Metro Mining (MMI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional landowners and respect for Indigenous communities at Bauxite Hills Mine; quorum confirmed and live stream provided for remote attendees.

• Board and executive team introduced, including new directors and key management.

• Agenda included operational update, financial review, formal resolutions, and Q&A.

Financial performance review

• Achieved record 24% year-on-year production increase, shipping 5.7 million wet metric tons in 2024.

• Revenue rose 30% to AUD 307 million, with underlying EBITDA at AUD 37 million, up 100%.

• Market capitalisation increased 300% to AUD 364 million by year-end; share price tracked from Jan 2024 to May 2025.

• Equity raise of AUD 45 million completed; junior debt of AUD 39 million repaid; net debt at AUD 51 million by year end; senior debt refinanced at lower rates.

• Margins increased to $17.8/WMT by Q4 2024; cash equivalents rose to $31 million, up 255%.

• 2025 production and shipment guidance set at 6.5–7 million wet metric tons; expansion to 7Mt/a executed, targeting 8Mt/a in 2026 and beyond.

Board and executive committee updates

• Two new directors, Jo-Anne Scarini and Paul Lucas, joined and stood for election.

• Board led by experienced Chair and CEO, with stable management team and deep industry expertise; key executives have backgrounds in major mining and industrial companies.

• External review found executive remuneration below market; framework redesign underway.

• One-off management performance incentive implemented for retention and reward.