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2026-11-06
◂ Monitor MMI ASX

Metro Mining Limited

Producer · Bauxite · AU · SG Rating locked: sign in to view v8.1 · mmi-20261104t223122-full
Last 2026-11-06
A$0.81
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$250.1M
EV
A$294.9M
Cash
A$16.8M
Debt
A$35.6M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$16.8M2025-12-31: 57,463,000 A$2026-06-30: 23,765,000 A$2026-09-30: 16,834,000 A$ Self Funding
Debt A$35.6M2025-12-31: 58,891,000 A$2026-09-30: 35,612,000 A$ Net cash A$-18.8M
Basic shares 308.8MFY 2024 actual: 304FY 2025 actual: 306 2026-10-02
Runway Self Funding Q3 2026 operating plus investing cash flow was positive (A$5.9m: operating A$10.6m less investing A$4.7m) but the nine months to 30 Sep 2026 were negative (operating A$3.7m outflow). Cash A$16.8m and no undrawn facilities; Nebari debt A$35.6m (US$24.8m) amortises straight-line to 31 Dec 2027. Restricted cash (A$5.3m at 31 Dec 2025) is excluded; no 30 Sep 2026 restricted figure is disclosed.

Liquidity

Financial position

Liquidity is thin for a bauxite producer with a wet-season cash cycle: cash fell from A$57.5m (31 Dec 2025) to A$9.6m (31 Mar 2026) and A$16.8m at 30 Sep 2026. Debt service is A$9.4m in Q3 2026 alone (US$6.6m principal), and A$4.0m interest plus A$5.1m lease principal over nine months. FX hedges of US$37.5m at AUD/USD 0.65 run to December 2026. The 5% buy-back, a 20%-of-FCF dividend policy and expansion spend all compete with these claims; none is funded.

Inventory composition1

Inventories were A$7.7m at 31 Dec 2025 (FY2025 balance sheet); the company does not report stockpile tonnes or grades in the documents read, and no 30 Sep 2026 balance is disclosed.

Inventories per FY2025 balance sheet (bauxite stock, fuel and consumables, not split by the company)
A$7.7M carrying

Capital structure

Ownership and dilution

Ordinary shares
308.8M
Fully diluted
322.4M

Shares before the 1-for-20 consolidation: 6,144,891,087 (22 Apr 2026, share consolidation notice), giving 307,451,347 after consolidation (8 May 2026). Performance rights 11,927,754 at 8 May 2026 rose to 13,631,787 at 2 Oct 2026 after new grants; ordinary shares rose to 308,767,862 through conversion of performance rights (quotations 15 May to 2 Oct 2026). A 5% on-market buy-back authorised 27 Feb 2026 has not commenced, so no cancellation affects the count. The MMIAP subscription-warrant line (592,380,528) on quotation notices is not treated as outstanding: the FY2025 accounts record the loan and subscription warrants as exercised in 2024 and no current terms were found in the documents read. This is an open item for the valuation share basis.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issue after Appendix 2A quotation of 2 Oct 2026Ordinary Share308.8M——
Performance rights (MMIAO), 1 share per right on vesting; converted on vesting in 2025-2026 under the Employee Incentive PlanPerformance Right13.6MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY 2024 actualAFY 2025 actualA
Operations
ShipmentsMt WMTFY 2024 actual: 5.68 Mt WMTFY 2025 actual: 6.17 Mt WMT5.686.17
Unit costs
Site costs per WMT (production expenses)AUD/tFY 2024 actual: 29.55 AUD/tFY 2025 actual: 32.10 AUD/t29.532.1
Royalties per WMTAUD/tFY 2024 actual: 6.69 AUD/tFY 2025 actual: 8.22 AUD/t6.698.22
Ocean freight per WMTAUD/tFY 2024 actual: 8.01 AUD/tFY 2025 actual: 5.17 AUD/t8.015.17
Profit and loss
RevenueAUDmFY 2024 actual: 307,337,000 AUDFY 2025 actual: 378,362,000 AUD307.3378.4
Operating costs (revenue less EBITDA)AUDmFY 2024 actual: 270,121,000 AUDFY 2025 actual: 305,429,000 AUD270.1305.4
EBITDA (underlying)AUDmFY 2024 actual: 37,216,000 AUDFY 2025 actual: 72,933,000 AUD37.272.9
Net profit after tax (attributable)AUDmFY 2024 actual: -22,001,000 AUDFY 2025 actual: 142,334,000 AUD(22.0)142.3
Cash flow
Operating cash flowAUDmFY 2024 actual: 46,638,000 AUDFY 2025 actual: 75,055,000 AUD46.675.1
Capex (PP&E, exploration and drydock)AUDmFY 2024 actual: 17,377,000 AUDFY 2025 actual: 11,642,000 AUD17.411.6
Free cash flow (operating cash flow less capex)AUDmFY 2024 actual: 29,261,000 AUDFY 2025 actual: 63,413,000 AUD29.363.4
Balance sheet
Cash and cash equivalents (unrestricted, year end)AUDmFY 2024 actual: 31,192,000 AUDFY 2025 actual: 57,463,000 AUD31.257.5
Borrowings (Nebari)AUDm—58.9
Net debt (borrowings less cash)AUDm—1.4
Per share
Shares on issue (post consolidation)m sharesFY 2024 actual: 304 m sharesFY 2025 actual: 306 m shares303.6305.5
Dividends per share declaredAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY 2024 actual: 7.80 xFY 2025 actual: 3.98 x7.84.0
P / E (x, current market cap)xFY 2024 actual: -11.16 xFY 2025 actual: 1.72 x(11.2)1.7
FCF yield (current market cap)%FY 2024 actual: 0.12 fractionFY 2025 actual: 0.26 fraction11.9%25.8%
EBITDA margin%FY 2024 actual: 0.12 fractionFY 2025 actual: 0.19 fraction12.1%19.3%
Net debt / EBITDA (x)x—0.0

KPI history

Operating metrics

Source values by period
Operating metric source table21
MetricProjectPeriodPeriod typeValueStatus
Bauxite shipped, Q3 2026Bauxite HillsQ3 2026Quarter2,114,000 WMT shippedReported
Bauxite shipped, Q2 2026Bauxite HillsQ2 2026Quarter1,799,000 WMT shippedReported
Bauxite shipped, Q4 2025Bauxite HillsQ4 2025Quarter2,058,000 WMT shippedReported
Bauxite shipped, Q3 2025Bauxite HillsQ3 2025Quarter2,246,000 WMT shippedReported
Bauxite shipped, FY2025Bauxite HillsFY2025Year6,174,000 WMT shippedReported
Bauxite shipped, FY2024Bauxite HillsFY2024Year5,684,000 WMT shippedReported
CIF pricing, Q3 2026Bauxite HillsQ3 2026Quarter60.8 AUD/WMT CIF-adjusted realised priceReported
CIF pricing, Q2 2026Bauxite HillsQ2 2026Quarter57.1 AUD/WMT CIF-adjusted realised priceReported
CIF pricing, Q4 2025Bauxite HillsQ4 2025Quarter73.7 AUD/WMT CIF-adjusted realised priceReported
CIF pricing, Q3 2025Bauxite HillsQ3 2025Quarter63.3 AUD/WMT CIF-adjusted realised priceReported
Total costs (site costs A$30.3 plus royalties A$6.1), Q3 2026Bauxite HillsQ3 2026Quarter36.4 AUD/WMT site costs plus royaltiesReported
Total costs (site costs A$33.7 plus royalties A$5.8), Q2 2026Bauxite HillsQ2 2026Quarter39.5 AUD/WMT site costs plus royaltiesReported
Site EBITDA per WMT, Q3 2026Bauxite HillsQ3 2026Quarter7 AUD/WMT site EBITDAReported
Site EBITDA per WMT, Q2 2026Bauxite HillsQ2 2026Quarter4.4 AUD/WMT site EBITDAReported
Site EBITDA per WMT, Q3 2025Bauxite HillsQ3 2025Quarter16.1 AUD/WMT site EBITDAReported
Underlying EBITDA, FY2025 (company)CompanyFY2025Year72,933,000 AUD underlying EBITDA (unaudited non-IFRS)Reported
Cash and cash equivalents, 31 Dec 2025Company31 Dec 2025Point In Time57,463,000 AUDReported
Cash and cash equivalents, 30 Jun 2026Company30 Jun 2026Point In Time23,765,000 AUDReported
Cash and cash equivalents, 30 Sep 2026Company30 Sep 2026Point In Time16,834,000 AUDReported
Borrowings (Nebari), 31 Dec 2025Company31 Dec 2025Point In Time58,891,000 AUDReported
Loan facility drawn (Nebari, US$24.8m), 30 Sep 2026Company30 Sep 2026Point In Time35,612,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Calendar 2025 Shipmentsbauxite-hillsCY20256,200,0006,600,000 WMTMissed
Calendar 2026 Shipmentsbauxite-hillsCY20266,600,0007,100,000 WMTWithdrawn
Calendar 2026 Shipmentsbauxite-hillsCY20266,000,0006,500,000 WMTCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-04-22Ann. 2026-04-23Raising———Completed—
2026-02-27BuybackOrdinary Fully Paid———AnnouncedBoard-approved on-market buy-back of up to 5% of shares (305,539,530 before the 20:1 consolidation, about 15.3 million after), within 12 months. Not commenced at 29 Oct 2026 and under review by the Board (Q3 2026 release). Authorisation is not execution and does not change the share count.Max 305.5M · Period 2026-02-27 to 2027-02-27 · on-market at prevailing prices; no price fixed · not named in the notice
2026-02-25Debt———Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-04

Offtake, freight, FX hedge, JV and charter arrangements disclosed in the FY2025 report, the Q3 2026 release and the July 2026 deck. The traditional-owner agreements (Ancillary Agreement and Cultural Heritage Management Agreement with SRAC and OMAC) are named but their payment terms are not disclosed in the documents read.

Chinese refinery offtake (binding) that absorbed all FY2025 shipments. The 2022 fixed-price legacy contract ended with its final cargo in July 2026.

Offtake · Active
Counterparties
Xinfa Aluminium Group · Xiamen Xiangsen Aluminum Co., Limited · Shandong Lubei Enterprise Group General Company · Guangxi Longzhou Xinxiang Ecological Aluminum Industry Co., Ltd.
Applies to
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
Economic direction
Benefit
Period
Dates not stated
Key terms
Sales basis: CIF or FOB, Capesize shipments up to 210,000 WMT; mix of fixed-price legacy contracts and market-linked pricing
How it affects our valuation

No valuation treatment is available for this arrangement.

Two binding 3-year offtake contracts totalling 4.5 Mwmt per year for 2027-2029 agreed after the quarter (Q3 2026 release). About 65-70% of planned 6.5 Mwmt volume; pricing terms not disclosed.

Offtake · Active
Counterparties
two existing customers (names not disclosed)
Applies to
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
Economic direction
Benefit
Period
2027-01-01 to 2029-12-31
Key terms
Contracted volume: 4,500,000 WMT per year
Pricing: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Contracts of affreightment and bunker fixed under 2025 contracts, covering about 80% of 2026 volume and extended through 2028. Freight is in the cost base; post-2028 freight is an open risk.

Other · Active
Counterparties
ocean freight providers (not named)
Applies to
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
Economic direction
Burden
Period
2025-01-01 to 2028-12-31
Key terms
Freight coverage 2026: 80 % of 2026 offtake
Freight cost per WMT: 17.4 AUD/WMT
How it affects our valuation

No valuation treatment is available for this arrangement.

50:50 JV that owns and leases the Ikamba offshore floating terminal to Metro under a bareboat charter. Metro's charter payments are in the cost base; the JV stake is valued at zero to avoid double counting.

Joint Venture · Active
Counterparties
ALM (50% partner in Ikamba Pte Ltd)
Applies to
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
Economic direction
Mixed
Period
From 2024-02-01; no end date stated
Key terms
Ownership: 50 pct
Bareboat charter committed outflow at 31 Dec 2025: 24,800,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Forward sales of US$37.5m at AUD/USD 0.65 maturing December 2026 (can be extended). Gains of A$15.1m in H1 2026. The remaining hedge is modelled as a Q4 2026 realised-price effect only.

FX Hedge · Active
Counterparties
Australian banks (not named)
Applies to
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
Economic direction
Benefit
Period
2025-01-01 to 2026-12-31
Key terms
Hedged USD sales: 37,500,000 USD
Average strike: 0.65 AUD per USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Ancillary Agreement and Cultural Heritage Management Agreement with the traditional owners, with indigenous employment and procurement commitments. Economic payment terms are not disclosed and are not separately modelled.

Other · Active
Counterparties
Seven Rivers Aboriginal Corporation (SRAC) · Old Mapoon Aboriginal Corporation (OMAC)
Applies to
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
Economic direction
Burden
Period
Dates not stated
Key terms
Payment terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.