Metro Mining Limited (ASX: MMI) has released its half year financial results for the period ended 30 June 2022, recording a loss for the half-year of $29.4 million (30 June 2021: loss of $87.1 million). The financial performance for the half-year period was impacted by the following operational and seasonal factors: The planned wet season shutdown of operations from 16 February 2022 to 10 April 2022; An increase in unplanned maintenance on an ageing heavy truck fleet in April 2022; since remedied by short-term replacement hire for the remainder of the financial period; and Unseasonably poor weather conditions impacting shipping at Skardon River in May and June 2022

During the half-year period Metro has reduced uncertainty and exposure to volatility through the following measures: Ocean freight exposure has been reduced with the execution of Contracts of Affreightment, resulting in freight coverage on substantially all CIF contracted sales through to 2024; Foreign currency exposure is being managed through foreign exchange hedging instruments in place for the remainder of the financial period; and Expansion of the Bauxite Hills Mine from 4 to 7 million Wet Metric Tonnes (WMT) capacity per annum has been approved by the Board, subject to financing. The expansion is underpinned by a definitive feasibility study and additional offtake from foundation customer Xinfa, increasing the Group's committed offtake volume to 5 million Dry Metric Tonnes (DMT) for 2023 and 6 million DMT for 2024.

Subsequent to the half-year period, Metro successfully completed a $25.4 million two-tranche capital placement, comprised of $18.9 million in additional funds and a $6.5 million loan conversion of a portion of the short-term working capital facilities, and a Share Purchase Plan capped at $2 million. The first placement tranche of $14.9 million was received in August 2022 with the second placement tranche, comprised of the remaining $4.0 million in additional funds and loan conversion, subject to shareholder approval at an Extraordinary General Meeting to be held on 15 September 2022.

Contact:

P: +61 (0) 7 3009 8000

E: info@metromining.com.au

W: www.metromining.com.au

FORWARD LOOKING STATEMENT

Statements & material contained in this ASX Release, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of Metro Mining, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events & expectations and, as such, involve known and unknown risks & uncertainties. Although reasonable care has been taken to ensure facts stated in this Release are accurate and/or that the opinions expressed are fair & reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results & developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this Release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

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