Ann: Iron Peak Mineral Resource Significantly Improved, page-2

Building up nicely,

Highlights:  Iron Peak Mineral Resource elevated to highest quality deposit within MGT portfolio:  Mass recovery significantly increased to 19.4% (from 16.8%)  Tonnage increased to 503 Mt (from 419 Mt)  Superior metallurgy supports DR premium-grade product target  Enables opportunity to improve early mine life Project economics  Razorback Iron Ore Project Mineral Resource increased to 3.3 billion tonnes (Bt) at 16.0% mass recovery:  Total Indicated Resources (available for potential conversion to Ore Reserves) increased to 1.7 Bt, up 12%  MGT global Mineral Resources increased to 6.0 Bt, up 4% (Inferred and Indicated)