Metro Mining Limited · ASX:MMI
Metro Mining — Shareholder Meeting (April 2026)
22 slides from Metro Mining's shareholder meeting presentation, Apr 22, 2026
Slide 1: 2026 Annual General Meeting - MD's Presentation
METRO MINING LTD (ASX: MMI) 2026 ANNUAL GENERAL MEETING MD’S PRESENTATION 22 April 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 throughout Australia and we recognise their continuing connection to lands, waters and communities.
Slide 4: Highly Capable Board - Stable Management Team
Highly Capable Board- Stable Management Team BOARD Douglas Ritchie Simon Wensley Dr Jennifer Purdie Jo-Anne Scarini Hon Paul Lucas Andrew Lloyd Independent NE Chair CEO & Managing Director Independent NED Independent NED Independent NED Independent NED 40 years experience 35 years experience 3
Slide 5: 2025 Record shipments and margins
2025 Record shipments and margins 2025 Highlights Record Shipments Record Underlying EBITDA NPAT up $164.3M $23.3 M debt principal repaid Yr end debt $58.9M vs Cash $58M Foreign currency gain $35.4M Improved Safety & Environmental performance ASX: MMI Share Price (April 2025 to April 2
Slide 6: The Essential Energy Transition Mineral
The Essential Energy Transition Mineral Bauxite: the raw material to make primary aluminium EVs Batteries Renewables High Grade Bauxite Alumina Aluminium Aluminium growth by sector (MT) 35 2020 2030 Recyclable 30 25 Packaging 20 15 10 Electricity 5 0 Transmission Source: AAI 6 | ASX : MMI | 2026
Slide 7: Volatile industry outlook, Aluminium will pull through alumina demand
Volatile industry outlook, Aluminium will pull through alumina demand ALUMINIUM ALUMINA 2025 - US Tariff Impact short-lived 2025 - 2024 price highs incentivise new capacity - China pumped renewables - New capacity fast tracked: China & Indo - Copper price drives substitution - Refineries installing
Slide 8: Record bauxite trade, further disruption in Guinea likely
Record bauxite trade, further disruption in Guinea likely Continuing record traded bauxite demand in Asia. 201 Million DMT imported to China in CY2025, 26% increase YoY as refinery capacity grew and domestic bauxite production dropped. A further 30 M DMT is consumed in other parts of Asia. Overs
Slide 9: Industry structure is evolving in Metro's favour as West African delivered costs increase
Industry structure is evolving in Metro’s favour as West African delivered costs increase over time China Seaborne Bauxite Supply and Costs 2022, 2025 and 20301 100 Assumes no lasting impact 90 from Gulf War on Freight Costs 80 70 US$ / DMT CIF China 60 50 2030 40 2025 30 2030 2022 2022 2025 Forecas
Slide 10: 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 11: 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 12: Since 2021 MMI has executed a simple sound strategy
Since 2021 MMI has executed a simple sound strategy…. Market Increased 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 Wea
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 following with rapid payback to projects that leverages shareholders via $23m of debt repaid achieve A$1
Slide 14: Secure and Invest - 2025 targets update
Secure and Invest - 2025 targets update 2026 Targeted Maximise value at Skardon River with organic growth Value Drivers Progress 1. Lean, safe, productive lowest delivered cost producer Opex < US$30 2026 Budget /DMT CIF China Target 2. Resilient assets/business model mitigate wet season Debottleneck
Slide 15: Resource & Reserve Expansion
Resource & Reserve Expansion Multi Focused priority 2026/27 Build on ~70 Million WMT Reserve B: Exploration A: Resources & Reserves: Adding and conversion Bauxite Hills Mine Resources Early Stage Exploration Included in R&R statement Prospectivity uncertain • ~52 M WMT in-situ bauxite 1. Vrilya Poin
Slide 16: Resource & Reserve Expansion
Resource & Reserve Expansion Trials completed on Wet Screening and Dry Screening; plans for demonstration plant in 2026 • More detailed mineralogical review of resources to take advantage of Wet Plant Trial Metro’s relatively advantageous reactive silica levels • Proven methodology to upgrade resour
Slide 17: Beyond Skardon River - Inorganic Growth
Beyond Skardon River- Inorganic Growth Progressed from “where” to “how” to grow…. 1. Earn the right, demonstrate responsible stewardship • Stakeholder trust: Operational reliability, balance sheet strength, social license 2. Expansion within proven arenas • Natural synergy with current business • Fa
Slide 18: Metro's Core Competencies
Metro’s Core Competencies Disciplined Asset Development Capital efficiency & optimisation Reliable Responsible Margin Focused Route to Execution Market Safe, proven delivery shared Value-added marketing stakeholder trust & customer alignment Partnerships underpin value Specialist Logistics chain opt
Slide 19: ESG Framework
ESG Framework Strong ESG, Stronger Metro Mining: • Build a workplace people are proud of • Drive efficient, reliable operations • Maximise benefits for local stakeholders Structure that Drives Results: • Leverage Metro Mining’s current successes • Focus on meaningful impact for Cape York Communities
Slide 20: Focus on Indigenous Employment Levels & Community Support
Focus on Indigenous Employment Levels & Community Support Taking action to boost local employment: • Family friendly roster and dedicated flights to FNQ communities • 180 direct employees based in FNQ region (63% total employee workforce) • $23.1m FNQ salaries for direct employees 35% • Launch of th
Slide 21: Ikamba completed docking and en-route to Skardon River
Ikamba completed docking and en-route to Skardon River Offshore Floating Terminal : Ikamba • A strategic asset for Metro • Demonstrated resilience to waves & swell over other options • Has peak loading rates over 3000 Tph • 2 million litre’s diesel bunker capacity Ikamba dry dock • Batam Indonesia-
Slide 22: For Further Information Contact
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 22 | ASX : MMI | 2026