• Record Q4 shipments of 2.1 million wet metric tonnes (WMT), up 22% YoY
• Expansion delivers record CY 2024 shipments of 5.7 million WMT, up 24% YoY
• Q4 FOB pricing up 16% from Q3 2024 reflecting strong market conditions

Metro Mining Limited (ASX: MMI) delivered its Q4 2024 operational update, reporting record Q4 shipments of 2.1 million wet metric tonnes (WMT), up 22% year-on-year. For the calendar year 2024, the company achieved record shipments of 5.7 million WMT, up 24% year-on-year. The strong performance was driven by the successful expansion of the Bauxite Hills Mine, with key assets such as the Ikamba Offshore Floating Terminal, additional barges and tugs, and a new wobbler screening circuit demonstrating their ability to consistently operate at the expanded production target rate of 7 million WMT per annum. During the quarter, Metro also completed the refinancing of its senior debt and private royalty, and repaid its remaining junior debt, further strengthening its balance sheet. The company's average FOB equivalent prices rose approximately 32% from Q3 2023 and 16% from Q3 2024, reflecting the tightness in the traded bauxite market and higher alumina prices. Metro's customer portfolio was also enhanced with the signing of multi-cargo contracts with Aluminium Corporation of China (Chalco), Shandong Lubei Chemical (Lubei), and Emirates Global Aluminium (EGA), in addition to existing contracts with Xinfa Aluminium Group. The company's financial position remained strong, with $31.2 million in cash and $10.8 million in trade receivables at the end of the quarter.

Metro Mining has contracted 6.9 million WMT for 2025, with multi-cargo offtake contracts with Chalco, EGA, and Lubei. The company expects further economies of scale and site operating cost efficiency in 2025 as it focuses on the barge loader and transhipping assets.