METRO MINING LIMITED — Capital/Financing Update 2025

Mar 12, 2025

Metro Mining Limited ASX Announcement 13 March 2025

Operational and Market Update

KEY HIGHLIGHTS

• A$7 million maintenance program on Barge Loader & Ikamba completed over Q1 2025.

• Operational mobilisation to site underway with first ship-loading targeted for 17 March 2025.

• Q2 pricing negotiations on open contracts deliver 25% increase (FOB equivalent) to Q4 2024.

• CY 2025 shipment target of 6.5 to 7.0 million WMT.

Metro Mining Limited (ASX:MMI) (‘ Metro ’, the ‘ Company ’) is pleased to announce that the Bauxite Hills Operation and Marine Divisions have completed their Q1 2025 maintenance programs and are in the process of mobilisation to commence 2025 season production and shipping.

Early commencement has been enabled by the investment in operational practices and equipment that are better able to cope with wet ore conditions and at the same time reduce environmental risk, including the new wobbler screening circuit and large Offshore Floating Terminal, Ikamba . Mining and screening are, subject to weather, projected to start on 15 March with ship-loading by 17 March, the earliest since the commissioning of the mine in 2018.

Remobilisation follows an intense period of annual maintenance activity focussed on reliability at the higher operating rates, completed on-time and within the allocated $7 million budget. The major projects included the full disassembly/demobilisation of the barge loader for refurbishment and strengthening, pontoon maintenance, along with repair works to vibrating screen plant #1. On Ikamba , work included crane luffing cylinder replacement, stainless steel chute and hopper fitting and conveyor electrical upgrades.

In CY 2024 ramp-up year, shipments were 5.7 million WMT, 24% above CY 2023, with demonstrated expansion project run rates of over 7.0 million WMT/per annum achieved in Q4. Planned shipments are 6.5 to 7.0 million WMT in CY 2025 based on the production profile shown below.

Chart: 2022, 2023, 2024 & 2025 Plan monthly shipments

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----- Start of picture text ----- 35,00030,0002025 Guidance - 6.5 to 7.0 M WMT25,0002024 Monthly20,0002023 Monthly15,00010,000 2022 Monthly5,0000Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25Traded bauxite market pricing in Asia Pacific has been quite volatile over the last 3 to 407 3009 8000 Level 4, 135 Wickham Tce, Brisbane Q 4000 www.metromining.com.auABN 45 117 763 443----- End of picture text -----

months, influenced by the alumina market which hit record highs in December 2024 and then corrected back quite rapidly. However, bauxite demand is continuing to grow to new record levels with new Chinese coastal refinery capacity coming online

and domestic bauxite supply in China continuing its downward trend. Guinea production is up but is unpredictable with restrictions in place on a number of mines and their wet season approaching. Bauxite pricing whilst down from record peaks, has remained relatively resilient and stable in the last month. Pricing remains strong relative to historical levels (up 64% since January 2023), with the Australian high temp spot benchmark sitting at US$ 78 /DMT CIF China (source: CM Group) at the time of writing.

Chart: Traded Bauxite Spot Price (US$/DMT CIF Chinese port: CM Group)

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Metro has most of its product under long term contracts with high quality off-takers. Approximately 75% of projected Q2 2025 volume is open to a quarterly pricing reset, with recent negotiations resulting in an increase for Q2 of over 25% in FOB netback pricing. Average Q2 pricing will be influenced by the final achieved sales mix including legacy contracts, any quality penalties, demurrage and AUD/US exchange rate.

The rest of the year is difficult to predict however we are already seeing an elastic reaction to the reduction in alumina prices with some Chinese inland refineries signalling imminent curtailment of production. The US tariffs on aluminium are unlikely to have a material effect on primary aluminium trade flows due to the low level of idled smelter capacity in the US. The impact on finished product trade (vehicles, building products etc.) will take some time to be seen and a little harder to predict, although higher inflation on these products for the US consumer is an inevitable outcome.

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

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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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