Ann: Equity Raising, page-2

ASX Announcement |25 June 2021 | Page 1
EQUITY RAISING OF UP TO $25.5M TO STRENGTHEN METRO BALANCE SHEET
Highlights
 Equity Raising of up to A$25.5 million comprising a A$3.3 million placement and a pro-rata
accelerated non-renounceable entitlement offer to raise A$22.2 million
 Equity Raising proceeds will provide Metro with working capital to strengthen its balance sheet
until the NAIF funding decision and Metro FID for Stage 2 Expansion
 Metro’s largest shareholder, Greenstone (19.67% interest) has committed to take up its
proportionate interest in the Equity Raising, representing a total commitment of up to
A$5 million
 Senior secured lender of Metro, Lambhill Pty Ltd, has confirmed its intention to take up its
entitlement in full
 Metro’s supportive senior secured lenders have deferred debt repayments by up to 21 months
until 2023 / 2024
 Two sales contracts recently signed with foundation customer Xinfa Group and two sales
contracts with other customers in the latter stages of negotiation
 NAIF credit refresh program underway with the NAIF funding decision and Metro FID for Stage 2
Expansion targeted by September / October 2021
 Strengthened Board and management team with deep industry experience, and orderly
transition of the Managing Director and Chief Executive Officer underway
Metro Mining Limited (ASX: MMI) (Metro) is pleased to announce the launch of a A$25.5 million equity
raising (Equity Raising), comprising a:
 placement to raise A$3.3 million utilising Metro’s ASX Listing Rule 7.1 placement capacity
(Placement); and
 a 1 for 1 pro-rata accelerated non-renounceable entitlement offer to raise up to A$22.2 million
(Entitlement Offer).
A condition of the Equity Raising is a minimum raising of $10 million under the Placement and the
accelerated institutional component of the Entitlement Offer (Minimum Raise).
Up to 1,598.6 million new fully paid ordinary shares (Metro Shares) in Metro (New Shares) will be issued
25 June 2021
ASX ANNOUNCEMENT
ASX Announcement |25 June 2021 | Page 2
pursuant to the Equity Raising. The Equity Raising is not underwritten.1
All New Shares under the Equity Raising will be issued at an offer price of A$0.016 per New Share
(Offer Price). The Offer Price for the Equity Raising represents:
 a 25.86% discount to TERP of A$0.022 (assuming the Placement is fully subscribed and there is
full take up of the Entitlement Offer);
 a 42.86% discount to the last closing price of Metro Shares on 24 May 2021 of A$0.028; and
 a 63.88% discount to the 30-day VWAP of Metro Shares on ASX of A$0.044.
The proceeds from the Equity Raising are intended to provide funding for working capital to strengthen
Metro's balance sheet until the NAIF funding decision and Metro FID for Stage 2 Expansion. Funding in
excess of the Minimum Raise will defray equity requirements for the business until the commissioning of
Stage 2 Expansion and potential operating losses beyond CY 2021.
Metro’s largest shareholder, Greenstone (19.67% interest), is supportive and has committed to take up its
proportionate interest in the Placement and its entitlement under the Entitlement Offer in full (an
investment of up to A$5 million).
Metro’s senior secured lenders have agreed a package of deferred debt repayments, as announced on
21 June 2021. Senior secured lender, Lambhill Pty Ltd, has confirmed its intention to take up its entitlement
under the Institutional Entitlement Offer in full.
New Shares issued under the Placement will not be entitled to participate in the Entitlement Offer. Each
New Share issued under the Equity Raising will, from its issue date, rank equally with existing Metro Shares
on issue.
Entitlement Offer details
Eligible institutional investors will be invited to participate in the accelerated institutional component of
the Entitlement Offer (Institutional Entitlement Offer), which is expected to close on Friday, 25 June 2021.
The retail component of the Entitlement Offer (Retail Entitlement Offer) will be open from Thursday, 1 July
2021 to 5.00pm (Sydney time) on Thursday, 15 July 2021 to eligible retail shareholders on the record date,
being Tuesday, 29 June at 7.00pm (Sydney time) (Record Date) (unless extended by the Board).
Participation in the Entitlement Offer will be open to Metro shareholders who are registered holders of
Metro Shares on the Record Date and who have a registered address in Australia, New Zealand, or the
United Kingdom, and to investors in other jurisdictions who Metro determines are eligible to participate,
subject to restrictions under and in accordance with applicable securities laws (Eligible Shareholders).
The Retail Entitlement Offer will include an uncapped top-up facility under which Eligible Shareholders
who take up their entitlement in full under the Retail Entitlement Offer will be invited to apply for
additional New Shares not taken up by the Closing Date. There is no guarantee that applicants under this
top-up facility will receive all or any of the additional New Shares that they apply for under the top-up
facility.
The Entitlement Offer is non-renounceable and entitlements will not be tradeable on ASX or otherwise
transferable. Eligible Shareholders who do not take up their entitlements will not receive any value for
those entitlements that they do not take up. Shareholders who are not eligible to receive entitlements will
not receive any value for the entitlements they would have received had they been eligible.

1 The Entitlement Offer is not underwritten at this stage, however, Metro reserves the right to appoint an underwriter and/or allocate
the shortfall to other investors or Eligible Shareholders that apply for additional Shortfall securities, at the Directors discretion.
ASX Announcement |25 June 2021 | Page 3
Further information in relation to the Retail Entitlement Offer will be sent to Eligible Shareholders in the form
of a Prospectus (Prospectus) and accompanying personalised entitlement and acceptance form, which
are expected to be dispatched on Thursday, 1 July 2021. A copy of the Prospectus will be made
available on ASX’s website on Monday, 28 June 2021.
Key dates
An indicative timetable of key dates in relation to the Equity Raising is set out below.
Activity Indicative date
Announcement of Equity Raising Friday, 24 June 2021
Placement and Institutional Entitlement Offer bookbuild Friday, 25 June 2021
Announcement of results of Placement and Institutional Entitlement
Offer, and release of Prospectus Monday, 28 June 2021
Trading in Metro Shares recommences on an ex-entitlement basis Monday, 28 June 2021
Record Date for Entitlement Offer Tuesday, 29 June 2021
(at 7.00pm (Sydney time))
Prospectus despatched Thursday, 1 July 2021
Retail Entitlement Offer opens Thursday, 1 July 2021
Settlement of Placement and Institutional Entitlement Offer Monday, 5 July 2021
Allotment and trading of New Shares issued under the Placement and
the Institutional Entitlement Offer Tuesday, 6 July 2021
Retail Entitlement Offer closes Tuesday, 15 July 2021
(at 5.00pm (Sydney time))
Announcement of results of Retail Entitlement Offer Tuesday, 20 July 2021
Settlement of Retail Entitlement Offer Wednesday, 21 July 2021
Allotment of New Shares under the Retail Entitlement Offer Wednesday, 28 July 2021
Trading of New Shares issued under the Retail Entitlement Offer Thursday, 29 July 2021
All dates are indicative only and subject to change. Metro reserves the right to withdraw the Equity Raising or vary the above
timetable without notice.
Baker McKenzie is acting as Metro's legal advisers on the Equity Raising.
Further information
Should you have any queries in relation to the Equity Raising, please contact Metro on +61 7 3009 8000 on
weekdays between 9.00am and 4.00pm (Brisbane time) or alternatively by email to
[email protected]. For information about participation in the Placement or Institutional
Entitlement Offer, email Simon Finnis: [email protected]. Alternatively, contact your
stockbroker, solicitor, accountant or other professional adviser.
ASX Announcement |25 June 2021 | Page 4
Important information
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any
other jurisdiction in which such an offer would be illegal. The securities referred to in this announcement have not been and will not
be registered under the US Securities Act of 1933 (US Securities Act), or under the securities laws of any state or other jurisdiction of
the United States and may not be offered or sold, directly or indirectly, to any person in the United States or any person acting for
the account or benefit of a person in the United States, unless the securities have been registered under the US Securities Act or are
offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities
Act and any applicable US state securities laws.
This announcement may not be distributed or released in the United States.
This announcement contains certain ‘forward-looking statements’ within the meaning of the securities laws of applicable
jurisdictions. Forward- looking statements can generally be identified by the use of forward-looking words such as ‘may,’ ‘should,’
‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology. Any
forecasts or other forward looking statements contained in this announcement are subject to known and unknown risks and
uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may
not be correct. There are usually differences between forecast and actual results because events and actual circumstances
frequently do not occur as forecast and these differences may be material. Metro does not give any representation, assurance or
guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will
actually occur and you are cautioned not to place undue reliance on forward-looking statements.
ASX: MMI | ACN 117 763 443
Further Info: P: +61 (0) 7 3009 8000 | E: [email protected] |W: www.metromining.com.au
Contact: Simon Finnis, Managing Director & CEO |Mitchell Petrie, Co Secretary |Duane Woodbury, CFO
Address: Level 2, 247 Adelaide St, Brisbane | GPO Box 10955, Brisbane Q 4000
This ASX Announcement has been authorised by Metro's board of directors.