Metro Mining Limited delivered record first-half shipments of 1.9 million Wet Metric Tonnes from its Bauxite Hills Mine in Queensland for the six months ended 30 June 2026, marking a 2% increase on the previous corresponding period.

The throughput figures were achieved despite an extended wet season and a site evacuation for Tropical Cyclone Narelle in late March. Operations rebounded rapidly in June following the implementation of a new integrated planning and mine operating system. Building on that foundation, Metro has set a second-half shipment target in excess of 5 million Wet Metric Tonnes, supported by drier ore and more favourable tidal conditions.

Despite the operational delivery, the company posted a gross operating loss of $27.4 million for the half, representing a $49.1 million earnings reduction compared to the first half of 2025. Metro attributed the bottom-line pressure almost entirely to softer bauxite pricing and market conditions during the period.

Nominal cost of sales rose 2.2%, remaining below the inflation rate despite higher diesel prices and non-recurring expenses stemming from Tropical Cyclone Narelle. To de-risk operations for the second half, Metro increased waste stripping by 160% compared with the first half of 2025 and utilised supplementary small vessels while its offshore floating terminal, Ikamba, completed dry-dock maintenance.

At the end of the period, Metro held $23.8 million in cash alongside senior debt of US$31.5 million, following a US$10.0 million repayment during the half. The company also recorded $15.1 million in foreign currency hedging gains at an average AUD/USD rate of 0.65, and reported available carry-forward tax losses of $214.1 million, including $190.3 million recognised on the balance sheet. Metro holds a 100% interest in the Bauxite Hills Mine, located on the Weipa bauxite plateau approximately 95 kilometres north of Weipa near the Skardon River.

“The first half of 2026 has been a challenging period with very soft market conditions and significant external impacts from weather and input costs. It was therefore pleasing to still be able to deliver record first-half shipments and a reduction in real costs. With the alumina and bauxite markets already recovering and further positive catalysts likely, we have momentum as we enter the strongest part of the year to deliver material positive margins and returns to investors.”

— Simon Wensley, CEO & Managing Director

Management expects these improving market fundamentals and operational adjustments to support stronger performance through the remainder of the financial year.

Read the full announcement: Half Year Results 2026