METRO MINING LIMITED — Capital/Financing Update 2024

Nov 7, 2024

Metro Mining Limited ASX Announcement 8 November 2024

OFFTAKE CONTRACTS FINALISED FOR 2025 AND 2026

Metro Mining Limited ( ASX:MMI ) (‘ Metro ’, the ‘ Company ’) is pleased to announce that it has finalised additional multi-cargo offtake agreements for shipments across 2025 and 2026. Together with existing contract positions this takes contracted offtake to 6.9 and 6.1 million Wet Metric Tonnes (WMT) in 2025 and 2026 respectively.

The key changes are:

• A contract extension with Xinfa Aluminium Group; one of the China’s largest private integrated aluminium companies and Metro’s longest-term customer.

• A new contract with China Aluminium International Trading Group, Co. Ltd.; the trading arm of Aluminium Corporation of China (Chalco) the largest alumina and aluminium producer in the world.

• A new contract with Shandong Lubei Enterprise Group General Company, a large diverse chemical manufacturing group from Shandong Province.

Detailed contract tenor, volume and pricing terms are confidential however, offtake based on shorter term pricing quotation period is 80% in 2025 and 93% in 2026. The contracts are blend of FOB and delivered (CIF) and some contracts contain mutual options for additional spot cargos.

	2025	2026
Agreed Sales Offtake	6.9 M WMT	6.1 M WMT
- Legacy Fixed Price	20%	5%
- Short term pricing	80%	93%
Contracted freightcover vCIFofftake	89%	85%

Contracts of affreightment containing fixed charter and bunker rates with first class owners have already been agreed for over 85 % of the agreed delivered (CIF) volume in each year to manage freight rate risk.

Metro MD and CEO, Mr Simon Wensley, said: “This high-quality portfolio of customers is a testament to Metro bauxite’s competitiveness and its technical service, commercial flexibility and efficient and large-scale logistics to establish a robust and low risk market positioning.”

This announcement has been approved by the Board of Directors.

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07 3009 8000 Level 4, 135 Wickham Tce, Brisbane Q 4000 www.metromining.com.au
ABN 45 117 763 443
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Metro bauxite used for EV/transportation and mobile phone components at Xinfa Group.

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Chalco Trading and Metro Mining contract signing at China International Import Expo Shanghai.

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Shandong Lubei delegation BHM site visit.

ENDS.

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For more information contact:

CEO & Managing Director Investor Relations Simon Wensley Peter Taylor info@metromining.com.au Peter@nwrcommunications.com.au +61 7 3009 8000 +61 (0)412 036231

About Bauxite and Metro Mining

Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition. Metro Mining is an independent bauxite producer and explorer, with its 100% owned Bauxite Hills Mine operating on the Weipa bauxite plateau approximately 95 kilometres north of Weipa, near the coast on the Skardon River. Metro Mining produces a high alumina bauxite, shipping direct to customers in very large ore carriers. Metro Mining recognises and has productive agreements with the Traditional Owners of the land on which it operates and is proud of its high percentage of indigenous employees and the economic impact it has in Cape York and Far North Queensland.

Forward-Looking Statements

This announcement may contain ‘forward looking statements’ concerning the financial conditions, results of operations and business of the Company. All statements other than statements of fact are or may be deemed to be ‘forward looking statements’. Often, but not always, ‘forward looking statements’ can be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, ‘outlook’, and ‘guidance’ or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement date and expected costs, resources and reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions, but known and unknown risks and uncertainties could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to, price fluctuations, actual demand, currency fluctuations, drilling and production results, resource and reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Disclaimer

To the maximum extent permitted by law, Metro and their respective affiliates, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, fairness, sufficiency or completeness of the information contained in this announcement and expressly disclaim all responsibility and liability for any loss or damage arising in respect of any reliance of the accuracy, fairness, sufficiency or completeness of the information contained in this announcement, or any opinions or beliefs contained in this document. The Company is under no obligation to update or keep the information contained in this announcement current, or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information.

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