METRO MINING LIMITED — Capital/Financing Update 2025

Jan 5, 2025

Metro Mining Limited ASX Announcement 6 January 2025

Operational Update

KEY HIGHLIGHTS

• Total 2024 shipments of 5.7 million WMT, an annual record and 24% above 2023.

• Record shipments for December of 0.48 million WMT, 53% above December 2023.

• Ikamba demonstrated operational resilience in 2[nd] half of December during adverse weather conditions.

• New multi-cargo contract executed with Emirates Global Aluminium for 2025.

• 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 Mine has during Q4 demonstrated its capacity to consistently operate at, and at times above, the expansion project target rate of 7.0 million WMT/per annum. Total shipments during this commissioning and ramp-up year total 5.7 million WMT, an annual record and 24% above CY 2023. Whilst on track in November, worse than expected weather conditions in December forced the cancellation of the last cape vessel in the shipping schedule, affecting our ability to meet shipment guidance for 2024. December shipments were 0.48 million WMT, taking Q4 total shipments to 2.1 million WMT, with a further 0.1 million WMT loaded in the first 5 days of January 2025. Loading operations for the 2024 production season have now concluded, and the annual wet season maintenance program is underway.

Record December shipments were achieved despite 10 days of adverse weather conditions, including wave heights of up to 3.5m, impacting production and transhipping operations, and the offshore floating terminal, Ikamba, ceasing operations for 2 days for a maintenance shutdown. Pleasingly, during the period of adverse weather, Ikamba demonstrated good operational resilience, remaining offshore and able to safely take advantage of loading windows where in the past no transhipping would have occurred. This operational capability can now be factored into future planning for an extended operating season.

Shipments (thousand WMT)	2024	2023	% Change
December	477	312	+53%
Quarter 4	2,052	1,688	+22%
Calendar Year	5,681	4,592	+24%

Metro is also pleased to announce that after a first trial capesize cargo in 2024, a new multi-cargo offtake contract has been agreed for 2025 with Emirates Global Aluminium (EGA) shipping to its high temperature alumina refinery in Abu Dhabi.

The target shipment range for the calendar year 2025 is 6.5 to 7.0 million WMT.

07 3009 8000

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Chart: 2022, 2023 and 2024 YTD monthly & daily shipments (3 day moving average)

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This announcement has been approved by the Board of Directors.

ENDS.

For more information contact:

CEO & Managing Director Simon Wensley info@metromining.com.au +61 7 3009 8000

Investor Relations Peter Taylor Peter@nwrcommunications.com.au +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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