Metro Mining (MMI) Guidance summary

Opening remarks and agenda

• Webinar and presentation provided updates on recent activity, shareholder changes, and strategic outlook as of December 2024.

Guidance on key objectives

• Focus on ramping up to 7 million ton annual capacity, optimizing operations, and maximizing volume and margin in 2025.

• Emphasis on maintaining low-cost, high-grade bauxite production and further improving operational efficiency.

• Targeting cost reductions in real terms and higher margins, building on a $14/ton margin last quarter.

• Maintenance program scheduled for January and February, fully funded by recent debt restructuring.

• All junior debt to be repaid by year-end, eliminating those liabilities.

Market trends and strategic opportunities

• Bauxite and alumina prices at record highs, with Australian bauxite spot prices reaching US$88/DMT, up 120% since January 2022.

• Ongoing supply constraints in Guinea have removed ~14 Mt/a from the market, supporting strong pricing.

• Most 2024 sales to be on quarterly repricing, closely tracking spot market, with legacy contracts phasing out.

• Opportunity to capture spot price upside with additional volume beyond contracted sales.

• Kaolin resource development ongoing but focus remains on bauxite due to current high margins.