Metro Mining Limited · ASX:MMI
Metro Mining — Noosa Mining Conference 2026
18 slides from Metro Mining's conference presentation, July 2026
Slide 1: MMI: Investor Update
NOT FOR DISTRIBUTION IN THE US MMI: Investor Update Noosa Mining July 2026
Slide 2: Disclosures
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
Slide 3: Acknowledgement of Country
Acknowledgement of Country Metro Mining works on the land and waters of the Ankamuthi People at the Bauxite Hills Mine at Skardon River. Metro Mining acknowledges the Traditional Custodians of Country, and we recognise their continuing connection to lands, waters and communities. We pay our respects
Slide 4: Metro Mining: Key Foundations to Value
Metro Mining: Key Foundations to Value Upstream exposure to high growth aluminium sector ASX: MMI Share Price (Jan 2024 to July 2026) vs ASX Materials LOW Long mine Simple and COSTS, life, high scalable quality ore operating high with model margins AT expansion options SCALE Industry structure getti
Slide 5: The Essential Energy Transition Mineral
The Essential Energy Transition Mineral Bauxite: the raw material to make primary aluminium EVs Batteries High Grade Bauxite Alumina Aluminium Renewables Aluminium Production Growth (MT, %) 90 1.9% 3.2% 3.0% 2.1% 0.7% 5.2% 3.6% 1.7% 2.5% 80 70 Recyclable 60 Packaging 50 40 30 20 10 Electricity 0 Tra
Slide 6: History & Location
History & Location • Bulk commodity bauxite producer - exported internationally to refineries • Bauxite Hills Mine, 95 km Noth of Weipa • Renowned 'Weipa bauxite plateau' - high alumina • Commenced operations at the Skardon River in 2018 • Production season typically March to January • ~500 FTE empl
Slide 7: Since 2021 MMI has executed a simple sound strategy….
Since 2021 MMI has executed a simple sound strategy…. Market Increase Increase Fast-track Recapitalise New Team & Reposition & Control & De- Resilience of Expansion for & Fund the Turnaround Increase Off- risk Logistics the Operation Economies of Business Operations take Quality Supply Chain to Weat
Slide 8: 2025 Record shipments and margins
2025 Record shipments and margins Highlights Record Shipments Yr end debt $58.9M vs Cash $58M Record Underlying EBITDA Foreign currency gain $35.4M NPAT up $164.3M Improved Safety & Environmental $23.3 M debt principal repaid performance 8 | ASX : MMI | 2026
Slide 9: Metro Mining: Low-cost, High-grade, Australian bauxite producer
Metro Mining: Low-cost, High-grade, Australian bauxite producer 1. Remove 2. Mine & Haul ore to 3. Screen bauxite 4. Load barges with 5. Tow barges to 6. Load OGVs using overburden port stockpile <100mm barge loader offshore anchorage transhippers High quality Direct Shipping Ore (DSO) Simple flow
Slide 10: Industry structure is evolving in Metro's favour as West African delivered costs increase
Industry structure is evolving in Metro’s favour as West African delivered costs increase over time China Seaborne Bauxite Supply and Costs 2022, 2025 and 20301 100 Assumes no lasting impact from the Gulf 90 War on Freight Costs 80 70 US$ / DMT CIF China 60 50 2030 40 2025 30 2030 2022 2022 2025 For
Slide 11: MMI 7 Mt/a expansion provides pathway to lowest global delivered cost supplier to China
MMI 7 Mt/a expansion provides pathway to lowest global delivered cost supplier to China China Seaborne Bauxite Supply and Costs 2022, 2025 and 20301 100 90 2026 2022 80 70 US$ / DMT CIF China 60 50 2030 40 2025 30 2022 20 0 75 150 225 300 Supply (MT) 1st Quartile 2nd Quartile 3rd Quartile 4th Quarti
Slide 12: High freight and wet season disrupting Guinea exports
High freight and wet season disrupting Guinea exports Record bauxite demand in 1H 2026, but oversupply from Guinea has caused prices to drop Supply rebalancing with high freight rates, diesel costs and wet season pushing up delivered costs from West Africa Also some some discussion of quotas o
Slide 13: Capital allocation framework
Capital allocation framework Unlock value with capital discipline Secure Invest Grow Deliver • Balance sheet • Prioritise organic growth • Identify synergistic M&A • Deliver value to strengthened: $23m of with rapid payback to projects that leverages shareholders via debt repaid and a achieve A$1bn
Slide 14: Resource & Reserve Expansion
Resource & Reserve Expansion Multi-Focused Priority 2026/27 Build on ~70 Million WMT Reserve A: Resources & Reserves: Adding and conversion Bauxite Hills Mine Resources B: Exploration Included in R&R statement Early-Stage Exploration Prospectivity uncertain • ~52 M WMT in-situ bauxite • Adjacent to
Slide 15: Screening Technology demonstrated, Resource & Reserve review
Screening Technology demonstrated, Resource & Reserve review Trials completed on Wet Screening and Dry Screening; feasibility achieved for dry screening • Proven methodology to upgrade resources by removing the finer material Wet Plant Trial (less than 1.2mm) • More detailed mineralogical review of
Slide 16: 2H 2026 Share Price Catalysts
ASX: MMI- 2H 2026 Share Price Catalysts Production & margins 2H production target 5 million WMT (CY Guidance of 6.6 to 7.1 million WMT) 2H delivered costs US$30/dmt Market Continued high fuel prices driving up freight and mine costs- disproportionately affecting Guinea Further expected Suppl
Slide 17: Highly Capable and deeply experienced Board
Highly Capable and deeply experienced Board Douglas Simon Dr Jennifer Hon Paul Andrew Ritchie Wensley Purdie Lucas Lloyd Independent Managing Independent Independent Independent NE Chair Director NED NED NED 40 years 35 years 38 years 30 years 35 years experience experience experience expe
Slide 18: For Further Information Contact
For Further Information Contact: Investor Relations: Peter Taylor Peter@nwrcommunications.com.au Ph: +61 (0) 4120 3631