Yes it will. I've done it. It's definitely not efficient and not terribly good for the carbide tip...and you mostly rub your way through but in a bind it can be done. Edit: just to make sure, I've just this minute drilled a 5mm hole in some 2mm sheet using a standard masonry bit. I wouldn't want to punch a 16mm hole in 10mm plate to be fair so I guess it depends on the situation and the desperation.