Metro Mining Limited (ASX: MMI) (Metro or the Company) is pleased to announce the successful completion of its Share Purchase Plan (SPP) announced on 28 July 2022 and which closed at 5.00pm (AEST) on Monday, 22 August 2022.

The SPP complemented the Company's recent placement to sophisticated and institutional investors to raise $25.4 million.

The SPP was available to shareholders who were on the Metro register at 7:00pm (AEST) on 27 July 2022 and which had a registered address in Australia or New Zealand. Metro targeted to raise $2 million under the SPP. The Company has received subscriptions for $3.6 million, which means that SPP applications will all be scaled back in accordance with the terms of the SPP offer document.

A pro-rata basis has been applied. Excess funds as a result of the scale-back will be returned to applicants in accordance with the SPP offer document and are expected to be processed by the Company's registry on or around 29 August 2022.Allotment of the new shares is scheduled for 29 August 2022 and the new shares are expected to be quoted on the ASX on 30 August 2022. Holding statements are expected to be dispatched on 31 August 2022. New Shares issued under the SPP will rank equally in all respects with Metro's existing ordinary shares. The Metro Board would like to thank its shareholders for their ongoing support and endorsement of the Company's expansion plans. This announcement has been authorised for release by Metro's Board of Directors

Contact:

Tel: +61 (0) 7 3009 8000

Email: info@metromining.com.au

Web: www.metromining.com.au

FORWARD LOOKING STATEMENT

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.

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