Metro Mining Limited · ASX:MMI
Metro Mining — Sydney Mining Club 2026
29 slides from Metro Mining's conference presentation, May 2026
Slide 1: MMI: Investor Update – Sydney Mining Club 2026
NOT FOR DISTRIBUTION IN THE US MMI: Investor Update Sydney Mining Club 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: Who we are…
The only pure bauxite producer on the ASX Who we are… Vision To be the Premier Bauxite Supplier Purpose To responsibly produce quality bauxite for our customers, deliver value to them, and our investors. We are a safe and supportive community, working together to provide opportunities for sustainabl
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 35 2020 2030 30 25 20 Recyclable 15 Packaging 10 5 Electricity 0 Transport Construction Electrical Machinery Packaging Foil Stock Cons. Other Tran
Slide 6: History & Location
History & Location • Bulk commodity bauxite producer - exported internationally to refineries • Bauxite comes from the renowned and well-regarded 'Weipa bauxite plateau' - high alumina • Flagship project - Bauxite Hills Mine which commenced operations at the Skardon River in April 2018 (95km north o
Slide 7: 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 8: Our team
Our team 8 | ASX : MMI | 2026
Slide 9: 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 10: A stable and high-performing leadership team
A stable and high-performing leadership team Simon Wensley Nathan Quinlin Robin Bates Paul Green CEO & Managing CFO CoSec and General EGM Bauxite Hills Director Counsel Operations 15 years experience 35 years 20 years experience 30 years experience experience Ex Glencore, EY Ex Gladstone
Slide 11: 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 12: HOW we execute
HOW we execute 12 | ASX : MMI | 2026
Slide 13: 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 14: High-grade, simple flow sheet
High-grade, simple flow sheetHigh • A strategic asset • Demonstrated resilience to waves & swell over other options • Peak loading rates to 3000 Tph • 10 NM offshore • 24/7 operation • 2 million litre diesel bunker capacity • 35 PAX live on board 14 | ASX : MMI | 2026
Slide 15: Invest in Metro Mining
Invest in Metro Mining 15 | ASX : MMI | 2026
Slide 16: 2025 Record shipments and margins
2025 Record shipments and margins 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 $35.4M Improved Safety & Environmental performance ASX: MMI Share Price (June 2025 to June 2026) vs
Slide 17: Aluminium will pull through alumina demand- but volatile
Aluminium will pull through alumina demand- but volatile ALUMINIUM ALUMINA 2025 - US Tariff Impact short-lived 2025 - 2024 price highs incentivise new capacity - China pumped renewables - New capacity fast tracked: China & Indo - Copper price drives substitution - Refineries installing high temp tec
Slide 18: Record bauxite trade, further disruption in Guinea likely
Record bauxite trade, further disruption in Guinea likely Continuing record traded bauxite demand in Asia. 201 Million DMT imported to China in CY2025, 26% increase YoY as refinery capacity grew and domestic bauxite production dropped. A further 30 M DMT is consumed in other parts of Asia. Overs
Slide 19: Industry structure is evolving in Metro's favour as West African delivered costs increase
Industry structure is evolving in Metro’s favour as West African delivered costs increase over time China Seaborne Bauxite Supply and Costs 2022, 2025 and 20301 100 Assumes no lasting impact from the Gulf 90 War on Freight Costs 80 70 US$ / DMT CIF China 60 50 2030 40 2025 30 2030 2022 2022 2025 For
Slide 20: 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 21: War impact on freight drives substantial increase in Guinea cost
War impact on freight drives substantial increase in Guinea cost Spot and forward freight rates and fuel prices have risen substantially due to Gulf war, likely to be higher for longer Has added more than US$ 15/DMT to Guinea freight rates Ship arrivals in Guinea on track to more than halve ov
Slide 22: 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 Included in R&R statement • ~52 M WMT in-situ bauxite B: Exploration • Adjacent to current reserves/pits • Likely requires benefici
Slide 23: Technology promises to further expand Resources
Technology promises to further expand Resources 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 methodolog
Slide 24: 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 25: 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 26: 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 27: 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 35% • 180 direct employees based in the FNQ region (63% total employee workforce) • $23.1m FNQ salaries for direct employees • Launch o
Slide 28: Key Takeaway Messages
Key Takeaway Messages 1. Upstream exposure to high growth aluminium sector 2. Long mine life, high quality ore with expansion options 3. Simple, low cost and scalable operating model 4. Industry structure getting more attractive and working in our favour- Guinea the OPEC of Bauxite 5. Metro net bene
Slide 29: For Further Information Contact
For Further Information Contact: Investor Relations: Peter Taylor Peter@nwrcommunications.com.au Ph: +61 (0) 4120 3631