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Metro Mining Limited (ASX:MMI)

ALERT: Price-sensitive ASX Announcement for MMI
Current share price for MMI : $1.570 1.503 (2,243.28%)+
Announcement
Release
28 Apr 2026 8:24AM
Price at Release
$0.067
Full Release
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Summary
Metro Mining Limited's quarterly report for the period ending 31 March 2026 highlights the challenges and strategic moves during the wet season. Operations at the Bauxite Hills Mine ceased in early January due to seasonal weather, but resumed in March, setting a record for March loading despite disruptions from Tropical Cyclone Narelle. The company's cash position decreased significantly due to the seasonal suspension of operations, and substantial repayments were made on its secured debt facility. Metro reached an agreement with Nebari Partners to extend debt maturity, and announced a share buy-back program. Safety performance was commendable, with several significant maintenance and operational innovations implemented. Future operations are expected to benefit from these strategic adjustments as the dry season progresses.
Key Points
  • Mine production ceased on 3 January 2026 with 165 thousand WMT of mined stock available on recommencement.
  • Operational restart commenced on 11 March 2026 despite a heavy wet season.
  • 100 thousand WMT loaded during March, setting a new March record.
  • Cyclone Management Plan implemented for TC Narelle with no impact to site infrastructure.
  • Executive leadership team restructuring to support a new Management Operating System.
  • Completion of wet season maintenance program.
  • Calendar year shipment guidance for 2026 is 6.6 to 7.1 million WMT.
  • Cash position at end of quarter was A$9.6M, down from A$57.5M in Q4 2025.
  • Net cash used in operating activities was A$34.2M due to wet season outflows and reduced receipts.
  • Debt facility reduced to US$36.4M with US$5.1M repaid.
  • Agreement with Nebari Partners LLC to restructure senior debt amortisation profile.
  • On-market share buy-back of up to 5% of issued ordinary shares announced.
  • No exploration undertaken due to unfavourable wet season conditions.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.