Metro Mining Limited · ASX:MMI

Metro Mining — Shaw & Partners Conference February 2022

13 slides from Metro Mining's conference presentation, Feb 8, 2022

1. Slide 1: Shaw & Partners Conference

   ASX ANNOUNCEMENT 8 February 2022 Explore | Define | Mine Shaw & Partners Conference February 2022

2. Slide 2: Simple High-Quality Bauxite Operation

   Simple High-Quality Bauxite Operation Metro second significant exporter out of Weipa Clear vegetation & Return overburden & replace remove overburden topsoil - then revegetate  1963 COMALCO starts commercial production in Weipa  2008 First long term contracts from Weipa to China Overburden (~0.5m)

3. Slide 3: Transformation Initiatives Implemented

   Transformation Initiatives Implemented 2022 de-risked with multiple pathways to Stage 2 Expansion established Main Features Key Implications  New management team from July’21, delivering  2.8 Mt shipments for 2021 at improved prices change  2 base-load customer: 4 Mt* target for 2022 nd  A$ 25.5

4. Slide 4: Metro Contestable Market to Grow by 100%

   Metro Contestable Market to Grow by 100% Probable >30 Mt/a increase in High Temp segment in China  By 2031 CM Group forecast 30 Mt/a increase in Chinese bauxite Bauxite Imports into China by Segment (WMT) market but 80 Mt/a increase in imports as inland refineries switch from domestic bauxite  Met

5. Slide 5: Off-take and Forwards Sales Book Firming

   Off-take and Forwards Sales Book Firming Xinfa and Xiangsen Aluminium underpin 4 Million WMT capacity  Xinfa relationship supportive long term. Transition contract in 2022 7 before FOB contract commences in 2023 Stage 2 Expansion Production - 6 Million WMT per annum 6  Xiangsen Aluminium now estab

6. Slide 6: New Floating Crane Barge Commissioned

   New Floating Crane Barge Commissioned A rapidly executed transformational improvement to Metro’s delivered cost base  Floating Platform studied as part of Stage 2 Expansion BFS in 2019 (Capex circa $60 M; debt financed by NAIF loan)  New management identified new but smaller Damen (NL) design barg

7. Slide 7: Cost Reduction Initiatives Aid Margin Recovery

   Cost Reduction Initiatives Aid Margin Recovery Immediate focus and good traction on cost saving initiatives at site and corporate  Mine cost and productivity drive starting in July has Full FY analysis removed over A$6 M of costs in 2H 2021 2021 Avg Price  Restructured rosters to 3 MT rate to redu

8. Slide 8: Floating Crane Pivot Provides Options

   Floating Crane Pivot Provides Options Options remain open to achieve Stage 2 Expansion 3 to 4 Mt/a scale 4 to 6+ Mt/a scale 2023 2 x Floating Crane Capesize Vessel (180 kt) Capex ~A$ 20 M Q3 2021 Current Self Loading geared 1 x Floating Crane Ultraclass Vessel (60 kt) Capesize Vessel (180 kt)  Metr

9. Slide 9: Lowest Global Delivered Cash Cost Positioning

   Lowest Global Delivered Cash Cost Positioning Metro enters Q1 with Floating Crane then No 1 position with Stage 2 expansion China Seaborne Bauxite Supply Cash Cost Curve 2022 and 2026 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 2022 2026 9 | ASX : MMI | February 2021 I China Seaborne Bauxite

10. Slide 10: Metro Investment Thesis

    Metro Investment Thesis High quality operating mine with post COVID recovery underway and pathway to growth  100 Mt reserve, 17-year life bauxite mine. World class Weipa bauxite province. Current capacity ~4 Mt pa  Expansion to ~6 Mt/a when additional offtake locked in, projected costs to market l

11. Slide 11: Explore | Define | Mine

    MINING LIMITED Explore | Define | Mine

12. Slide 12: Forward Looking Statement Competent Person's Statement

    FORWARD LOOKING STATEMENT COMPETENT PERSON’S STATEMENT Statements and material contained in this Presentation, particularly those regarding possible or Any information in this report to that relates to the “Metro Mining – Bauxite Hills” Reserves is based on assumed future performance, production lev

13. Slide 13: ASX Announcement Forward Looking Statement

    importa formation FORWARD LOOKING STATEMENT Statements & material contained in this ASX Release, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of Metro Mining, industry growth or other trend projection

Metro Mining — Shaw & Partners Conference February 2022 on 6ix