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METRO MINING LIMITED M&A Activity 2016

Nov 1, 2016

65351_rns_2016-11-01_a3ba9d4d-9166-486e-98e9-8ccc03798826.pdf

M&A Activity

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MOLY MINES LIMITED

46-50 Kings Park Road, West Perth Western Australia 6005 PO Box 8215, Subiaco East Western Australia 6008 Telephone +61 8 9429 3300 Facsimile +61 8 9429 3399 Email [email protected] ABN 32 103 295 521

2 November 2016

Notification of a ‘Superior Proposal’ from Gulf Alumina

Moly Mines Limited (ASX: MOL) (‘Moly’) advises that on 1 November 2016 it received notification from the Board of Gulf Alumina Limited (‘Gulf’) regarding the takeover offer by Metro Mining Limited (ASX:MMI).

Gulf directors advise they have determined Metro’s offer to be a ‘Superior Proposal’ to the previouslyrecommended takeover proposal by Moly.

Under the terms of the Offer Implementation Agreement between Moly and Gulf, Moly now has 5 business days in which to match Metro’s offer, before the Gulf Directors can withdraw their recommendation of Moly’s offer.

Accordingly, Moly is currently considering its position and will respond within the required timeframe.

FUTHER INFORMATION