METRO MINING LIMITED — Capital/Financing Update 2022

Aug 24, 2022

25 August 2022

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SHARE PURCHASE PLAN RESULTS

Metro Mining Limited (ASX: MMI) ( Metro or the Company ) is pleased to announce the successful completion of its Share Purchase Plan ( SPP ) announced on 28 July 2022 and which closed at 5.00pm (AEST) on Monday, 22 August 2022. The SPP complemented the Company’s recent placement to sophisticated and institutional investors to raise $25.4 million.

The SPP was available to shareholders who were on the Metro register at 7:00pm (AEST) on 27 July 2022 and which had a registered address in Australia or New Zealand.

Metro targeted to raise $2 million under the SPP. The Company has received subscriptions for $3.6 million, which means that SPP applications will all be scaled back in accordance with the terms of the SPP offer document. A pro-rata basis has been applied.

Excess funds as a result of the scale-back will be returned to applicants in accordance with the SPP offer document and are expected to be processed by the Company’s registry on or around 29 August 2022.Allotment of the new shares is scheduled for 29 August 2022 and the new shares are expected to be quoted on the ASX on 30 August 2022. Holding statements are expected to be dispatched on 31 August 2022. New Shares issued under the SPP will rank equally in all respects with Metro’s existing ordinary shares. The Metro Board would like to thank its shareholders for their ongoing support and endorsement of the Company’s expansion plans. An updated Appendix 3B, as required by ASX, will follow this announcement. This announcement has been authorised for release by Metro’s Board of Directors.

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 Address: Level 2, 247 Adelaide St, Brisbane | GPO Box 10955, Brisbane Q 4000

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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