METRO MINING LIMITED — Capital/Financing Update 2024

Feb 26, 2024

Metro Mining Limited ASX Announcement 27 February 2024

CLEANSING NOTICE ISSUED UNDER SECTION 708A(5)(e) OF CORPORATIONS ACT 2001 (CTH)

Metro Mining Limited ( ASX:MMI ) (‘ Metro ’, the ‘ Company ’) has issued 11,443,968 fully paid ordinary shares ( Lambhill Shares ) to Lambhill Pty Ltd ( Lambhill ) and 10,657,741 fully paid ordinary shares ( Balanced Property Shares ) to Balanced Property Pty Ltd ( Balanced Property ) pursuant to the terms of a Warrant Subscription Agreement ( Agreement ) dated 30 August 2023. This represents the conversion of 40% of the Tranche 1 Subscription Warrants ( warrants ) issued under that Agreement, with an Exercise Price of $0.01197 per warrant for a total consideration of A$264,557.46.

Metro issued the shares without disclosure to Lambhill and Balanced Property under section 708A(5) of the Corporations Act 2001 (Cth) ( Corporations Act ).

Details of the securities issued to Lambhill:

Class of securities	Ordinary shares
ASX code of the securities	MMI
Date of issue	22 February 2024
Total number of securities issued	11,443,968 new shares

Details of the securities issued to Balanced Property:

Class of securities	Ordinary shares
ASX code of the securities	MMI
Date of issue	22 February 2024
Total number of securities issued	10,657,741 new shares

Information required under section 708A(6) of the Corporations Act:

1. The Lambhill Shares and Balanced Property Shares were issued without disclosure under Part 6D.2 of the Corporations Act;

2. This notice is given under section 708A(5)(e) of the Corporations Act;

3. As at the date of this notice, Metro has complied with:

4. (a) The provisions of Chapter 2M of the Corporations Act as they apply to Metro; and

5. (b) Sections 674 and 674A of the Corporations Act; and

6. As at the date of this notice, there is no ‘excluded information’ of the type referred to in sections 708A(7) and 708A(8) of the Corporations Act.

This announcement has been approved by the CEO and Managing Director. ENDS.

07 3009 8000

Level 4, 135 Wickham Tce, Brisbane Q 4000

www.metromining.com.au

ABN 45 117 763 443

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

Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition. Metro is an independent bauxite producer and explorer, with its 100% owned Bauxite Hills Mine operating on the Weipa bauxite plateau approximately 95km north of Weipa, near the coast on the Skardon River. Metro produces a high alumina bauxite, shipping direct to customers in very large ore carriers. Metro 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.

ASX Announcement | Page 2