Metro Mining Ltd (Metro) is pleased to announce that is has signed a binding Letter of Intent (LOI) with LIEBHERR-MCCtec Rostock GmbH of Germany (Liebherr) which commits the parties to procure and manufacture respectively, a high capacity crane model CBG 360.

The production slot has been locked in for components to be delivered by March and April 2023 in Germany. The components will then be transported to the shipyard where the barge is being constructed. The CBG 360 is the latest technology crane from the Liebherr stable with a 36-tonne safe working lokad in open sea conditions.

It is substantially similar to the CBG 350 fitted to the floating crane currently working at the Bauxite Hills Mine but has a number of safety, performance and design upgrades which should enable reduced maintenance, faster loading of vessels and longer life. The crane unit is the key engineering component of the second floating crane barge, the critical path equipment of Metro's 7 Million WMT expansion project. The agreed cost is on budget and the delivery schedule is per the DFS announced in June 2022. Liebherr-MCCtec Rostock GmbH, founded in 2002, develops and manufactures ship cranes, mobile harbour cranes, and offshore cranes. It is part of the world renowned Liebherr group, which achieved a total turnover of EUR 11,639 million in 2021 and has almost 50,000 worldwide employees, with key sectors of construction machinery, mining, cranes and refrigeration.

Contact:

Tel: +61 (0) 7 3009 8000

Email: info@metromining.com.au

Web: www.metromining.com.au

FORWARD LOOKING STATEMENT

This announcement contains certain 'forward-looking statements' within the meaning of the securities laws of applicable jurisdictions. Forward- looking statements can generally be identified by the use of forward-looking words such as 'may,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'scheduled' or 'continue' or the negative version of them or comparable terminology. Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Metro does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.

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