METRO MINING LIMITED — Capital/Financing Update 2024

Jul 3, 2024

Metro Mining Limited ASX Announcement 4 July 2024

Record Q2 Shipments; Expansion Ramping Up

KEY HIGHLIGHTS

• Record Q2 shipments of 1.42 Million WMT, 12% up year on year

• Expansion components commissioned during the quarter, integrating and starting to hit planned rates

  • Offshore Floating Terminal, Ikamba, mobilised to site and ramping up for 8 weeks,

  • New wobbler screen circuit commissioned and operational for 6 weeks,

  • Barge and tow tug fleet in place, further off-shore assist tug arriving August.

Metro Mining Limited ( ASX:MMI ) (‘ Metro ’, the ‘ Company ’) is pleased to announce that it has established a new calendar second quarter shipment record of 1.42 Million WMT, 12% up on Q2 2023, with 1.50 Million WMT year to date. Q2 2024 has also effectively been the “commissioning quarter” for the new 7 Million WMT pa expansion project.

As an expansion update, the final components of the expansion have entered operation during the quarter:

• OFT Ikamba commenced operations 28 April. 6 weeks commissioning at 50% and the last 2 weeks at 80% rates achieving discharge peak rates of ~2300 tph and average barge rates of ~1700 tph.

• There are three tow tugs in operation with six 90 m barges. With all value chain components ramping up and becoming more predictable, the aim is load and dispatch five to six laden barges per day depending on tidal restrictions. Ikamba has been operating in concert with TSA Skardon to load vessels, the record transhipment day so far in 2024 has been 31,178 WMT. Metro’s large off-shore assist tug, Mandang, is nearing completion of refit and is scheduled to be at site in August.

• The new wobbler screening circuit commenced on 15 May achieving full 24/7 operations by 6 June. Minor modifications to optimise production are underway but the circuit has already demonstrated target 1500 tph barge loading rates with peaks at 1900 tph through the BLF with assistance of the pre-existing vibrating screen.

Further update will be provided in the upcoming Quarterly Activities report.

This announcement has been approved by the Board of Directors.

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----- Start of picture text ----- ENDS.For more information contact:CEO & Managing Director Investor RelationsSimon Wensley Peter Taylorinfo@metromining.com.au Peter@nwrcommunications.com.au+61 7 3009 8000 +61 (0)412 036231About Bauxite and Metro MiningBauxite is the ore used to make aluminium, a critical and strong growth metal in the----- End of picture text -----

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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 -----

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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