METRO MINING LIMITED — Capital/Financing Update 2022

Aug 1, 2022

2 August 2022

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Issue of cleansing notice under section 708A(5)(e)(i) of the Corporations Act 2001 (Cth) Metro Mining Limited

Metro Mining Limited (ACN 117 763 443) (ASX: MMI) ( Metro ) has today issued 747,192,417 fully paid ordinary shares in Metro ( New Shares ) to sophisticated and professional investors under an institutional placement to raise $25.4 million.

Metro issued the New Shares without disclosure to investors under section 708A(5) of the Corporations Act 2001 (Cth) ( Corporations Act ).

Details of the securities issued

Class of securities	Class of securities	Class of securities	Ordinary shares	Ordinary shares
ASX co	de of the securities		MMI
Date of	issue		2 August 2022
Total n	umber of securities issued		747,192,417 New Shares

Information required under section 708A(6) of the Corporations Act

As required by section 708A(6) of the Corporations Act, Metro advises that:

1. the New Shares were issued without disclosure under part 6D.2 of the Corporations Act;

2. this notice is given under section 708A(5)(e) of the Corporations Act;

3. as at the date of this notice, Metro has complied with:

   • (a) the provisions of chapter 2M of the Corporations Act as they apply to Metro; and

   • (b) sections 674 and 674A of the Corporations Act; and

4. as at the date of this notice, there is no 'excluded information' of the type referred to in sections 708A(7) and 708A(8) of the Corporations Act.

Authorised for release by the board of directors of Metro.

Signed for and on behalf of Metro

Mitchell Petrie Company Secretary Metro Mining Limited

ASX Announcement |2 August 2022 | Page 1

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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.

ASX Announcement |2 August 2022 | Page 2