather area for kaolin in the 1980s and early 1990s). There is no documented evidence of previous
	exploration over the area of the Bauxite Hills Mine. The only recorded work carried out by Australian Kaolin
	Limited (AKL) and its predecessor Venture Kaolin outside the area of the Mining Leases was five percussion
	holes drilled in 1986. AKL went into receivership and the project was acquired by Queensland Kaolin
	Limited which subsequently changed its name to Australian China Clays Limited (ACC). ACC carried out
	intermittent kaolin mining and processing operations before abandoning work in the early 2000s.
*Geology*	• Deposit type, geological setting and style of mineralization
	*Commentary*
	The deposit type is lateritic bauxite derived from the weathering of aluminous sediments in a tropical to
	sub-tropical environment.
	The project area forms part of the Weipa Plateau and is underlain by rocks of the Carpentaria Basin. The
	oldest rocks intersected by drilling in the area are grey-black marine shales, which have been assigned to
	the Cretaceous Rolling Downs Group. This is up to 250 m thick and is underlain by sandstones of the Helby
	Beds. These rocks are a source of artesian water. The bauxite deposits generally consist of a single bauxite
	layer, 0.5 m – 3 m thick, that is underlain by a kaolin horizon. The bauxite deposits are overlain by lateritic
	overburden and topsoil. Under the bauxite there is often a cemented ironstone and a kaolin clay layer.
	Kaolin, sandy clays and minor quartz sand deposits occur beneath the bauxite layer and extend beyond
	the bauxite areas, beneath the Namaleta Creek flood plain.
	Bauxite occurs over the majority of the plateau areas. It is pisolitic in form and is generally covered only by
	a thin layer of soil, but in the western parts of the project area bauxite is sometimes found beneath sand
	dunes at depths of up to 6 m. The bauxite passes down into an iron rich horizon (ferricrete) and then into
	mottled, bleached Bulimba Formation sandy clays. Bauxite pisoliths generally form 55-80% of high-quality
	bauxite, with the remainder being sand, silt and clay. The pisoliths are well rounded, and generally 5 to 20
	mm in size, although larger pisoliths of up to 30 mm do occur in the bauxite horizon. Larger, irregular
	shaped pisoliths and concretions are typical of the underlying ironstone horizon and form a visual marker
	of the base of the bauxite.
	Most of the bauxite is loose and free flowing although a proportion is cemented. The aircore drilling
	method used for exploration is efficient at drilling through thin layers of cemented bauxite, so from the
	exploration drilling alone it is difficult to make any accurate assessment of the proportion of cemented
	bauxite in this deposit. Mining experience in Weipa and Andoom has demonstrated that cemented
	bauxite is typically a small percentage of the total bauxite in this region.

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Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
*Drill Hole*	• A summary of all information material to the understanding of the exploration results including a
*Information*	tabulation of the following information for all Material drill holes:
	`o` easting and northing of the drill hole collar
	`o` elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
	`o` dip and azimuth of the hole
	`o` down hole length and interception depth
	`o` drill hole length.
	• If the exclusion of this information is justified on the basis that the information is not Material and this
	exclusion does not detract from the understanding of the report, the Competent Person should clearly
	explain why this is the case.
	*Commentary*
	All Metro Mining’s drill hole information, including surveyed collars with easting, northing, elevation and
	depth, geological logs and analytical data are presented in Excel spreadsheets. These data were used in
	the estimation of the Mineral Resources. The data are stored in a cloud-based Microsoft Azure database
	that is managed by data consultant Oliver Willetts for Metro Mining and backed-up in an office-based
	server.
	Data sourced from Gulf Alumina were contained within a comprehensive database that has been
	validated and merged into the Microsoft Azure database.
*Data*	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade
*Aggregation*	truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
*Methods*	• Where aggregate intercepts incorporate short lengths of hig- grade results and longer lengths of low-
	grade results, the procedure used for such aggregation should be stated and some typical examples
	of such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values should be clearly stated.
	*Commentary*
	For BH1 and BH2 the bauxite intervals are based on a cut-off of ≥45% total Al2O3and ≤15% SiO2. For BH6
	(including the former Gulf Alumina areas) the bauxite intervals are based on a cut-off of ≥45% total Al2O3
	and ≤20% SiO2. A minimum thickness of 0.5 m was applied and the top 0.25 m was considered to be
	overburden and was not aggregated. Down-hole assays were weighted on the basis of both intercept
	thickness and intercept recovery to determine the weighted average assay for the bauxite zone in each
	drill intercept. No upper cut-off grades were applied.
	Some DSO bauxite samples used in the Mineral Resource estimates were created by compositing the splits
	over the entire bauxite interval, as defined by the cut-offs described above, for each hole. The remainder
	(~80%) are non-composited 0.25 m or 0.5 m samples.
	A small number of analyses from the Gulf Alumina drill holes are from screened (>1.2 mm) samples that
	Gulf converted to DSO analyses using correlation coefficients generated from samples that had both
	screened and DSO analyses.
*Relationship*	• These relationships are particularly important in the reporting of Exploration Results.
*between* *Mineralization* *Widths and*	• If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.
*Intercept*	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this
*Lengths*	effect (e.g. ‘down hole length, true width not known’)
	*Commentary*

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Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
	All drill holes are vertical and intersect the mineralisation at an approximate 900angle. The mineralisation is
	known to be near horizontal with a tabular attitude. Intercept lengths are therefore approximately the
	same as the true widths of the mineralisation. This is typical of bauxite deposits in the Weipa area. All but a
	small number of drill holes penetrated the base of the bauxite horizon with the transition to waste
	occurring in a 0.25 cm sample interval.
*Diagrams*	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any
	significant discovery being reported These should include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.
	*Commentary*
	Due to the high density of drilling it is difficult to display the data on a plan.
*Balanced*	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of
*Reporting*	both low and high grades and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
	*Commentary*
	This is not deemed to be Material for the reporting of the Mineral Resources which considers all the
	analytical data. All resource estimation work is based on the entire database.
*Other*	• Other exploration data, if meaningful and material, should be reported including (but not limited to):
*Substantive*	geological observations; geophysical survey results; geochemical survey results; bulk samples – size
*Exploration*	and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock
*Data*	characteristics; potential deleterious or contaminating substances.
	*Commentary*
	Apart from the regular samples obtained from the drilling a small number of bulk samples were collected
	over 1 m intervals from the aircore drilling for dispatch to potential customers.
	A combination of RC aircore, sonic and vacuum drilling has been the main exploration method used in
	the drilling programs, apart from very limited backhoe and hand sampling. Samples have been prepared
	and analysed mainly by ALS Laboratories in Brisbane.
*Further Work*	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or
	large-scale step-out drilling).
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological
	interpretations and future drilling areas, provided this information is not commercially sensitive.
	*Commentary*
	No further in-fill drilling is planned for the resource assessment apart from routine grade-control drilling as
	part of the mine scheduling. A small amount of drilling in areas of Inferred Resources will be undertaken as
	required to improve the confidence of the resource category.

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SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
*Database*	• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying
*Integrity*	errors, between its initial collection and its use for Mineral Resource estimation purposes.
	Data*validation*procedures used.
	*Commentary*
	Analytical data was received from the laboratory in csv format and merged with drill hole locational and
	from-to data in Excel spreadsheets. Checks were run to look for and correct duplicated intervals, gaps
	and typing errors. Vulcan’s database import and compositing routines generated validation log files that
	were all checked in detail. All issues identified were verified, checked and corrected.
	Gulf Alumina’s survey data has been directly downloaded from the GPS instrument to the Access
	database. Elevation data has been compiled from LiDAR data. Sampling and logging data has similarly
	been copied directly from the field geologist’s digital logs Assay data has been also downloaded directly
	from ALS csv files. Validation of all data has been undertaken through in-built functions of the modelling
	software (Micromine), together with visual checks by the resource geologist.
	Upon combining the model all data has also been validated by importing into Vulcan. Any horizons out of
	sequence or over lapping intervals and gaps are reported by the software and then checked against
	source data and corrected.
*Site Visits*	• Comment on any site visits undertaken by the Competent Person and the outcome of those visits.
	• If no site visits have been undertaken indicate why this is the case.
	*Commentary*
	The Competent Person for exploration results, Neil McLean, supervised the initial Cape Alumina drilling
	program and was on site a number of times during the program. He has made a number of visits to the
	mine site since mining commenced. The Competent Person for the resource modelling, Ed Radley, was
	not working on the project during the exploration phase and as such could see little benefit in a field visit
	that has not been related in photographs and presentation from others.
	In the case of the data acquired by Gulf Alumina the Competent Person, Jeff Randell, whom signed off
	on the previous resource (2014) visited the site on four occasions; three of which involved the supervision
	of drilling programs. He viewed surveying methods, geological and sample collection procedures on all
	these occasions.
*Geological*	• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.
*Interpretation*	• Nature of the data used and of any assumptions made.
	• The effect, if any, of alternative interpretations on Mineral Resource estimation.
	• The use of geology in guiding and controlling Mineral Resource estimation.
	• The factors affecting continuity both of grade and geology.
	*Commentary*
	The geological interpretation is grade-based using a threshold of ≥45% total Al2O3and ≤15% total SiO2for
	BH1 and BH2 and of ≥45% total Al2O3and ≤20% total SiO2for BH6 (including the old Gulf Alumina areas), to
	define economic bauxite. The continuity of the geological interpretation is confirmed with a reasonable
	degree of confidence. The data points are spaced at 80 m in a nominal grid pattern for almost the entire
	BH1 deposit and at 160 m in a nominal grid pattern over the BH2 and BH6 deposits. The data points for the
	Gulf Alumina area are more variable but generally less than 400 m on a nominal grid. Information from
	other deposits in the Weipa area provides additional confidence in the geological model.
	The regional geological setting has been well known since discovery of the Weipa deposits, 80 km to the

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Criteria JORC Code explanation – DSO (“Direct Shipping Ore”) south. The considerable drilling already completed has given confidence in the local geological setting although it is noted that the definition of bauxite is essentially a chemical one, initially guided by lithological logging. The deposit type is lateritic bauxite derived from the weathering of aluminous sediments in a tropical to sub-tropical environment. The mineralisation within the Bauxite Hills Mine forms part of the Weipa Plateau, a widespread area of aluminous laterite on the west coast of Cape York Peninsula that includes Rio Tinto Alcan’s Weipa, Andoom and Amrun bauxite deposits.

The bauxite deposits generally consist of a single flat-lying pisolitic bauxite layer, 0.5 m – 3 m thick, which is underlain by a kaolin horizon. Within the resource area the average bauxite thickness is 1.6 m. The bauxite deposits are overlain by lateritic overburden and topsoil. Under the bauxite deposits there is often a ferruginous cemented layer and a kaolin clay layer. Kaolin, sandy clays and minor quartz sand deposits occur beneath the bauxite layer and extend beyond the bauxite areas.

Dimensions • The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. Commentary The mineralisation within the bauxite plateaus is flat lying and tabular in form. The Mineral Resource has the following surface area, average bauxite thickness and average overburden thicknesses. BH1: Area 8.4 km[2] . Bauxite thickness 1.6 m. Overburden 0.6 m BH2: Area 4.2 km[2] . Bauxite thickness 1.4 m. Overburden 0.5 m BH6/Gulf Alumina: Area 39.6 km[2] . Bauxite thickness 1.33 m. Overburden 0.76 m

*Estimation &*	•	The nature and appropriateness of the estimation technique(s) applied and key assumptions,
*Modelling*		including treatment of extreme grade values, domaining, interpolation parameters and maximum
*Techniques*		distance of extrapolation from data points. If a computer assisted estimation method was chosen
		include a description of computer software and parameters used.
	•	The availability of check estimates, previous estimates and/or mine production records and whether
		the Mineral Resource estimate takes appropriate account of such data.
	•	The assumptions made regarding recovery of by-products.
	•	Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur
		for acid mine drainage characterisation).
	•	In the case of block model interpolation, the block size in relation to the average sample spacing and
		the search employed.
	•	Any assumptions behind modelling of selective mining units.
	•	Any assumptions about correlation between variables.
	•	Description of how the geological interpretation was used to control the resource estimates.
	•	Discussion of basis for using or not using grade cutting or capping.

The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

Commentary

A block model was created by constructing a DTM and surface model of the soil, bauxite and transition zone. The block model was cut to tenement boundaries, environmentally sensitive areas and bauxitic plateaus then filled with assay and bulk density data using an Ordinary Kriging algorithm with variograms created for total silica and total alumina, available alumina, reactive silica and dry bulk density. LOI, Ti2O3

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Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
	and Fe2O3were also modelled.
	Estimation parameters used included:
	• Grid size 40 m x 40 m
	• Omnidirectional search ellipse with maximum search distance of 800 m
	• Lag intervals 100, 200, 400, 800, 1200 m.
	• Nugget, major/ minor ranges determined by best fit variograms
*Moisture*	• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of
	determination of the moisture content.
	*Commentary*
	The tonnes are quoted on a dry basis. The moisture contents were measured by ALS on the sonic drill
	samples. Following drying the samples were re-weighed to provide a weight to use in the bulk density
	calculations.
*Cut-off*	• The basis of the adopted cut-off grade(s) or quality parameters applied.
*Parameters*	*Commentary*
	Mineralised zones in the BH1 and BH2 portion of the model are defined by grades ≥45% total Al2O3and
	≤15% SiO2.
	Within the combined BH6 and Gulf Alumina model mineralised zones are defined by grades ≥45% total
	Al2O3and ≤20% total SiO2.
*Mining factors*	• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if
or	applicable, external) mining dilution. It is always necessary as part of the process of determining
*Assumptions*	reasonable prospects for eventual economic extraction to consider potential mining methods, but the
	assumptions made regarding mining methods and parameters when estimating Mineral Resources
	may not always be rigorous. Where this is the case, this should be reported with an explanation of the
	basis of the mining assumptions made.
	*Commentary*
	The mining of bauxite at Bauxite Hills commenced in April 2018. The operation is a conventional truck and
	front-end loader process. No blasting is required. Minor ripping is undertaken where cemented pisolitic
	bauxite is present. Overburden is removed by bull dozers or graders and placed in mined-out areas. The
	learnings from the existing operation have been considered in this updated Resource estimate. Mined
	areas have been excluded from this resource estimation.
*Metallurgical*	• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as
*Factors or*	part of the process of determining reasonable prospects for eventual economic extraction to consider
*Assumptions*	potential metallurgical methods, but the assumptions regarding metallurgical treatment processes
	and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the
	case, this should be reported with an explanation of the basis of the metallurgical assumptions made.
	*Commentary*
	THA (trihydrate alumina) and RxSi (reactive silica at 1500C) analyses have been undertaken on a routine
	basis throughout the deposits with the exception of BH2. A small number of TAA (total available alumina)
	and RxSi (reactive silica at 2500C) analyses have also been generated. CSIRO has undertaken detail
	bauxite characterisation analyses on a small number of bulk samples that have been composited from a
	number of holes within the BH1 and BH6 deposits. The results have shown that the bauxite is predominantly
	a product that suits a high temperature Bayer process plant. A direct shipping product (DSO) is mined
	and shipped without the need for any beneficiation (i.e. wet screening to remove fines).
*Environmental*	• Assumptions made regarding possible waste and process residue disposal options. It is always

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Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
*Factors or*	necessary as part of the process of determining reasonable prospects for eventual economic
*Assumptions*	extraction to consider the potential environmental impacts of the mining and processing operation.
	While at this stage the determination of potential environmental impacts, particularly for a greenfields
	project, may not always be well advanced, the status of early consideration of these potential
	environmental impacts should be reported. Where these aspects have not been considered this
	should be reported with an explanation of the environmental assumptions made.
	*Commentary*
	There are several small environmentally sensitive areas around the edges of the bauxite deposit that have
	been included in the Resource estimation. Some of these areas may be realised as Reserves with
	additional approvals.
	At present there are no communities on the mining leases. Good relations have been established with the
	Aboriginal Traditional Owners and relevant Queensland Government authorities.
*Bulk Density*	• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method
	used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness
	of the samples.
	• The bulk density for bulk material must have been measured by methods that adequately account for
	void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within
	the deposit.
	• Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.
	*Commentary*
	Bulk density data specific to BH1, BH2 and BH6 have been determined from measurements undertaken on
	325 samples collected from 34 sonic drill holes completed by Cape Alumina and 144 samples collected
	by Gulf Alumina from sonic drill holes.
	The Metro Mining (Cape Alumina) methods of sample collection, measurement and determination, as
	well as the results obtained from the measurements, were independently reviewed by Xstract Mining
	Consultants Pty Ltd in 2016. The dry bulk density analysis was used to build a model using an inverse
	distance method to generate a surface fit to the composite derived from the samples density values. The
	sonic drilling method was used to collect core samples for bulk density determinations as it is a proven
	method of collecting continuous and intact samples that can be measured to determine volumes and
	weighed to determine densities
	A resource-wide average relative density of 1.83 was used for the updated April 2019 Resource estimate
	and has been retained for the December 2020 updated estimate. This was generated from composites of
	the bulk density measurements across all the deposits that were used to generate density grids. This global
	density is less than that used in the previous 2017 Resource. This follows a review of the original density
	data and the consideration of limited data from mining reconciliations undertaken in 2018.
	During the review the estimation behaviour of composites, including incomplete intervals, was corrected
	by filling in blank intervals using general defaults based on the histograms of each of the 5 layers
	modelled.
	A top cut of 2.4 and bottom cut of 1.3 was applied to samples contributing to the composites as the
	modeller had little faith in low values, especially those below 1.0. Heavy samples, over 2.4, were capped
	at 2.4 so as not to give too much influence to occasional samples that likely had ironstone cement.
*Classification*	• The basis for the classification of the Mineral Resources into varying confidence categories.
	• Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in
	tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal
	values, quality, quantity and distribution of the data).
	• Whether the result appropriately reflects the Competent Person’s view of the deposit.

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Criteria	JORC Code explanation – DSO (“Direct Shipping Ore”)
	*Commentary*
	The Mineral Resource has been classified as Measured, Indicated and Inferred. This reflects the density of
	drill hole sampling that varies from 80 m to 160 m to ~400 m centres, the availability of bulk density data
	and the modelling method utilised. LiDAR survey covers the entire deposit and adds confidence to the
	definition of the plateaus and hence helps justify the classification categories. Measured Resource
	required a bulk density composite value within 800 m and both Indicated and Measured categories
	required a DSO analysis within 220 m of the point being classified. Simulated DSO grades were applied to
	all composite samples that had only beneficiated analyses (screened at >1.2 mm) using a correlation
	coefficient generated from paired DSO and beneficiated analyses. The correlation in simulating these
	grades was considered strong within the bauxite horizon and as such the zone of influence was relaxed
	from a 200 m radius used previously to the 220 m radius reflecting more confidence in the data.
	In accordance with the classification as Measured Resources, the Competent Person considers that there
	is moderate confidence in the bulk density of each block represented in the model based on analytical
	data. Measured Resources were limited to portions of the model within 800 m of sonic drill holes with bulk
	density data. Significant variability has been noted within the deposits dry bulk density analyses.
	In accordance with the classification as Indicated Resources, the Competent Person considers that there
	is moderate confidence that the total silica and alumina grades in each block are as estimated. This
	confidence is underpinned by the close spaced (160 m) drill holes, some of which have been assayed,
	and results of the variography that suggest spatial continuity over distances of up to 3 km. There is
	however a moderately high nugget that suggests significant local variability in grade that must be
	considered in further upgrades of Resource classification.
*Audits or*	• The results of any audits or reviews of Mineral Resource estimates.
*Reviews*	*Commentary*
	Geos Mining undertook an independent review of the Mineral Resource data and techniques used to
	estimate the BH1 and BH6 resources in 2015. The techniques used to estimate the BH2 and Gulf Alumina
	resources are identical in that the same method and systems were used.
	With regard the Gulf Alumina resource Geos Mining has carried out resource estimations since 2008. In
	2012 a consultant was commissioned by an international aluminium producer to review the resource. No
	adverse comments were received.
	MEC Mining (MEC) has carried out a review and check of the updated April 2019 iteration of the Bauxite
	Hills Resource model. MEC has checked data quality, structural overlaps and investigated general
	variability in the updated model.
*Discussion of*	• Where appropriate a statement of the relative accuracy and confidence level in the Mineral
*Relative*	Resource estimate using an approach or procedure deemed appropriate by the Competent Person.
*Accuracy/*	For example, the application of statistical or geostatistical procedures to quantify the relative
*Confidence*	accuracy of the resource within stated confidence limits, or, if such an approach is not deemed
	appropriate, a qualitative discussion of the factors that could affect the relative accuracy and
	confidence of the estimate.
	• The statement should specify whether it relates to global or local estimates, and, if local, state the
	relevant tonnages, which should be relevant to technical and economic evaluation. Documentation
	should include assumptions made and the procedures used.
	• These statements of relative accuracy and confidence of the estimate should be compared with
	production data, where available.
	*Commentary*
	In accordance with the classification as Indicated Resources, the Competent Person considers that there
	is moderate confidence in the bulk density of each block represented in the model based on analytical
	data. Indicated Resources were also limited to portions of the model within 800 m of sonic drill holes with

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Criteria JORC Code explanation – DSO (“Direct Shipping Ore”) bulk density data. In accordance with the classification as Measured Resources, the Competent Person considers that there is moderate confidence that the total silica and alumina grades in each block are as estimated. This confidence is underpinned by the close spaced (160 m) drill holes, most of which have been assayed, and results of the variography that suggest spatial continuity over distances of up to 3 kms. There is however a moderately high nugget that suggests significant local variability in grade that must be considered in further upgrades of resource classification.

With regard the Gulf Alumina data confidence in the global Resource is considered high given the extensive drilling completed and assay data available. Limitations on the categorised Resource relate to the lack of raw, unscreened, sample assays in certain areas of the deposit.

SECTION 4 TABLE 1 ESTIMATION AND REPORTING OF ORE RESOURCES

Criteria	JORC Code explanation	CP Comments
*Mineral* *Resource* *estimate for* *conversion* *to Ore* *Reserves*	• Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. • Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves	• The Ore Reserve estimate is based on the Mineral Resource estimate as at the end of December 2020 – see below: • The mineral resources in the Mineral Resource estimate are inclusive of the ore reserves.
*Site visits*	• Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case.	• Site visit was conducted by the CP on 6thMarch 2017. Areas inspected include the airstrip, BLF area at Skardon River, the major roads on site, mining camp and trench locations through the orebody in BH6. A flyover of the site was completed on approach in the charter plane, giving a good perspective of the site. • The bauxite provides an excellent building material for roads and other civils which gives confidence in the ability to achieve forecast operatinghours and rates even duringwet weather.
*Study status*	• The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves. • The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	• A mine plan has been completed (July 2019) by MEC Mining on the basis of the updated geological model and resource estimate (March 2019). This mine plan included a margin rank, final and pit stage designs and detailed mine production scheduling inclusive of haulage modelling and economic analysis in a detailed financial model. The mine plan demonstrated economic viability of the stated reserves at individual block basis and when assessed as a project. Modifying factors including economic viability, cutoff grades, environmental and infrastructure considerations have been applied. • The Bauxite Hills mine had been operating for more than two full years and actual costs and productivities were used to inform the 2019 mine plan. This has not changed for the December 2020 study.

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Criteria		CP Comments
	JORC Code explanation

*Cut-off* *parameters*	• The basis of the cut-off grade(s) or quality parameters applied.	• Ore in BH1 is defined by grades ≥45% total Al2O3 and ≤15% SiO2 within the resource model which was carried through into the reserve model. • Ore in BH2 and BH6 is defined by grades ≥45% total Al2O3 and ≤20% total SiO2 within the resource model which was carried through into the reserve model.
*Mining* *factorsor assumptions*	• The method and assumptions used as reported in the Pre- Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design). • The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc. • The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling. • The major assumptions made and Mineral Resource model used for pit and stope optimisation (if appropriate). • The mining dilution factors used. • The mining recovery factors used. • Any minimum mining widths used. • The manner in which Inferred Mineral Resources are utilised in mining studies and the sensitivity of the outcome to their inclusion. • The infrastructure requirements of the selected mining methods.	• The Margin Rank was completed to determine the extent of economically mineable ore reserves. Each block is evaluated based on the Metro Mining’s base sales price and a price discount factor of US$1 per 1 percent of silica content over 12%. • Bauxite ore is mined using front end loaders as per the existing operation. Waste will be stripped by dozers and placed on the mined-out floor by an excavator and truck fleet to establish rehabilitation. Once the bauxite ore is exposed the FEL will mine the bauxite down to the transition material using kinematic GPS to locate the mining horizon floor. • Shallow deposit – pit slope parameters are to the natural angle of repose. Overburden will be returned to the pit void. • Ore Roof loss = 0.1m; Ore Floor loss = 0.1m. Total loss = 0.2m incorporated in the ROM tonnes

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Criteria	JORC Code explanation	CP Comments
*Mining* *factorsor assumptions*		• Ore Roof dilution = 0.05m and Floor dilution = 0.05m incorporated in the ROM tonnes • 50m minimum mining width is used. • The infrastructure required for the mining and transshipment method was costed in detail by Wave Engineering and Metro Mining Limited and includes additional items as listed below on top of existing facilities including a workshop, mine infrastructure area, mining accommodation camp, water reticulation, haul roads, product screening, product stockpiling and handling system, barge loading facility and fuel storage facility, • Site is operating with initial capital work completed. Additional expansion capital of $48.5 million to achieve 6.0Mt of annual production has been delayed due to the prevailing market conditions brought about largely because of the COVID 2019 pandemic. The expansion capital is to purchase a floating crane ($35.5m), load out upgrade ($4.8m) and mobile plant increase ($3.8m) to increase transshipment rates and allow ungeared ocean-goingvessels to be used.
		Category Cost AUD Twin Crane 35,466,667 Screening Plant 1,800,000 Pot Optimisation 3,000,000 Mobilisation 2,000,000 Additional Trailers 1,800,000 Total ex-Contingency 44,066,667 Contingency 4,406,667 Total incl Contingency 48,473,333 Sustaining capital was allowed (in addition to mobile equipment sustainingcapital)at $1.8mper annum.
*Metallurgical* *factors or* *assumptions*	• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	• The ore has been considered a DSO (direct shipping ore). Screening is undertaken to remove oversize, however no beneficiation as such is undertaken. The orebody is known to contain a portion of cemented bauxite, estimated to make up 5% of the total reserve. The cemented bauxite does not break up as easily as the non-cemented bauxite. Oversize cemented bauxite is crushed and re-fed over the screen until it passes.

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Criteria JORC Code explanation

CP Comments

Criteria	JORC Code explanation	CP Comments
*Environmental* *Factors or* *Assumptions*	• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	• An EIS study was completed by CDM Smith and environmental approvals were granted 29thAugust 2017. • There are several environmentally sensitive areas surrounding the bauxite deposit which have been mapped and declared sensitive areas. While the resource model overlaps environmentally sensitive areas, no resources in these areas have been included within the reserve estimate.
**Infrastructure **	• The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided or accessed.	• The additional infrastructure and transshipping equipment to ramp up to 6Mtpa has been assessed by Metro Mining and Rocktree Consulting Services, a specialist transshipping company, and allowed for in the financial model including a 10% contingency.
• Costs	• The derivation of, or assumptions made, regarding projected capital costs in the study. • The methodology used to estimate operating costs. • Allowances made for the content of deleterious elements. • The derivation of assumptions made of metal or commodity price(s), for the principal minerals and co- products. • The source of exchange rates used in the study. • Derivation of transportation charges. • Basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc. • The allowances made for royalties payable, both Govt and private.	• The projected capital costs are provided by Wave Engineering and Metro Mining based on the infrastructure and project implementation plans (see Mining Factors or Assumptions). • Major operating costs including transshipment, camp operations and maintenance of facilities have been quoted by contractors. MMI management, mining, overheads and incidental costs have been drawn from actual values, quotes or built up from first principles. The average life of mine operating cash cost including royalties FOB in the 2019 FS is $24.65 per tonne. • The Metro Mining’s sales base price has been advised by CM Group for all products other than Xinfa • AUD 1.00 = USD 0.75 • AUD 1.00 = RMB 6.75 • The ore haulage cost is calculated by determining the truck haul hours through a haulage simulation, then multiplying by the truck operating cost rate. Transportation cost from the load out point to the ship is done by barges for which a fixed price contract is in place. • The penalties/bonuses for the ore below/above specification has been incorporated into both the margin and financial modelling • Govt royalties (10% of product) and traditional land owner’s royalty (2.23% below US$45/t, 2.64% between US$45/t & US$55/t, 3.30% between US$55/t & US$65/t, 4.0% > US$65/t) has been accounted for in model.

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Criteria	JORC Code explanation	CP Comments

*Revenue* *factors*	• The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc. • The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.	• Price assumptions have been made for the two products Metro plans to sell, being Xinfa spec and Metro Blend spec. • The Xinfa spec is a sales contract linked to the Chinese alumina price. A Chinese alumina price of 3000RMB/t (inclusive of VAT) has been assumed. • The Metro Blend price assumptions are based on price assumptions received from CM Group for the specification of this product • Life of mine product mix is Xinfa spec(BH1) 3.67Mt, Metro Blend 97.8Mt.
*Market* *assessment*	• The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future. • A customer and competitor analysis along with the identification of likely market windows for the product. • Price and volume forecasts and the basis for these forecasts. • For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.	• The updated graph above shows forecast Chinese bauxite demand. Source: CM Group. • The original market study completed by CM group for Metro Mining considered product specification options, market demand and global trade. A detailed customer analysis and marketing plan was developed at the time of mining commencement and has evolved as the market has changed over time. - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 BAUXITE IMPORTS (M DMT) Chinese Bauxite Demand
*Economic*	• The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc. • NPV ranges and sensitivity to variations in the significant assumptions and inputs.	• NPV of the 2019 FS was calculated to be sufficiently positive in order to declare a Reserves estimate • The mine production schedule results were incorporated for revenue/cash flow and the NPV is calculated based on the capital expenditure and sustaining capital expenditure for each monthly period.
*Social*	The status of agreements with key stakeholders and matters leading to social licence to operate.	The leases are owned by Metro Mining. Two native title claims have been lodged. The Right to Negotiate (RTN) process has been completed by both Cape Alumina Pty Ltd and Gulf Alumina Ltd resulting in executed Ancillary Agreements with the Traditional Owners. Both agreements are essentially identical and under these agreements, MMI has undertaken to pay royalties as listed in the Revenue Factors section of Table 1, Section 4.

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Criteria	JORC Code explanation	CP Comments
*Other*	• To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves: • Any identified material naturally occurring risks. • The status of material legal agreements and marketing arrangements. The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.	• The Mine schedule was completed on the 101.5Mt of proved and probable reserve. • Presently this project is an operating mine. • The mine is covered by 7 mining leases, 2 mineral development leases and 4 exploration leases. • There is no reason to believe that the leases won’t be granted before mining is scheduled to take place.
**Classification **	• The basis for the classification of the Ore Reserves into varying confidence categories. • Whether the result appropriately reflects the Competent Person’s view of the deposit. • The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).	• The Proved reserves are derived only from Measured resources and no Measured resources were declared Probable reserve. The stated Reserve estimate represents the marketable product tonnes as this is a direct shipping ore, with no beneficiation at ROM moistures
*Audits or* *reviews*	• The results of any audits or reviews of Ore Reserve estimates.	• MEC mining conducted internal peer review of the reserve estimate. The calculations were compiled by Grant Malcolm and peer reviewed byEdward Boulton of MEC Mining.
*Discussion of* *relative* *accuracy/* *confidence*	• Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative	• At the advanced status of the project, the geological model is considered a mature model. • Sections of the model were sampled as a beneficiated ore (sieved to remove fines before testing) which was converted in the model to an un-beneficiated basis using a calculation. This process introduces some uncertainty, although this is partly mitigated as the areas are straddled by model used DSO sampling process providing additional confidence in the model conversion process. • No statistical or geostatistical procedures have been used to estimate the confidence level of the Reserves. • There are no remaining areas of material uncertainty relating to modifying factors that could have an impact on Reserve viability. • The silica content the product rises above the Metro Blend (current product specification) of 12% Si from 2031. A total of 45.4 Mt of

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	discussion of the factors which could affect the relative accuracy and confidence of the estimate. • The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. • It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	product is above 12% Si. While the margin rank model shows these tonnes being profitable after applying price penalties, some uncertainty exists around marketing of a higher silica product.

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AI assistant

METRO MINING LIMITED Capital/Financing Update 2021

65351_rns_2021-03-31_25293455-7f86-46c0-a23f-e2a396982ec6.pdf

Bauxite Hills Mine Reserve & Resource Update

KEY POINTS

Metro Mining Limited (ASX:MMI) (“Metro”) is pleased to provide an update with respect to its JORC reserves and resources for the Bauxite Hills mine.

Reserves

The decrease in Reserve is largely due to:

Resources

Metro’s Managing Director and Chief Executive Officer Simon Finnis said:

ASX: MMI | ACN 117 763 443

Competent Person Statement:

Competent Person Statement:

Competent Person Statement:

APPENDIX 1 – JORC CODE 2012 EDITION – TABLE 1 REPORT

BAUXITE HILLS MINE – DECEMBER 2020 MINERAL RESOURCE AND ORE RESERVE ESTIMATE

SECTION 1 SAMPLING TECHNIQUES AND DATA

SECTION 2 REPORTING OF EXPLORATION RESULTS

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

Commentary

Criteria JORC Code explanation

CP Comments

AI assistant

METRO MINING LIMITED — Capital/Financing Update 2021

65351_rns_2021-03-31_25293455-7f86-46c0-a23f-e2a396982ec6.pdf

Bauxite Hills Mine Reserve & Resource Update

KEY POINTS

Metro Mining Limited (ASX:MMI) (“Metro”) is pleased to provide an update with respect to its JORC reserves and resources for the Bauxite Hills mine.

Reserves

The decrease in Reserve is largely due to:

Resources

Metro’s Managing Director and Chief Executive Officer Simon Finnis said:

ASX: MMI | ACN 117 763 443

Competent Person Statement:

Competent Person Statement:

Competent Person Statement:

APPENDIX 1 – JORC CODE 2012 EDITION – TABLE 1 REPORT

BAUXITE HILLS MINE – DECEMBER 2020 MINERAL RESOURCE AND ORE RESERVE ESTIMATE

SECTION 1 SAMPLING TECHNIQUES AND DATA

SECTION 2 REPORTING OF EXPLORATION RESULTS

SECTION 3 ESTIMATION AND REPORTING OF MINERAL RESOURCES

Commentary

Criteria JORC Code explanation

CP Comments

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METRO MINING LIMITED Capital/Financing Update 2021