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1 | ASX : MMI | 2025 For personal use only
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2 | ASX : MMI | 2025 Disclosures IMPORTANT INFORMATION The purpose of this presentation is to provide general information about Metro Mining Limited (Metro or the Company) and it subsidiaries and business. NO OFFER OF SECURITIES This presentation is for information purposes only and does not constitute or form any part of any offer, invitation or advertisement to sell or issue securities or other financial products in any jurisdiction. It is not a prospectus, disclosure document, product disclosure statement or other document or contract under Australian Law or any other law. This presentation and its content must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. FORWARD LOOKING STATEMENTS This presentation contains “forward looking statements” concerning the financial conditions, results of operations and business of the Company. All statements other than statements of fact are or may be deemed to be “forward looking statements”. Often, but not always, "forward looking statements" can be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, “outlook”, and “guidance”, or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement dates and expected costs, resources and reserves, exploration results or production outputs. Forward looking statements are statements of future expectations that are based on management’s current expectations and assumptions, but known and unknown risks and uncertainties could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, resource and reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. DISCLAIMER To the maximum extent permitted by law, Metro and their respective affiliates, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, fairness, sufficiency or completeness of the information in this Presentation, and expressly disclaim all responsibility and liability for any loss or damage arising in respect of your reliance on the accuracy, fairness, sufficiency or completeness of the information contained in this Presentation, or any opinions or beliefs contained in this Presentation, and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Presentation, or any error or omission therefrom. The Company are under no obligation to update or keep the information contained in this Presentation current, or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in this Presentation are subject to change without notice. COMPETENT PERSONS’ STATEMENT The information in this presentation that references Metro’s resources and reserves was taken from the Bauxite Hills More Ore Reserve and Resource Update which was released to the market on 20 May 2025 (https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02948419-2A1597422&v=04711220c3a57065317ba4efca4a3459a4e46882). Metro confirms that it is not aware of any new information or data that materially affects the information included in that report and, in the case of estimates of mineral resources or ore reserves, that all new material assumptions and technical parameters underpinning the estimates in that report continue to apply and have not materially changed. KEY RISK FACTORS Metro directs the reader to the comprehensive description of Key Risk Factors outlined in the Notes to the financial statements for CY 2024 published on 28 February 2025. For personal use only
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3 | ASX : MMI | 2025 The Essential Energy Transition Mineral Bauxite: the raw material to make primary aluminium Source: AAI EVs Batteries Renewables Recyclable Packaging Electricity Transmission Bauxite Alumina Aluminium For personal use only
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4 | ASX : MMI | 2025 The Essential Energy Transition Mineral Source: AAI EVs Batteries Renewables Recyclable Packaging Electricity Transmission Global Aluminium Demand Growth by Sector (2020 vs 2030; Mt) Source: Company; AAC For personal use only
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5 | ASX : MMI | 2025 1. Remove overburden 3. Screen bauxite <100mm 4. Load barges with barge loader 2. Mine & Haul ore to port stockpile Metro Mining: Low-cost, High-grade, Australian bauxite producer 5. Tow barges to offshore anchorage 6. Load OGVs using transhippers High quality Direct Shipping Ore (DSO) Well-known “Weipa” style bauxite from Cape York plateau High alumina – no upgrading required Double digit mine life & extensive lease holding 11 yrs Reserves plus potential 5 yrs Resources1 (114.4 Mt total) Very low strip ratio, short haul Topsoil/overburden only 0.5m, no blasting Average only 9 km haul distances to port (LOM) Simple flow sheet Surface mining using simple equipment Simple & resilient screening circuit Low cost & scalable transhipping model Heading down the cost curve to be lowest cost operator Economies of scale at 7 Mt/a capacity Shipping in large Capesize vessels All the pre-requisites of a successful bulk commodity operation (1) As at 31 December 2024. See ASX Release dated 20 May 2025:https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02948419-2A1597422&v=04711220c3a57065317ba4efca4a3459a4e46882 For personal use only
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6 | ASX : MMI | 2025 Since 2021 MMI has executed a simple sound strategy…. Recapitalise & Fund the Business New Team & Turnaround Operations Market Reposition & Increase Off- take Quality Increased Control & De- risk Logistics Supply Chain Increase Resilience of the Operation to Weather Fast-track Expansion for Economies of Scale Safe, Efficient, Lowest Cost Traded Bauxite Supplier 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2021 2022 2023 2024 2025F Metro Mining Shipments 2021-2025F For personal use only
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7 | ASX : MMI | 2025 -$12 $32 Q2 2021 Q3 2021 Q4 2021 Q2 2022 Q3 2022 Q4 2022 Q2 2023 Q3 2023 Q4 2023 Q2 2024 Q3 2024 Q4 2024 Q2 2025 Q3 2025 Q4 2025 Site Margin (A$/wmt) Successful Expansion to 7M WMT Completed Q2 2025 Results YTD 1.9 M WMT Production, record Q2 On track for 6.5 to 7.0 M WMT for CY2025 Q2 site EBITDA $54 M, Margin $32 /WMT Scale driving margin growth in robust market 2024 Highlights Expansion successfully commissioned / ramped up Record 5.7 M WMT Production Margins up to $18 /WMT by Q4 2024. $39 M junior debt repaid. Source: Company; M WMT = Million Wet Metric Tonnes For personal use only
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8 | ASX : MMI | 2025 Australian Bauxite Spot Price at US$61 /DMT CIF China Price data from 7 January 2020 to 21 May 2025. Sources: (1) CM Group Bauxite prices resilient on record trade & Guinea licence suspensions Continuing record traded bauxite demand underpinning record trade. China imports 1H 2025 up 33% YoY Prices have softened due to supply/demand balance but are resilient after end of Q4 2024 spike Disputes between Guinea Government and bauxite miners continue to destabilise future supply Metro volume under contract and 80% negotiated quarterly- record pricing for Q2 2025 - 41% up on Q4 2024 Bauxite Imports to China (M DMT) 9% CAGR 3% CAGR 35.0 45.0 55.0 65.0 75.0 85.0 95.0 105.0 115.0 125.0 135.0 12-Jun-20 12-Jun-21 12-Jun-22 12-Jun-23 12-Jun-24 12-Jun-25 US$/DMT CIF Guinea LT bx Australia HT bx Traded Bauxite Price (US$/DMT, CIF Chinese Port) For personal use only
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9 | ASX : MMI | 2025 Sources: CM Group Volatile Outlook for 40% of Guinea exports About 75% of Asia Pacific Bauxite Volume comes from Guinea in West Affrica Guinea is run by an unelected military government heading for elections and the country is becoming increasingly unstable Government has cancelled at least 5 operating licenses accounting for ~27% of Guineas productive capacity and has cancelled many more exploration licenses 13327 59.5 Guinea Bauxite Capacity Status (Mt) Normal Weather affected License withdrawn It is also demanding a share of the production and that exporters use Guinea registered ships Guinea has also just entered its monsoon season and a further 12% of capacity has stopped due to very bad weather Exports from Guinea are currently “plummeting” according to bauxite market observer CM Group Due to shipping distance this will be felt in the market in about 2 months These issues will continue to push production costs up in GuineaFor personal use only
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10 | ASX : MMI | 2025 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 US$/DMT CIF Shandong Supply (MT) 2022 2026 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile China Seaborne Bauxite Supply and Costs 2022 and 20261 20222026 MMI 7 Mt/pa expansion provides pathway to lowest global delivered cost supplier to China within steepening cost curve Source: (1) CM Group 2023, Metro cost forecast: A$44 /WMT site EBITDA CIF inc. royalties x 0.65 exchange rate US$ 30 /DMT US$ 65 /DMT For personal use only
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11 | ASX : MMI | 2025 1. Lean, safe, productive lowest delivered cost producer 2. Resilient assets/business model mitigate wet season 3. Optimal product and market positioning 4. Further leverage logistics and supply chain 5. Low capex debottlenecking and opex studies to provide pathways beyond 8 Mt/a 6. Exploration and beneficiation study to extend reserve life 7. Bolt on opportunities through kaolin Opex < US$30 /DMT CIF China 8 Mt/a Production Increased mine life Zero net debt, dividend paid Q1 Cash positive 2026 Targeted Value Drivers Priority to Secure and Invest Maximise value at Skardon River with organic growthFor personal use only
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12 | ASX : MMI | 2025 Purpose Upcoming Exploration EPM 27611 and EPM16755 lateritic bauxite terraces for targeted for exploration Q3 2025 Access and logistics arrangement underway Target areas using auger and vehicle mounted drilling Commercial terms reached on farm in arrangements with Prophet Resources on EPM26982 West of Aurukun EPM25879 and EPM26982 lateritic bauxite terraces targeted for exploration Q3 and Q4 2025 Access agreements in preparation Approx. 150 holes planned across both EPMs For personal use only
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13 | ASX : MMI | 2025 High Indigenous Employment levels & Community Support Taking action to boost local employment: Family friendly roster and dedicated flights to FNQ communities 120% increase in training, development & apprentice roles 486 FNQ employees (all site incl. contractors) $23.3 M FNQ salaries (MMI only) 30% Multi-generational Indigenous employment Focused on Effective Community Impact: Boosted local seed collection program Increased outreach to local schools Jonathon Thurston “Lead like a girl” program NPA Increased local event sponsorship *Source – MMI’s 2024 Annual Report For personal use only
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14 | ASX : MMI | 2025 Vincenzo De Falco GM Marine Supply Chain 15 years experience Ex Coeclerici, IMC, Louis Dreyfus Nathan Quinlin CFO 15 years experience Ex Glencore, EY Robin Bates CoSec and General Counsel 20 years experience Ex Gladstone Water, CQU Cherie Everett GM People and Culture 25 years experience Ex Volvo Trucks, Cancer Council Gary Battensby GM BHM Mine & SSE 30 years experience Ex Cape Slattery Silica Highly Capable Board - Stable Management Team Norman Ting GM Sales & Marketing (HK) 40 years experience Ex Rio Tinto, Wogen, Traxys Matt Graham GM Technical, Projects & Improvement 20 years experience Ex Anglo American Douglas Ritchie Independent NE Chair 40 years experience Ex Rio Tinto Simon Wensley CEO & Managing Director 35 years experience Ex Rio Tinto, Kobe Steel Hon Paul Lucas Independent NED 30 years experience Ex CRR Delivery Authority, Powerlink Jo-Anne Scarini Independent NED 40 years experience Ex South32, Rio Tinto Andrew Lloyd Independent NED 35 years experience Ex Rio Tinto, Nabalco BOARDMANAGEMENT For personal use only
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15 | ASX : MMI | 2025 ASX MMI: 45% Growth last 12 months ASX: MMI Share Price (1 January 2024 to 21 July 2025) 45% SP growth last 12 months Market Cap $420 M Zero Warrants Secured Debt US$ 56.6 M Cash Position A$ 28.3 M (end Q2 2025) Fully hedged for 2025 @ 0.63 USD:A$ For personal use only
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16 | ASX : MMI | 2025 For Further Information Contact: Investor Relations: Peter Taylor Peter@nwrcommunications.com.au Ph: +61 (0) 4120 3631 Company Secretary: Robin Bates info@metromining.com.au Ph: +61 (0) 7 3009 8000 Postal Address: GPO Box 10955, Brisbane QLD 4000 For personal use only