Metro Mining
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Metro Mining (MMI) investor relations material

Metro Mining Q4 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 TU earnings summary28 Jan, 2026

Executive summary

  • Achieved record annual shipments of 6.2 million metric tons/WMT, up over 9% year-over-year, meeting the lower end of revised guidance for 2025 despite Q4 shortfalls from weather and operational issues.

  • Q4 shipments reached just under 2.1 million tons (2.06 million WMT), up 1% YoY, but below plan due to maintenance, weather, and barge loading facility breakdown.

  • Ended the year with just under AUD 60 million in cash and senior debt reduced to AUD 62 million; unrestricted cash at year-end was A$57.5M.

  • Legacy fixed-price contracts that negatively impacted Q3 and Q4 pricing are nearly complete, positioning for improved market pricing in 2026; only one vessel remains under this contract.

  • Executive leadership restructured to enhance supply chain integration and cost efficiency.

Financial highlights

  • Achieved average CIF price of $8.74 per wet ton and A$73.7/WMT, a 16% increase from Q3; legacy contracts weighed on FOB netback prices, with average FOB revenue at A$49.1/WMT.

  • Maintained double-digit EBITDA margins despite cost pressures and royalty timing differences; site EBITDA for Q4 was A$12.0M, down from A$17.4M YoY.

  • Site unit costs increased 11% to A$28.5/WMT due to lower shipping volumes and increased clearing/stripping activity.

  • Net cash from operating activities for Q4 was A$46.4M.

  • Secured debt reduced to US$41.5M after US$7.6M in repayments during the quarter.

Outlook and guidance

  • Full delivery of expanded production volume targeted for 2026, with significant improvement in FOB pricing and margin as legacy contracts roll off.

  • Mine operations to recommence in mid-March 2026, leveraging economies of scale for cost benefits.

  • Strategic focus on meeting expansion targets and improving operational reliability through maintenance and channel upgrades.

  • Board to consider dividend payment at February meeting, reflecting strong cash position and reduced debt.

  • Mining lease application for Pit 5 expected in Q3 2026 to support long-term expansion.

Impact of legacy contract completion on 2026 margins
Ikamba dry-docking impact on 2026 operational reliability
Bauxite pricing outlook for Q1 2026
Cash surety replacement by bank guarantees timing?
Criteria for non-Bauxite M&A opportunities?
Operational improvements for unit cost reduction?
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Frequently asked questions

Metro Mining Limited is an Australian mining company focused on the exploration, development, and production of bauxite. The company operates the Bauxite Hills Mine in northern Queensland, supplying bauxite for use in the global aluminum industry. Metro Mining’s activities include the mining, transportation, and shipping of bauxite to key markets, particularly in Asia. The company is headquartered in Brisbane, Australia, and its shares are listed on the ASX.

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