METRO MINING LIMITED — Interim / Quarterly Report 2014

Jan 21, 2015

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity Metro Mining Limited ABN 45 117 763 443

Quarter ended (“current quarter”) 31-Dec-14

Consolidated statement of cash flows

Payments for: (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income tax refund (R&D) 1.7 Other (Recognise Bank Guarantee to 3rd party) Net Operating Cash Flows Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2	Current quarter (Oct - Dec 2014) $A’000	Year to date (6 months) $A’000
	-171 -372 -820 44 526 -377	-400 -445 -1,111 84 526 -377
	-1,171	-1,723
Cash flows related to investing activities Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets Proceeds from sale of: (a) prospects / tenements (b) equity investments (c) other fixed assets 1.11 Loans repaid to other entities 1.12 Other (Acquisition of Cape Alumina Ltd for shares) 1.13 Total operating and investing cash flows (carried forward) 1.9 1.10 Loans to other entities 1.8 Net investing cash flows	250 728	0 728
	978	728
	-193	-995

• See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	-193	-995
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid Other (costs associated with the capital raising) Net financing cash flows 1.19
	0	0
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	-193 5,699	-995 6,502
	5,506	5,506

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

1.23 1.24 Aggregate amount of loans to the parties included in item 1.10 Aggregate amount of payments to the parties included in item 1.2	Current quarter $A'000
	109

• 1.25 Explanation necessary for an understanding of the transactions

Payments to Related Parties (1.23) is for Director Fees for both Metro Mining Limited and Cape Alumina Ltd.

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Financing facilities available

Add notes as necessary for an understanding of the position.

Loan facilities - Convertible Note Loan facilities - Corporate Credit Card 3.1 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	0 20	0 5

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.4 Administration 4.3 Production 4.2 Development	$A’000
	270
	1,000
	438
Total	1,709

Reconciliation of cash

5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details - SecurityDeposits) Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
	2,116	273
	3,391	5,426
Total: cash at end ofquarter(item 1.22)	5,506	5,699

Changes in interests in mining tenements

Interests in mining tenements acquired or increased 6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	EPM 15012 EPM 18281	100% 100%	19 sub blocks 38 sub blocks	14 sub blocks 22 sub blocks

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions 7.2
Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs 7.4 7.3 +Ordinary securities	288,698,682	288,698,682
	46,050,284	46,050,284
7.5 +Convertible debt securities(description)

• See chapter 19 for defined terms.

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	Appendix 5B Mining exploration entity quarterly report
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.9 7.1 7.7 7.8		Total number	Numberquoted	Exerciseprice	Expirydate
	Options (description and conversion factor) Options Options Issued during quarter Exercised during quarter Expired during quarter	1,000,000 Unlisted options 1,000,000 Unlisted options	- - - -	23.5 cents 50 cents	11/07/2015 11/07/2015
		-	-	-	-
7.11	Debentures (totals only)
7.12	Unsecured notes(totals only)	-	-

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Signature on file Sign here: ............................................................ Date: 22 January 2015 (Company secretary) Print name: SCOTT WADDELL

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

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