Key points from conference call

Very confident, very bullish comments from company during conference call

* record production achieved during shutdown quarter
* strong indigenous & community relations (especially, IMO, when compared with companies like Vale in Brazil and Rio Tinto)
* high grade iron ore price is expect to remain elevated going forward with no new high grade material coming on to market
* stable Fe recovery to continue
* strong cashflow supported inaugural dividend. Dividend strategy stressed tested under a number of scenarios. To be reviewed every 6 months but balanced towards growth
* CIA has a mix of backward pricing contracts (Japan) and forward pricing contracts which serves to smooths q-o-q realised price
* Phase 2 production to begin in April and ramp up over 6 months to full commercial production by calendar year end. Accounting will recognise each incremental ton produced from April onwards
* Port work ramp-up going well during challenging COVID times. No bottleneck foreseen for phase 2 production.
* Kami project feasibility study mid-2022 with commercial production targeted of 2025
* 69% Fe DRI pellet feed product is key focus to CIA growth strategy. Huge demand going forward for higher and higher grade enabling 'greener' steel making industry
* 69% DRI FS due mid 2022