METRO MINING LIMITED — Capital/Financing Update 2022

Jul 20, 2022

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Metro 7 Million WMT Expansion Update

Highlights

• Metro commits to a long lead item for new Floating Crane Barge

• Liebherr CBG 360 crane: latest technology model with enhanced safety, speed and life

• The specification, cost and delivery conform to assumptions in Metro’s 7 M WMT expansion DFS announced in June 2022

Metro Mining Ltd (Metro) is pleased to announce that is has signed a binding Letter of Intent (LOI) with LIEBHERR-MCCtec Rostock GmbH of Germany (Liebherr) which commits the parties to procure and manufacture respectively, a high capacity crane model CBG 360. The production slot has been locked in for components to be delivered by March and April 2023 in Germany. The components will then be transported to the shipyard where the barge is being constructed.

The CBG 360 is the latest technology crane from the Liebherr stable with a 36-tonne safe working lokad in open sea conditions. It is substantially similar to the CBG 350 fitted to the floating crane currently working at the Bauxite Hills Mine but has a number of safety, performance and design upgrades which should enable reduced maintenance, faster loading of vessels and longer life.

The crane unit is the key engineering component of the second floating crane barge, the critical path equipment of Metro’s 7 Million WMT expansion project. The agreed cost is on budget and the delivery schedule is per the DFS announced in June 2022.

Liebherr-MCCtec Rostock GmbH, founded in 2002, develops and manufactures ship cranes, mobile harbour cranes, and offshore cranes. It is part of the world renowned Liebherr group, which achieved a total turnover of € 11,639 million in 2021 and has almost 50,000 worldwide employees, with key sectors of construction machinery, mining, cranes and refrigeration.

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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.

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