Metro Mining Limited announced it has secured additional offtake agreements with China's Xinfa Aluminium Group for the equivalent of 1.0 million Dry Metric Tonnes (DMT), half on a CIF basis and half FOB. Metro's contracted tonnage for 2022 now totals 3.8 million Wet Metric Tonnes (WMT) with approx. 40% to be priced through the balance of the year. In addition, since January 2022, Metro has been active in the ocean freight market and has
secured Contracts of Affreightment (COA's) to the level of 2.0 million WMT for 2022. This includes
a three-year contract with Berge Bulk for approximately 1.5 million WMT per year with fixed price
and bunkers. These agreements substantially mitigate Metro's exposure to the freight market.