METRO MINING LIMITED — Capital/Financing Update 2022

Jul 27, 2022

Proposed issue of securities

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Announcement Summary

Entity name

METRO MINING LIMITED

Announcement Type

New announcement

Date of this announcement

28/7/2022

The Proposed issue is:

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An offer of securities under a securities purchase plan A placement or other type of issue

Total number of +securities proposed to be issued for an offer of securities under a securities purchase plan

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
MMI	ORDINARY FULLY PAID	100,000,000

+Record date

27/7/2022

Offer closing date

22/8/2022

+Issue date

29/8/2022

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
MMI	ORDINARY FULLY PAID	747,192,417

Proposed +issue date 2/8/2022

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

METRO MINING LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ACN

Registration Number

117763443

1.3 ASX issuer code

MMI

1.4 The announcement is

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New announcement

1.5 Date of this announcement

28/7/2022

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan A placement or other type of issue

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 Do any external approvals need to be obtained or other conditions satisfied before the offer of +securities under the +securities purchase plan issue can proceed on an unconditional basis? No

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Part 4B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

MMI : ORDINARY FULLY PAID

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description MMI : ORDINARY FULLY PAID Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 100,000,000

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? Yes Describe the maximum subscription condition

The SPP is capped at A$2 million

Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? Yes Is the minimum acceptance unit based or dollar based? Dollar based ($) Please enter the minimum acceptance value $ 2,000 Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? Yes Is the maximum acceptance unit based or dollar based? Dollar based ($)

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Please enter the maximum acceptance value

$ 30,000

	Describe all the applicable parcels available for this offer in number of securities or dollar value Any amount (subject to a minimum of $2,000 and a maximum of $30,000)
	Offer price details
	Has the offer price been determined?
	Yes
	In what currency will the offer What is the offer price per
	be made? +security?
	AUD - Australian Dollar AUD 0.02000
	Oversubscription & Scale back details
	Will a scale back be applied if the offer is over-subscribed?
	Yes
	Describe the scale back arrangements Depending on demand, the Company may scale back applications at its absolute discretion.
	Will these +securities rank equally in all respects from their issue date with the existing issued
	+securities in that class?
	Yes
Part	4C - Timetable
	4C.1 Date of announcement of +security purchase plan
	28/7/2022
	4C.2 +Record date
	27/7/2022
	4C.3 Date on which offer documents will be made available to investors
	8/8/2022
	4C.4 Offer open date
	8/8/2022
	4C.5 Offer closing date
	22/8/2022
	4C.7 +Issue date and last day for entity to announce results of +security
	purchase plan offer
	29/8/2022

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Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No

4E.2 Is the proposed offer to be underwritten?

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No

4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Legal fees, ASX listing fees and other associated costs

Part 4F - Further Information

4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Primarily to fund expansion and growth projects, with the remaining funds utilised for working capital and offer costs.

4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer Any jurisdiction other than Australia and New Zealand

4F.3 URL on the entity's website where investors can download information about the proposed offer

www.metromining.com.au

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• 4F.4 Any other information the entity wishes to provide about the proposed offer

Please refer to the Company's ASX announcement dated 28 July 2022.

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? No

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +security code and description MMI : ORDINARY FULLY PAID Number of +securities proposed to be issued 747,192,417

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.02000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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Part 7C - Timetable

7C.1 Proposed +issue date

2/8/2022

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

448,315,448 fully paid ordinary shares

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? Yes

7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?

298,876,969 fully paid ordinary shares

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? Yes

7E.1a Who is the lead manager/broker?

Shaw and Partners Limited and Petra Capital Pty Ltd are Joint Lead Managers

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7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Management Fee of 2% of Proceeds (excluding GST) but excl Proceeds received from Senior Lenders. A Selling Fee of 4% of Proceeds (excluding GST) but excl the Proceeds received from Senior Lenders and/or any Metro Strategic Investor

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue Legal fees, ASX listing fees and other associated costs Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Primarily to fund expansion and growth projects, with the remaining funds utilised for working capital and offer costs.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

Please refer to the Company's ASX announcement dated 28 July 2022.

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

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