Metro Mining Limited (AU:MMI)
ASX:MMI
Want to see AU:MMI full AI Analyst Report?
Top Page
Metro Mining Limited
(Sydney:MMI)
Select Model
Select Model
Rating:81Outperform
Price Target:
AU$1.50
▲(2042.86% Upside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by a strong 2025 financial turnaround (profitability, leverage improvement, and free cash flow) and supportive technical trend (price above major moving averages with positive momentum). Valuation appears extremely low on the provided P/E, boosting the score, while earnings-call guidance is positive but tempered by execution/weather variability and near-term cash timing risks.
Positive Factors
Profitability Turnaround
FY2025 delivered a clear structural inflection: revenue doubled to A$378M and net margins expanded materially, producing sustained positive free cash flow. This demonstrates operating leverage and a restored ability to generate cash from core mining operations, supporting reinvestment and debt repair over the medium term.
Negative Factors
Historical Earnings Volatility
Prior multi‑year losses and episodic volatility mean the 2025 profit level may not persist without consistent execution. Structural earnings stability is unproven; a single good year does not eliminate cyclic risk in bauxite demand or operational delivery, so margin durability remains uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Turnaround
FY2025 delivered a clear structural inflection: revenue doubled to A$378M and net margins expanded materially, producing sustained positive free cash flow. This demonstrates operating leverage and a restored ability to generate cash from core mining operations, supporting reinvestment and debt repair over the medium term.
Read all positive factors
Metro Mining Limited (MMI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$419.91M
Dividend YieldN/A
Average Volume (3M)22.53M
Price to Earnings (P/E)0.2
Beta (1Y)1.47
Revenue Growth23.11%
EPS GrowthN/A
CountryAU
Employees115
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)9.32
Shares Outstanding307,626,980
10 Day Avg. Volume25,158,768
30 Day Avg. Volume22,532,819
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.12
Price to Sales (P/S)0.06
P/FCF Ratio0.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$3.00Price Target Upside4185.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.15
Revenue Forecast (FY)AU$423.00M
Metro Mining Limited Business Overview & Revenue Model
Company Description
Metro Mining Limited, together with its subsidiaries, operates as an exploration and mining company in Australia and China. The company explores for coal and bauxite ores. Its flagship project is the Bauxite Hills Mine property covering an area of...
How the Company Makes Money
Metro Mining makes money primarily by selling bauxite it produces from its mining operations. Revenue is generated through offtake sales/contracts and spot/short-term sales (where applicable) in which customers pay per tonne of bauxite delivered u...
Metro Mining Limited Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial trajectory: double‑digit production growth (9%), a record underlying EBITDA (~$73M, nearly +100% YoY), significant balance‑sheet repair (>$23M debt repaid) and robust hedging, tax shield and capital‑return plans (5% buyback). The primary negatives were weather‑related lost volumes, operational variability that constrained full realization of capacity, and some near‑term cash timing/Ikamba dry‑dock outlays. Management outlined clear remediation actions (asset upgrades, new operating system, targeted channel works) and reiterated a 7M+ tonnes 2026 target. On balance, the highlights materially outweigh the lowlights.Positive Updates
Production Increase and 2026 Target
Production rose 9% year‑on‑year to approximately 6.2 million tonnes in FY2025 (management reference point). The company targets 7.0+ million tonnes for 2026 as flow‑sheet elements have demonstrated required capacity and variability is being addressed.
Negative Updates
Weather and Channel‑Related Production Shortfalls
Severe Easter weather event caused channel edge collapse and reduced 2025 production by an estimated 150,000–200,000 tonnes. Additionally, inability to load the final vessel in December cost ~170,000 tonnes. Combined lost volumes are roughly 320,000–370,000 tonnes, which contributed to missing the net cash milestone by a small margin.
Read all updates
Q4-2025 Updates
Positive
Negative
Production Increase and 2026 Target
Production rose 9% year‑on‑year to approximately 6.2 million tonnes in FY2025 (management reference point). The company targets 7.0+ million tonnes for 2026 as flow‑sheet elements have demonstrated required capacity and variability is being addressed.
Read all positive updates
Company Guidance
Management guided to 7+ million tonnes for 2026 (up from 6.2 Mt in 2025, a 9% increase year‑on‑year) as it drives economies of scale and lower cost‑curve positioning; H1 2025 margins exceeded ~$30/tonne and FY25 delivered a record underlying EBITDA of $73M (≈100% YoY improvement) with strong free cash flow. The company is essentially net‑cash after repaying >$23M of debt (cash $57.5M vs debt $58.9M), will run a 12‑month on‑market buyback targeting retirement of 5% of shares, and expects to utilise ~ $184M of gross carryforward tax losses through 2026 (not likely to be tax‑paying until H2 2027). Risk reduction measures include hedging ~75% of net USD exposure around A$0.64–0.65, multi‑year freight contracts (2–4 years) that are AUD ~2–3/tonne “in the money” for 2026, planning for typical wet‑season holding cash burn of ~ $20M/quarter (Ikamba dry‑docking cash outlays are incremental but largely provided for in FY25 with material payments expected around Apr–May), and operational changes aimed at recapturing volumes lost in 2025 (circa 150–200k t from an Easter channel event plus ~170k t from an unshipped December vessel).Metro Mining Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
64
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 378.36M | 307.34M | 235.84M | 177.90M | 160.14M |
| Gross Profit | 69.59M | 35.46M | 12.95M | -31.53M | -30.14M |
| EBITDA | 126.22M | 19.89M | 19.45M | -25.07M | -79.54M |
| Net Income | 142.33M | -22.00M | -13.48M | -50.12M | -105.50M |
Balance Sheet | |||||
| Total Assets | 361.37M | 243.21M | 169.00M | 129.53M | 152.27M |
| Cash, Cash Equivalents and Short-Term Investments | 62.84M | 36.57M | 12.15M | 12.02M | 13.88M |
| Total Debt | 116.45M | 110.10M | 101.14M | 59.61M | 67.36M |
| Total Liabilities | 174.50M | 202.60M | 159.04M | 110.59M | 110.27M |
| Stockholders Equity | 186.87M | 40.60M | 9.95M | 18.94M | 41.99M |
Cash Flow | |||||
| Free Cash Flow | 55.02M | -37.00K | -142.00K | -11.22M | -25.90M |
| Operating Cash Flow | 65.79M | 29.34M | 12.32M | -1.19M | -22.38M |
| Investing Cash Flow | -23.07M | -59.47M | -36.31M | -6.69M | -3.67M |
| Financing Cash Flow | -24.41M | 53.96M | 27.96M | 7.62M | 9.16M |
Metro Mining Limited Technical Analysis
Positive
0.07
Price Trends
0.07
Positive
0.07
Positive
0.07
Negative
Market Momentum
<0.01
Negative
54.84
Neutral
77.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MMI, the sentiment is Positive. The current price of 0.07 is above the 20-day moving average (MA) of 0.07, above the 50-day MA of 0.07, and below the 200-day MA of 0.07, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.84 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MMI.
Metro Mining Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | AU$1.37B | 4.80 | 20.65% | ― | 30.24% | 4.06% | |
81 Outperform | AU$419.91M | 0.16 | 81.38% | ― | 23.11% | ― | |
72 Outperform | AU$540.61M | 12.51 | 4.91% | 5.45% | -0.46% | -0.92% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$576.14M | -18.79 | -54.08% | ― | ― | 18.29% | |
47 Neutral | AU$184.42M | -3.97 | -12.76% | ― | ― | 17.61% | |
41 Neutral | AU$319.63M | -15.09 | -26.32% | ― | ― | -6.36% |
* Basic Materials Sector Average
AU:MMI
Metro Mining Limited
1.34
0.34
34.00%
AU:JMS
Jupiter Mines Limited
0.27
0.09
51.43%
AU:MLX
Metals X Limited
1.54
1.01
190.57%
AU:MAU
Magnetic Resources NL
1.93
0.32
20.31%
AU:LOT
Lotus Resources Limited
0.62
-1.28
-67.32%
AU:CAY
Canyon Resources Limited
0.14
-0.14
-50.00%
Metro Mining Limited Corporate Events
Metro Mining completes 20-for-1 security consolidation
May 8, 2026
Metro Mining Limited has completed a 20-for-1 consolidation of its issued capital, following shareholder approval at its April 2026 annual meeting, reducing its ordinary fully paid shares to 307,451,347 and performance rights to 11,927,754. New po...
Metro Mining Updates Director’s Equity Interests After Share Consolidation
May 5, 2026
Metro Mining Limited has updated the disclosed holdings of director Simon Wensley following a shareholder-approved 20-for-1 consolidation of shares and performance rights. The adjustment significantly reduces the reported number of ordinary shares...
Metro Mining Lifts Bauxite Output and Restores Full Shipping Capacity at Bauxite Hills
May 5, 2026
Metro Mining reported that its Bauxite Hills Mine achieved production of 563,000 wet metric tonnes in April, a 33% year-on-year increase, despite disruptions from Tropical Cyclone Narelle and maintenance-related limits on shipping capacity. The st...
Metro Mining adjusts director’s holdings after 20-for-1 security consolidation
May 5, 2026
Metro Mining Limited has disclosed a change in director Douglas Ritchie’s relevant interests following a shareholder-approved consolidation of the company’s securities. Ritchie’s holdings, including those held via trustee Pleiade...
Metro Mining Director Holdings Adjusted After 20-for-1 Share Consolidation
May 4, 2026
Metro Mining has reported a change in the relevant interests of director Paul Thomas Lucas following a shareholder-approved consolidation of the company’s securities. His holdings were adjusted from 1,247,561 ordinary shares and 222,543 vest...
Metro Mining Adjusts Director’s Holdings After Share Consolidation
May 4, 2026
Metro Mining Limited has disclosed a change in director Jo-Anne Scarini’s relevant interest in company securities following a capital consolidation. The notice shows her holding has moved from 322,580 to 16,129 ordinary shares, with no share...
Metro Mining Adjusts Director’s Holdings After Share Consolidation
May 4, 2026
Metro Mining Limited has reported a change in director Andrew Lloyd’s relevant interests in the company’s securities, reflecting a substantial reduction in the number of ordinary shares and vested performance rights recorded under his ...
Metro Mining Seeks ASX Quotation for New Employee Incentive Shares
May 4, 2026
Metro Mining Limited has applied for quotation on the ASX of 4,155,200 new ordinary fully paid shares, issued on 16 April 2026 under an employee incentive scheme. The move expands the company’s quoted capital base and reflects the use of equ...
Metro Mining Restarts Operations Early as Aluminium Market Tightens
Apr 27, 2026
Metro Mining reported an early restart of operations at its Cape York bauxite mine on 11 March 2026, following a heavy wet season and a temporary shutdown in early January, achieving a March loading record of 100 thousand WMT despite disruptions f...
Metro Mining Schedules Shareholder Webinar on March Quarter Performance
Apr 27, 2026
Metro Mining has invited its shareholders to a webinar presentation where its CEO and CFO will discuss the company’s January to March 2026 quarterly report, with the session to be held on 28 April and a recording to be made available on the ...
Metro Mining Wins Approval for 20-for-1 Share Consolidation to Streamline Capital Structure
Apr 22, 2026
Metro Mining has secured shareholder approval for a 20-for-1 share consolidation, effective 22 April 2026, reducing its 6.14 billion shares on issue to a more manageable level and applying the same ratio to performance rights. The move is aimed at...
Metro Mining Secures Shareholder Backing for Security Consolidation
Apr 22, 2026
Metro Mining Limited has confirmed that shareholders have approved a consolidation of its ordinary fully paid shares and associated performance rights on the ASX. The move follows an earlier notice and formally clears the final key condition for t...
Metro Mining shareholders back all AGM resolutions, including board incentives and share consolidation
Apr 22, 2026
Metro Mining Limited reported that all resolutions put to shareholders at its 2026 Annual General Meeting were passed by poll with strong levels of support across key items. The outcomes included adoption of the remuneration report, election and r...
Metro Mining Reaffirms Bauxite Hills Reserves and Highlights Key Risks at AGM
Apr 22, 2026
Metro Mining Limited used its 2026 Annual General Meeting managing director’s presentation primarily to outline general information on its business, reserves and resources, and to restate key technical disclosures around its Bauxite Hills pr...
Metro Mining Delivers Record 2025 Profit, Launches Buyback as Bauxite Strategy Gains Traction
Apr 22, 2026
Metro Mining has reported a strong 2025 financial year, with revenue rising 23% to $378 million, net profit after tax reaching $142 million, and bauxite shipments increasing 9% to 6.2 million wet metric tonnes. The company attributed the performan...
Metro Mining Updates Bauxite Hills Ore Reserves and Resources
Apr 21, 2026
Metro Mining has updated its Ore Reserves and Mineral Resources for the Bauxite Hills Mine as at 31 December 2025, in line with the 2012 JORC Code and ASX requirements. The combined Ore Reserves stand at 69.6 million wet tonnes of direct shipping ...
Metro Mining Sets Timetable for ASX Security Consolidation
Apr 21, 2026
Metro Mining Limited has announced a security consolidation affecting its ordinary fully paid shares and performance rights, both quoted on the ASX under codes MMI and MMIAO. The consolidation follows the timetable framework set by the exchange an...
Metro Mining Restores Bauxite Hills Operations After Cyclone Narelle
Apr 6, 2026
Metro Mining reports that operations at its Bauxite Hills Mine have largely normalised after the wet season and Tropical Cyclone Narelle, which caused about seven days of lost production but no infrastructure damage. The Port of Skardon has reopen...
Metro Mining Restores Bauxite Hills Operations After Cyclone Narelle
Mar 22, 2026
Metro Mining Limited has reported that its Bauxite Hills Mine in Cape York sustained minimal impact from Tropical Cyclone Narelle, with no damage to site infrastructure despite heavy rain and offshore waves reaching six metres. The company had act...
Metro Mining Publishes 2025 Annual Report with Focus on Operations and Indigenous Engagement
Mar 20, 2026
Metro Mining Limited has released its 2025 Annual Report detailing its operational, financial and governance performance over the year. The report includes a Chairman’s letter, CEO and Managing Director’s report, sustainability report,...
Metro Mining Sets 2026 AGM with Digital Access and Webcast Options
Mar 20, 2026
Metro Mining Limited has called its 2026 Annual General Meeting for 11:00 a.m. AEST on 22 April 2026 at the Amora Hotel in Brisbane, where the board will present the 2025 annual report and outline key achievements, strategy and priorities for the ...
Metro Mining Director Andrew Lloyd Increases Equity Stake via On‑Market Share Purchase
Mar 11, 2026
Metro Mining Limited has reported a change in the shareholdings of director Andrew Lloyd, reflecting an increase in his and his associate’s equity position in the company. Lloyd acquired 375,000 ordinary shares via an on‑market trade o...
Metro Mining Director Increases Shareholding via On-Market Purchase
Mar 11, 2026
Metro Mining Limited has disclosed a change in the holdings of director Paul Thomas Lucas, who increased his direct stake in the company through an on-market purchase. Lucas acquired 160,000 ordinary shares on 9 March 2026 for $10,560, lifting his...
Metro Mining Restarts Bauxite Hills Operations as Ikamba Refit Advances
Mar 10, 2026
Metro Mining has completed its wet season maintenance at the Bauxite Hills Mine and begun restarting operations on 11 March, supported by pre-loaded bauxite on barges and sizeable run-of-mine stockpiles while initial mining focuses on pre-strippin...
Metro Mining Issues 7.5 Million Unquoted Performance Rights Under Incentive Scheme
Mar 10, 2026
Metro Mining Limited has notified the market of the issue of 7,487,083 unquoted performance rights under its employee incentive scheme, dated 3 March 2026. The award of these performance rights, which are not intended to be quoted on the ASX, unde...
Metro Mining Flags Lapse of 25 Million Performance Rights
Mar 10, 2026
Metro Mining Limited has reported a change in its issued capital following the lapse of a large tranche of performance rights. The company disclosed that 24,975,460 performance rights, trading under the code MMIAO, ceased on 3 March 2026 because t...
Metro Mining Adjusts Capital Structure as 10.7 Million Performance Rights Lapse
Mar 10, 2026
Metro Mining Limited has notified the market of the cessation of 10,678,888 performance rights, recorded under ASX security code MMIAO, effective 3 March 2026. The change, disclosed via an Appendix 3H filing, reflects an adjustment to the company&...
Metro Mining Updates Market on Managing Director’s Incentive-Based Equity Changes
Mar 9, 2026
Metro Mining Limited has disclosed changes to Managing Director Simon Wensley’s interests in the company’s securities, reflecting recent vesting, lapse and conversion of performance rights, along with a sale of ordinary shares. The upd...
Metro Mining Seeks ASX Quotation for New Employee Incentive Shares
Mar 6, 2026
Metro Mining Limited has applied for quotation of 1,292,000 ordinary fully paid shares on the Australian Securities Exchange, with an issue date of March 4, 2026. The new securities were issued under an employee incentive scheme and their quotatio...
Metro Mining Seeks ASX Quotation for Nearly 9 Million New Shares
Mar 6, 2026
Metro Mining Limited has applied to the Australian Securities Exchange for quotation of 8,957,567 new ordinary fully paid shares. The securities, issued on 3 March 2026 under an employee incentive scheme, will be fully quoted, modestly increasing ...
Metro Mining Seeks ASX Quotation for 23.9 Million New Shares
Mar 6, 2026
Metro Mining Limited has applied for quotation on the ASX of 23,850,906 new ordinary fully paid shares, with an issue date of 3 March 2026. The securities have been issued under an employee incentive scheme and, once quoted, will expand the compan...
Metro Mining Files Updated Corporate Governance Statement and Appendix 4G
Feb 27, 2026
Metro Mining Limited has lodged its updated corporate governance statement for the financial year ended 31 December 2025, confirming that the document is current as of 25 February 2026 and has been approved by the board. The statement, published o...
Metro Mining Details 2025 Corporate Governance Framework and Board Oversight
Feb 27, 2026
Metro Mining has released its 2025 Corporate Governance Statement, detailing how it aligns its governance practices with the ASX Corporate Governance Council’s latest principles and recommendations. The board approved the statement for the y...
Metro Mining Announces On-Market Share Buy-Back
Feb 27, 2026
Metro Mining Limited has announced an on-market buy-back of its ordinary fully paid shares listed on the ASX under the code MMI. The move signals the company’s intention to actively manage its capital structure and may be interpreted as mana...
Metro Mining posts record 2025 profit and launches 5% share buy-back
Feb 27, 2026
Metro Mining reported a strong turnaround in 2025, delivering record bauxite shipments of 6.2 million wet metric tonnes and swinging to a net profit after tax of $142.3 million from a loss the previous year. The company also posted record underlyi...
Metro Mining Delivers Strong Turnaround with Surging Profit and Higher Asset Backing
Feb 27, 2026
Metro Mining Limited reported a strong financial turnaround for the year ended 31 December 2025, with revenue from ordinary activities rising 23.11% to $378.4 million and profit after tax from continuing operations surging to $142.3 million. The c...
Metro Mining Updates Director Andrew Lloyd’s Equity Holdings After Performance Rights Conversion
Feb 26, 2026
Metro Mining Limited has reported changes to director Andrew Lloyd’s interests in the company’s securities, reflecting the conversion of vested performance rights into ordinary shares in lieu of director’s fees. The updated discl...
Metro Mining Sets 2026 AGM and Reporting Timetable
Feb 26, 2026
Metro Mining Limited has outlined its schedule for shareholder and financial reporting events in 2026, confirming its Annual General Meeting will be held on 22 April in Brisbane and that nominations for directors close on 9 March, with the notice ...
Metro Mining to Brief Investors on 2025 Results via Webinar
Feb 26, 2026
Metro Mining has invited shareholders to a webinar presentation where its chief executive and chief financial officer will discuss the company’s 2025 annual results, with the session scheduled for 27 February 2026 and a recording to be made ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.