2024 Annual Results - Capacity ramp-up, economies of scale and market conditions combine to deliver record margins

Metro Mining Limited (ASX: MMI) (Metro or the Company) is pleased to announce the release of its annual results for 2024, in which the Ikamba Offshore Floating Terminal (OFT) and port infrastructure upgrades were commissioned.

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• 24% increase in shipped production to 5.7 million WMT
• 30% increase in revenue to $307 million
• 100% increase in Underlying EBITDA to $37 million
• 35% reduction in net debt¹
• Production and shipment guidance for 2025 set at 6.5 to 7.0 million WMT

Following commissioning in quarter 2, in the final quarter of the year, the Bauxite Hills Mine demonstrated its capacity to consistently operate at the expansion project target rate of 7 million wet metric tonnes (WMT) per annum, culminating in total shipped production of 5.7 million WMT, a 24% year-on-year increase.

Record shipments and a strong pricing environment contributed to a 30% year-on-year revenue increase to $307 million. Site EBITDA margins were $13.8 /WMT and $17.4 /WMT in Q3 and Q4, respectively resulting in a 100% increase in underlying group earnings (EBITDA) to $37 million. 100% of the junior debt of $39 million was paid down, resulting in a 35% reduction in net debt to $44 million including $31 million of cash at year end.

The $36 million expansion is complete with the full flow sheet in place including new haulage fleet, upgraded loading capacity at pit and port, new wobbler screening circuit, 2 additional tugs and the OFT. Following the pause for major maintenance in the wet season, Metro expects to recommence operations in the second half of March with shipment guidance of 6.5 to 7.0 million WMT for 2025.

Simon Wensley, CEO & MD of Metro Mining said:“Metro has turned in a combination of record results for 2024, especially in the second half, as we ramped up the expansion. I expect to see further economies of scale flowing through in 2025 as we lift production by a further 20%, with continued strong traded bauxite demand flowing through to improved margins”.

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