METRO MINING LIMITED — Director's Dealing 2023

Aug 8, 2023

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Metro Mining Limited
ABN	117 763 443

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Simon Wensley
Date of last notice	7 July 2021

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Family trust - Black Falcon Investments Qld Pty Ltd ATF the Wensley Family Trust
Date of change	(1) 27 June 2022 (2) 15 September 2022 (3) 31 July 2023
No. of securities held prior to change	Nil
Class	MMIAO: Performance rights
Number acquired	(1) 15,905,438 acquired on 27 June 2022 representing: (a) 6,455,438 vested performance rights in lieu of 20% of the superannuation exclusive remuneration payable to him for the period 5 July 2021 to 30 June 2022 (b) 3,150,000 vested performance rights based on the outcome of the 2021 short term incentive payment performance metrics (c) 6,300,000 performance rights representing the 2021-23 long term incentive payment, which remain subject to meeting performance metrics

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired (continued)	as at 31 December 2023, and have not yet vested. (2) 18,994,530 acquired on 15 September 2022 representing the 2022 short term incentive payment, of which 12,916,280 have lapsed as the relevant conditions attaching to the performance rights have not been met and 6,078,250 have vested. (3) 87,555,988 acquired on 31 July 2023 representing: (a) 18,994,530 representing the 2022-24 long term incentive payment, which remains subject to meeting performance metrics as at 31 December 2024 and have not yet vested (b) 23,603,125 representing the 2023 short term incentive payment, which remains subject to meeting performance metrics and have not vested (c) 44,958,333 representing the 2023-25 long term incentive payment, which remains subject to meeting performance metrics as at 31 December 2025 and have not yet vested. The grants of performance rights were approved by shareholders at the 2022 and 2023 annual general meetings.
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Value / consideration is as follows: (1)(a) - performance rights issued in lieu of 20% of Mr Wensley’s superannuation exclusive salary for the period 5 July 2021 to 30 June 2022 with an estimated value of $103,286. (1)(b) and (c) – estimated value is $110,880 based on fair value calculations. (2) – estimated value of entire grant of performance rights is $360,896 based on a Black Scholes-Merton valuation model (3)(a) – estimated value of entire grant of performance rights is $201,342 based on a Black Scholes-Merton valuation model (3)(b) – estimated value of entire grant of performance rights is $377,650 based on a Black Scholes-Merton valuation model

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	(3)(c) – estimated value of entire grant of performance rights is $629,417 based on a Black Scholes-Merton valuation model
No. of securities held after change	15,683,688 vested performance rights capable of conversion into ordinary shares 93,855,988 performance rights that have not yet vested
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back	Issue of performance rights under Employee Incentive Plan.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed

No.

above traded during a[+] closed period where prior written clearance was required?

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

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