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Metro Mining, Quarterly Activities Report, December 2018

Q4 2018 Highlights

- Total bauxite production for the quarter of 743k wet metric tonnes (WMT) with 816k WMT shipped

- 2018 production guidance achieved with over 2.0M WMT shipped and annualised run-rate of 2.5M WMT per annum achieved for second consecutive quarter

- Entered planned wet season shut-down successfully with operational maintenance and planning, including transition to owner operator, taking place to optimise re-start and 2019 production

- 2019 production guidance lifted from 3.0M WMT to 3.5M WMT, an increase of approximately 17%, driven by strong demand and strong operating performance

- Operational improvement and upgrade strategy brought forward and underway, with jaw crusher successfully installed and commissioned during the quarter

- Definitive Feasibility Study (DFS) for Stage 2 expansion to annual production of 6.0M WMT by 2021 underway and on track to be completed in Q2 2019

- Strong financial position with cash and trade and other receivables of A$40.2M at 31 December and loan facility favourably adjusted to further increase liquidity

- China bauxite demand remains strong with CBIX bauxite index trending higher through the quarter, with the price being US$51.4/DMT (dry metric tonnes) at quarters

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