METRO MINING LIMITED — Capital/Financing Update 2024

Sep 4, 2024

Metro Mining Limited ASX Announcement 5 September 2024

Operational Update

KEY HIGHLIGHTS

• New monthly record achieved in August 2024, with 0.72 million WMT shipped to customers, an increase of 13% from July

• 1.36 million WMT shipped in Q3 to date, following 1.5 million WMT in H1 2024

• New Caterpillar 992 Front End Wheel Loaders commissioned to support increased throughput rates of the screening system

Metro Mining Limited ( ASX:MMI ) (‘ Metro ’, the ‘ Company ’) is pleased to announce that the integration and optimisation activities being undertaken with the expansion project are delivering the anticipated increased production capacity, with a new monthly shipment record of 0.72 million WMT achieved in August 2024. This is an increase of 13% over July 2024 and 29% over July 2023, despite a 2 day shutdown during the month to replace conveyor belts at the barge loading facility and planned maintenance of the transhippers. This takes the quarter to date shipments to 1.4 million WMT and year to date production to 2.9 million WMT, in-line with annual guidance of 6.0 to 6.4 million WMT. A new daily record of 32,022 WMT was also set during the month.

By month end, the two main expansion components, the wobbler screening circuit / barge loading facility and OFT Ikamba, were operating at nameplate and 92% capacity, respectively.

Two Caterpillar 992 front end wheel loaders were commissioned during August. Their bucket capacities of 23 to 27 tonnes, depending on product density, are approximately double that of the existing 988 loaders. They complement the increased throughput of 1,500 tonnes per hour being achieved with the new wobbler screening circuit, whilst also being safer and more fuel efficient.

An additional assist tug will be mobilised in September. Additional Scania R770 prime movers, capable of hauling up to 230 tonnes with a quad trailer configuration, will replace lower powered fleet. As the new flow sheet is optimised, along with more favourable ore moisture and tides, Metro expects to see similar gains in monthly production and shipping rates in the coming months.

Chart: 2022, 2023 and 2024 YTD daily shipments (7 day moving average)

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----- Start of picture text ----- 07 3009 8000 Level 4, 135 Wickham Tce, Brisbane Q 4000 www.metromining.com.auABN 45 117 763 443----- End of picture text -----

This announcement has been approved by the Board of Directors.

ENDS.

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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