METRO MINING LIMITED — Investor Presentation 2016

Jul 20, 2016

Bauxite Hills Project

ASX : MMI | Noosa Mining & Exploration Conference| July 2016

Metro Provides a Compelling Investment Opportunity

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Positive fundamentals for bauxite

Simple DSO project, well located in Cape York’s world class bauxite province Production expected Q3 2017

Low CAPEX (~A$40m), high margins, excellent economics (IRR +150%) and generating average annual EBITDA of A$133m for 13 years

Proven, high quality team who have developed & operated mines globally Strategic financing from Greenstone

Fully funded to decision to mine

Attractive share price upside

ASX : MMI | Noosa Mining Conference| 21 July 2016

Metro has been Rapidly Advancing Bauxite Hills

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Native Title & Land Access Agreement Signing – January 2016

8 Greenstone  Financing 7 Strategic Stake in  Gulf Secured 6 EIS Submitted 

5 PFS for 4Mtpa 

Lead Consultant for EIS Submission – April 2016

4 Transhipment  Solution

3 Native Title &  Land Access 2 DFS for 2Mtpa 

1 Off-take MOU with Xinfa



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Off-Take MOU with Xinfa Signing – August 2015

ASX : MMI | Noosa Mining Conference| 21 July 2016

Cornerstone Equity Investment at Significant Premium to Market

About Greenstone  Specialist metals & mining private equity fund  Established by former senior JP Morgan and Xstrata executives in 2013  Significant in-house technical expertise including bauxite and aluminium  Long term investment horizon – 10 year fund  Experienced ASX investment track record – Heron (ASX:HRR) and Avanco (ASX:AVB) Strategic Financing  $8.9 million for 19.98% equity interest in Metro  Investment priced at $0.085 per share, 27% premium to closing price prior to announcement  Ability to maintain equity interest via customary anti-dilution provisions  Additional US$20 Million of follow-on equity support available for construction of Bauxite Hills Strategic Relationship  Representative on Metro board  Representative on the Bauxite Hills Development Steering Committee  Metro to have access strategic, technical and financing expertise and industry relationships	About Greenstone  Specialist metals & mining private equity fund  Established by former senior JP Morgan and Xstrata executives in 2013  Significant in-house technical expertise including bauxite and aluminium  Long term investment horizon – 10 year fund  Experienced ASX investment track record – Heron (ASX:HRR) and Avanco (ASX:AVB) Strategic Financing  $8.9 million for 19.98% equity interest in Metro  Investment priced at $0.085 per share, 27% premium to closing price prior to announcement  Ability to maintain equity interest via customary anti-dilution provisions  Additional US$20 Million of follow-on equity support available for construction of Bauxite Hills Strategic Relationship  Representative on Metro board  Representative on the Bauxite Hills Development Steering Committee  Metro to have access strategic, technical and financing expertise and industry relationships
About Greenstone	 Specialist metals & mining private equity fund  Established by former senior JP Morgan and Xstrata executives in 2013  Significant in-house technical expertise including bauxite and aluminium  Long term investment horizon – 10 year fund  Experienced ASX investment track record – Heron (ASX:HRR) and Avanco (ASX:AVB)
Strategic Financing	 $8.9 million for 19.98% equity interest in Metro  Investment priced at $0.085 per share, 27% premium to closing price prior to announcement  Ability to maintain equity interest via customary anti-dilution provisions  Additional US$20 Million of follow-on equity support available for construction of Bauxite Hills
Strategic Relationship	 Representative on Metro board  Representative on the Bauxite Hills Development Steering Committee  Metro to have access strategic, technical and financing expertise and industry relationships

ASX : MMI | Noosa Mining Conference| 21 July 2016

Capital Structure (Post Greenstone)

Share Price(20 July 2016)	$0.086
Shares on Issue	525.6m
Market Cap	A$45.2m
Options	14.3m
Cash (pro-forma as at 31 August 2016)	A$10.0m
Debt	Nil
Enterprise Value	A$35.2m

Shareholders (Post Greenstone)

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Greenstone
19.98%
Other Balanced
41.1% Property
13.7%
Joyday
9.1%
Dadi
Xinfa
11.8%
4.3%
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Board & Management

Board	Management
Stephen Everett Chairman George Lloyd Non-Executive Director	Simon Finnis Chief Executive Officer Colleen Fish Environmental Manager
Philip Hennessy Non-Executive Director Lindsay Ward Non-Executive Director	Mike O’Brien Project Director Norman Ting General Manager, Marketing
Jijun Liu Non-Executive Director Dongping Wang Non-Executive Director	Scott Waddell Chief Financial Officer

ASX : MMI | Noosa Mining Conference| 21 July 2016

Metro’s Board & Management Team save Successfully	Metro’s Board & Management Team save Successfully
Developed and Operated over 30 Projects Globally
Key Team Members
Stephen Everett	Chemical engineer with over 40 years experience in resources and construction
Chairman	Formerly Chairman of BeMaX Resources
Simon Finnis	Over 28 years experience & global resource sector experience
Chief Executive Officer	Former CEO of Grande Côte Minerals Sands Operations in Senegal with responsibility for successful $650m project development
Mike O’Brien	Mining engineer with over 40 years mining and minerals experience
Project Director	25 years extensive management experience with Shell and Anglo American
Colleen Fish	Environmental scientist with over 25 years experience in environmental management
Environmental Manager	Former Manager Environment, for Peabody Queensland with responsibility for 7 mine sites Member of Queensland Resource Council Environment Committee
Norman Ting General Manager, Marketing	Over 30 years bauxite industry and marketing experience Former Chairman for Traxys China, former senior executive with WOGEN in UK, Hong Kong & China – which included representing Comalco (RTA) Bauxite and Alumina in Beijing

ASX : MMI | Noosa Mining Conference| 21 July 2016

Key Ingredient for Manufacturing Aluminium

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4-6 tonnes 2 tonnes 1 tonne = = bauxite alumina aluminium

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Key Bauxite Value Drivers Metro Mining Ltd Grade Alumina content ranges from 30% - 65% and silica ranges from 2% - 30% Alumina 50-54 % Silica 6-9% Location Proximity to buyer, supply reliability and sovereign risk Close to Asia

ASX : MMI | Noosa Mining Conference| 21 July 2016

Structural Change due to Coastal Refining and Declining Reserves (<10 Years) Driving Strong Chinese Demand for Imported Bauxite

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China Bauxite Demand (by 2015 Capacity Mtpa) China Bauxite Imports (Mt)
Inner Mongolia
Shanxi
Shandong
Henan
Predominantly Imported Bauxite
Chongqing Predominantly Domestic Bauxite
Guizhou
Yunnan
Guangxi 56
54.5
46.4
Total 2015 Chinese Bauxite Demand of 153Mt with 56Mt Imported
26.2
25
17.0
3.0 2.1 2.3 1.5
3
Shandong Shanxi Henan Guizhou Guangxi Chonquing Yunnan Inner
97% of Mongolia
Chinese
2005 2010 2015
Bauxite
Imports
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~7% CAGR for next 15 years

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147
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113
68
56
25
3
2005 2010 2015 2020 2025 2030
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Source: CM Group

ASX : MMI | Noosa Mining Conference| 21 July 2016

Australia Ideally Placed To Meet Increased Chinese Demand With Proven, Well Accepted Product And Key Freight Advantage

China Bauxite Imports by Country, Volume & Price Last 4 Years

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Indonesia Australia Jamaica India Malaysia Fiji Guyana
Brazil Guinea Dominic Rep. Ghana Solomon Isl. Montenegro Turkey
100
95
1Mt
90
85
80
75
70
65
60
Guinea Supply
55 With Significant
Freight Cost
Disadvantage
50
45 Australia
Well Accepted
40 Indonesia Malaysia ‘Gap’ Producer Reliable Supply
Limited Reserves (<2years)
Export Ban Imposed
Export Ban Recently Imposed
35
Bauxite Price, $/t
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Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16

9

Source: CM Group

ASX : MMI | Noosa Mining Conference| 21 July 2016

Located 95km North of Weipa with ready access via the Skardon River

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• Weipa is a world renowned and high quality bauxite province

• Adjacent to historic kaolin mining operation

• Compact site, undemanding terrain, easy access to ocean for bulk logistics solutions

• Advantageous proximity to key Chinese end market

• Strategic regional tenement position covering ~1,300km2

ASX : MMI | Noosa Mining Conference| 21 July 2016

Conventional Mining and Transportation Techniques

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clear vegetation &
remove overburden return overburden & replace
topsoil - then revegetate
strip mine bauxite
Overburden (~0.5m)
DSO Bauxite Horizon (~1.75m)
Ironstone
Mottled Zone
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Haul ore 5-10km to stockpile & barge loading
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Barge ore 10km down Skardon River

Tranship to bulk carrier, for export

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ASX : MMI | Noosa Mining Conference| 21 July 2016

Barging and Transhipment Solution to be Provided by Proven Operator

Barge Loading Facility (BLF)

Adequate water at low tide & accessible from tenements

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Tugs & ‘Dumb’ Barges Barge capacity of 2,500t - 3,800t depending on tide

Key Points

• TSA previously provided comparable tug and barge services for an iron ore producer operating out of Wyndham’s, Cambridge Gulf in Western Australia

Geared Ship Loading (Panamax vessels loaded~12km offshore)

• TSA will provide and operate all tugs and barges required

• 24 hour barge loading, 17 hour per day transhipment

• No dredging or bed levelling required

ASX : MMI | Noosa Mining Conference| 21 July 2016

	Recent PFS
	Key Results**
	Steady State Production	4Mtpa
	LOM Production	49.1Mt
	Mine Life	13 years
	Capex(inc 15% contingency)	A$40.1m
	Bauxite Price (FOB)	US$38.6-45.4/t
	Exchange Rate (AUD/USD)	0.75
	LOM Average Total Operating Costs	A$18.8/t
	LOM Average Operating Margin	A$33.6/t
	LOM Average Annual EBITDA	A$133.6m
	Payback Period	1.2 years
	NPV10 (post-tax)	A$582m
	IRR	156%

Significant Scale Benefits Confirmed by Recent PFS

• Detailed PFS completed by MEC Mining

• Based on DFS for 2Mtpa* completed Nov 2015

• 4Mtpa* steady state

• 2Mtpa* for years 1 and 2

• 8 months of operation per year during dry season (April to November)

• 24 hour operation post ramp up with night shift to be added

• +13 year mine life*

• 5 month construction period

• Low CAPEX and highly competitive cash costs

• Environmental footprint unchanged from 2Mtpa* DFS

• DFS to consider benefit of 5Mtpa* production scenario

*Metro confirms all material assumptions underpinning production target & corresponding financial information continue to apply & have not materially changed as per Listing Rule 5.19.2 ** Refer ASX Announcement 27 Jan 2016

ASX : MMI | Noosa Mining Conference| 21 July 2016

Product Quality Confirmed by Potential Customers with Initial Off-take MOU Secured & Discussions with other Possible Partners Progressing

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 Off-take MOU secured with Xinfa

• Xinfa is one of the largest integrated aluminium companies in China

 MOU secured in August 2015 based on previous 2Mtpa* plan with following key terms:

  - Initial term of 5 years

  - Minimum tonnage of 1Mtpa and up to a maximum of 1.2Mtpa

  - FOB pricing subject to market conditions and agreed quality parameters

  - Take or pay conditions with payment by irrevocable Letter of Credit

• Strong levels of inquiry and interest

• Off-take discussions led by Metro’s bauxite marketing expert Norman Ting

• Metro confirms all material assumptions underpinning production target & corresponding financial information continue to apply & have not materially changed as per Listing Rule 5.19.2

ASX : MMI | Noosa Mining Conference| 21 July 2016

22% Stake In Neighbour Provides Multiple Benefits

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Key Points

• Off-market takeover offer closed in June

• Metro now Gulf’s largest shareholder with 22% stake

• Gulf has similar reserves & resources to Metro and access to some legacy infrastructure associated with historic Kaolin mining but project is less advance in other areas

• Enhances Metro’s regional significance and strategic importance and appeal

• Potential upside available from collaboration at either project or corporate level

• Over $200m of merger synergies identified by Gulf’s independent experts Grant Thornton and Xstract

DFS and Offtake Expected Shortly with Production On Track For Q3 2017

	2015	2015	2016	2016	2016	2016	2016	2016	2017	2017	2017	2017	2017
	Q4		Q1		Q2	Q3		Q4	Q1		Q2	Q3	Q4
EIS Approval Process
Native Title & Land Access
4-5Mtpa PFS
EIS Submitted
Off-Take
4-5Mtpa DFS
Financing
Mining Lease Grant
Mine Construction
Mine Production
First Shipment

*Metro confirms all material assumptions underpinning production target & corresponding financial information continue to apply & have not materially changed as per Listing Rule 5.19.2 ** Refer ASX Announcement 27 Jan 2016

ASX : MMI | Noosa Mining Conference| 21 July 2016

Current Share Price Provides Ground-floor Entry with Significant Upside

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Near Term share Price Targets:
$0.14 $0.26
$5.6m Equity Raising
at $0.08/share
$0.20
$0.12
$0.10 $8.9m Strategic Financing with
Greenstone at $0.085/share
Initial PFS (2Mtpa)
$0.08
$0.06 Metro gains control of
Bauxite Hills Project & new
Management team established
$0.04
DFS (2Mtpa)
$0.02 Increased Production
Scenario PFS (4Mtpa)
$0.00
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
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ASX : MMI | Noosa Mining Conference| 21 July 2016

CORPORATE & CONTACT DETAILS

Attractive Fundamentals, High Quality Project with Proven Team focused on Delivering Shareholder Value

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KEY CONTACT DETAILS

Simon Finnis

Chief Executive Officer Metro Mining Limited Email: sfinnis@metromining.com.au Tel: +61 7 3009 8005 Mob: +61 418 695 138

REGISTERED OFFICE AND HEAD OFFICE

Level 8, 300 Adelaide St, Brisbane Q 4000 PO Box 10955, Adelaide St, Brisbane Q 4000 Tel: +61 (0) 3009 8000 | F: +61 (0) 7 3221 4811 Email: info@metromining.com.au Website: www.metromining.com.au

Page 18 | ASX : MMI | Noosa Mining Conference| July 2015

Background Slides

ASX : MMI | Noosa Mining Conference| 21 July 2016

Stephen Everett		Chemical engineer with over 40 years experience in the resources and construction industries both in
Chairman		Australia and overseas
		Formerly Chairman of BeMaX Resources, Australian Solomons Gold, JMS Civil &Mining and IronRidge
		Resources and currently Chairman of Agrimin Limited
Philip Hennessy		Over 30 years experience in accounting and corporate experience
Non-Executive Director		Chairman KPMG Queensland for 13 years prior to retiring in 2013
George Lloyd		Over 30 years resource industry experience including senior executive and board roles
Non-Executive Director		Previously Chairman of Cape Alumina for 5 years
		Currently Chairman of Ausenco and Pryme Energy
Lindsay Ward		Over 25 years experience with senior executive and board roles in mining, exploration, mineral
Non-Executive Director		processing, ports, rail, power generation, gas transmission and logistics
		Former Managing Director of Dart Mining and previously Mine Manager of the Yallourn Energy open
		cut coal mine in Victoria
Jijun Liu		Engineer with over 30 years experience in energy and resources
Non-Executive Director		Managing Director of Xinfa which controls one of the largest alumina-aluminium enterprises in China

Dongping Wang		Over 30 years experience mining and prominent figure in the Chinese coal industry and recognised
Non-Executive Director		as coal processing expert
		Chairman of Dadi Engineering which is one of China's largest coal industry engineering groups

Page 20 | ASX : MMI | Noosa Mining Conference| July 2015

• Simon Finnis  Over 30 years experience in resources industry having working throughout Australia in underground and open cut mining operations. Holds Masters in Business & Technology from University of New South Wales

• Chief Executive Officer  Joined Metro in January 2015 having most recently served as CEO of Grande Côte Minerals Sands Operations in Senegal with responsibility for successful $650M project development

• Other key experience include Operations Manager for the Pooncarie Mineral Sands Project, redevelopment of the Gold Ridge Mine in Solomon Islands and MD of Global Resources Corporation

• Mike O’Brien  Mining engineer with over 40 years mining and minerals experienced including over 25 years extensive management

• Project Director experience with multinational companies Shell Coal and Anglo American  Holds B.Sc. (Min)(Eng) from the University of Witwatersrand

• Scott Waddell  Extensive experience gained holding a wide variety of senior roles across multiple sites with Anglo Coal CFO & Company and Rio Tinto Alcan (RTA) and has a solid understanding of the bauxite, alumina and resources sectors Secretary  Holds Bachelor of Business from the Queensland University of Technology and is an Associate Member of the Governance Institute of Australia and Fellow of the Certified Practicing Accountants

• Colleen Fish  Over 25 years experience in environmental management across the mining, consulting, aviation and chemical manufacturing industries in Australia and New Zealand

• Environmental Manager  Previously served as Manager Environment, Queensland Operations, for Peabody, with responsibility for 7 mine sites with a focus on regulatory negotiation and compliance issues

• Member of Queensland Resource Council Environment Committee and QRC Strategic Advisory Committee

• Nick Villa  Over 15 years experience in mining, planning and execution of exploration and development programs as well as navigation of both State and Federal Government mining approvals processes

• Project Manager

Norman Ting  Over 30 years industry experience having previously served as Chairman for Traxys China where he traded a range of products; predominantly bauxite General Manager, Marketing  Former senior executive positions with WOGEN in the United Kingdom, Hong Kong & China – which included representing Comalco (Rio Tinto Alcan) Bauxite and Alumina in Beijing; also served as Technical Marketing Manager, Bauxite and Alumina for Comalco

ASX : MMI | Noosa Mining Conference| 21 July 2016

Reserves & Resources

Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources	Cape York DSO Bauxite Reserves & Resources
Area	Category		**DSO2 **	DSO Bauxite Qualities(Dry Basis)
			Tonnes	**Total Al2O3 **	**THA3 **	**Total SiO2 **	RxSi4 (%)
			**Mt1 **	%	%	%	%
Reserves (ROM @ 10% Moisture)
BH1 & BH6	Proved5		41.8	50.7	38.6	10.9	6.3
BH1 & BH6	Probable6		6.4	49.3	36.8	13.4	6.9
	Total		48.2	50.2	38.4	11.2	6.4
Resources (Dry In-situ)
BH1 & BH6	Measured		41.8	51	39.2	11	6.1
BH1 & BH6	Indicated		8.3	49.3	37.1	14	6.8
BH2	Indicated		11.7	49.1	37.4	15.7	6.7
BH1 & BH6	Inferred		3.4	48.4	35.9	14.8	7.2
	Total		65.3	50.2	38.4	12.4	6.3

• Refer ASX Announcement 2 & 9 June 2015

1. For BH1, BH2 and BH6 the tonnages are calculated using the following default bulk densities determined from a program of sonic drilling; 1.6g/cm[3] for BH1, 1.92g/cm[3] for BH2 and 2g/cm[3] for BH6. Actual values are used where measurements have been taken

2. DSO or “Direct shipping ore” is defined as bauxite that can be exported directly with minimal processing and beneficiation.

3. THA is trihydrate available alumina (gibbsite alumina + kaolinite alumina – low temperature desilication product (DSP) alumina) at 150[0] C.

4. RxSi is reactive silica at 150[0] C . | 5.

5. Proved Reserve - the probable reserve is included in the BH1 & BH6 Measured resource

6. Probable Reserve - the probable reserve is included in the BH1 & BH6 Indicated resource

ASX : MMI | Noosa Mining Conference| 21 July 2016

– Pre-Feasibility Study Key Outcomes**

Key Assumptions Annual Production Rate (Steady State) 4.0Mt LOM Production 49.1Mt Mine Life 13 years *Bauxite Price (FOB) US$38.60-45.40/t Exchange Rate (AUD/USD) 0.75 Discount Rate 10% / 15% Pre-Mining Development Capital Expenditure A$40.1m Deferred and Sustaining Capital Expenditure A$4.9m Working Capital A$4.0m	Key Results
	NPV (10% DR, Real, after tax) A$582m
	NPV (15% DR, Real, after tax) A$440m
	IRR 156%
	Payback Period 1.2 years*
	Total LOM Revenue A$2.9b
	LOM Average Annual EBITDA A$133.6m
	LOM Average Annual NPAT A$91.6m
	LOM Average Operating Margin A$33.66/t
	LOM Average Opex (ex-Royalties) A$18.80/t
	LOM Total Operating Costs A$26.07/t

• Metro confirms all material assumptions underpinning production target & corresponding financial information continue to apply & have not materially changed as per Listing Rule 5.19.2 | ** Refer ASX Announcement 27 January 2016

ASX : MMI | Noosa Mining Conference| 21 July 2016

Pre-Feasibility Study – CAPEX & OPEX*

CAPEX4Mtpa	CAPEX4Mtpa
Haul roads and site establishment	A$3.03m
Navigational aids and cyclone moorings	A$1.15m
Site Infrastructure including BLF and accommodation camp	A$27.63m
Mining and ancillary equipment	A$6.18m
Mobilisation, insurances and EPC design	A$2.11m
Total	A$40.10m

OPEX4Mtpa
Mining, haulage and operation of BLF	A$6.27/t
Transhipment activities	A$8.40/t
Site and administrative costs	A$4.13/t
Total Operating Costs (ex-royalties)	A$18.80/t
Royalties and other costs	A$7.27/t
Total	A$26.07/t

• Refer ASX Announcement 27 January 2016

ASX : MMI | Noosa Mining Conference| 21 July 2016

Positive & Supportive Relationships Established with Local Community

Recent Native Title & Land Access Agreement reached jointly with:

Key Features of the Agreement include:

• Cultural Heritage Management Plan

• Ankamuthi People, the traditional owners; and

• Detailed rehabilitation plan with ongoing monitoring

• Old Mapoon Aboriginal Corporation (OMAC), the trustee owner of the land

• Training, employment and business opportunities

• Substantial mining benefits based on percentage of FOB price received per tonne of bauxite

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Barging and transhipment well understood

• New barge loading facility on western side of Skardon

River

• Adequate water at low tide & accessible from Metro’s tenements

• ~10km upstream from river mouth

• ~2km upstream from existing port location

• “Dumb barges” with towing and assist tugs to be used

• Barges 70m x 20m with capacity of 2,500t to 3,800t depending on tide

• Geared vessels to be located ~12km offshore in suitable water

• Offshore platform for Panamax vessels to be used when production increases +2Mtpa

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Tow Passage & transhipment Location
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Cape York Enjoys Strong Freight Advantage to China Compared to other Bauxite Regions

Average Freight Rates to China

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ASX : MMI | Noosa Mining Conference| 21 July 2016

Disclaimer

Statements and material contained in this Presentation, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of Metro Mining Limited, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Graphs used in the presentation (including data used in the graphs) are sourced from third parties and Metro Mining has not independently verified the information. Metro Mining is at an early development stage and while it does not currently have a operating bauxite mine it is taking early and preliminary steps (such as but not limited to Prefeasibility studies etc.) that are intended to ultimately result in the building and construction of an operating mine at its project areas. Although reasonable care has been taken to ensure that the facts stated in this Presentation are accurate and or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this Presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Neil McLean who is a consultant to Metro Mining and a Fellow of the Australian Institute of Mining and Metallurgy (F.Ausimm).Mr Maclean has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McLean consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The information in this report that relates to Mining and Reserves is based on information compiled by MEC Mining and reviewed by Maria Joyce, a Competent Person who is a Chartered Engineer of the Australasian Institute of Mining and Metallurgy. The information in this report to which this statement is attached that relates to the “Metro Mining – Bauxite Hills” Reserve Estimate based on information compiled by Maria Joyce, a consultant to Metro Mining and a Competent Person who is a Chartered Engineer of the Australasian Institute of Mining and Metallurgy. Maria Joyce is the head of the Technical Services division and full-time employee of MEC Mining Pty Ltd. Maria Joyce has sufficient experience that is relevant to the style of mineralization, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Maria Joyce consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

ASX : MMI | Noosa Mining Conference| 21 July 2016