Metro Mining (MMI) Q3 2026 TU earnings summary

Executive summary

• Q3 shipments reached 2.114M WMT, up 17% QoQ, and site EBITDA improved to A$7.0/WMT from A$4.4/WMT; both remained below plan amid operational constraints and higher costs.

• Management said constraints had been addressed, with October’s second half exceeding 30,000 tonnes per day; Q4 priorities are production recovery, lower unit costs and cash generation.

Financial highlights

• Q3 mined volume was 2.013M WMT versus 1.919M WMT in Q2 and 2.197M WMT in Q3 2025; shipments were 2.114M WMT versus 1.799M and 2.246M WMT, respectively.

• CIF pricing was A$60.8/WMT, up from A$57.1/WMT in Q2 and below A$64.5/WMT in Q3 2025; FOB margin was A$43.4/WMT versus A$43.9/WMT and A$48.6/WMT.

• Operating cash flow was A$10.552M; quarter-end cash was A$16.834M, down from A$23.765M at quarter start.

• Bauxite pricing rose 9% in US$/DMT terms and 6.5% in A$/WMT from Q2 to Q3; exchange-rate movements offset part of the USD gain.

Outlook and guidance

• FY 2026 shipment guidance was reset to 6.0–6.5M WMT; management expects a strong final quarter and may load in January if safe operating windows are available.

• Q4 customer pricing was agreed at US$2–4/DMT above Q3 levels; contracted freight positions are expected to keep costs below market rates.

• Two binding offtake contracts with existing customers cover 4.5M WMT per year for 2027–2029; no specific 2027 production guidance was given.

• The operation is considered capable of 7–8 Mt annual output, with demand at or above that range; wet-season plans include potential January shipping opportunities.