Metro Mining (MMI) Noosa Mining Conference 2026 summary

Community Engagement and Operational Overview

• Maintains strong partnerships with traditional owners, achieving up to 35% indigenous employment, a high rate for the mining sector.

• Operates a scalable, long-life mining operation on Cape York, focused on high-quality direct shipping ore.

• Upstream exposure to the high-growth aluminium sector, with a simple, scalable, and low-cost operating model and long mine life with expansion options.

Financial Performance and Growth

• Achieved record shipments and margins in 2025, with $378m revenue, $142m underlying EBITDA, and $73m NPAT.

• Revenue and underlying EBITDA nearly doubled last year, with cash position close to net cash and ongoing debt reduction.

• Share price has seen up to 400% gains since early 2024, with brokers targeting further doubling or tripling.

• Bauxite shipped reached 6.2m wmt, with improved safety and environmental performance.

• Delivered costs have decreased over time, with site margin improvements and a 2026F production guidance of 6.6–7.1 million wmt.

Market Dynamics and Cost Structure

• Sits at the bottom of the global cost curve, with planned costs around AUD 30/ton, well below key competitors.

• Freight from Guinea has surged due to Gulf of Guinea disruptions, making Australian supply more competitive.

• High freight and wet season disruptions in Guinea have pushed up delivered costs, with supply rebalancing and price increases in recent months.

• 80% of freight locked in for 2026/27, $75m hedged at AUD/USD 0.65, and diesel stocks at normal levels to mitigate risks.

• Further supply disruptions in Guinea expected due to government quotas, supporting market position.