Ann: Citronen Base Metals Project Update, page-2

Highlights
• EXIM Due Diligence process successfully concluded for 2022; no “red flags” identified following
approximately 9 months of desktop and field-based diligence work by EXIM’s specialist advisers
• Discrete work streams now defined – cutting across technical, environmental and social – where
further investment is required to meet current bankable standards in certain areas
o These are largely immaterial in cost and complexity relative to the overall project size
o Ironbark understands these gaps could be closed off in a single field season subject to
funding being available, after which its EXIM credit application can be resumed
• EXIM have confirmed that Citronen remains a pending 402 project and the bank is committed to
restarting negotiations as soon as Ironbark elects to do so
• Renewed discussions underway aimed at attracting strategic investment into Citronen
o Opportunity to leverage off continued interest in debt investment from US EXIM Bank
o Newly opened time window allows for further exploration work aimed at improving base
case economics
• Substantial recent progress made with Norway based LNS A/S however it is anticipated that
discussions will continue into the March quarter in 2023 under the existing MOU (in place until May
2023)

cheers.