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D METRO MINING LIMITED Explore | Define | Mine Q3 2021 Highlights Metro Mining Ltd ( ASX : MMI ) Quarterly Activities Report | Sept 2021 2021 sales book ensures full capacity to year end Floating crane operational moving Metro to first quartile on the cost curve Initiatives to reduce site costs and increase productivity successfully delivered Forecasting return to positive cash margins for the last quarter of calendar year 2021 Metro's Board and Senior Management Team strengthened Sept Quarter shipments were 1.09 Million WMT , a 74 % increase on June Quarter shipments , however , were below expected and contracted volume as a result of 2 tugs being unexpectedly unavailable for most of September ; Binding offtake was secured for all planned 2021 production under the Luilin Senze and Xiansen Aluminium Letter of Intent ; Sales revenue ( gross ) of A $ 58.2 Million and site EBITDA of ( A $ 5.8 ) Million for the Quarter . Historically high ultra class ocean freight rates have been the most significant factor adversely affecting the site margin and trended 18 % higher for the quarter in A $ terms ; Average price received of A $ 52.69 / WMT , up 6 % on June Quarter , with an average site margin of ( A $ 5.29 ) / WMT . Prices linked to the alumina price rose during the Quarter , partially offset by fixed price trial cargoes under the Senze / Xiansen contract ; one shipment was made to a domestic customer on an FOB basis . Site unit costs have improved by 27 % over June Quarter , in line with the cost savings programme , as well as productivity and scale improvements , more than offsetting the freight rate increase ; Available cash on hand and other receivables as at 30 September 2021 totalled $ 5.1 Million ; The placement & accelerated non- renounceable entitlement offer was completed ( over - subscribed ) and successfully raised A $ 25.5 Million ; Shipping catch up is planned in October and November and the sales target for 2021 remains at 3.3 – 3.5M WMT , subject to weather not adversely affecting operational conditions more than anticipated ; The introduction of a new Floating Crane Barge , TSA Skardon , to the Bauxite Hills operation moves Metro to the first quartile of the cost curve at current scale as the only bauxite supplier in Australia to service customers in Cape size vessels ; In the current overheated freight market environment it is also instrumental in improving margins and de- risking the business ; TSA Skardon commenced loading the first large un - geared vessel on 15 October 2021 and has achieved indicative loading rates of 70 % of design capacity in the first two weeks of operation . Current Capesize rates are at least US $ 10 / WMT lower than geared Ultramax . Subsequent to the end of the September Quarter Peter Harding - Smith has been appointed as Metro's Chief Financial Officer . Quarterly Activities Report Sept 2021 | Page 1