Metro Mining : Managing Director Presents to Queensland Exploration Council Investor Forum

QEC Investor Forum

ASX : MMI| 14 March 2017

Metro Highlights

Simple Project, Attractive Fundamentals, Proven Team, Near Term

Production & Compelling Economics

1

Transformational acquisition of project neighbour Gulf completed December 2016

2

Bauxite fundamentals & price outlook remain strong driven by growing China seaborne demand

3

Simple DSO project well located in Cape York with key freight advantage to China

4

Excellent economics confirmed by 2016 PFS for standalone Metro operation - low capex (~A$40m), high margins with average annual EBITDA of ~A$134m over 13 year LOM*

5

Attractive off-take secured with Xinfa, China's second largest bauxite importer

6

Clear development pathway being accelerated and optimised by proven team

7

Compelling investment proposition with production on track for H1 2018

ASX : MMI | QEC Investor Forum March 2017

• MMI confirms all material assumptions underpinning the production target and corresponding financial information continue to apply & have

  not materially changed as per Listing Rule 5.19.2.

  Fundraising Summary

  Metro is Undertaking an Equity Raising of up to approximately $52 Million

  • Institutional placement has raised $15.9 million

  • Underwritten 1 for 2 pro-rata non-renounceable entitlement offer to raise approximately $36.5 million underway

     Rights Issue Closes 17 March 2017

  • Proceeds from equity raising will enable Metro to:

     Continue to rapidly advance Bauxite Hills Mine into development by orderinglong lead time items providing environmental bonding so early works can commence and completing BFS and final project approvals

     Repay bridge loan facilities related to Gulf acquisition

  • Equity raising significantly sub-underwritten by Metro's long-term cornerstone shareholder Balanced Property

  • Post equity raising Metro will be fully funded to decision to mine

  • Bankable Feasibility Study (BFS) for Bauxite Hills Mine, incorporating benefits for Gulf acquisition, to be completed very soon

  • Metro rapidly progressing towards becoming a leading independent bauxite producer with full project construction on-track to commence H2 2017 with first production H1 2018

ASX : MMI | QEC Investor Forum March 2017

Market Metrics & Balance Sheet

Metro balance sheet will be significantly strengthened with ~$19 million in cash post equity raising

Key Information	Pre Equity Raising	Post Equity Raising3
Share Price (23-Feb-17)	$0.155	n/a
Shares outstanding	584.7m	1,004.0m4
Unquoted options	7.5m	7.5m
Market Capitalisation1	$90.6m	$143.0m5
Cash2	$7.2m	$18.9m
Debt2	($47.7m)	($7.0m)
Net Cash (Debt)	($40.5m)	$11.9m
Enterprise Value	$131.1m	$131.1m

1 Market capitalisation is based on the share price of $0.155 as at 23 February 2017

2 Cash & debt immediately pre and post raising. An assessment of debt to be drawn down from the Loan facility will be made after settlement of the entitlement offer.

3 Pro forma assumes Equity Raising gross proceeds of $52.4 million and debt repayment of $47.7 million and drawdown under the new loan facility of $7.0 million

4 Existing shares on issue plus 419.3 million new shares issued as part of the Equity Raising

5 Theoretical pro forma market capitalisation assumes pre-Equity Raising market capitalisation plus gross Equity Raising proceeds

ASX : MMI | QEC Investor Forum March 2017