Ann: Citronen Project - Exploration Target, page-5

Feasibility Study Update
Upon being installed in late 2019, the current Board of Ironbark elected to first review, and where appropriate
fundamentally update, the historic technical work underpinning the Citronen Bankable Feasibility Study (BFS) given
the long passage of time since that work was first completed.
Geology was quickly reviewed to the satisfaction of the Board, as were the key Environmental, Social and Governance
elements of the development plan. The mine plan was successfully re-optimised during 2020 with the results
announced in the September quarter of that year.
Ongoing study work since then has largely been focused on engineering, construction, processing, and logistics to
ensure that these embrace the latest in technical and related developments. An updated minerals marketing strategy
is also being prepared for inclusion in the 2021 BFS, targeted for release in the second quarter of this year.
The updated BFS is the critical step in allowing IBG to apply to convert its non-binding EXIM LOI, which will
cornerstone the entire financing package, into a binding facility. Delivering this is the key focus of the Company’s
executive team at present, and this Project work fully accounts for the increase in cash spend seen in the December
quarter of 2020 (no material increase in overhead expenditures have been incurred at the time of writing).

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