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Metro Mining Limited ASX Announcement 28 August 2026 0 METRO MINING 2026 Half Year Financial Results Metro Mining Limited ( ASX : MMI ) ( ' Metro ' , the ' Company ' ) is pleased to announce the release of its financial results for the half year ended 30 June 2026 . Highlights • • • • Record half year ( HY ) shipments of 1.9 million Wet Metric Tonnes ( WMT ) : a 2 % increase year - on year , despite an unusually long wet season and a site evacuation for Tropical Cyclone Narelle in late March 2026. Recovery from the cyclone was rapid with excellent coordinated value - chain output achieved in June 2026 , as a result of the new integrated planning and mine operating system changes implemented earlier in 2026. Building on the June foundation , target for the second half of the year is in excess of 5 million WMT when Metro will also benefit from more favourable tidal conditions and drier ore . Gross operating loss of $ 27.4 million : $ 49.1 million earnings reduction on 1H 2025 , almost entirely driven by significantly softer market conditions and pricing for bauxite . The bottom has already been reached with improved bauxite and alumina market conditions and 5 % higher prices already agreed for the third calendar quarter . Bauxite production and exports from Guinea are being restricted by continuing high ocean freight rates and diesel costs as a result of the Gulf conflict . Metro's freight costs , including bunker fuel , are predominantly fixed under contracts agreed at the end of 2024. The Guinean government has additionally flagged plans to implement some form of bauxite export volume quota . Costs reduced in real terms : Nominal cost of sales increased by 2.2 % , less than inflation , despite significantly higher diesel prices and non - recurring costs due to Tropical Cyclone Narelle . Further non - recurring costs include a 160 % increase in waste stripping compared with 1H 2025 to de - risk the second half and the use of supplementary small vessels before Metro's Offshore Floating Terminal , Ikamba , had returned from its dry dock . Period - end cash of $ 23.8 million and senior debt of US $ 31.5 million : US $ 10.0 million repaid during the period . Foreign currency hedging gains of $ 15.1 million : another positive contribution from Metro's foreign exchange hedging program , with an average result for the period of AUD / USD 0.65 . Available carry - forward tax losses of $ 214.1 million : including $ 190.3 million recognised on balance sheet to be utilised over the next 5 years . Simon Wensley , Metro Mining CEO & Managing Director , said : “ The first half of 2026 has been a challenging period with very soft market conditions and significant external impacts from weather and input costs . It was therefore pleasing to still be able to deliver record first - half shipments and a reduction in real costs . With the alumina and bauxite markets already recovering and further positive catalysts likely , we have momentum as we enter the strongest part of the year to deliver material positive margins and returns to investors . " This announcement has been authorised by the Board of Directors of Metro Mining Limited . 07 3009 8000 Level 4 , 135 Wickham Tce , Brisbane Q 4000 ABN 45 117 763 443 www.metromining.com.au