Metro Mining : Investor Presentation July 2017

Investor Presentation

July 2017

1 ASX:MMI

Executive Summary

Metro is rapidly advancing its compelling Bauxite Hills Mine towards production in early 2018 1 2 3 Bauxite fundamentals & strong price outlook given rising China seaborne demand Simple DSO project well located in Cape York with low operating and logistics costs Compelling economics confirmed by 2017 BFS 4 Off-take Agreement (Xinfa) & non-binding Letter of Intent (Lubei) for ~60% of 4 years production 5 Attractive debt Financing Secured 6 All environmental approvals received. 7 Early works now underway with first production scheduled for 2018

1. | ASX : MMI | Investor Presentation | July 2017

   Corporate Snapshot

   Share Price

   Capital Structure
   Share Price (03-July-17)	$0.155
   Shares on Issue	1,004.0m
   Market Cap	$155.6m
   Options Unlisted	11.7m
   Cash (18-April-17)	$21.5m
   Unsecured Debt (18-April-17)	$15.0m
   Enterprise Value	$149.1m

   $0.18

   $0.16

   $0.14

   $0.12

   $0.10

   $0.08

   $0.06

   $0.04

   $0.02

   $0.00

   BUY (Jul-17)

   Target Price: $0.44

   Jan 2016 Apr 2016 Jul 2016 Oct 2016 Jan 2017 Apr 2017 Jul 2017

   Share Register

   Board of Directors
   Chairman	Stephen Everett
   Managing Director & CEO	Simon Finnis
   Non-Executive Director	Philip Hennessy
   Non-Executive Director	George Lloyd
   Non-Executive Director	Lindsay Ward
   Non-Executive Director	Mark Sawyer
   Non-Executive Director	Dongping Wang
   Non-Executive Director	Jijun Liu

   Other Shareholders

   41%

   20%

   Greenstone

   20%

   Balanced Property

   11%

   Institutions

   8%

   Dadi

2. | ASX : MMI | Investor Presentation | July 2017

   Key Achievements

   • Metro has completed several key milestones over the past 12 months to be primed for near term production

     1

     Acquired Gulf

     4

     

     • Doubled reserves Gained infrastructure

       Developed

     • Binding Sales Agreement for 7Mt over 4 years &

       LOI for 2.5Mt over 3 years

       • Customer Base

         25

         

         • Incorporated Gulf assets

     • Positive response from

       customers across China

       and internationally

       

     • Competitive and rigorous

       Expanded BFS

       • Staged development

       • Post tax NPV10 of $601m

   Debt Finance Secured

   process

   • Secured flexible, low

   and IRR of 81%

   cost debt facility of A$40m

   3

   Strengthened Balance Sheet & Share Register

   

   • Raised $52m of equity & repaid $40m bridge loan

   • Introduced several

     leading institutions to register

     6

     Received Environmental Approval

     

   • All environmental approvals received

   • Approval for up to 10Mtpa production

     7

     Continued support from Business "Partners"

     • Financing from Sprott,

       

       Greenstone & Balanced Prop

     • Xinfa Offtake Agreement

3. | ASX : MMI | Investor Presentation | July 2017