METRO MINING LIMITED — M&A Activity 2016

Oct 26, 2016

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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 info@molymines.com ABN 32 103 295 521

27 October 2016

Response to Metro Mining announcement

Moly Mines Limited (ASX: MOL)(‘Moly’) notes the announcement on 25 October 2016 by Metro Mining Limited (ASX:MMI) regarding Gulf Alumina Limited (‘Gulf’), which is currently the subject of a recommended acquisition proposal by Moly.

Moly notes that Metro has currently only signaled its ‘intention’ to make an offer and it does not believe that the Metro proposal satisfies the criteria of a ‘Superior Proposal’ as specified in the Offer Implementation Agreement. It is also unclear whether the Metro proposal in its current form will ever satisfy those requirements.

Under the terms of the Offer Implementation Agreement between Moly and Gulf, Moly will have 5 business days in which to match any competing offer which is determined to be a ‘Superior Proposal’, before Gulf Directors can withdraw their recommendation of Moly’s offer.

Accordingly, Moly will continue to progress its offer in accordance with the Offer Implementation Agreement and does not intend to make any further response to the Metro stated intentions at this stage.

FUTHER INFORMATION

For further information, please contact:

Graeme Kininmonth Chief Executive Officer +61 8 9429 3300

Media

Citadel-MAGNUS Michael Weir / Richard Glass +61 8 6160 4900