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Metro Mining, Quarterly Activities Report - March 2018

Highlights

- Activities during the quarter were focused on preparations for the commencement of mining operations and completion of any outstanding construction tasks.

- The mining, truck and haulage fleet was commissioned, initial mining areas prepared and recruitment of site-based staff largely achieved.

- After the quarter end, mining commenced on the BH6 deposit with the first ocean going vessel arriving at Skardon River on 19 April.

- The prolonged and late wet season (including Tropical Cyclone Nora in late March) resulted in a delay to commencement of production. However, there is no change to the 2018 production guidance of approximately 2 million wet metric tonnes (wmt) of bauxite.

- Metro’s available cash on hand as at 31 March 2018 was A$17.1M. Drawn debt facilities totalled A$39.6M.


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