Metro Mining : Investor Presentation - Sydney RIU Conference

ASX: MMI

Investor Update- Sydney RIU Conference

May 2024

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, the LM 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 and the LM 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 Metro's 2023 Annual Report which was released to the market on 19 April 2024. 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

Whilst some changes to operating plans have been outlined in this presentation; Metro directs the reader to the comprehensive description of Key Risk Factors outlined in the Notes to the financial statements for CY 2023 published on 29 February 2024.

2 | ASX : MMI | May 2024 I

ASX MMI: 7+ million WMT, low-cost,high-grade, Australian bauxite

producer - unique to ASX

Large-scale,high-quality resource

• "Weipa" style bauxite from well-known West Cape York plateau
• 83.2 Mt Reserves / 118.7 Mt Resources1
• High alumina, direct shipping ore (no processing)
• Extensive lease holding

Simple, low strip, surface-mining and processing operation at bottom of

cost curve

• Clear top-soil/overburden, strip ratio ~ 0.3
• Mine 1.5-3 m, using front end loader then rapid rehabilitation
• Road train 230t haul 5 to 22 km to port site, where screening occurs
• Load and tow barge down river to ocean anchorage
• Trans-shipto large bulk vessels using high-capacity floating terminal and floating crane

Clear vegetation &	Return overburden & replace
remove overburden	topsoil - then revegetate

Overburden (~0.5m)

DSO Bauxite Horizon (1.5-3m) Ironstone Mottled Zone

Haul ore 5 - 22km to stockpile and barge loading

4	Load Large OGV's with Floating Crane

(1) As at 31 December 2023

3 | ASX : MMI | May 2024I

Highly experienced team with strong culture of safety, community and sustainability

Executive Leadership Team

Simon Wensley, CEO & Managing Director

• 34 years experience
• Ex Rio Tinto, Kobe Steel

Nathan Quinlin, Chief Financial Officer

• 15 years experience
• Ex Glencore, EY

Robin Bates, CoSec and General Counsel

• 20 years experience
• Ex Gladstone Area Water Board, CQU

Cherie Everett, GM - People and Culture

• 20 years experience
• Ex Volvo, Cancer Council

Gary Battensby, GM & Site Senior Executive

• 30 years experience
• Ex Cape Slattery Silica

Vincenzo De Falco, GM - Marine Supply &

Logistics

• 15 years experience
• Ex IMC, Louis Dreyfus Armateurs 4 | ASX : MMI | May 2024I

Board of Directors	Diverse Broader Team
Douglas Ritchie, Independent Non-Executive	360 employee & contractor workforce
Chair
▪	40 years experience
▪	Ex Rio Tinto	Indigenous employees from local
Simon Wensley, CEO & Managing Director	32% communities
▪	34 years experience
▪ Ex Rio Tinto, Kobe Steel

Mark Sawyer, Non-Executive Director

• 35 years experience
• Ex Xstrata, Glencore

Fiona Murdoch, Independent Non-Executive

Director

• 30 years experience
• Ex MIM, AMCI, SEQ Water

Andy Lloyd, Independent Non-Executive

Director

• 35 years experience
• Ex Rio Tinto

ASX MMI: Corporate snapshot prior to equity to debt raise on 1 May 2024

Share Price1			Shares on		Market
		Issue			Capitalisation
A$0.046	4,842 million	A$222.7 million
	Performance			Warrants2
	Rights
	124.6 million	116.1 million
Top Shareholders3						%
Greenstone Management			17.22%
Willims Group						8.93%
Nebari Natural Resources			8.70%
Balanced Property Pty Ltd			5.57%
Citicorp Nominees Pty Ltd			5.10%

Share Price Performance - Since Jan '224

$0.050

$0.046

$0.040

$0.030

$0.020

$0.010

$0.000
Jan 23	Mar 23	May 23	Jul 23	Sep 23	Nov 23	Jan 24	Mar 24

Sources: (1) FactSet. Market data as at 29 April 2024; (2) The exercise price of the warrants is $0.025 with a maturity 3 years from date of issue; (3) As at 29 April 2024; (4) FactSet. Share price performance between 1 Jan 2023 to 29 April 2024

5 | ASX : MMI | May 2024I

7 Mt/a expansion provides pathway to lowest global delivered cost supplier to China within steepening cost curve

China Seaborne Bauxite Supply and Costs 2022 and 20261

100		2022		2026

90

US$/DMT CIF Shandong

80

70

60

50

40

30

20

10

2026 2022

0

0

50

100

150

200

Supply (MT)

1st Quartile

2nd Quartile

3rd Quartile

4th Quartile

Source: (1) CM Group 2023

6 | ASX : MMI | May 2024I

Unique exposure to Australian bauxite at operational inflection point

Rare opportunity: large scale resource, simple operation, pathway to lowest cost supplier to China in 2026

1. 7+ million WMT, low-cost,high-grade, Australian bauxite producer - unique to ASX
2. Global Aluminium demand expected to rise by ~40% by 20301; robust supply/demand backdrop for bauxite price2
3. Track record of 6.0+ M WMT run-rate, guiding to 6.3 to 6.8 M WMT in 2024
4. Offtake underpins expanded production: 6.9 M WMT contracted in 2024
5. Cash generation inflection point: on-track to achieve site EBITDA of A$15/WMT3
6. Strong, simplified, flexible balance sheet: senior debt repayments due from Mar '25
7. Highly experienced team with strong culture of safety, community and sustainability
8. Enables multiple potential value-creation upside opportunities; targeting lowest cash cost supplier to China in 2026

Sources: (1) International-aluminium.org; (2) CM group; (3) Assumes average price excl. ocean freight costs of $57/WMT

7 | ASX : MMI | May 2024I

Global Aluminium demand expected to rise by ~40% by 20301

Aluminium central to long-term renewable energy generation/storage, Electric Vehicles (EVs) and electrification thematics

• Transitioning the world towards green energy sources will require 50% more aluminium than the electricity sector consumes today2.
• • "The growth in aluminium to electricity grids is more than double that of copper by 2030" - IEA
• Solar PV generation expected to double over the next 4 years3. Aluminium makes up 85% of the material used in solar panels by weight.

- "There is - and will be - no solar power without aluminium" - World Bank

▪ Wind turbines will require 35 million tons of aluminium per year by 20504 (4% of the materials used).

• EV car industry to increase global aluminium consumption by 60% to 31.7Mt in 20305.

- "40 million EV's by 2030 will transform aluminium demand" - CRU

Global Aluminium demand expected to rise by ~40% by 20301

35				2020		2030
62%
30
		22%
25
20
		50%
15		30%
10					46%	29%
							47%
								19%
5
0
Transport	Construction Electrical Machinery &		Packaging	Foil Stock	Consumer	Other
		Equipment				Durables

• China's total consumption of aluminium is expected to grow by 12.3 Mt to a total of 56.1 Mt in 2030 (47% of global demand)4
• Asia ex. China aluminium consumption growth is expected to grow by 8.6 Mt by 2030 with approximately 61% expected to come from India (35%), the Middle East (19%) and Japan (7%)4

Sources: (1) International-aluminium.org; (2) Ibid; (3) iea.org; (4) World Bank Report; (5) CRU (2021), Opportunities for Aluminium in a Post-Covid Economy

8 | ASX : MMI | May 2024I

Robust supply / demand backdrop for bauxite price

Australian bauxite price around US$55/DMT+, up 39% since Jan '221

	75	AUS HT	GUINEA LT
	70
	65
	60
/ DMT	55
US$
	50

45

40

35

Jan 22

Apr 22

Jul 22

Oct 22

Jan 23

Apr 23

Jul 23

Oct 23

Jan 24

Apr 24

• China imports a good proxy for APAC traded market
• Record bauxite imports to China in 2023, up 13% y-o-y
• Indonesia has ceased all bauxite exports, constraining global supply Forecast Bauxite Consumption China (2024 - 2032)1

	200
												184	183
	180								171	172	175
						166	166
						158
	160
				140	145
	140
			125
Tonnes	120	107
100
M Dry
80
	60
	40
	20
	0
		2021A	2022A	2023A	2024F	2025F	2026F	2027F	2028F	2029F	2030F	2031F	2032F

Market data from 7 January 2022 to 17 April 2024. Sources: (1) CM Group

9 | ASX : MMI | May 2024I

Offtake underpins expanded production: 6.9 M WMT contracted in 2024

New contracts with Lubei Chemical and a leading Aluminium producer add to existing baseload customers for 2024 offtake of 6.9 Mt

• Longstanding baseload customers Xinfa Group and Xiangsen Aluminium underpin offtake until 2026
• New offtake-contracts for 2024
• • Lubei Chemical up to 900 kt
  • Spot contracts agreed 540 kt
  • Longer term contracts under negotiation
• Mix of pricing terms
• • ~40% FOB over the next 3 years

Contract offtake - Xinfa

Contract offtake - Xiangsen

6.9

7.0

7.0

Contract offtake - Lubei Chemical

Contract offtake - Spot contract

Xiangsen LOI

Xinfa Option to Contract	4.6

Spot Exposure

3.4

2.7

• ~15% fixed price, remaining negotiated quarterly

2021

2022

2023

2024

2025

2026

10 | ASX : MMI | May 2024I