METRO MINING LIMITED (MMI)
Share Price Analysis and Chart

31/07/2026

1

Buy

$2.50

64.47%

Metro Mining's June-quarter shipments and cash flow remained "robust" despite cyclone disruptions and weaker bauxite pricing, Ord Minnett comments.

Management expects more than 5Mt of shipments in the second half, alongside lower unit costs, supporting materially stronger margins and cash generation.

Ord Minnett has identified key catalysts as execution of shipment volumes through 2H26 and improved bauxite pricing. Beyond these, dry-screening initiatives and resource/reserve expansion provide additional upside for investors, the report concludes.

Buy retained with an unchanged $2.50 target.

04/08/2026

1

Buy

$3.00

97.37%

Shaw and Partners maintains a Buy rating for Metro Mining with a $3.00 target price following a second-quarter 2026 operational update delivering positive margins at the bottom of the bauxite cycle.

Record second-quarter bauxite shipments of 1.8m wmt lifted June quarter operating cash flow to $24.1m, exceeding the broker's $18.6m forecast.

Closing cash reserves expanded to $24m as at 30 June 2026, supported by lower debt repayments and a negotiated 9% bauxite price increase for the September quarter.

Temporary cost inflation driven by Cyclone Narelle demurrage and equipment maintenance pushed site costs to $33.7/t, though unit expenses are expected to normalise back into the mid-20s across second-half operations.

Unchanged full-year earnings forecasts and a planned third-quarter share buy-back prompt the analyst to view the company as one of its top commodity picks for 2026.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 10.00 cents and EPS of 10.30 cents.
Shaw and Partners forecasts a full year FY27 dividend of 30.00 cents and EPS of 44.40 cents.