Metro Mining (MMI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional landowners and respect for Indigenous communities at Bauxite Hills Mine, with confirmation of quorum.

• Introduction of board members, new directors, executive team, auditors, and registry representatives.

• Agenda included operational update, financial review, formal resolutions, and Q&A.

Financial performance review

• 2024 saw record margins and a 24% increase in production to 5.7 million wet metric tons, with revenue rising 30% year-on-year to AUD 307 million.

• Underlying annual EBITDA reached AUD 37 million, up 100%, and cash equivalents rose to AUD 31 million, up 255%.

• Market capitalisation increased 300% to AUD 364 million by year-end, with share price performance tracked from Jan 2024 to May 2025.

• Equity raise of AUD 45 million completed and repayment of AUD 39 million junior debt; net debt at AUD 51 million by year end; senior debt refinanced at lower rates.

• Margins increased to AUD 17.8 per wet metric ton by Q4 2024.

Board and executive committee updates

• Two new directors joined: Jo-Anne Scarini (Audit and Risk Committee Chair) and Paul Lucas (Remuneration and Nominations Committee Chair).

• Board led by experienced Chair and CEO, with stable management team and deep industry expertise, including backgrounds in major mining and industrial companies.

• External review led to redesign of executive remuneration framework to align with market benchmarks.

• One-off management performance incentive implemented for key roles to address retention risk.