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Noosa Mining Conference
July 2019
Investment Rationale
2 | ASX : MMI | July 2019
Strongly Growing Market
Long Life Mine
Enduring Geographical
and jurisdictional
Competitive Advantage
Generating Cash
Revenue Earning
Simple Project –
Low CAPEX & OPEX
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
Ju
n-1
6
Ju
l-1
6
Au
g-1
6
Se
p-1
6
Oc
t-16
No
v-1
6
De
c-1
6
Ja
n-1
7
Fe
b-1
7
Ma
r-17
Ap
r-17
Ma
y-1
7
Ju
n-1
7
Ju
l-1
7
Au
g-1
7
Se
p-1
7
Oc
t-17
No
v-1
7
De
c-1
7
Ja
n-1
8
Fe
b-1
8
Ma
r-18
Ap
r-18
Ma
y-1
8
Ju
n-1
8
Ju
l-1
8
Au
g-1
8
Se
p-1
8
Oc
t-18
No
v-1
8
De
c-1
8
Ja
n-1
9
Fe
b-1
9
Ma
r-19
Ap
r-19
Ma
y-1
9
Ju
n-1
9
Ju
l-1
9
19.8%
15.9%
10.2%
5.6%6.0%
42.5%
3 | ASX : MMI | July 2019
Share Register
Greenstone
Balanced Property
BlackRock
DADI
Other Institutions
Other Shareholders
Share Price (15 July 2019) A$0.12
Shares on Issue 1,383.4M
Market Capitalisation A$166.0M
Options Unlisted 30.1M
Cash and Receivables (30-June-2019) A$29.5M
Debt Facilities A$42.1M
Enterprise Value A$178.5M
Capital Structure Share Price Performance
Price ($) Volume (m)
Board of Directors
Independent Chairman Stephen Everett
Managing Director & Chief Executive Officer Simon Finnis
Non-Executive Director Mark Sawyer
Independent Non-Executive Director Philip Hennessy
Independent Non-Executive Director Fiona Murdoch
Share Price & Corporate Structure
Share Price Performance
4 | ASX : MMI | July 2019
Key Ingredient for Manufacturing Aluminium
Key Bauxite Value Drivers
Grade Alumina content ranges from 30% - 65% and silica ranges from 2% - 30%
Location Proximity to buyer, supply reliability and sovereign risk
1 tonne aluminium2 tonnes alumina ==4-6 tonnes bauxite
Bauxite is the Primary Ore of Aluminium
5 | ASX : MMI | July 2019
86%84%
81%
76%74% 72%
69%
63% 62%
56%55% 52%
47% 44% 42%41% 40% 40%
25.827.2
28.6
31.233.5 35.3
37.5
41.844.2
45.9 49.751.6
56.5
62.6 67.070.4 75.3 79.4
14%3.5
16%4.2
19%5.4
24%7.4
26%8.8
28%9.7
31%11.7
37%15.4
38%16.8
44%20.0
45%22.4
48%24.6
53%30.1
56%35.3
58%38.7
59%41.7
60%44.9
60%47.9
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Pe
rce
nta
ge
of
Ch
ina
Al C
ap
ac
ity in
Wo
rld
To
tal
ROW Al Capacity(MT) World Total Al Capacity(MT) China's Al Capacity(MT)
Source: IAI, CM Analysis
China vs ROW Primary Aluminium Capacity
2000 – 2018 (Mtpa) Source: CM Group
6 | ASX : MMI | July 2019
Source: CM Group
China Demand Outlook Remains Strong
Source: CM Group
7 | ASX : MMI | July 2019
▪ Guinea now largest
supplier to China. But
98% of exports are
from the Chinese-
controlled SMB-WAP
▪ Australia's supply
is steadily growing,
up 4.1Mt (16%) in
2018 to 29.6Mt
▪ Indonesia & Malaysia
now less relevant
▪ Ocean freight on an
upward trend
▪ 2019 Bauxite imports
estimated at 95.0MtSource: China Customs, CM
China’s 2018 Bauxite Imports
8 | ASX : MMI | May 2018
Source: CM Group
Alumina Producers China
Main Bauxite Consuming Provinces
5. Guizhou (10MT)
4. Guangxi (18MT)
3. Henan (27MT)
2. Shanxi (49MT)
1. Shandong (65MT)
Liaoning Province and Inner Mongolia
Emerging as major new players, with several
projects planned or under construction
5
4
21
3
Source: CM Group
◼ China imports continue to increase with total 2018 imports exceeding 82M WMT
◼ Bauxite prices in an upward trend with CBIX bauxite index currently US$52.60 DMT (dry metric tonne)
◼ Strong demand for Metro’s bauxite from Chinese inland Refineries as domestic bauxite supply has been hindered by resource
depletion, recent mine closures and environmental audits
9 | ASX : MMI | July 2019
Source: CM GROUP
CBIX Bauxite Index – Last 12 Months
Bauxite Market & Price Outlook
40.0
42.0
44.0
46.0
48.0
50.0
52.0
54.0
56.0
Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19Mar-19 Apr-19 May-19 Jun-19
CBIX Bauxite Index – Last 12 Months
China Bauxite Consumption
So
urc
e: C
M G
rou
p
0
50
100
150
200
250
2015A 2016A 2017A 2018A 2019F 2020F 2021F 2022F 2023F 2024F 2025F
Ch
ina
Ba
uxite
Co
nsu
mp
tio
n (
MT)
Domestic Source Imported Source
10 | ASX : MMI | July 2019
◼ DSO - virtually no overburden, no blasting, no
engineering or pit design required, no processing
◼ To ensure quality there are sophisticated processes
around mine planning and quality control.
Bauxite Hills Project
Clear vegetation &
remove overburden
Return overburden & replace
topsoil - then re-vegetate
Overburden (~0.5m)DSO Bauxite Horizon (1.5-3m)IronstoneMottled Zone
Haul ore 5 – 22km to stockpile
and barge loading
Load bauxite on bulk carrier for
transport to China
Tranship ore down Skardon River
11 | ASX : MMI | July 2018
Metro’s Road to Production!
Gained control of Bauxite
Hills in early 2015Financed and constructed all in
2017 – CAPEX A$37M
Takeover of Gulf – doubled
resource and reserve – Dec 2016July 2019 – 3Mt Mined
Dec 2018 – 3.5Mt Expansion
April 2018 – 1st Production
12 | ASX : MMI | July 2019
$23.7 $24.7 $24.2 $24.3
$22.7 $25.0 $23.8$15.7
$53.3
$60.7$57.0
$52.3
$46.4$49.7 $48.1
$40.0
Sept Qtr Dec Qtr 6-months
to Dec-18
BFS Estimate
(Year 1)Site Costs Non-Site Costs Avg. Price Received
(Pric
e R
ec
eiv
ed
/Op
era
tin
g C
ost
A
$/W
MT)
Revenue
$93.2M
2018 2H Operating Costs & Realised Prices
Mined Shipped
June Qtr Sept Qtr Dec Qtr Mined Shipped
2018 2H Results
Mine
EBITDA
$13.1
445
2047859
743
Ba
uxite
To
nn
es
(WM
T)
399
2,037822
816
2018FY Production and Shipped Bauxite
2018 Production Guidance Achieved
13 | ASX : MMI | July 2019
✓ Add Jaw Crusher to treat oversized material
✓ Increase the current haulage fleet
✓ Increase the screening capacity at the Port
✓ Supplement the marine fleet and infrastructure
2,047
3,000 3,000
500
2018Actual
2019 2019 Expanded
Ba
ux
ite
To
nn
es
(WM
T)2019 Production Expansion
2019 Expansion to 3.5Mt
Capital Cost $6.8M
Summary of Key Improvements
14 | ASX : MMI | July 2019
Revenue
$48.4M
* Note: Non-Site Costs refers to ocean freight
and royalties
Mine
EBITDA
$9.1M
2019 June Qtr Results
$35.51 $21.94 $19.87 $23.47
$23.05
$22.76 $23.03 $22.94
$60.21 $54.86
$58.12 $57.26
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
April May June June Qtr
A$
/WM
T
Site Costs Non-Site Costs Average Sales Price Received
$58.56
$42.90$46.41$44.70
2019 June Qtr Operating Costs & Realised Prices
124k 151k
329k 311k
427k 374k
880k 836K
Ba
uxite
To
nn
es
(WM
T)
Mined Shipped
2019 June Qtr Production and Shipped Bauxite
April
June
June Qtr
May
15 | ASX : MMI | July 2019
Future Growth
* Subject to Board Approval
Extended Mine Life
Strong Stage 2 Production Expansion
Steady State Production Post Stage 2 Expansion Based on Current Mine LifeStage 1 Stage 2*
Ba
ux
ite
To
nn
es
Millio
n (W
MT)
0
1
2
3
4
5
6
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
2019
Expanded
Production
Resource down
6.4Mt (4.6%) to
138.2Mt (dry)
Reserve up
17.3Mt (18.8%)
to 109.5Mt (wet)
Stage 2
Expansion DFS
update
▪ Depletion by mining
▪ Conversion of existing resources
▪ Moisture assumption adjustment based on operational experience
▪ Definitive Feasibility Study largely complete
▪ Further detailed work on the floating ship-loader actioned
▪ Expansion sets mine up for next 15 years & vital to take time for informed decision
▪ Results within August
▪ Depletion by mining
▪ Adjustment to dry bulk density
▪ Measured category up 42.8%
16 | ASX : MMI | July 2019
◼ Relationship continues to
grow and flourish
◼ Metro a key part of
Northern Cape York
Community
◼ Current Indigenous
employment is 39% (target
20%)
◼ Business opportunities for
indigenous groups being
assessed with one already
in place
Positive Community Relationships
Investment Rationale
17 | ASX : MMI | July 2019
Strongly Growing Market
Long Life Mine
Enduring Geographical &
jurisdictional competitive
advantage
Generating Cash
Revenue Earning
Simple Project –
Low CAPEX & OPEX
For Further Information
Contact: Simon Finnis – Chief Executive Officer & Managing Director | Chief Financial Officer – Duane Woodbury
Ph: +61 (0) 7 3009 8000 | Head Office: Lvl 2, 247 Adelaide Street, Brisbane Q 4000 | GPO Box 10955, Brisbane Q 4000
19 | ASX : MMI | July 2019
FORWARD LOOKING STATEMENT
Statements and material contained in this ASX Announcement, particularly those regarding possible
or assumed future performance, production levels or rates, commodity prices, resources or potential
growth of Metro Mining Limited, industry growth or other trend projections are, or may be, forward
looking statements. Such statements relate to future events and expectations and, as such, involve
known and unknown risks and uncertainties. Graphs used in this ASX Announcement (including data
used in the graphs) are sourced from third parties and Metro Mining has not independently verified
the information. Metro Mining is at an early development stage and while it does not currently have
an operating bauxite mine it is taking early and preliminary steps (such as but not limited to
Prefeasibility studies etc.) that are intended to ultimately result in the building and construction of an
operating mine at its project areas. Although reasonable care has been taken to ensure that the facts
stated in this ASX Announcement are accurate and or that the opinions expressed are fair and
reasonable, no reliance can be placed for any purpose whatsoever on the information contained in
this document or on its completeness. Actual results and developments may differ materially from
those expressed or implied by these forward-looking statements depending on a variety of factors.
Nothing in this ASX Announcement should be construed as either an offer to sell or a solicitation of an
offer to buy or sell shares in any jurisdiction.
COMPETENT PERSON’S STATEMENT
The information in this report that relates to the Bauxite Hills Mine Mineral Resource is based on
information compiled by Ed Radley who is a consultant to Metro Mining and a Member of the
Australian Institute of Mining and Metallurgy (MAusIMM)). Mr Ed Radley has sufficient experience
which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of
the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Mr Ed Radley has consented in writing for inclusion in this Report the matters based on the
information in the form and context it appears.
COMPETENT PERSON’S STATEMENT
The information in this ASX Announcement to which this statement is attached that relates to the
“Metro Mining – Bauxite Hills” Reserves is based on information compiled by MEC Mining and reviewed
by Edward Bolton, a Competent Person who is a Member of the Australasian Institute of Mining and
Metallurgy. Edward Bolton is a full-time employee of MEC Mining Pty Ltd. Edward Bolton has sufficient
experience that is relevant to the style of mineralization, type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Edward
Bolton consents to the inclusion in the report of the matters based on his information in the form and
context in which it appears. Competent Person Statement:
COMPETENT PERSON’S STATEMENT
The information in this report that relates to Exploration Results is based on information compiled by
Neil McLean who is a consultant to Metro Mining and a Fellow of the Australian Institute of Mining
and Metallurgy (F.Ausimm). Mr McLean has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves’. Mr McLean consents to the inclusion in
the report of the matters based on information in the form and context in which it appears.
Disclaimer
Bauxite Hills Mine Snapshot
20 | ASX : MMI | July 2019
Key Statistics
Pro
jec
t O
ve
rvie
w
Ownership: Metro (100%)
Commodity Bauxite
Location: Cape York, Qld
Product Type Direct Shipping Ore
Contained Mineral: Reserves 109.5Mt1 Resources 138.2Mt1
Mining Mine Type Surface mining Status Operational
Op
era
tio
na
l O
ve
rvie
w
Commenced Mining April 2018
2018 Production ~2.04M WMT
2019 Production ~3.4M WMT
Future Production2 ~6M WMT pa (from 2021)
Mine Life 19 years1
Operations Mining & transhipment
Workforce ~240 personnel
1.ASX Release 17 July 2019 2. subject to Board approval of expansion to stage 2
Loc
atio
n